Week 1 An Overview of Financial Statements and the Environment of Financial Reporting Discussion Financial Reporting Environment and GAAP graded The discussion in this area will revolve around what accounting is who the key parties in the financial reporting process are the role of generally accepted accounting principles in the preparation of financial statements and the regulatory environment of financial reporting in the U S The information being discussed here will be found partly in Chapter 1 and Chapter 2 Let s begin by discussing what accounting is Anybody Responses Responses are listed below in the following order response author and the date and time the response is posted Response Date Time Author T O C L A S S W el co m e to th re ad ed di sc us si on s fo Professor Wilson 3 2 2013 10 34 07 AM Class Welcome to grade portions of threaded discussions Let s get started The discussion in this area will revolve around what accounting is who the key parties in the financial reporting process are the role of generally accepted accounting principles in the preparation of financial statements and the regulatory environment of financial reporting in the U S The information being discussed here will be found partly in Chapter 1 and Chapter 2 Let s begin by discussing what accounting is Anybody Prof Wilson Darnell Flax 3 3 2013 7 43 08 PM R E T O C L A S S W el c o m e to th re a d e d di sc u ss io n s fo In my own words I would say accounting is the process of keeping of the business finances by logging all accounts payable receivable and all other financial to determine the profit and lost of the business Timothy Fry 3 10 2013 10 13 07 PM r w ee k 1 R E T O C L A S S W el c o m e t o t h r e a d e d d is c u ss io n s f o r Darnell it is not just the recording of transactions but organizing those transactions into useful reports that will help the business reach its primary goal of increasing owner s equity Kaswelda Carter RE TO CLASS Welcome to threaded discussions for week 1 Accounting is a way to keep records of spending receiving and payouts of an company or business Accounting use spreadsheets and software to keep records as accurate as possible for tax reasons and business According to the text accounting is the information system that identifies records and communicates the economic events of an organization to interested users 3 3 2013 8 55 51 PM Reference Kimmel P D Weygandt J J Kieso D E Financial Accounting Tools for Business Decision Making 6th ed 2011 John Wiley Sons Inc Illinois Timothy Fry 3 10 2013 10 20 51 PM w e e k 1 R E T O C L A S S W el c o m e t o t h r e a d e d d is c u ss io n s f o r w e e k 1 Kaswelda many accounting software programs exist to help accountants produce reports and file tax returns but accountants are much more than bean counters They must be able to translate the information in the reports and help management to form a comprehensive financial strategy as well as help interested investors understand the potential return on their investment Justin Noel 3 4 2013 8 24 38 AM RE TO CLASS Welcome to threaded discussions for week 1 Accounting is required by everyone whether it s a Fortune 500 publicly traded company a small business or even personal individual It s the way businesses and people keep track of their sales revenue and expenses It used to be done by hand in a ledger book but more and more is becoming more software and system driven Software such as Quickbooks or Peachtree have given small businesses tools that they never have had to track and make keeping track of the money trail much easier While large businesses use software that integrates data bases such as Oracle and SQL that allow powerful programs to keep and maintain thousands of users financials Accounting is something that at its core has not changed but how people see and use it continues to grow and develop At it core it is simple credits and debits R E T O C L A S S W el c o m e to th re a d e d di sc u ss io n s fo r w ee k 1 David Neville 3 4 2013 12 03 29 PM Modified 3 4 2013 12 04 PM Accounting is the systematic recording reporting and analysis of financial transactions of a business The person in charge of accounting is known as an accountant and this individual is typically required to follow a set of rules and regulations such as the Generally Accepted Accounting Principles Accounting allows a company to analyze the financial performance of the business and look at statistics such as net profit Read more http www investorwords com 48 accounting html ixzz2MbBjnXBp I liked this definition because it explains all the different elements of accounting and also explains the role of an accountant The definition cites the GAAP regulations that accountants are required to follow These regulations include 1 the basic accounting principles and guidelines 2 the detailed rules and standards issued by FASB and its predecessor the Accounting Principles Board APB and 3 the generally accepted industry practices http www accountingcoach com online accounting course 09Xpg01 html 29k Jessica Dallek 3 5 2013 2 27 47 PM R E T O C L A S S W el c o m e t o t h r e a d e d d is c u ss io n s f o r w e e k 1 David I found these two url s very helpful when reading today Thanks for including them Stacy Davis Green 3 4 2013 10 36 30 PM RE TO CLASS Welcome to threaded discussions for week 1 Hello Class What is Accounting When you have to account for something you have to explain the hows the whats the wheres and the whys or give an explanation of some sort Accounting in the business world is simply being able to identify and explain to the investors and creditors the financial activities of cash flow within the company Being able to explain and show the profits gains and the losses Staci Pearcey 3 4 2013 11 22 34 PM R E T O C L A S S W el c o m e to th re a d e d di sc u ss io n s fo r w ee k 1 Accounting is the record keeping of a company It is the heartbeat of a company s financial standing for lenders investors shareholders and or the owner operator You cannot accurately assess a company without having insight into …
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