StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

Discussion Question 2 Week 1 Accounting - Assignment Example

Cite this document
Summary
One firmly believes that bookkeeping and accounting share the same adherence to rules in recording financial transactions of an organization but they are not categorically the same. Accounting is the whole integrated system required to accomplish different functions and…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER94.3% of users find it useful
Discussion Question 2 Week 1 Accounting
Read Text Preview

Extract of sample "Discussion Question 2 Week 1 Accounting"

Discussion Question 2 Week Finance and Accounting Discussion Question 2 Week 1. “Bookkeeping and accounting are the same.” In terms of your role in the provision of financial services, present data to support the accuracy of this statement and support your position. One firmly believes that bookkeeping and accounting share the same adherence to rules in recording financial transactions of an organization but they are not categorically the same. Accounting is the whole integrated system required to accomplish different functions and processes of “recording, classifying, summarizing, reporting, analyzing and interpreting the financial condition and performance of a business – in order to communicate it to stakeholders for business decision making” (Miss CPA, 2011, par. 7). Concurrently, bookkeeping is just one portion of the recording phase.

Bookkeeping was explicitly defined as “the process of recording, in chronological order, the daily transactions of a business entity. It forms part of the accounting information system” (Miss CPA, 2011, par. 6).2. Analyze the accounting equation as a concept that underpins the work of professional accountants and how an understanding of the equation can impact business decision making. The accounting equation is actually defined as “An equation that reflects the two-sided nature of a business entity, assets on the one side and the sources of assets on the other side (assets = liabilities + owners’ equity)… The accounting equation is the foundation for double-entry bookkeeping, which uses a scheme for recording changes in these basic types of accounts as either debits or credits such that the total of accounts with debit balances equals the total of accounts with credit balances.

The accounting equation also serves as the framework for the statement of financial condition, or balance sheet, which is one of the three fundamental financial statements reported by a business” (Financial Terms, 2012). As such, the basic theoretical framework significantly impacts business decision making since it clearly pinpoints and accurately identifies the sources of changes in the different accounts of the organization. As such, understanding the concept of the accounting equation would facilitate determination of any evident deviation that significantly impacts current operation, and which were not according to the organization’s plans, thus, should be appropriately and immediately addressed.

ReferencesFinancial Terms. (2012). Accounting Equation. Retrieved October 10, 2012, from http://www.finance-lib.com/financial-term-accounting-equation.htmlMiss CPA. (2011). Difference Between Bookkeeping and Accounting. Retrieved October 10, 2012, from http://misscpa.com/difference-between-bookkeeping-and-accounting/

Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Discussion Question 2 Week 1 Accounting Assignment”, n.d.)
Retrieved from https://studentshare.org/finance-accounting/1604951-discussion-question-2-week-1-accounting
(Discussion Question 2 Week 1 Accounting Assignment)
https://studentshare.org/finance-accounting/1604951-discussion-question-2-week-1-accounting.
“Discussion Question 2 Week 1 Accounting Assignment”, n.d. https://studentshare.org/finance-accounting/1604951-discussion-question-2-week-1-accounting.
  • Cited: 0 times

CHECK THESE SAMPLES OF Discussion Question 2 Week 1 Accounting

The Role of Accounting in the Collapse or Failure of Caja Mediterrneo Bank

Name: Course: Date: The role of accounting in the collapse or failure of Caja Mediterraneo (Cam) Bank CAM bank has been a recognized financial institution in Spain, which has been serving a large customer base, to the extent of being classified as the fourth largest savings bank in Spain, by the year 2007 (manta 2012, Web).... While there are many questions that linger regarding the causes of this collapse, it is apparent that accounting practices, both legal and illegal played a major role in making the Bank collapse....
7 Pages (1750 words) Essay

Code of Ethics

In the paper “Code of Ethics,” the author discusses the role of a code of ethics, which is to define and stipulate professional norms, duties, and responsibilities of the employees.... The selected workplace is a bank with 30 employees.... The aim of the Code is to set principles and guidelines for employees....
4 Pages (1000 words) Assignment

An Evaluation of Professional Placement Activities

The following paper concerns the peculiarities of working in the real world.... The issues of the organizational typology/system of Legal-World Company, Inc.... the specific functions, and the evaluation of the work vis-à-vis my expectations as regards the job are discussed.... hellip; According to the author of the text, in evaluating one's experience at work, or in any other formal organizational setting, for that matter, many factors can and should be taken into consideration in order to arrive at an informed analysis as regards the same....
13 Pages (3250 words) Research Paper

International financial management

The proposed Financial Projection of Temple Hall for its venture would yield a net income in financial accounting method of ₤6,946 after accounting for proposed expenditures.... Although this may be the ;position in the short run, it cannot be predicted that the present… The annual maintenance costs of ₤5000 and labour &staffing costs of ₤ 18500 need to be addressed to and controlled if future profits are to be consolidated....
12 Pages (3000 words) Essay

The Benefits of Smaller Classes

This paper “The Benefits of Smaller Classes” examines the effect of class proportions on introductory accounting pupil performance within the perspective of a dynamic learning setting.... The Baldwin  (1993: cited in Murdoch and Guy, 2002: p272)  learning has limits that propose extra inquiries may add to the facts accounting studies.... Baldwin's goal was not to regulate variables other than strength proportions, but to match outcomes from Introductory accounting communicated in a bulk-lecture design by an exceptional teacher to results achieved by doctoral student teachers in smaller divisions....
10 Pages (2500 words) Essay

Project Scheduling under Limited Resources

New Gantt chart and a leveled resource histogramSEPTEMBER 2012 - MARCH 2013Resources Activity ID Predecessors Duration Human A - 2 WEEKS 4th-24th Sept Human B - 1 week 27th-25th Nov Skill C A 2 WEEKS 30thSept- 25th Nov Human DC 2 WEEKS 26thNov-15th Dec Experts E - 1 week 16th-31st Dec Experts F E 2 WEEKS 1st-31st Jan Users G F 3 WEEKS 1st-15th Feb Users HG 6 WEEKS 16th-29th Feb Users I - 2 WEEKS MarchExperts J G, H, I 2 WEEKS Experts K J The new Gantt chart has reduced resource starvation by minimizing overlapping....
7 Pages (1750 words) Assignment

Efficient and Effective Operations Management: Role of Performance Indicators in Organizational Success

In many cases, all staff members are usually taken through an induction process to equip them with the relevant information about organizations goals.... The goals serve to align… Many organizations focus their attention and activities in ensuring that they remain successful by being competitive, both in the present environment and in future....
4 Pages (1000 words) Assignment

Support Group for Children of HIV Victims

The author states that children of HIV/AIDS patients face psychological and other mental health problems.... nbsp;Limited help is available in the community and the schools.... nbsp; Moreover, the number of these children who later suffer from depression are also increasing in the community… Our agency provides a therapeutic and engaging environment for the children of HIV/AIDS patients – helping to address their issues and emotional concerns....
25 Pages (6250 words) Coursework
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us