Effective financial reporting depends on sound ethical behavior. Financial scandals in accounting and the businesses world have resulted in legislation to ensure adequate disclosures and honesty and integrity in financial reporting. A sound economy is contingent on truthful and reliable financial reporting. Instructions: Read the following scenario. Answer the questions that follow. This will be […]
Category Archives: Accounting
What elements of the fraud triangle were present in that situation?
You may have heard of the accounting and fraud scandals that flooded the news in the early 2000s. Many of these scandals are examples of large-scale fraud. Fraud can happen to individuals or organizations of any size. Think of a personal or professional situation where you were either involved in or heard about fraudulent activity. […]
Which of the three basic accounting statements do you feel would the most important in your day-to-day operations?
Assignment Details There are three basic accounting statements, as follows: Profit and Loss Statement Balance sheet Statement of cash flows Each statement provides valuable data for users of financial information. Imagine that you are operating the small business that you opened in the previous unit. Which of the three basic accounting statements do you feel […]
Identify a company that you believe would use job order costing and another company that you believe would use process costing. Identify a third company that uses activity-based costing allocations. Discuss why each might use the method you identified with them. Compare and discuss the similarities and differences you see in the companies.
Paper details: My classmate responded to the following: identify a company that you believe would use job order costing and another company that you believe would use process costing. Identify a third company that uses activity-based costing allocations. Discuss why each might use the method you identified with them. Compare and discuss the similarities and […]
Explain,If you opened a small business, would you use the cash basis or the accrual basis of accounting?
Paper details: Businesses elect to use different accounting approaches. Two of the popular approaches are accrual and cash basis accounting methods. If you opened a small business, would you use the cash basis or the accrual basis of accounting? What factors would you consider in your decision
Create a list of accounts (essentially a chart of accounts) that your restaurant would have for accounting (and operating) purposes. The list should contain assets, liabilities, revenues, and expenses.
1. Decide on a restaurant that you have recently visited. My suggestion is to pick a locally owned restaurant; however, feel free to select any restaurant. 2. Think about your recent visit to the restaurant from step 1. 3. Think about the various accounts that the restaurant would have/need to operate and how they would […]
Name the assumptions underlying generally accepted accounting principles. Comment on the validity of the stable unit of measurement assumption during periods of high inflation. Explain and provide example
Name the assumptions underlying generally accepted accounting principles. Comment on the validity of the stable unit of measurement assumption during periods of high inflation. Explain and provide example
Explain the history of how that exclusion made it into the tax code and cite the history
About the exclusions from gross income. Please do the following 1. Pick an Exclusion 2. Explain what that exclusion means 3. Explain the history of how that exclusion made it into the tax code and cite the history 4. Explain the best and worst argument for this exclusion existing.
Identify a company that you believe would use job order costing and another company that you believe would use process costing. Identify a third company that uses activity-based costing allocations. Discuss why each might use the method you identified with them. Compare and discuss the similarities and differences you see in the companies.
Identify a company that you believe would use job order costing and another company that you believe would use process costing. Identify a third company that uses activity-based costing allocations. Discuss why each might use the method you identified with them. Compare and discuss the similarities and differences you see in the companies.
Briefly describe your current or aspiring professional identity, including the field in which you work or hope to work. To what extent does (or will)financial accounting play a role in your day-to-day professional life?
1ACC 201 Final Project II Guidelines and Rubric Overview One of the measures of success for any business is profitability. Managers and business owners must be able to assess the profitability of a company using information about its financial transactions: This is done through accounting. By working through the accounting cycle, you will understand how […]
