acc400r1RMFwk1 - ACC 400 Accounting for Decision Making...

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ACC 400 Accounting for Decision Making ACC/400 Week One ASSETS AND INTERNAL CONTROLS Introduction Why is it that accountants are always the life of the party? Why is it that they always focus on the big picture? And finally, why is it that the accountant’s view of the organization is so widely discounted and not relied upon by senior management? Hopefully these nonsensical statements have made you contemplate the vital role that accountants play in the role of every organization, public or private. Accounting, by definition, exists to identify, record, and communicate the economic events of an organization to interested parties such as managers, employees, and investors. To do so, accountants have created assumptions, principles, constraints, and finally a conceptual framework as a roadmap. These roadmaps are generically spelled out in Financial Accounting Standards Board (FASB) statements and other authoritative accounting literature. The role of the accountant today is much more important than it was ten, five, or even one year ago. Scandals such as WorldCom, Enron, and Arthur Andersen have exposed weaknesses in our accounting processes that were once considered invincible by the common man. We, as accountants, are being asked to do more and more. In a way, we are the conscience of the organization and it is our job to ensure the validity of its financial results. Accountants can no longer be focused on only one area, but must become subject matter experts in a wide variety of subjects specific to the organization and industry in which they practice. This Week in Relation to the Course Week One is divided amongst three separate, but related concepts: Assets (Current and Non-Current) Significant accounting estimates (Allowance for Doubtful Accounts, Depreciation, Inventory) Internal controls (Sarbanes-Oxley, Segregation of Duties, etc.) Assets fit into the equation (Assets = Liabilities + Owners Equity) and are the most common and
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This note was uploaded on 04/07/2010 for the course ACC 400 taught by Professor P i during the Winter '09 term at University of Phoenix.

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acc400r1RMFwk1 - ACC 400 Accounting for Decision Making...

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