Briefly describe your current or aspiring professional identity, including the field in which you work or hope to work. To what extent does (or will) financial accounting play a role in your day-to-day professional life?

In the first part of your final project, you recorded various transactions in the life of a business. Now, consider your current or future professional life: What sort of transactions would you encounter in your field? Describe at least three using specific details.

Analyze the relationship between those transactions and the success of your current or future business. For example, how would each transaction impact the income statement and balance sheet of your company? Illustrate your claims using specific examples.

 

Imagine that you are the new department manager of a corporation within your chosen field: You discover that your predecessor had been using the cash basis of accounting, which has resulted in many errors and misinformation.What measures would you take to remediate the issue? Propose a high-level plan to implement a proper accounting system for your department using specific principles discussed in the course. For example, which financial statements would you investigate first? What sort of internal controls would you implement?