Based on what you know about accounting, what role do you see it playing in business operations? How dependent do you think a business is on its accounting department? Why?
Why are ethics so important in the field of accounting?
When reviewing a financial report, why should information be reliable, relevant, consistent, and comparable? In other words, why are these accounting characteristics important?
What kinds of problems could be created if a financial report is not reliable, relevant, consistent, or comparable?
How does information from financial reports influence business decisions?
Why is it important for business managers to understand the information found on financial reports?
· How would you describe the difference between financial and managerial accounting? What are the distinguishing features of managerial accounting?
· Select a management function (planning, directing and motivating, or controlling) and explain how that function relates to business as a whole. Next, select a different function listed by a classmate. Discuss with your classmate how the functions you each selected complement each other.
· You know how important it is to create budgets for your household. How does budgeting help management make good business decisions?
· What are some of the different types of budgets?
· Describe what the budget is used for and what information it provides a business.
· Then, as you respond to your classmates, discuss how the budget you described relates to the budgets they described.
· Discuss how a business benefits from each of the budgets.
· Think back over what you have studied and learned in this course. Do you have a new perception of or appreciation for the field of accounting and how it contributes to business? Explain.