BUS3061 Fundamentals of Accounting Student’s name: Institutional affiliation: Answer 1 Proficient-level Accounting can be defined as the process of identification measuring as well as communication of economic information in a view to allow for informed decision making by the users. This information is mainly financial hence stated in monetary terms. In terms of the process accounting encompasses measuring and communicating the activities undertaken by both for profit and nonprofit organizations CITATION Shi14 \l 1033 (Shim Siegel & Dauber 2014). However bookkeeping refers to the mechanical process involving the recording of daily activities that are undertaken by businesses. The main distinction between the two terms is that accounting encompasses bookkeeping but has a wider scope. The critical information is financial information. It is applied in activities such as preparing financial statements conducting audits and providing tax services CITATION Shi14 \l 1033 (Shim Siegel & Dauber 2014). Distinguished-level The three groups from “Do unto others before they do unto you” CITATION Shi14 \l 1033 (Shim Siegel & Dauber 2014). Another one would be shifting from “Get yours while the getting is good” to ethical ones for example “If it seems too good to be true it usually is”. Distinguished-level A code of conduct is allows for ethical decision making since employees are required to follow it. It can encourage honesty – the most valuable asset to an accountant. It can result in ethical conduct of accountants hence leading to praise and honor among them CITATION Shi14 \l 1033 (Shim Siegel & Dauber 2014). Further accountants who take the high road will gain respect from their friends and colleagues hence becoming role models for the industry. Reference BIBLIOGRAPHY Shim J. K. Siegel J. G. & Dauber N. (2014). Barron's Business Dictionaries: Dictionary of Accounting Terms. Hauppauge NY: Barrons Educational Series Inc. [...]
Due by January 9, 2018 Please; Please use 4 separate documents for each section. Please read instructions carefully in order to answer all the questions below; Required book below; Edwards, J. D., Hermanson, R.H., & Maher, M. W. (2011). Accounting principles: A business perspective, financial accounting (Chapters 1–8). Textbook Equity. This assignment consist of 4 parts. Section-1 Doucement -1). Answer the 2 questions on the Financial Statement Terminology: Business Assets For this discussion, you are going to have your first language of businesssession. In your Dictionary of Accounting Terms e-book: 1. Locate five terms that you consider to be associated with assets (what a business owns). 2. Define each term, and explain why it should be included as an asset in a business organization. Section-2 2). Document 2-Please write 2 Response below as if you are addressing another person post and follow the instructions below; Response Guidelines From the perspective of a visitor from a foreign country, respond to the posts of at least two of your fellow learners with questions or issues they did not address in their original discussion. • Critically evaluate the accounting terms they chose, their definitions, and reasons why they were included in the discussion. • Identify other issues that might not have been considered. Post your responses by midnight on Sunday of this week. Resources • Discussion Participation Scoring Guide. • Dictionary of Accounting Terms. Section-3 3). Document 3-U01a1-Please use separate document-The Accounting Environment-Please answer the 5 questions below; This assignment will familiarize you with the very beginnings of the accounting function in an organization. After completing this assignment, you will understand: • The functions performed by accounting in a business organization. • Available career options in the accounting field. • How the field of accounting is subdivided into categories. • The organizations involved in setting generally accepted accounting principles (GAAP). • The role ethics plays in the accounting function. Instructions Respond to the following questions using grammatically correct language and appropriate APA citations. To achieve a proficient grade in this assignment, answer the proficient-level queries for each question. To achieve a distinguished grade, answer both sets of queries for each question. 1. Question 1: o Proficient-level: o There are several important functions performed in an organization, among which accounting is one of them. Define the accounting function and discuss how it differs from double-entry bookkeeping. o What types of information are critical to the performance of the accounting function in an organization? o Distinguished-level: o What are the three groups of functions performed by accountants? o Discuss the activities that are part of each group. 2. Question 2: o Proficient-level: o There are many opportunities available for careers in the accounting profession. Select five from the many presented in the Accounting Principles: A Business Perspective, Financial Accounting text and fully describe the nature of the work performed. o Distinguished-level: o For each of the selected opportunities, state the education and certification requirements necessary to be considered for employment. 3. Question 3: o Proficient-level: o The field of accounting can be divided into two distinct, but sometimes overlapping categories. Describe the similarities and differences between the two categories and provide examples of the users of each type of data that are the result of the work in each category. o Distinguished-level: o Describe the four major types of internal management decisions that utilize management accounting information. 4. Question 4: o Proficient-level: o In the development of financial accounting standards there are six organizations that are influential in the establishment of GAAP. Identify each and define who is included in their membership. o Distinguished-level: o Each organization has contributed in a different way. Describe how each of the six organizations is involved in work on the GAAP. 5. Question 5: o Proficient-level: o Describe the role that ethics plays in the field of accounting. o How can a business organization that has an accounting function better protect itself from potential scandals and law suits? o Distinguished-level: o What is a code of conduct and how can its adoption further ethical decision-making in an organization? Write your responses in a Microsoft Word document and submit it as an attachment in the assignment area. Prior to submitting your assignment, review The Accounting Environment Scoring Guide to ensure you have met all of the requirements and as a self-assessment of your work. Be sure to address the questions at the proficient and distinguished levels to achieve the highest grade possible. Note: Your instructor may also use the Writing Feedback Tool to provide feedback on your writing. In the tool, click the linked resources for helpful writing information. Resources • The Accounting Environment Scoring Guide. • APA Style and Formatting. • Writing Feedback Tool. • Accounting Principles: A Business Perspective, Financial Accounting. Section-4 4). Document 4-U01a2- Use separate document-Business Decisions and the Accounting Function- Please answer the 6 questions below; This assignment will familiarize you with how the accounting function can be used to facilitate decision-making in an organization. After completing this assignment, you will understand: • Business ownership forms. • The purposes of the four basic financial statements. • The framework of the accounting process. • The underlying concepts and assumptions. • Transactions affecting the financial statements. • The role ethics plays in the accounting function. Instructions Respond to the following questions using grammatically correct language and appropriate APA citations. To achieve a proficient grade in this assignment, answer the proficient-level queries for each question. To achieve a distinguished grade, answer both sets of queries for each question. 1. Question 1: o Proficient-level: o Identify and describe the three basic forms of business organizations. o What are the advantages and disadvantages of each form of ownership? o Distinguished-level: o Business entities can also be categorized by the type of business activities they perform. Identify and describe the three types. What do all three types have in common? 2. Question 2: o Proficient-level: o Identify the primary objectives of every business. o What are the four basic financial statements that measure the primary objectives of every business? o Describe what information each statement presents and which of the primary objective(s) can be met through the information presented on the statement. o Distinguished-level: o Describe the difference between an asset, liability, and equity on a company's balance sheet. 3. Question 3: o Proficient-level: o Identify the framework for the entire accounting process and describe its components and how they fit together to form this framework. o Distinguished-level: o Define the nature of an accounting transaction and provide multiple examples of these transactions. 4. Question 4: o Proficient-level: o To allow the accounting process to run smoothly, accountants must rely on a set of underlying concepts or assumptions. Identify and describe each of the five concepts or assumptions. o Distinguished-level: o Match each of the concepts or assumptions to one or more of the financial statements that it applies to. 5. Question 5: o Proficient-level: o Many accounting transactions will apply to one or more of the financial statements. In the case of the balance sheet, multiple account types can be affected. For each of the following items, provide an example of a transaction that would have the following effects on the items in a firm's financial statements. Provide five correct responses: Increase an asset; decrease some other asset. Increase an asset; increase a liability. Decrease retained earnings; decrease an asset. Increase an asset; increase retained earnings. Decrease an asset; decrease a liability. Increase a liability; decrease retained earnings. o Distinguished-level: o Correctly provide an example for all of the effects on the items in a firm's financial statements. 6. Question 6: o Proficient-level: o Consider this scenario. James Stevens was taking an accounting course at State University. Also, he was helping companies find accounting systems that would fit their information needs. He advised one of his clients to acquire a software computer package that could record business transactions and prepare financial statements. The licensing agreement with the software company specified that the basic charge for one site was USD 4,000 and that USD 1,000 must be paid for each additional site where the software was used. James was pleased that his recommendation to acquire the software was followed. However, he was upset that management wanted him to install the software at eight other sites in the company and did not intend to pay the extra USD 8,000 due the software company. A member of management stated, "The software company will never know the difference and, besides, everyone else seems to be pirating software. If they do find out, we will pay the extra fee at that time. Our expenses are high enough without paying these unnecessary costs." James believed he might lose this client if he did not do as management instructed. Discuss whether you believe this is an ethical violation. o Distinguished-level: o Identify any laws that may have been broken as a result of this issue. Write your responses in a Microsoft Word document and submit it as an attachment in the assignment area. Prior to submitting your assignment, review the Business Decisions and the Accounting Process Scoring Guide to ensure you have met all of the requirements and as a self-assessment of your work. Be sure to address the questions at the proficient and distinguished levels to achieve the highest grade possible. Note: Your instructor may also use the Writing Feedback Tool to provide feedback on your writing. In the tool, click the linked resources for helpful writing information. Resources • Business Decisions and the Accounting Function Scoring Guide. • APA Style and Formatting. • Writing Feedback Tool.