Discussion A Principle of Accounting

In this course you will be introduced to a topic in the discussion. The first week of the module you will write about your initial thoughts after reviewing the resources. The initial post should be at least 300 words.

During the following week you will reply to at least two of your classmates. The replies should be at least 100 words. See the discussion rubric for more details on grading.

Discussions should always be completed prior to “class.” If you are in an online class or an on ground course this is prior to the lesson portion of the week. Are you ready to begin?

1. Consider the following:

In chapter 1 the textbook discusses Accounting in Business and its functions. Answer the questions below from the reading and by researching other sources (internet).

2. Initial Post (300 words) 

• What is the purpose of accounting in society?
• Describe the internal role of accounting for organizations?
• Identify four kinds of external users and describe how they use accounting information.

SAMPLE SOLUTION

Principle of Accounting
Purpose Of Accounting In Society
The significance of this financial procedure is the accumulation and reporting of accounting information regarding the cash flows, financial position, and the performance XXXX on the purpose of accounting by pointing out that organizations require accountants to assist in monitoring cash flow, ensuring statutory compliance, and budgeting. Accounting also assist individual in the society to analyze the current business situation such as profitability and future XXXX accountants, organizations are empowered to make informed decisions that not only impact the society but also relate to the management, investment, or funding.
Internal Role of Accounting
According to Makarenko and Plastun (2017), the role is embedded in accounting of organizational transactions through bookkeeping. Bookkeeping is extremely crucial as it facilitates the accurate capturing of transactions relating to an organization’s…