BUS3061- Fundamentals of Accounting

The 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.

Instructions

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:
   • 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?
   • Distinguished-level:
     • What are the three groups of functions performed by accountants?
     • Discuss the activities that are part of each group.
2. Question 2:
   • Proficient-level:
     • There are many opportunities available for careers in the accounting profession. Select five from the many presented in theAccounting Principles: A Business Perspective, Financial Accountingtext and fully describe the nature of the work performed.
   • Distinguished-level:
     • For each of the selected opportunities, state the education and certification requirements necessary to be considered for employment.
3. Question 3:
   • Proficient-level:
     • The field of accounting can be divided into two distinct, but sometimes overlapping categories. Describe the similarities and differences between the two categories and provide examples of the users of each type of data that are the result of the work in each category.
   • Distinguished-level:
     • Describe the four major types of internal management decisions that utilize management accounting information.
4. Question 4:
   • Proficient-level:
     • In the development of financial accounting standards there are six organizations that are influential in the establishment of GAAP. Identify each and define who is included in their membership.
   • Distinguished-level:
     • Each organization has contributed in a different way. Describe how each of the six organizations is involved in work on the GAAP.
5. Question 5:
   • Proficient-level:
     • Describe the role that ethics plays in the field of accounting.
     • How can a business organization that has an accounting function better protect itself from potential scandals and law suits?
   • Distinguished-level:
     • What is a code of conduct and how can its adoption further ethical decision-making in an organization?

Write your responses in a Microsoft Word document and submit it as an attachment in the assignment area. Prior to submitting your assignment, review The Accounting Environment Scoring Guide to ensure you have met all of the requirements and as a self-assessment of your work. Be sure to address the questions at the proficient and distinguished levels to achieve the highest grade possible.