ACC 220 week_1_dqs

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WEEK 1 DQ’s

Week 1 DQ 1

Based on what you currently know about accounting, what role do you see it playing in business

operations? How dependent do you think a business is on its accounting department? Explain

why.

Accounting is an important operation to any business, no matter how big or how small. Through

accounting one gets a picture of exactly how the business is running, where the money is going

and what kind of profit is being made, if any. This process also allows a company to keep a

record of what is purchased and sold thereby being able to assess and do their taxes at the end of

the year. Accounting also keeps track on the companies spending habits when it comes to the

labor costs, utility bills, managerial costs and the over head needed to stay in business.

Depending on the size of the business, whether it is a large company or just a small mom and

pop grocery store, goes hand in hand on how dependent they are for an accounting department.

The larger companies are very dependent on their accounting department while the small

businesses probably keep the accounting in house, or done by the owner. I feel this is true

because while I did own a ‘mom and pop’ grocery store in Mexico for eight years I did all of our

accounting and relied on only myself. Now I work for a company that has expanded globally and

they rely of accounting professionals. While at our facility we have only one person doing our

accounting he reports to the corporate headquarters for advice and back up for many of our

spending needs.

Week 1 DQ 2

Why are ethics so important in the field of accounting?

Ethics are an important part of every aspect of a business. The accounng department or even just a

lone accountant for a company needs to be very ethical when it comes to handling someone else’s

money. With complete control on a company’s nances it becomes real easy to pocket the money that

was going to be used for something else. At the end of the year the accountants are responsible for

paying the taxes a company owes, without ethics these people could easily make the checks out to

themselves and never pay the taxes. This is what happened to my father about 25 years ago. He was a

contractor for a large logging ou&it and making a ton of money, while paying his employees very well

also. The accountant he had taking care of his nances decided to not pay his taxes and keep the money

himself. My father ended up losing his contractors license for tax evasion and even a(er they convicted

the accountant my father was le( with such an outstanding bill that he never tried to regain his license.

Reasons such as these make it a necessity to hold the highest ethical values in a job such as accounng.

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WEEK 1 DQ's Week 1 DQ 1 Based on what you currently know about accounting, what role do you see it playing in business operations? How dependent do you think a business is on its accounting department? Explain why. Accounting is an important operation to any business, no matter how big or how small. ...
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