Include an abstract. A running head is optional. Analyze reporting requirements for private sector, not-for-profit organizations under Financial Accounting Standard Board guidance. Compare and contrast accounting practices between the two different assignments. ACC 548 Week 5 Learning Team Assignment Reporting Requirements M to purchase http://allmysolution.com/ACC-548_c119.htm Product Description One issue in accounting is the qualifications of an accountant when working for a client.
Growing a business in accounting will take special characteristic, like self-confidence, but not over barring, integrity, time, patience, and organization (Cohn, M.). While being an accountant there is a high potential for human error, I must be detailed. Being a detail oriented person not only in my personal life as well as my business life I believe I can excel in my ventures. When handling client needs I would need to be clear on my abilities to get the job done. I am going to have peoples financial life’s in my hands, it’s extremely important that I am efficient in my job and protect my client’s
Riordan Virtual Organization Riordan is a company looking at all the areas of business. Starting with a strategic plan and the significance of having one, to accountability of social and ethical concerns. Having a strong knowledgeable employee base increases the moral and the security of the company both in the United States and Internationally. Providing the proper financial documentation discloses how the company is doing. Conducting key measurement guidelines to ensure they are on track with production and budget.
Those statements are income statement, retained earnings statement, balance sheet, and statement of cash flows. All of which are reviewed as well to provide a complete understanding of accounting in today’s society. Accounting consists of identifying, recording, and communicating the economic events of an organization to interested users (Jerry J. Weygandt, 2008, p. 4). The purpose of accounting is to keep track of all financial events in the company for the internal users or management to make sound decisions regarding the business and also for external users such as investors
To be a successful accountant requires some sales, communication, and synthesizing skills. It also requires a high level of computer and analytical skills (Careers In Business, 2012). Many of these skills can be acquired through a college or university. The field of accounting requires at least a Bachelor’s degree in accounting, business, or a related field. Some specialized fields require a Master’s degree and to become a CPA requires a CPA license.
This experience proved to be the most exciting and, at the same time, the most intimidating one in my life [Comment 2]. While the opportunity to work with MBA students created the spark that led to my deep interest in the business world and finance specifically [Comment 3], I also realized how much I had to learn. It was for this reason that I decided I needed to acquire a good basis of understanding in finance once I graduated from college [Comment 4]. I reasoned that the best way to truly learn and understand finance was to start as an accountant and get a good grounding in the basics of the income statement and its components [Comment 5]. This led to my first job as a Staff Accountant at Bob Chinn's, Inc., a restaurant operator.
Full disclosure requires that publicly traded businesses use accrual based accounting and revenues are recognized as sales are earned. Full disclosure also requires that footnotes describe accounting procedures and provide details for unusual transactions. With companies such as Enron and WorldCom, the accounting field has an increased need for businesses to tell the truth in its financial statements. Full disclosure acts as the obligation for businesses to be truthful in its statements in order to protect the parties
It emphasizes to employees that the trustworthiness, honesty and reliability is important to work in the county. G.M In the document, G.M Financial code of ethics is for customer, company, community and employees. The main principle is similar as County of San Diego. The customer has right to know about G.M Financial. Employees should instruct to the customers that rights about fair dealing and competition.
Entrepreneurship - Jim Southern 1. There are many personal and professional factors that created the opportunity for Jim Southern: a) Graduating from Harvard Business School with MBA degree helped Jim in gaining extensive business knowledge and wide networking opportunities. As mentioned in the case, Jim was helped by his professor Tom Silver to meet John O'Leary, chairman and CEO of American Printing, Inc. b) Jim showed interest in the industries that were similar to his professional expertise like insurance, acquisition, management and manufacturing. c) Jim commissioned $30,000 to Nova Corporation from his pocket for company search which can also be termed as a factor for crating opportunity. d) Jim was aware since the start about his interest of business.
2. Reliability: With moral principles clients are able to rely more on the Accountants. The nature of the work carried out by accountants and auditors requires a high level of ethics. Shareholders, potential shareholders, and other users of the financial statements rely heavily on the yearly financial statements of a company as they can use this information to make an informed decision about investment. They rely on the opinion of the accountants who prepared the statements, as well as the auditors that verified it, to present a true and fair view of the company.