Part 1 Accounting Environmentbus3061 Week 1 Assignment Templatepart ✓ Solved

Part 1 - Accounting Environment BUS3061 Week 1 Assignment Template PART 1: Accounting Environment Respond to the following 6 questions using grammatically correct language. 1. Describe the similarities and differences between the two categories (Financial & Managerial Accounting) and provide examples of the users of each type of data that are the result of the work in each category. [Answer here] 2. Describe the four major types of internal management decisions that utilize management accounting information. [Answer here] 3. Identify each of the six organizations that are influential in the establishment of GAAP and discuss their role. [Answer here] 4.

Identify and describe the three basic forms of business organization. Include the advantages and disadvantages of all three. [Answer here] 5. Identify the primary objectives of every business. What are the four basic financial statements that measure the primary objectives of every business? Describe what information each statement presents and which of the primary objective(s) can be met through the information presented on the statement. [Answer here] 6.

Describe the difference between an asset, liability, and equity on a company's balance sheet. [Answer here] Part 2 - Income Statement PART 2: Income Statement Complete the income statement for the following transactions for June 2010 disclosed Fill in the yellow cells as appropriate. Ticket revenue 0,000 Equipment rent expense ,000 Film rent expense ,400 Concession revenue ,600 Advertising expense ,600 Salaries expense ,000 Utilities expense ,100 Cash dividends declared and paid ,000 Balance sheet amounts at June 30 include the following: Cash 0,000 Land 8,000 Accounts payable ,600 Capital stock 4,000 Retained earnings as of 2010 June 1 ,900 Income Statement Prepare the Income Statement Revenues: Total Revenue Expenses: Total Expenses Net Income Retained Earnings Part 3 - Retained Earnings PART 3: Statement of Retained Earnings Complete the statement of retained earnings using information from Part 2.

Fill in the yellow cells as appropriate. Retained Earnings - June 1 Add: Net income Total Less: Dividends Reatined Earnings - End Part 4 - Balance Sheet PART 4: Balance Sheet Complete the balance sheet using information from Part 2. Fill in the yellow cells as appropriate. Assets Total Assets Liabilities and Equities Stockholder's Equity Total Liab. & Eq. COMMUNITY POLICING DISCUSSION-Problem Solving and Crime Prevention -50 words 1.Discuss the relationship between traditional policing and the rise of the crime prevention orientation of the police.

How do these two forms of crime control differ? 2.Many police departments do not use problem solving and some of the reasons for this are listed in the text. Defend or critique one of the reasons provided. COMMUNITY POLICING ASSIGNMENT-Problem Solving and Crime Prevention-1500 words 1. Discuss the difference between dangerous places and hot spots.

Given that all “space†is created by a complex networks of social interaction, is there really any such thing as place? List as many factors as you can think of that define social space. 2. Discuss the limitation of problem solving based solely on crime analysis, crime mapping, and crime patterning. 3.

Discuss as many forms of social control that you can. Which forms of social control seem most effective at controlling people's behavior? 4.Discuss the various forms of community crime prevention programs. Can you think of other programs that might be used to reduce crime in your community? DISCUSSION-Investigation Of Organize Crimes/A Comparative Perspective -50 words 1.Compare and contrast the new emerging Asian and Russian organized crime groups.

How can experience with the traditional Mafia aid in combating the spread and influence of these new groups? 2.Consider this statement: Compared to other nations, rules regarding police brutality (excessive force) restrict American police so that they cannot rid society of organized crime. Do you agree or disagree? Defend your stance. ASSIGNMENT - Investigation Of Organize Crimes/A Comparative Perspective -500 words each 1.Explain how and why Colombian organized crime poses a greater threat to the United States than traditional organized crime groups.

Include how you would try to tackle this problem if put in a position to do so. 2. Describe the similarities in the evolution of the Italian mafia and Russian organized crime groups. Based on what you know, which do you think is better organized and more profitable, and why? 3.Write about the emergence of eastern and central European organized crime groups.

Include how they have influenced American society and domestic organized crime groups. 4.Imagine the Columbian, Mexican, and Dominican drug cartels joined forces to create one super cartel that controlled the entire drug trade in the North America. Explain in your opinion how this would work or fail. Areas to think about include: organizational hierarchy, profit sharing, safety, community impact, etc. INVESTIGATIONOF WHITE COLLAR CRIME-Fiduciary Fraud: Crime in Banking, Insurance, and Pension Fund Industries ASSIGNMENT-1500 This week you will reflect upon Fiduciary Fraud and answer the following questions: 1.Research the savings and loan scandal in Arkansas and the involvement of friends/associates/acquaintances of the Clintons.

How were the perpetrators in these situations treated? How did the punishment compare with the cases in the text? 2. What are economic citizenships? why do individuals obtain these items? Why do countries issue them?

What is the negative side of economic citizenships? 3. What roles did the FDIC and RTC play in trying to resolve the savings and loan problem? How successful were they?

Paper for above instructions

Part 1 - Accounting Environment

1. Financial and Managerial Accounting

Financial accounting and managerial accounting serve distinct purposes and cater to different user needs, although they share some similarities. Financial accounting focuses on the creation of financial statements that represent the financial performance and position of a company to external stakeholders (Schroeder, Clark, & Cathey, 2019). It includes compiling the income statement, balance sheet, and cash flow statement, which are essential for investors, creditors, and regulatory authorities to evaluate the company’s financial health (Kieso, Weygandt, & Warfield, 2020).
For example, external users such as shareholders are primarily interested in financial accounting reports to assess profitability and return on investment. On the other hand, managerial accounting is designed for internal use by managers and other decision-makers within the organization. It provides detailed financial and operational information that aids in planning, controlling, and decision-making processes (Horngren, Sundem, & Stratton, 2018). For instance, internal users such as department managers use managerial accounting information for budgeting and performance evaluation.
In summary, while both financial and managerial accounting provide valuable financial data, financial accounting is geared towards external users and compliance, and managerial accounting is tailored to meet the internal decision-making needs of management.

2. Internal Management Decisions Utilizing Management Accounting

Management accounting provides crucial information that supports various internal management decisions, which generally fall into four major categories:
1. Strategic Planning: This involves long-term decision making regarding the goals and direction of the organization. For example, managers may use financial projections to evaluate new market opportunities (Bhimani, Bromwich, & Pun, 2019).
2. Budgeting: Managers utilize management accounting to prepare budgets that align with the organization’s strategic goals. Budgeting is essential for resource allocation and operational efficiency (Langfield-Smith, Thorne, & Hilton, 2017).
3. Performance Evaluation: Management accounting helps track and assess the performance of various departments against their budgets and operational targets. This evaluation aids in identifying areas for improvement or recognition (Higgins, 2018).
4. Cost Management: Understanding and controlling costs are vital for operational efficiency. Management accounting provides detailed cost analysis and variance reports to identify cost-saving opportunities (Cooper & Kaplan, 1998).
In essence, management accounting is pivotal for informed decision-making in these major areas of internal management.

3. Influential Organizations in Establishing GAAP

The Generally Accepted Accounting Principles (GAAP) is shaped by several key organizations, including:
1. Financial Accounting Standards Board (FASB): FASB develops and establishes accounting standards in the U.S. and aims to improve financial reporting for the benefit of users (FASB, 2021).
2. Securities and Exchange Commission (SEC): The SEC oversees the securities industry and enforces federal securities laws, requiring publicly traded companies to comply with GAAP in their financial statements (SEC, 2021).
3. International Accounting Standards Board (IASB): IASB is responsible for developing International Financial Reporting Standards (IFRS), which operate alongside GAAP globally (IFRS Foundation, 2021).
4. American Institute of CPAs (AICPA): AICPA contributes to the development of accounting standards and promotes the accounting profession through educational resources and guidance (AICPA, 2021).
5. Governmental Accounting Standards Board (GASB): GASB establishes accounting standards for U.S. state and local governments, ensuring transparency in public funds (GASB, 2021).
6. Institute of Management Accountants (IMA): IMA focuses on advancing the management accounting profession and offering guidance to professionals (IMA, 2021).
These organizations collectively shape the framework within which accounting standards are developed, implemented, and enforced.

4. Forms of Business Organization

The three basic forms of business organization are:
1. Sole Proprietorship: A sole proprietorship is owned and operated by a single individual.
- Advantages: Simplicity in formation, complete control over decision-making, and tax benefits (the owner’s income is taxed at individual rates).
- Disadvantages: Unlimited liability, limited capital resources and business continuity challenges (Stice & Stice, 2016).
2. Partnership: A partnership is a business owned by two or more individuals.
- Advantages: Shared resources, diverse skills, and relatively easy to establish.
- Disadvantages: Joint liability, potential for conflicts among partners, and shared profits (Stice & Stice, 2016).
3. Corporation: A corporation is a legal entity separate from its owners, offering limited liability protection.
- Advantages: Limited liability for shareholders, easier access to capital through stocks, and continuity of existence.
- Disadvantages: More complex regulatory requirements, higher costs of compliance, and double taxation on corporate profits (Stice & Stice, 2016).

5. Primary Objectives and Financial Statements

The primary objective of every business is to generate profit while providing value to its stakeholders. Additionally, businesses aim for sustainability and growth. The four basic financial statements that measure these objectives are:
1. Income Statement: Reports the revenues and expenses over a specific period, reflecting the profitability of the business.
2. Balance Sheet: Shows the assets, liabilities, and equity at a point in time, providing insight into the company’s financial position.
3. Statement of Cash Flows: Details the cash inflows and outflows from operating, investing, and financing activities, illustrating liquidity.
4. Statement of Retained Earnings: Shows changes in retained earnings, linking net income and dividends distributed, indicating overall business performance and profit retention.
Each of these statements offers valuable information that effectively supports the primary objectives of profitability, growth, and stakeholder value (Kimmel, Weygandt, & Kieso, 2020).

6. Definitions of Asset, Liability, and Equity

Assets, liabilities, and equity are fundamental components of a company’s balance sheet:
- Asset: An asset is a resource owned or controlled by a company, expected to provide future economic benefits. Examples include cash, inventory, and property.
- Liability: A liability represents an obligation of the company to transfer resources to other entities, arising from past transactions. Examples include accounts payable and loans.
- Equity: Equity reflects the residual interest in the assets of the company after deducting liabilities. It encompasses owner contributions and retained earnings.
Together, these components represent the accounting equation: Assets = Liabilities + Equity, outlining the financial framework of a business (Horngren et al., 2018).
In conclusion, understanding the various facets of accounting—from its environment to specific financial statements and business structures—is critical for effective financial management and decision-making.

References

1. Bhimani, A., Bromwich, M., & Pun, J. (2019). Management Accounting: Evolution not Revolution. Springer.
2. Cooper, R., & Kaplan, R. S. (1998). Cost and Effect: Using Integrated Cost Systems to Drive Profitability and Performance. Harvard Business Review Press.
3. Financial Accounting Standards Board (FASB). (2021). FASB Accounting Standards Codification. Retrieved from [www.fasb.org](http://www.fasb.org)
4. GASB. (2021). Governmental Accounting Standards Board - Overview. Retrieved from [www.gasb.org](http://www.gasb.org)
5. Horngren, C. T., Sundem, G. L., & Stratton, W. O. (2018). Introduction to Management Accounting. Pearson.
6. IFRS Foundation. (2021). International Financial Reporting Standards. Retrieved from [www.ifrs.org](http://www.ifrs.org)
7. Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2020). Intermediate Accounting. Wiley.
8. Kimmel, P. D., Weygandt, J. J., & Kieso, D. E. (2020). Financial Accounting. Wiley.
9. Securities and Exchange Commission (SEC). (2021). SEC Overview. Retrieved from [www.sec.gov](http://www.sec.gov)
10. Stice, E. K., & Stice, J. D. (2016). Financial Accounting. Cengage Learning.
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