Accounting

in this assignment, you will demonstrate your mastery of the following course outcomes: ? Record financial data and adjusting entries in the preparation of a business’s financial statements Prompt In a professional relevance essay, draw connections between the accounting principles that you demonstrated in Final Project I and their specific, practical applications within your own professional practice. Specifically, you must address the critical elements listed below. Most of the critical elements align with a particular course outcome (shown in brackets). I. Introduction: 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? [ACC-201-01] II. Draw Connections A. In the first part of your final project, you recorded various transactions in the life of a business. Now, consider your current or future professional life: What sort of transactions would you encounter in your field? Describe at least three using specific details. [ACC-201-01] B. Analyze the relationship between those transactions and the success of your current or future business. For example, how would each transaction impact the income statement and balance sheet of your company? Illustrate your claims using specific examples. [ACC-201-01] 1 III. Apply to a Scenario: Imagine that you are the new department manager of a corporation within your chosen field: You discover that your predecessor had been using the cash basis of accounting, which has resulted in many errors and misinformation. What measures would you take to remediate the issue? Propose a high-level plan to implement a proper accounting system for your department using specific principles discussed in the course. For example, which financial statements would you investigate first? What sort of internal controls would you implement? [ACC-201-01]

IFRS allows a remeasurement of certain assets to fair value through a revaluation method. This increase is recorded as part of a revaluation surplus account, which bypasses the income statement and, therefore, does not affect net income. Do you think this is an appropriate method? Why should investment property increases affect net income as opposed to PP&E? Explain your position whether you agree or disagree with the accounting treatment for revaluation surplus.

Please analyze “The Goal” by Eliyahu Goldratt. The paper should discuss about what have been learned about management accounting from the book. Also, discuss opinions and concepts presented in the book. Thought process and writing efforts are crucial.

Hello, This writing project will be a 2-3 page paper using the novel “The Goal” as reference. After reading the book, you will apply the concepts to another situation. In the paper, you will define the original context, explain how you will apply the theory of constraints, and finally discuss the results of the application. Please note you will need 1 additional source other than the book, “The Goal” (Instruction provided by professor)

MANUFACTURING PROJECT: The result of this project will be something you made, and a written report of what you did and what you learned. The report should be long enough to tell me all you did in making your project and all the associated costs with making your project. The bottom line; tell me the total cost incurred in the manufacturing of your product. This project requires that you gather raw materials, supply the labor and overhead, and make something from your raw materials. The item you manufacture should not be perishable (no cakes or cookies or the like). Keep a diary of what you did during the process and most importantly an accounting for the cost of the materials, labor, and overhead that went into your finished product. ?The project I want to make is potted plants. The total price of flowers and pots is controlled within 100 US dollars. The soil can be extracted from my back garden. What I want is to have professional cost accounting content in the report.? So please combine all the requirements and basic information I gave to complete the report. Please use your imagination and creativity.

make a workforce psychology research proposal

Write a report with a minimum of two pages explaining the concept of Cost per Activity (ABC)

The following financial data for the Freemont Corporation are to be used in answering self-test problems 1–6.

This discussion has 3 parts: Financial managers make three main decisions: Which products or services to offer? How to acquire the funds necessary to offer the products and services, such as using cash on hand, borrowing, or selling shares in the firm? What to do with the cash flow generated by the firm, such as pay dividends, repurchase shares, reinvest it in the business, or hold on to it? Which of these decisions do you think is the most important for creating value for the corporation’s owners? Why? (Note: Your response for this question should be no more than 50 words) A guest speaker in class states “managers should only focus their attention on what shareholders want because they are the owners of the firm and the managers work for the shareholders”. Offer your view on this statement based on your readings, life experiences, and ethics. See Assigned Readings “Related to agency theory and the goal of financial management” Submission Instructions: Your initial post for each question should be approximately 100 to 200 words (unless the discussion question specifically provides a different guideline), formatted and cited in current APA style with at least one source other than the required textbook. Your initial posts are worth 8 points each. You should respond to two of your peers by extending, refuting/correcting, or adding additional nuance to their posts. Student #1 Hello Everyone, These three decisions that financial managers have to make all seem extremely important; however, I think that how to acquire the funds necessary to offer the products and services is the most important decision that needs to be made. Without the necessary funds, then the products/services would be available period, so deciding which products/services to offer is automatically not the most important question. What to do with the cash flow generated by the firm is also a very important decision, but cash flow won’t happen until a product/service is being sold and there needs to be a way to acquire the funds necessary to produce this product/service. Overall, how to acquire the funds necessary for this product/service is the most important decision because it is the first step. I disagree that managers should only focus on the wants of shareholders. Managers need to focus on what will help progress the company and make it more successful. Managers also need to focus on their employees and other stakeholders. If managers don’t also focus on the needs of their employees, then there can end up being a high turnover rate which is only costing the company more money. “For a business to be in business to serve only shareholders or profit seekers runs counter to the needs of today’s very complex and fast-changing world” (Pontefract 2016). I agree with this statement because companies need to take in account all of their stakeholders (customers, government, lenders, society, and employees) enable to be successful, instead of only caring about the needs of the people who will reap the benefits of the companies success. Pontefract, Dan. “Should Companies Serve Only Their Shareholders Or Their Stakeholders More Broadly?” Forbes, Forbes Magazine, 10 May 2016, www.forbes.com/sites/danpontefract/2016/05/09/shareholders-or-stakeholders/#5633ff8713d2. Student 2 TuesdayJun 30 at 7:38pm The main responsibility for financial managers is to acquire funds needed and decide how to use the funds to maximize the value of the firm’s stock price. Their decision affects the stock price in many ways as the value of the stock is determined by the future cash flows the firm can generate. These cash flows are affected by the products or services selected to produce, the types of assets to purchase or what advertising campaign to utilize but a firm can’t think about what products and services or what to do with the cash flow that is generated, without first having or acquiring the funds to make the other decisions. I disagree that managers should only focus their attention on what shareholders want simply because they are the owners of the firm. Although the main objective is to maximize the shareholder’s wealth, this is not possible without its stakeholders. Who are considered stakeholders? Customers, employees, supplies and the communities are among this group and they deserve a manager’s attention. It is my belief that revenue is generated when clients /customers are satisfied and pleased with the product and service provided by a company but this is possible when your front line employees work on delivering these products and services. In addition,the business will benefit if managers consider them as important if not more important as these are pivotal factors in a successful business. Reference Bragg, S. The Difference Between a Shareholder and a Stakeholder. Accounting Tools,24 August 2019, https://www.accountingtools.com/articles/what-is-the-difference-between-a-shareholder-and-a-stakehold.html

First Post During the accounting cycle, there are a number of steps that must be accurately completed in order to produce complete financial statements and accounting records. The following is another view of this cycle: Analyze transactions Record journal entries Post journal entries to respective ledger accounts Create unadjusted trial balance Record adjusting entries Post adjusting entries to respective ledger accounts Create adjusted trial balance Construct financial statements Record closing entries Create post-closing trial balance However, there are many steps along the way that can lead to the issue of fraud or significant errors. REQUIRED Based on your knowledge of the accounting cycle and the various steps that must be performed during this cycle, answer the following questions: What are some incorrect or fraudulent actions that can be performed, in at least 3 of the steps above, that would cause the accounting data to be inaccurate? In other words, select 3 of the steps above and indicate at least 1 incorrect or fraudulent action that could be performed (i.e. recording a false journal entry, or incorrect mathematics being performed on a trial balance or financial statement). For each of the errors or fraudulent actions noted in question 1 above, what would you do to prevent or detect this? post must address the questions above and not contain any grammatical errors and have any sources of information cited (outside of our class textbook and lecture notes if any additional material was referenced 2nd Post Discuss a time during your current role this semester (or in the past) where you have had a unique work-related problem arise that required you to step outside of your “box” and utilize new skills, work with different individuals/parties, or work longer/harder than normal to resolve. How did it feel? Did you learn anything from it? If you have NOT yet had a unique problem or circumstance arise, please write about what unique problems could you face in an accounting role that is not traditionally associated with Accounting (for example, public speaking is a skill that many people would not relate to Accounting, but it actually happens more than you think!). How would you address this problem?