The purpose of the Paper is for you to show learning achieved in the course by describing your understanding and application of knowledge in the field of accounting. The Paper should also focus on real life, real time application of topics covered in this course; the uses you have seen and the uses you can envision.
Focus of the Project
Select one of the major topics listed below using course topics previously referenced as the basis for the paper.
- Explain the role of the FASB in monitoring and controlling business reporting and accounting practices in the modern organization. In what ways do FASB rules limit business practices and reporting financial information? How do such rules and regulations protect the business and public stakeholder communities? To whom is the FASB accountable and who appoints members to FASB?
- Explain how external stakeholders use financial information such as company income statements and balance sheets to make decisions about the company in such cases as advancing credit or offering leasing vehicles. Discuss how common financial ratios and investment analysis is used to conduct due diligence by external parties and how factors such as accounts receivables, accounts payables, earnings returns, returns on inventory, etc. are applied to evaluate a firm's financial and business health.
- Discuss depreciation as a tool for managing and evaluating the life and utility of assets of the firm. What are the methods and under what conditions would each method be used and applied? Does a firm's tax planning influence the decision? How do external stakeholders assess the validity of depreciation schemes?
Your paper must:
- Identify the main issues in the chosen area and accurately respond to each of the questions from the chosen area.
- Build upon class activities by referencing new learning that has occurred.
- Present specific current and/or future applications and relevance to the typical workplace.