INSTRUCTIONS: Post one response to the two written submissions of at least 150 words per response using the 2 x 2 methodology --
Two comments will reflect positive attributes/correct concepts of the scenario with examples backing it up
Two will entail recommendations for improvement to the content or additional information to consider for the subject.
The focus is on the concepts of the topics and require complete Original wording and thought for full credit of the answer.
Senario 1:
We learned to analyze financial reports and preform ratios to help analyze the reports of a company and the importance of analyzing these reports. For me as an Insurance Agent I have to look at the financial stability of the companies I represent as well as the clients I bring to them so that I am not writing bad business and so that I am not writing policies for a company that won't meet the client's needs. I can get in trouble for doing either of these things. Also understanding these things will help me in my owning an agency as I just started up so I can be better situated, both in finding companies to represent and so that when I apply for loans I make sure I do not over extend myself on those loans.
Also I want to become an instructor teaching at several universities teaching accounting and to do so I have to have a good grasp of accounting concepts and on financial statements, the agencies that set the rules, ratios, and the differences in personal accounting, business accounting, governmental accounting and non-profit accounting. Understanding the principles and financial forms and what you find on each is important for an accounting instructor to understand because the instructor has to be able to help their students understand these things. Also knowing and understanding the rules and regulations and the bodies that are around that set these are important. Also being able to do research is important so that you can look up and keep up on new things and also find new ways to challenge your students.
Scenario 2:
One of the three ideas that I would like to critique is the Sarbanes-Oxley act. The act itself is good, but it could use some revision to revisit it once a year to see if it needs amended or not. The concept in the Unit2IP was great, but I would have like it better it we would have been able to choose two companies to compare ratios and explain if they are doing good or not. The third and final topic is financial reporting for governmental and nonprofit organizations and this is an excellent topic because it's going to give all of us within the class insight for both the government side as well as the nonprofit side of accounting.
The Sarbanes-Oxley act is going to apply to me in that I want to become a CPA or prepare financial statements for a major corporation and not really for the money, but for the challenge so that I can prove myself. In regards for the Unit2IP it would have been good if we could have just chosen the companies ourselves so that we would have had to plug in the numbers and give our own explanations mainly for the practice to better prepare all of us for the outside world.
This course is going to give me the ability to see things from a financial side of things, however at the same time if I did decide to go the human resource management route I would have a better understanding of the financial side to make a better-informed decision as it would relate to the company's finances. If I chose to go the marketing route I would be better informed on the company's finances and how to comply as well ensuring that the marketing budget stays within the budget that was set forth for the company.