ACC 201 Final Project Part II: Professional Relevance Essay ✓ Solved

ACC 201 Final Project Part II Professional Relevance Ess

Review the Final Project Part II Guidelines and Rubric document to see how your paper will be scored. Be sure to follow APA format when providing references. If you have questions on APA formatting, you can check the Purdue OWL website or seek help from the SNHU Writing Lab. Notes on APA in a Formal Assignment include using one-inch margins, 12-point Times New Roman font with double spacing, paragraphs of at least five to six sentences, and indentation of the first line of every paragraph by 0.5 inches. Avoid using personal pronouns such as “I” and do not include headings like “Introduction” or “Conclusion” in the final paper. Your paper should begin with a title page following APA standards.

In your opening paragraph, briefly introduce the purpose of your paper. Recall that you will be drawing connections between the accounting principles demonstrated earlier and their specific, practical applications within your own professional practice. Describe your current or aspiring professional identity, including the field in which you work or hope to work. Discuss the extent to which financial accounting plays a role in your day-to-day professional life. A minimum of five to six sentences are required.

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. A minimum of five to six sentences are required to support your thoughts.

Analyze the relationship between those transactions and the success of your current or future business. For example, how would each impact the income statement and balance sheet of your company? Illustrate your claims using specific examples. A minimum of five to six sentences are required to support your thoughts.

Finally, imagine that you are the new department manager of a corporation within your chosen field, and you discover that your predecessor had been using the cash basis of accounting. 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 internal controls would you implement? A minimum of five to six sentences are required to support your thoughts.

The conclusion should remind the reader of what your paper is about and allow you to make a final point without introducing new information. A minimum of five to six sentences are required.

Ensure that you include appropriate in-text citations in APA style with the author’s name and year of publication. The textbook by Warren, Reeve, and Duchac (2017) should be included in the references, along with at least four other credible resources. All sources cited within the text must be included in the references list, which should be in alphabetical order.

Sample Paper For Above instruction

Introduction

My professional identity is rooted in the field of accounting, a discipline that is fundamental to the effective operation and success of any business organization. As an aspiring accountant, I recognize that financial accounting will play a crucial role in my daily professional life, providing the essential data needed for decision-making, financial reporting, and strategic planning. In my role, I will be responsible for recording, analyzing, and interpreting financial transactions, ensuring accuracy and compliance with established standards such as GAAP. Financial accounting serves as the backbone of organizational transparency and accountability, which are essential for maintaining stakeholder trust and securing investments. Therefore, my understanding and application of accounting principles directly influence my ability to contribute to the financial health of my future employer or business venture. (Ref: Warren, Reeve, & Duchac, 2017)

Transactions in My Field

In my future role as an accountant within a corporate setting, I anticipate encountering various transactions, such as recording sales revenue, managing payroll expenses, and tracking inventory purchases. For instance, recording sales revenue involves documenting sales made to customers, which impacts both the income statement and the accounts receivable on the balance sheet. Managing payroll expenses includes recording wages paid to employees, affecting the income statement's operating expenses and decreasing cash or accounts payable on the balance sheet. Tracking inventory purchases requires recording inventory acquisitions, which influences the asset account on the balance sheet and cost of goods sold on the income statement. Each of these transactions is critical for maintaining accurate financial records and supporting reporting obligations.

Impact on Business Success

The accurate recording and analysis of these transactions have a direct impact on the success of my future business by ensuring financial accuracy and facilitating strategic decision-making. For example, correctly recording sales revenue is essential for assessing profitability, influencing decisions on pricing, marketing, and inventory management. Proper payroll management ensures compliance with legal requirements and helps maintain employee morale, which impacts productivity. Inventory management impacts cash flow and profitability, as excess inventory can tie up capital, while inadequate inventory may lead to missed sales. Each transaction flows into financial statements that inform stakeholders about the company's financial health, highlighting the importance of precise accounting practices.

Implementing a Proper Accounting System

As a new department manager discovering that my predecessor used cash basis accounting, my first step would be to transition to accrual accounting to align with Generally Accepted Accounting Principles (GAAP). I would investigate financial statements, particularly the income statement and balance sheet, to identify discrepancies caused by cash basis reporting. I would implement internal controls such as segregation of duties, regular reconciliations, and approval processes for transactions to prevent errors and fraud. Introducing an accounting software system that supports accrual accounting principles would facilitate accurate record-keeping and reporting. I would also establish training programs to ensure staff understand the new procedures and uphold consistent accounting practices, which are vital for regulatory compliance and reliable financial reporting.

Conclusion

This paper has explored the vital connection between accounting principles and their practical applications within my professional life. I have discussed the types of transactions I expect to encounter, analyzed their impact on financial statements, and outlined a strategic plan to improve the existing accounting system. Recognizing the importance of sound accounting practices will enable me to contribute effectively to my organization’s financial health and strategic growth. By applying the principles learned in this course, I am confident in my ability to support transparent, accurate, and compliant financial reporting that will serve as a foundation for business success.

References

• Warren, C.S., Reeve, J.M., & Duchac, J. (2017). Corporate Financial Accounting (14th ed.). Cengage Learning.
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