ACC 557 Week 1 DQ2
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This 0 page Study Guide was uploaded by an elite notetaker on Wednesday November 11, 2015. The Study Guide belongs to fin571 at Kaplan University taught by in Fall 2015. Since its upload, it has received 21 views.
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Date Created: 11/11/15
ACC 557 Week 1 DQ2 quotGeneral Accounting Principlesquot Please respond to the following 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 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 Accounting is defined as three basic activities that identifies records and communicates the economic events of an organization to interested users Bookkeeping is defined as involving only the recording of economic events In terms of my role in the provision of financial services the data to support the accuracy of this statement both bookkeeping and accounting establishes the foundation of the business revealing financial activity and performance They both consist of processes that monitor the businesses financial activity to ensure ways of making a profit This means keeping up with money spent receipts and financial reports Bookkeeping and accounting go hand in hand because in my opinion you can t have one without the other The complementation of the two and the combination of data shows you the big picture of your business Asset Liabilities Stockholder s Equity Understanding the equation can impact business decision making because it is the process of controlling expenses If individual professional accountants can t understand this concept then financial decisions can determine the future of the businesses success or failure Interpretation of financial reports is very important and must always exhibit a balance between expenses and recording keeping When the cause and effect of financial expenses are analyzed the companies creates a positive financial standing not only for the company but for potential stockholders creditors etc Weygandt J J Kimmel P D amp Kieso D E 2012 Financial accounting 8th ed Hoboken NJ John Wiley amp Sons
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