Premium Essay

Bus 3061 Fundamentals of Accounting the Accounting Environment

In: Other Topics

Submitted By katherineswanson
Words 566
Pages 3
BUS 3061 Fundamentals of Accounting The Accounting Environment To Get this Tutorial Copy & Paste above URL Into Your Browser
Hit Us Email for Any Inquiry at:
Visit our Site for More Tutorials: ( )

BUS3061- Fundamentals of AccountingThe Accounting EnvironmentResources
• The Accounting Environment Scoring Guide.
• APA Style and Formatting.
• Writing Feedback Tool.
• Accounting Principles: A Business Perspective, Financial Accounting.
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.
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:
 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.
 What types of information are critical to the performance of the accounting function in an organization? o Distinguished-level:
 What are the three groups of functions performed by accountants?
 Discuss the activities that are part of each group.
2. Question 2:

Similar Documents

Premium Essay

Accounting Assignment Environment

...two chemicals is causing the most damage to the environment. Tables have proven that there is an excessive use of the Dyetype material. Both chemicals have been calculated using the life-cycle assessment to show unit cost per kilogram price for each product. The findings from the report immediately draw attention to the Dyetype chemical having the most environmental impact out of the two chemicals. The company also discovers that there are additional toxins being released which require $2,700,000 to cover the total costs. The Balance Scorecard is considered for the effects of toxin releases. If there is an fifth perspective to the balance scorecard Eco efficiency must be contributed adding environmental perspective to the Mudjimba Chemical Ltd plant. Table of Contents Executive Summary i 1. Introduction 1 1.1 Purpose 1 1.2 Scope 1 1.3 Limitations 1 2. Environmental Cost Categories 2 3. Environmental Activity Costs 3 3.1 Inventory Analyse 3 3.2 Impact Analyse 4 3.3 Improvement Analyse 4 4. The Environmental Damage 5 5. Toxin Release Costs 6 6. The Additional Environmental Perspective 7 7. List of References 11 1. Introduction 1.1 Purpose The purpose of this report is to calculate the environmental cost for two products being produced by a manufacturing company. The report then will use this information to identify which of the products appears to cause the most degradation to the environment. Justification is provided as to whether......

Words: 2236 - Pages: 9

Free Essay

Bus 557 Financial Accounting Assgn #2

...“You Are an Entrepreneur” Running Head: You Are an Entrepreneur Cathy D. Brown Professor: Kenneth Lavery Course: BUS 557 Financial Accounting May 19, 2013 ABSTRACT The paper will describe my business as an Entrepreneur. The business I choose would be run as a sole proprietorship business owned and controlled by one man (myself) even though many other persons will work for me. By choosing to run my business as a sole proprietor I may use a trade name or business name other than my legal name. I will justify the legal form of being a sole proprietor and its advantages over other forms. As an entrepreneur and a sole proprietor, I can declare my business income on my personal income tax form, rather than having to file a separate tax form, (as you would have to do if you chose the corporate form of business ownership). The roles of the executive management team will be to orients staff and oversees their training. In addition, they schedule staff work hours, making sure that peak dining hours are covered. I will address whether or not I will use a board of directors and /or a board of advisors and why. Under develop the......

Words: 880 - Pages: 4

Premium Essay

Fundamentals of Accounting

...LESSON 1 INTRODUCTION TO ACCOUNTING Contents 1.0 Aims and Objectives 1.1 Introduction 1.2 Book- Keeping 1.2.1 Meaning 1.2.2 Definition 1.2.3 Objectives 1.3 Accounting 1.3.1 Meaning 1.3.2 Definition 1.3.3 Objectives 1.3.4 Importance 1.3.5 Functions 1.3.6 Advantages 1.3.7 Limitations 1.4 Methods of Accounting 1.4.1 Single Entry 1.4.2 Double Entry 1.4.3 Steps involved in double entry system 1.4.4 Advantages of double entry system 1.5 Meaning of Debit and Credit 1.6 Types of Accounts and its rules 1.6.1 Personal Accounts 1.6.2 Real Accounts 1.6.3 Nominal Accounts 1.7 Distinction between Book Keeping and Accounting 1.8 Branches of Accounting 1.8.1 Financial Accounting 1.8.2 Cost Accounting 1.8.3 Management Accounting 1.9 Let us Sum Up 1.10 Lesson-End Activities 1.11 Check your Progress 1.12 Points for Discussion 1.13 References 1.0 AIMS AND OBJECTIVES i) ii) To know the Meaning ,Definition and objective of Book- Keeping To study the objectives, functions, importance and limitations of Accounting iii) To understand the methods of Accounting, kinds of Accounts and Accounting rules. This watermark does not appear in the registered version - 1 iv) To study the difference between Book- keeping and Accounting v) To study the various branches of Accounting 1.1 INTRODUCTION In all activities (whether business activities or non-business activities) and in all organizations (whether business organizations like a manufacturing entity or......

Words: 97819 - Pages: 392

Premium Essay

The Changing Role of Managerial Accounting in a Dynamic Business Environment

...CHAPTER 1 THE CHANGING ROLE OF MANAGERIAL ACCOUNTING IN A DYNAMIC BUSINESS ENVIRONMENT Learning Objectives 1. Define managerial accounting and describe its role in the management process. 2. Explain four fundamental management processes that help organizations attain their goals. 3. List and describe five objectives of managerial accounting activity. 4. Explain the major differences between managerial and financial accounting. 5. Explain where managerial accountants are located in an organization, in terms of formal organization, deployment in cross-functional teams, and physical location. 6. Describe the roles of an organization's chief financial officer (CFO) or controller, treasurer, and internal auditor. 7. Briefly describe some of the major contemporary themes in managerial accounting. 8. Understand and explain the concepts of strategic cost management and the value chain. 9. Understand the ethical responsibilities of a managerial accountant. 10. Discuss the professional organizations, certification process, and ethical standards in the field of managerial accounting. Chapter Overview I. The Management Process in Organizations A. What is managerial accounting? B. Management activities 1. Decision making 2. Planning 3. Directing operational activities 4. Controlling II. How Managerial Accounting Adds Value to the Organization A. Provides......

Words: 2206 - Pages: 9

Free Essay

Chapter 1 the Accounting Environment: What Is Accounting and Why Is It Done

...CHAPTER 1 The Accounting Environment: What Is Accounting and Why Is It Done? QUESTIONS Q1-1. A variety of answers are possible but the essential elements are the production and communication of information so that stakeholders can make decisions. Q1-2. Financial accounting is concerned with providing information to those outside an entity such as investors, lenders, and CRA. Managerial accounting provides information to those inside the entity such as managers and other decision makers. Table 1.3 provides differences: Table 1.3 DIFFERENCES BETWEEN FINANCIAL AND MANAGERIAL ACCOUNTING | |Financial Accounting |Managerial Accounting | |Stakeholders |External to the entity. Includes investors, |Internal to the entity. Managers and other | | |lenders, taxation authorities (such as the |employees. | | |Canada Revenue Agency), competitors, and many | | | |others. These stakeholders usually don’t have | | | |direct access to information about the entity | | | ...

Words: 10315 - Pages: 42

Premium Essay

Bus 508 Forensic Accounting in Practice

...Running head: THE FORENSIC ACCOUNTANT FORENSIC ACCOUNTING IN PRACTICE Tanon Patrick Contemporary Business - BUS 508 Dr. Ronnie A. Jones December 20, 2013 Abstract Accounting is the systematic process of identifying, recording, measuring, classifying, verifying, summarizing, interpreting and communicating financial information. It reveals profit or loss for a given period, and the value and nature of a firm's assets, liabilities and owners' equity (Business Accountants take a vow to ensure the accuracy of all financial records for the company they work for. When a company suspects fraudulent activity they often call in a forensic accountant to help with the investigation. The forensic accountant has the skills to investigate what happened, to measure damages, and to provide litigation support to corporate and outside counsel ( FORENSIC ACCOUNTING IN PRACTICE Determine the most important five (5) skills that a forensic accountant needs to possess and evaluate the need for each skill. This paper will give some incite on the different levels of responsibility and skills that the forensic accountant must have to provide quality service. “Accounting professionals work in a variety of areas in and for business firms, government agencies, and not-for-profit organizations. They can be classified as public, management, government, and not-for-profit accountants” (L.E.......

Words: 1557 - Pages: 7

Premium Essay

Global Environments in Accounting Week 5

...Global Environments in Accounting University of Phoenix Principles of Accounting ACC/300 Global Environments in Accounting Yum! Brands, Inc. is a worldwide food service company with over 40,000 restaurants in 125 countries. According to Yum! Brands financial statements the company has been profitable over the last two years. They have been able to this by lower the costs of food production. According to the Yum! Brands website over 70% of their revenue comes from outside the United States. Most of this expansion has occurred in developing markets were they have over 14,000 restaurants, which is nearly double of the nearest competitor. Yum! Brands has been able to position themselves for growth and would be a wise investment due to their long term growth potential. When reviewing data from the financial statements specifically we can see potential in the current ratio and the debt to worth ratios over the last two quarters. Yum brands current ratio for first quarter 2014 stands at 0.84 showing that the companies relative liquidity can handle the majority of their liabilities immediately. When compared to the last quarter of 2013 which stood at 0.75 we can see that liquidity rose by nearly 10 percent. Solvency is also a concern when reviewing possible investments and Yum brands finished the fourth quarter of 2013 with a 74% debt to worth ratio fell to 73% exhibiting growth in shareholder equity. Yum! Brands Debt Security A debt security, also known as fixed income......

Words: 2476 - Pages: 10

Free Essay

Fundamental of Cost Accounting

... Fundamentals of Cost Accounting 3e William N. Lanen University of Michigan Shannon W. Anderson Rice University Michael W. Maher University of California at Davis FUNDAMENTALS OF COST ACCOUNTING Published by McGraw-Hill/Irwin, a business unit of The McGraw-Hill Companies, Inc., 1221 Avenue of the Americas, New York, NY, 10020. Copyright © 2011, 2008, 2006 by The McGraw-Hill Companies, Inc. All rights reserved. No part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written consent of The McGraw-Hill Companies, Inc., including, but not limited to, in any network or other electronic storage or transmission, or broadcast for distance learning. Some ancillaries, including electronic and print components, may not be available to customers outside the United States. This book is printed on acid-free paper. 1 2 3 4 5 6 7 8 9 0 WVR/WVR 1 0 9 8 7 6 5 4 3 2 1 0 ISBN MHID 978-0-07-352711-6 0-07-352711-4 Vice president and editor-in-chief: Brent Gordon Editorial director: Stewart Mattson Publisher: Tim Vertovec Director of development: Ann Torbert Development editor: Emily A. Hatteberg Vice president and director of marketing: Robin J. Zwettler Marketing director: Sankha Basu Marketing manager: Kathleen Klehr Vice president of editing, design and production: Sesha Bolisetty Senior project manager: Susanne Riedell Senior production supervisor: Debra R. Sylvester Interior......

Words: 73102 - Pages: 293

Premium Essay

Bus 591(Financial Accounting & Analysis) Complete Course

...BUS 591(Financial Accounting & Analysis) Complete Course IF You Want To Purchase A+ Work Then Click The Link Below , Instant Download If You Face Any Problem E- Mail Us At Contact.Hwnerd@Gmail.Com Week 1 Homework Problems. Complete the following Workbook Template Week One or you may complete the Problem 1-3B on page 36, 1-4B on page 37 (Chapter 1) and Problem 2-7B on page 90 (Chapter 2) of your text. Submit your work to your instructor by the posted due date. Show all your work in order to earn full credit Week 1 DQ1 Generally Accepted Accounting Principles (G.A.A.P.). Briefly discuss Generally Accepted Accounting Principles or G.A.A.P. What are they? What is their purpose? Name the U.S. and international standard-setting bodies that established these principles. Are all companies required to follow these principles? Why or why not? Your answer should illustrate understanding of generally accepted accounting principles and their international counterpart. Respond to at least two of your classmates’ posts. Week 1 DQ2 Annual Reports. Visit the website for Tootsie Roll ( Click on “Company Information” then “Financial Information”. Open the latest annual report and review it to find the answers to the following questions: § What are Tootsie Roll’s corporate principles? Do you agree with these principles, or do you feel there are......

Words: 1690 - Pages: 7

Premium Essay

Fundamental Accounting Principles Mid-Term

...FORMTEXT Your Name: Austin Michael Dix ACCT 203 Financial & Managerial Accounting Midterm Exam Instructions: Type your complete name on every page at the top. This is an open book exam which means you may use your book and all your course materials. You are on your honor to complete this exam on your own. You must not discuss this exam with anyone. All work submitted is your own. Complete all 10 problems. You must show all your work, including all calculations. Point values and the chapter number are indicated with each problem. Type your answers immediately under each question. Your exam must include both the given questions and your complete answers. The exam is worth 20% of your course grade. Your completed exam is due to the Assignment Drop Box by Sunday, July 12, at 10:00 p.m. 1. Problem #1 The equation to answer this questions is assets= liabilities+ owner's equity. Before the sale of the parcel of land is made, $60,000(what the seller still owed the bank on the land)+ $110,000(the amount of money the seller has invested into purchasing the land)= $170,000 (which is what the land was originally purchased for). (10 points) 2.Problem #2 (5 points) 3.1. D (going concern principle) 4.2. A (Business entity principle) 5.3. B (Objectivity principle) 6.4. C (Cost Principle) 7.5. E (Monetary unit principle) 3. 3. Problem #3(5 points) 4. 1. C (financing activity) 5. 2. A (operating activity) 6. ...

Words: 1574 - Pages: 7

Premium Essay

A Research on the Management Accounting Environment

...Management Accounting Environment Introduction Every organization small, medium and large needs someone to be in charge of day to day activities that is going to be responsible for decision making, planning, controlling, directing personnel, outlining organization structure and will be responsible for taking strategies in competitive advantages. In today’s business environment, corporate organizations need to take every advantage they can to remain competitive due to highly increasing competition in the market, i.e. electronics commerce ( e-commerce) and introduction of new technology day by day. Customers need specialized products and service and accurate information convening product they are purchasing, product availability, order status, delivering time. Shareholders expect greater value from their investment and accurate information of the financial status of the company. This new competitive environment requires companies ability to create value for their customers and to differentiate themselves from their competitors through the formulation of clear business strategy. In today's business environment, knowledge is power so business strategy must be supported by appropriate organizational factors such as accounting information systems, organizational design and effective manufacturing process Management Accounting deals with provision of information inside the company - that is,......

Words: 1766 - Pages: 8

Free Essay


...College: The Peter J. Tobin Coll of Bus Major: Accounting   ***This is NOT an Official Transcript***   DEGREES AWARDED Sought: Bachelor of Degree Date:   Science Curriculum Information Primary Degree Major: Accounting   Attempt Passed Earned GPA Hours Hours Hours Hours Institution: 64.000 61.000 61.000 Quality GPA Points 52.000 202.90 3.90     TRANSFER CREDIT ACCEPTED BY INSTITUTION      ­Top­ 2009: Arkansas State University Subject Course Title Grade MTH 1001 INTRODUCTION TO ALGEBRA TC 3.000 0.00   MUS 0000 MUSIC TC 3.000 0.00   SCI 1000C CORE: SCIENTIFIC INQUIRY TC 3.000 0.00   SOC 1000C INTRODUCTION TO SOCIOLOGY TC 3.000 0.00     Current Term: Credit Quality Points Hours Attempt Passed Earned GPA Hours Hours Hours Hours 12.000 12.000 12.000 0.000 R Quality GPA Points 0.00 0.00   Unofficial Transcript 1/4 5/13/2015 Academic Record INSTITUTION CREDIT      ­Top­ Term: Fall 2013 Academic Standing:   Subject Course Level......

Words: 966 - Pages: 4

Premium Essay

Fundamentals of Accounting

...& Crawford, Ian 2012, ‘Financial Accounting”, Pearson, Harlow. Pg 7 Prudence Concept Prudence means being careful or cautious. The prudence concept is an ethical concept that is based on the principle that revenue and profits are not anticipated, but are included in the income statement only when realized in the form of cash or other assets, the ultimate cash realization of which can be assessed with reasonable certainty. Provision must be made for all known liabilities and expenses, whether the amount of these is known with certainty or is a best estimate in the light of information available, and for losses arising from specific commitments rather than just guesses. Therefore, companies should record all losses as soon as they are known, but should record profits only when they have actually been achieved in cash or other assets. Consistency concept The consistency concept is an ethical rule that is based on the principle that there is uniformity of accounting treatment of like items within each accounting period and from one period to the next. However, as we will see in Chapter 3, judgement may be exercised as to the application of accounting rules to the preparation of financial statements. For example, a company may choose from a variety of methods to calculate the depreciation of its machinery and equipment, or how to value its inventories. Until recently, once a particular approach had been adopted in all future accounting periods, unless there were......

Words: 8216 - Pages: 33

Free Essay

Environment Accounting

...UQ study shows governments need more honest environmental accounting Dr McDonald-Madden University of Queensland research is paving the way for better management of our precious natural environment. In work published in Science today, researchers from UQ�s Ecology Centre and collaborators have found only the �honest� reporting of both the positive and negative outcomes of conservation policy can we hope to properly manage our dwindling environmental resources. Lead author of the study, Dr Eve McDonald-Madden, said without rigorous and transparent accounting it is impossible to manage the environment. �Given the increasing public awareness of conservation issues and the need for ongoing investment in environmental management, it is worrying that little attention has been given to deriving rigorous metrics for reporting on conservation investments,� Dr McDonald-Madden said. �Reporting both gains and losses is a basic requirement of �honest� conservation accounting. The current global standard of reporting gains but not losses is unjustified and potentially misleading.� Professor Hugh Possingham, Director of a federally funded Commonwealth Environmental Research Facility on environmental decision-making and co-author of the study, said the field of biodiversity conservation is hampered by weak performance measurement, �In the corporate world such weak reporting would be considered bad practice,� Professor Possingham said. The......

Words: 405 - Pages: 2

Free Essay

Management Accounting Environment

...Question 1: The Management Accounting Environment Word Count allowed 500 – Actual word count 536 a) How Management Accounting can contribute to competitive advantage and competitive strategy b) How Management Accounting Information can be used for the proposed strategy GTH Ltd manufactures hearing aids and other innovative products for the deaf community; the business is looking at the differentiation strategy and the possibility of expanding into foreign markets, specifically developing countries. Management accounting focuses on subunits of the business, which allows the analysis of a variety of aspects of the business, such as processes, departments and specific products to ensure that the actual results are tracking close to the plans. Whereas financial accounting is an overall view of the business which produces reports for the external stakeholders and must adhere to the NZ accounting standards. Management accounting is not governed by such standards, if something can be measured it can be analysed, controlled and influenced. The differentiation strategy of innovation means that GTH Ltd needs to continually design and develop innovative products. Management accounting information is important and it must be received by managers in a timely manner so that production processes can be changed rapidly in response to innovations within the R&D team and in response to changes in the competitive environment. Management accounting can track the......

Words: 622 - Pages: 3