ACC 421 Week 1

Individual Assignments From the Text

Resource: Intermediate Accounting

Write responses to Concepts for Analysis CA1-11 & CA1-12 in Ch. 1 of Intermediate Accounting.

Individual Accounting Cycle Paper

Prepare a 700- to 1,050-word paper explaining the overall accounting cycle at a typical organization.

Include a description of the people, processes, and systems that are integral to the cycle.

Discussion Questions

What are the major objectives of financial reporting? Who uses financial reporting? What type of information will each user group need? Why?

What is the purpose of generally accepted accounting principles (GAAP) and the accounting cycle? Is it possible to deviate from GAAP and the accounting cycle and still prepare financial statements? Why? What are some possible consequences of this course of action?

What organizations are responsible for governing financial reporting? What is the role of each organization? How have the roles changed in the last 20 years? How might their roles change in the next 20 years?