Reference no: EM13371194 , Length: 3 Pages

The Role of Accounting on Businesses and Our Society, Some background on Assignment: Accounting increase a student's preparedness to understand complex business concepts and the rationale managers use to make financing decisions. It is a business

discipline that allows companies to analyze, record, and retrieve critical financial information that can be used to determine a company's financial status, and provide reports and insights that are needed to make sound financial decisions. 

Use the Internet or online databases to research relevant accounting information to respond to the questions in the assignment. 

Write a three (3) page paper in which you:  

Describe the purpose of each financial statement. Determine which one (1) is the most effective in communicating the financial health of an organization. Defend your position. 

Compare the major functions of an accountant to that of a certified public accountant. Make an argument for and against the important of accounting and accountants in our society from a U.S. Or global perspective. 

Imagine that you have decided to created your own business venture. Determine whether the company will be a service or merchandising company. Describe the differences between the charts of accounts for both companies. 

Based on the company that you selected in 3, make an argument for automating the accounting process, and implement at least three (3) types of internal controls to prevent or detect theft or fraud.

Assignment should be APA formatted, using Times New Roman font (size 12) with one­inch margins on all sides, citation and references must follow APA.

Outcomes from Assignment: The Assignment is associated with:

Identify and explain the fundamental concepts and principles in accounting, the components of the accounting equation, the primary  financial accounting equation, and financial statements and reports. 

Use technology and resources to research issues in financial accounting. Write clearly and concisely about financial accounting using proper writing mechanics.