Question Description
You have just been hired as the company’s new accountant! The management team has asked you to prepare a presentation for your new staff. Your team has no formal accounting training and they are looking for you to bring structure and guidance to your new department. Your management has asked you to prepare a 3 – 5 page word document covering the following:
1. Describe the following accounting concepts and principles:
a. Entity concept
b. Reliability (objectivity) principle
c. Cost principle
d. Principles and practices that distinguishes each accounting types: Financial, Managerial, Cost and Taxation
2. Explain financial statements according to Generally Accepted Accounting Principles (GAAP) and how they are interrelated
3. Discuss the impact of professional code of ethics on financial reporting
4. Identify and discuss two compliance issues that may plague the accounting department that relate to the Sarbanes Oxley Act
5. For a small to medium sized organizations complete the following:
a. Example of a Chart of Accounts
b. Definition of Normal Balances for debits and credits
c. Examples of 6 journal entries
d. An outline the accounting cycle
e. Discussion of 2 major principles or concepts that might impact your accounting department (Revenue Recognition, Depreciation, Matching, etc
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