Assignment

Objective: Evaluate and apply managerial accounting methods, describe double-entry accounting, and explain the financial planning process. Introduction: Just as meteorologists use data and models to forecast the weather, business managers use data and models to forecast the future for the business. Businesses require accurate, complete and up-to-date financial information. The financial information shows the health of a business at any point in time and provides information for managers to use in strategic planning. Each component of the accounting process is a building block upon which financial decision-making is formalized. Deliverables: The essay for this lesson is required to be a minimum of 750 words that clearly demonstrate your understanding of the activity. Essays should have a clear introduction, thesis statement and conclusion, written in APA format (APAstyle.org). A minimum of three sources must be cited in-text and in the Reference list. Activity Details:

Step 1:

Read the following questions, and use what you have learned about this lesson's objectives to summarize your responses.

•What are the three main accounts a business maintains and what information is included in accounts? Why?

•What is double-entry accounting and why is double-entry accounting the only way to provide the most accurate financial information for business managers?

• Describe the accounting process used by a business manager to forecast the firm's financial performance and financial needs over the next five years?

Step 2: Write a paper. Please review the essay rubric prior to proceeding. Use these writing guidelines:

•Include a cover page and references in addition to your required word count.

• Use correct APA format.

•Double-space text.

•Use size 12 Times New Roman.

•Use section headings to organize. (optional)

•Indent paragraphs.

•Include in-text citations as appropriate.

•Use correct spelling, grammar, sentence structure and verb tense.