Business Finance
Final Project 2 Financial Accounting

Southern New Hampshire University

Question Description

Final Project 2 for Financial Accounting at Southern New Hampshire University. This isn't due for another 5 weeks!

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ACC 201 Final Project II Guidelines and Rubric Overview One of the measures of success for any business is profitability. Managers and business owners must be able to assess the profitability of a company using information about its financial transactions: This is done through accounting. By working through the accounting cycle, you will understand how to organize transactions in a way that communicates the financial position of a company. This information is critical for external stakeholders who may be interested in working for or investing in the business. This process also helps you understand the level of attention to detail that is required in a successful business venture. The final project for this course consists of two major parts: an accounting workbook (Final Project I) and a professional relevance essay (Final Project II). In the second part of the final project, you will create a well-crafted essay in which you draw connections between your accounting exercises and their practical applications for furthering your own professional practice. The final product will be submitted in Module Eight. In this assignment, you will demonstrate your mastery of the following course outcomes:  Record financial data and adjusting entries in the preparation of a business’s financial statements Prompt In a professional relevance essay, draw connections between the accounting principles that you demonstrated in Final Project I and their specific, practical applications within your own professional practice. Specifically, you must address the critical elements listed below. Most of the critical elements align with a particular course outcome (shown in brackets). I. II. Introduction: Briefly describe your current or aspiring professional identity, including the field in which you work or hope to work. To what extent does (or will) financial accounting play a role in your day-to-day professional life? [ACC-201-01] Draw Connections A. In the first part of your final project, you recorded various transactions in the life of a business. Now, consider your current or future professional life: What sort of transactions would you encounter in your field? Describe at least three using specific details. [ACC-201-01] B. Analyze the relationship between those transactions and the success of your current or future business. For example, how would each transaction impact the income statement and balance sheet of your company? Illustrate your claims using specific examples. [ACC-201-01] 1 III. Apply to a Scenario: Imagine that you are the new department manager of a corporation within your chosen field: You discover that your predecessor had been using the cash basis of accounting, which has resulted in many errors and misinformation. What measures would you take to remediate the issue? Propose a high-level plan to implement a proper accounting system for your department using specific principles discussed in the course. For example, which financial statements would you investigate first? What sort of internal controls would you implement? [ACC-201-01] Final Project II Rubric Guidelines for Submission: Your professional relevance essay must be 2–4 pages in length (plus a cover page and references) and written in APA format: Use double spacing, 12-point Times New Roman font, and one-inch margins. It is recommended that you use the provided template to ensure correct formatting. Include at least two references cited in APA format. Critical Elements Introduction [ACC-201-01] Exemplary (100%) Meets “Proficient” criteria and demonstrates nuanced appreciation for the role of financial accounting in business Proficient (85%) Needs Improvement (55%) Not Evident (0%) Value Describes current or aspiring professional identity, including the role of financial accounting in day-to-day life Describes current or aspiring professional identity, but fails to include the role of financial accounting in day-to-day life Does not describe current or aspiring professional identity 20 Draw Connections: Transactions [ACC-201-01] Meets “Proficient” criteria and Identifies and describes at least demonstrates nuanced three transactions relevant to appreciation for the significance profession using specific details of financial accounting in chosen field Identifies transactions relevant to profession, but fails to fully describe at least three using specific details Does not identify transactions relevance to profession 20 Draw Connections: Success of Your Business [ACC-201-01] Meets “Proficient” criteria and demonstrates keen insight into the relevance of financial accounting for business success Discusses the relationship between accounting transactions and the success of current or future business, but fails to fully or logically analyze using specific illustrating examples Does not discuss the relationship between accounting transactions and the success of current or future business 25 Analyzes the relationship between accounting transactions and the success of current or future business using specific illustrating examples of impacts on financial statements 2 Apply to a Scenario [ACC-201-01] Articulation of Response Meets “Proficient” criteria and demonstrates keen insight into the relevance of financial accounting for business success Proposes a sound high-level plan to implement a proper accounting system by citing specific course principles that would appropriately address issues in the scenario Submission is free of errors Submission has no major errors related to citations, grammar, related to citations, grammar, spelling, syntax, and organization spelling, syntax, or organization and is presented in a professional and easy-to-read format Proposes a high-level plan to Does not propose a high-level implement a proper accounting plan to implement a proper system, but not all proposals are accounting system sound, or fails to cite specific course principles that would appropriately address issues in the scenario 30 Submission has major errors related to citations, grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas 5 Submission has critical errors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas Total 3 100% ...
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Final Answer

Attached.

Running head: FINANCIAL ACCOUNTING

1

Financial Accounting
Institution Affiliation
Date

2

FINANCIAL ACCOUNTING
Introduction
Financial Accounting plays a crucial role in society. Various business stakeholders need
to know how the business is performing and how it is expected to perform in the future.
Financial Accounting as crucial as any other professional in society. My current professional

identity is a chartered, certified accountant. According to Hoyle, Schaefer, & Doupnik, (2015), a
certified accountant is a professional who whose role in the business entity is collecting, accurate
recording, analyzing and presenting a business, organization, or company's financial operation.
Small business, the central role of an accountant, involves collecting, analyzing, and presenting
the financial reports. Financial Accounting plays a fundamental role in my day to day life
activities. It fundamentally involves planning, organizing, and accurately allocating resources.
When budgeting for my monthly expenses, financial budgeting helps me in allocating a certain
amount to buy particular goods. It helps in gaining the insights of what I earn in a month and
how every single coin is spent. It helps in reducing the expenses or wastage by eliminating
unnecessary wants or needs. Financial Accounting skills are essential in an individual l...

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