financial accounting

Question Description

PART 5 (75 WORDS)

•Discuss the role of an Auditor (both internal and external).

•Who are the Big 4 Accounting Firms?

•What is Sarbanes-Oxley and why was this law created?

•Please list the steps of the accounting cycle.

•Why is this important to the accounting profession?

PART 6 (75 WORDS)

•What is the difference between a current liability and a long-term liability?

•How are liabilities taken into account when analyzing an organization’s current financial position?

•Is it better to have more money in liabilities or equity?

PART 7

“Degree Planning”

This week, we introduced the idea of general education – the core courses you will take before you jump into your program of study. In this assignment, you will explore the Grantham University catalog to determine which general education courses you will be taking, along with the elective courses that round out your education.

You will definitely need to read the online catalog in order to complete this assignment.

Review Section 7 in the catalog for the General Education program description, categories, and list of courses.Make sure you understand why we require students to complete the General Education slate of courses.

Then look for your degree program in Section 8 of the catalog.You will see each program listed by college (School of Business, College of Arts and Sciences, College of Engineering and Computer Science, School of Nursing and Allied Health).After reading the description of the program and the student learning outcomes, you will see the tables that list the General Education courses, the Program Core, and the electives.

Once you have read these sections in the catalog, you are ready to start this assignment.Your job is to write a response to each of the following four prompts:

Prompt 1: General Education Requirements

A.To start this assignment, write a paragraph explaining the reason why we require students to complete the General Education courses (you may need to refer to section 7 of the catalog for this rationale).

B.Then using this template list and then describe the courses you will take to complete the General Education requirement for your program.In some programs, you have choices – in other programs, you do not have choices (they tell you which courses to take).

Prompt 2:Program Core Requirements

A. In a paragraph state your degree program and explain why you chose your program of study.In your answer explain how will this program of study will help you in your career advancement?

B. Next, in the same template as Prompt 1, list and describe the courses you are required to complete for the program.Be sure to point out which courses are pre-requisites for more advanced courses.This is important because you must enroll in these courses in sequence – you have to pass the pre-requisite before you can attempt the higher course.

Prompt 3:Electives

Each program has a different number of electives that you can select to complete your degree.Take note of special requirements, such as the fact that some electives have to be chosen from the program (versus those that can be chosen from any course listed in the catalog). Also note whether the elective must be a course numbered 300 or above.

A.In the same template as Prompts 1 and 2, include the courses you choose as electives

B.For each elective include a statement explaining why you are interested in the course in the table

Prompt 4:Sequencing of Courses, Credit Hours and Graduation Requirements

This is the truly important part of this assignment. Some courses have pre-requisites, which means you have to take a designated lower-level course before you can take the advanced course.

A.In your template, make sure to designate all classes that have pre-requisites in your template.

PART 8

Federal Budget Activity

This week we learned about how laws get made by the legislative branch of our government. One of the biggest laws that regularly gets made by Congress is the Federal Budget.. The Federal Budget is a law that spells out how the government will spend its money. This is a huge power that Congress has that is often called, “The Power of the Purse.” If the Congress doesn’t give the government money to do something in the Budget, the government won’t have the resources do what it might want to do.

Part 1 – Create Your Budget

To create your budget, you must use the website: http://crfb.org/stabilizethedebt/

Once you are at http://crfb.org/stabilizethedebt/ and ready to begin click the “next” button.

Begin to make your budget selections by selecting various check boxes. Click the “i” icon next to each line item if you want more information about any particular budget line item.

Once you have sufficiently addressed each of the specific budget line items and arrived at the tab labeled “results,” click the printer icon beneath the text that says “Print and follow the on-screen instructions detailing how to export your results as a .pdf document.

*Do not forget to also submit your essay. You can upload multiple files in a single assignment submission. If you need help with this please contact your student advisor or instructor.

**It is strongly recommended that you use the Chrome or Firefox web browserfor this activity. If you are having trouble getting your final results todisplay or are having difficulty exporting your final results as a PDFfile, please try the following steps:

(1) Use the Chrome or Firefox web browser.

(2) Take and upload screen shots of your budget selections to blackboardalong with your essay for this assignment.

(3) Contact your instructor to make alternative arrangements.

Part 2 – Federal Budget Activity Reflection Essay

In at least 500 words answer the following questions:

•Provide a justification of the budget choices you made within one of the following categories: Defense, Domestic, Social Security, Healthcare (you may NOT choose to focus on the categories labeled: “Budget Path,” “Other,” “Revenue,” or “Tax Expenditures”). In this defense you must address possible counter arguments to the budget decisions you made. If you are spending more under this category how are you going to get new revenue or gain public support for more deficit spending? If you are cutting funds – what are you going to do with these surplus funds?

•Discuss how this assignment impacted your understanding of the budget process, and the debates between the parties and within Congress have regarding the federal budget? Do you think anything should be done to streamline the current budget process?

•Discuss how difficult this would have been to do this activity as a group project – what budget issues would have been contentious? How could you have come to a compromise?

*Don’t forget to upload your pdf file of the budget as well as the text of your essay in your assignment submission. Both parts of this assignment at once must be submitted for grading.

Please note: APA formatting and citations rules apply to this and all essays in this course.

As with all weekly written assignments, submit your work as an attached file. Double-space your paper and use 12 point Times New Roman as your font.

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