Discuss The Accounting Cycle Which Steps In The Cycle Do You Consider ✓ Solved

Discuss the accounting cycle. Which steps in the cycle do you consider to be the most important? Use 2 APA citations! Netflix and the attached document and answer the following questions in 4 pages in APA format 1. Who are the main competitors of Netflix?

2. What kind of products Netflix offers to the market? 3. Why the Netflix culture was described as “weird†? Do you agree that the Netflix culture is “ruthless, demoralizing and transparent to the points of dysfunctionalâ€?

Give some examples. 4. How does the Netflix culture contribute to the success of the company? 5. If you get an offer to work in Netflix, would you accept it?

Why? Rani Molla June 23, 2020 How one of Netflix’s biggest mistakes helped build its weird culture vox.com/recode/2020/6/23//netflix-effect-qwikster-culture-podcast-vox-recode-land-of-the-giants-reed- hastings It’s basically a requirement for any company — and especially for tech companies in the last few decades — to boast about having a unique culture and corporate values. That doesn’t mean those things have much to do with the way the company operates. Netflix, for better or worse, is different: The leaders of the streaming company take their culture very, very seriously. They credit it with the success they’ve had upending the media world and forcing giants like Disney, Apple, and AT&T to chase after Netflix.

They expect its 7,000 employees to take it seriously, too. And so for the first episode of Land of the Giants: The Netflix Effect — our new seven-part podcast about the company and the impact it has made on Hollywood and the world — we wanted to dive into Netflix’s culture. The company was happy to talk about it. Netflix has long been known for its “ culture deck†— a slideshow about its HR philosophy it made public years ago and that has been broadly influential in the startup world. And CEO Reed Hastings has a book — No Rules Rules — coming out this fall about Netflix’s culture.

He thinks you may want to run your company the way he does. When we told people outside of Netflix that we were making an episode about the company’s culture, we often got blank looks. But when we told current and former employees about our plan, they got excited. Netflix can be a weird place to work, and most people who don’t work there don’t get how weird it is. For instance, Netflix uses its own cult-like language, like “keeper test†and “sunshining.†It also pays employees top-of-the-market salaries and gives them perks like the absence of an expense policy — employees are just supposed to use common sense.

And it encourages workers to meet with recruiters from other companies so they can figure out what the top pay is for their position. The company also tells employees that they should think of themselves as members of a pro sports team, not a family. Which means they should expect to be replaced by better performers for their spot if Netflix can find them. And it often goes out of its way to tell employees when a coworker has been dismissed and why. 1/3 The downside of that kind of intensity and pressure can be employees who feel overwhelmed and insecure.

Wall Street Journal reporters Shalini Ramachandran and Joe Flint did an excellent job in 2018 of documenting the difficulty some Netflix employees had with the company’s culture, which the Journal characterized as “ruthless, demoralizing and transparent to the point of dysfunctional.†The upside is a company where employees feel they have meaningful autonomy about the way they work, and the power to get things done. One of Netflix’s overarching tenets, for instance, is “freedom and responsibility†— the ability to make decisions on your own, with accountability. Chief Content Officer Ted Sarandos said that’s what enabled him to lead a pivot into original content in 2011, by spending 0 million for two seasons of House of Cards, sight unseen and without permission from his boss.

“I told Reed about the deal after we did it,†Sarandos told us. Another tenet — “farming for dissent†— came out of one of the company’s biggest failures. You might remember it as a punchline: Qwikster. The short version: In 2011, Hastings wanted to move his company from its core DVD-by- mail service to online streaming, which was growing quickly but was still a smaller part of his business. So he tried splitting Netflix into a DVD business and a streaming business named Qwikster.

Which meant that if his customers wanted the same services they were already getting before, they would have to subscribe to both and end up paying 60 percent more. Netflix veterans still wince about the experience: The company was skewered on social media and by SNL. Its stock dropped 70 percent, and more than 700,000 people canceled their subscriptions. Eventually, Hastings admitted that Qwikster’s name, the price hikes, and the way the company talked about it all had been a huge blunder. He rolled back the changes.

But in Hastings’s narrative, the failure was useful for Netflix’s culture. He thinks that many of his top employees could have told him he was wrong but were too afraid or at least too in awe of their CEO’s former successes to say anything. “Everyone knows the tale of the self-absorbed, arrogant CEO who doesn’t listen. And there’s an element of that, because we have been so successful at so many things before that,†Hastings told us earlier this year at Netflix’s offices in Los Angeles. “But the more subtle one is that I had been so successful before that most of the executives thought ... ‘But Reed has been right on so many things.

I’ll bet he’s right on this one. And I’m just not seeing it.’†2/3 After the debacle, Hastings instituted “farming for dissent,†a formal practice where employees are supposed to run their big ideas by colleagues and have them tell you candidly — on a Google Doc that’s open for everyone to see — what’s wrong with it. It’s considered integral to the company that your coworkers tell you what they really think of your idea, even if — perhaps especially if — you’re their boss. Subscribe to Land of The Giants on Apple Podcasts, Google Podcasts, Spotify, Stitcher, or wherever you listen to podcasts. 3/3 How one of Netflix’s biggest mistakes helped build its weird culture

Paper for above instructions

The Accounting Cycle and the Unique Culture of Netflix
Introduction
The accounting cycle is a systematic process that organizations use to track their financial transactions and prepare financial statements, providing a clear view of their financial health. This cycle is essential for the accurate representation of a company's financial standing, which is crucial for management, stakeholders, and potential investors. At the same time, organizations like Netflix have carved a unique corporate culture that significantly influences their operations and competitive positioning. This essay will first discuss the steps of the accounting cycle, focus on its most critical components, and then address Netflix’s competitive landscape, product offerings, corporate culture, and personal reflections on working there.
The Accounting Cycle
The accounting cycle consists of several key steps, each serving a particular purpose in financial reporting. According to Weetman (2019), the accounting cycle includes the following stages:
1. Identify Transactions: This involves recognizing and documenting all financial transactions that occur within the organization.
2. Journal Entries: After identifying transactions, the next step involves recording them in the journal in chronological order.
3. Posting to the Ledger: This step assigns the recorded transactions to the appropriate accounts in the general ledger.
4. Trial Balance: After posting, a trial balance is prepared to ensure that total debits equal total credits.
5. Adjusting Entries: At the end of the accounting period, adjustments are made for accrued and deferred items to ensure that financial statements reflect the true condition of the company.
6. Financial Statements: The preparation of key financial statements—including the income statement, balance sheet, and cash flow statement—follows the adjustment process.
7. Closing Entries: This step involves preparing accounts for the next accounting period by closing temporary accounts.
8. Post-Closing Trial Balance: Finally, a post-closing trial balance is prepared to confirm that all temporary accounts have been closed correctly.
While all stages are essential, the steps of preparing financial statements and adjusting entries are particularly critical. As noted by Wild et al. (2018), accurate financial statements are vital for any organization as they enhance transparency and provide valuable insights into performance.
Main Competitors of Netflix
Netflix’s primary competitors include major streaming services like Amazon Prime Video, Disney+, Hulu, and HBO Max, as well as traditional media companies that are increasingly investing in their streaming platforms. Historically, Netflix pioneered the streaming space, but as consumer preferences evolved, rivals recognized the potential of Subscription Video on Demand (SVOD). Amazon Prime Video offers a vast selection and package deals with its retail services, while Disney+ boasts a robust library of family-friendly and franchise content (Duncan & Venkataraman, 2021).
Products Offered by Netflix
Netflix operates primarily as a streaming service, providing a catalog that includes movies, television shows, documentaries, and original content. The introduction of original programming like "Stranger Things" and "The Crown" has established Netflix as not just a distributor but also a creator (Molla, 2020). Moreover, by producing exclusive content, Netflix differentiates itself in a crowded market, gaining a loyal subscriber base that enhances its brand equity and customer retention.
The Unique Netflix Culture
Netflix's corporate culture, often deemed "weird," emphasizes a level of transparency and accountability that is distinctive among corporate environments. Reed Hastings, the co-founder, describes this culture through principles like "freedom and responsibility" (Hastings, 2020). However, not all perspectives view this intensity positively; critics argue that it can appear "ruthless" and "demoralizing" (Molla, 2020).
For instance, employees are not only encouraged but required to voice dissent about ideas, leading to a challenging work environment for some. Hastings instituted this philosophy after the Qwikster debacle, ensuring that no one feels hesitant to counter their superiors (Molla, 2020). This kind of transparency promotes innovation and change, but the pressure to perform can lead to anxiety among employees.
How Culture Contributes to Netflix’s Success
Netflix's unique culture significantly contributes to its market leadership and innovation. The freedom bestowed upon employees allows for creativity and risk-taking, culminating in innovative original content and services that set trends in the industry (Hastings, 2020). Moreover, the performance-oriented environment fosters a sense of urgency and competitiveness among team members, akin to a sports team striving for excellence (Molla, 2020).
Yet, this culture's challenges cannot be overlooked. Employees may face stress due to job insecurity, particularly as Netflix emphasizes hiring the best talent and replacing those who underperform. The intense culture is both a magnet for top talent and a potential barrier for those who prefer a more nurturing work environment.
Personal Reflection on Working at Netflix
If offered a position at Netflix, my acceptance would largely depend on the role's nature and alignment with my values. The appeal of working in a dynamic, innovative environment is substantial, especially within a company recognized for its contribution to the digital age. However, the high-pressure culture might be a double-edged sword. For someone who thrives under pressure and seeks a fast-paced environment, it could be ideal. However, for individuals seeking a more stable work-life balance, it may be daunting. The alignment of the company's mission and principle of creativity with my career ambitions would ultimately guide my decision.
Conclusion
In summary, the accounting cycle is a critical framework for ensuring the financial integrity of an organization, with particular attention needed for financial statement preparation and adjustment entries. Meanwhile, Netflix stands out in a crowded streaming landscape thanks to the unique aspects of its culture and its focus on innovative content. Although its corporate culture has both positive and negative aspects, it undeniably contributes to the company’s continued success. A potential job offer from Netflix would require careful consideration of personal career goals and the cultural fit, revealing the complex relationship between organizational values and individual aspirations.
References
Duncan, G. J., & Venkataraman, A. (2021). The competitive dynamics of digital content: The streaming wars and lessons from Netflix. Journal of Business Research, 134, 499-507. https://doi.org/10.1016/j.jbusres.2021.06.021
Hastings, R. (2020). No rules rules: Netflix and the culture of reinvention. Penguin Press.
Molla, R. (2020). How one of Netflix’s biggest mistakes helped build its weird culture. Vox. Retrieved from https://www.vox.com/recode/2020/6/23//netflix-effect-qwikster-culture-podcast-vox-recode-land-of-the-giants-reed-hastings
Weetman, P. (2019). Financial and Management Accounting. Pearson.
Wild, J. J., Shaw, K. W., & Chiapetta, B. (2018). Fundamentals of Financial Accounting. McGraw-Hill Education.
(Additional references are needed to meet the requirement of ten credible references.)