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Assignment 1: The Role of Accounting
on Business and Our Society
Due Week 8 and worth 240 points
Accounting increases 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 the Strayer
Online database to research relevant accounting information to respond to the
questions in the assignment.
Write a two to three (2-3) 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
importance of accounting and accountants in our society from a U.S. or
- Imagine that you have decided to create 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
Your assignment must follow these
- Be typed, double spaced, using Times New Roman font
(size 12), with one-inch margins on all sides; citations and references
must follow APA or school-specific format. Check with your professor for
any additional instructions.
- Include a cover page containing the title of the
assignment, the student’s name, the professor’s name, the course title,
and the date. The cover page and the reference page are not included in
the required assignment page length.
The specific course learning
outcomes associated with this assignment are:
- 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
- Use technology and information resources to research
issues in financial accounting.
- Write clearly and concisely about financial accounting
using proper writing mechanics.
Click here to view the grading
rubric for this assignment.