ACC 220 WEEK 1 DQ 1 - of time. A cash flow statement...

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Week 1 Discussion Question 1 Due Date: Day 2 [post to the Main forum] Post your response to the following: Based on what you know about accounting, what role do you see it playing in business operations? How dependent do you think a business is on its accounting department? Why?
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The role of an accounting department is to perceive and interpret financial reality for a company. It does this through the creation of financial statements -- balance sheet, income statement, cash flow statement, etc. A balance sheet looks at what you owe compared to you have and others owe you at a moment time. An income statement sets expenses against revenue to see if you can make a profit over a period
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Unformatted text preview: of time. A cash flow statement confirms how cash moves in and out of a business. Without this information a company's management would have great difficulty knowing what are the best actions to take. For example, if a restaurant did not have an income statement, it would be difficult to know what menu items are the most profitable. Accounting plays a huge role in business operations by giving the business a guide to its financial/business decisions. And as a result, a business is absolutely dependent on the direction that an accounting department provides. Any business without this kind of direction will not be around for long....
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This note was uploaded on 10/17/2011 for the course ACC 220 220 taught by Professor Aliciahubbard during the Spring '10 term at University of Phoenix.

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ACC 220 WEEK 1 DQ 1 - of time. A cash flow statement...

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