Reference no: EM131670583

Assignment 1

This assignment has 3 parts:

1. What are some of the groups that need accounting information? What kind of accounting information do they need? Why?

2. Think of a company you've done business with as a consumer. How might managers in this company use accounting information to made decisions?

3. What might happen to the company if it did not have access to timely and accurate accounting information?

4. In your own words, please post a response to the Discussion

Assignment 2

This assignment has 3 parts:

Every business or organization must utilize accounting to record, summarize and report business transactions. While the focus in this course is the use of accounting within a business, the same concepts can be used on a personal level.

1. How can you use accounting to manage your personal finances?

2. What are the benefits of keeping track of personal transactions - income and expenses - in an organized manner?

3. What are some of the possible risks if you don't keep track of personal transactions?

In your own words, please post a response to the Discussion Board and comment on other postings. You will be graded on the quality of your postings.

Assignment 3

This assignment has 3 parts:

In today's global marketplace, business is conducted on every continent, in different currencies and in many languages. Even so, it is often said that accounting is the language of business.

1. When there are so many other options, why do you suppose accounting would be considered the language of business?

2. If accounting standards differ by country - and some do - what are your thoughts about how the phrase could still be true?

3. Thinking about your experience as a consumer, share an example of how accounting could be considered a language of business.

Assignment 4

This assignment has 3 parts:

Ethical behavior is important to the accounting profession as well as the general business environment. Most companies have code of conduct policies and ethical training to ensure all employees understand the company's behavior expectations and responsibilities.

1. What are the advantages and disadvantages of a company having a formal code of conduct that employees are obligated to follow?

2. What are your thoughts about whether employees should have to participate in mandatory ethical trainings each year?

3. How might having a code of conduct help an employee make decisions when faced with an ethical situation?

Assignment 5

This assignment has 3 parts:

1. How do accounting policies and practices affect financial accounting information used for "external" decision making purposes?

2. What governing and oversight bodies exist to help ensure timely and accurate reporting of financial information by publicly traded companies?

3. How to internal controls help ensure that financial results are accurately and fairly presented for use by external users?