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When there are so many other options, why do you supposeaccounting would be considered the language of business?

If accounting standards differ by country – and some do – whatare your thoughts about how the phrase could still be true?

Thinking about your experience as a consumer, share an exampleof how accounting could be considered a language of business.

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Deanna Hettinger
Deanna HettingerLv2
28 Sep 2019

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If accounting standards differ by country – and some do – whatare your thoughts about how the phrase could still be true?

Paul and Elder (2009) have defined critical thinking as: the art of analyzing and evaluating thinking with a view to improving it. The authors describe eight Elements of Thought involved in critical thinking:

Purpose (all reasoning has a purpose – goals, objectives)

Question at issue

Assumptions (presuppositions, axioms, line of reasoning, information taken for granted)

Point of View

Information (data, evidence)

Concepts and Theories

Interpretation and Inference (conclusions, solutions)

Implications and Consequences

When defining a subject, Nosich (2012) believes it starts with a “fundamental and powerful concept”.

The fundamental and powerful concept of Auditing is “Investigation”.

Auditing involves an analysis (or an “investigation”) of the financial statements in order to issue an opinion of whether they are presented fairly in accordance with appropriate standards.

Required: In several paragraphs, answer the following questions.

“Internal Controls” are discussed throughout the Auditing course. We will examine various methods of “investigating” internal controls in order to understand the important role that they play in the Auditing process. Even though it is the very beginning of the course, it is important that you start to form your own definition of internal control. Answer the questions in the prompts below to help you define and describe internal control:

The assumptions of internal control are that in order for a business process to be effective, there must be separation of duties among authorization, custody and recording of transactions. How are those controls put in place in the Sales / Accounts receivable process? To answer this question, discuss how each of those components occurs in each of the following areas (rely on your own experience as a customer and/or the rules of accounting that you already know about how a sales / accounts receivable transaction is supposed to work):

The sale

Shipping

Billing

Collection

As the auditor, how would you determine whether the process is working correctly?

What actions or events would occur if you assume the process is working correctly when it is not?

What actions or events would occur if you assume the process is not working correctly when it is actually doing so?

Please complete the following essay in a single page (nomore than two) Word document, double-spaced, 12 pt.font.

Instructions: Identify and discussa minimum of 5 managerial accountingtopics that could apply to the following situation! Pleaseanswer in complete sentences.

You have just graduated with your degree in accounting and areplanning on sitting for the CMA (Certified Managerial Accountant)examination. Managerial accounting was your favorite course ofstudy in accounting, and you can’t wait to show the world whatyou’ve learned! You have begun the interview process with severalmanufacturing companies. The larger companies look at you as justanother graduate. You have an interview with a smaller manufacturerwho is very impressed with you! Since the salary is the best you’vebeen offered, you’re just as eager to demonstrate your skills andknowledge. Your potential boss begins to tell you a little abouthis dilemma.

“I started this business with an idea and a prayer. For so long,I could do just fine operating out of my hip pocket. Then thingsreally started happening fast. Demand for our products increased,we built new manufacturing facilities, and hired more people than Icould keep up with. I think we are profitable, but I never knowuntil the end of the year when financial statements are prepared. Iwant to make sure the company can keep up with its growth, but Idon’t know what to do. That’s why I’m interested in hiring amanagerial accountant. Before I do, I need to know that whomever Ihire has some ideas as to how to help my company. I wouldappreciate it if you would prepare a short memo highlighting theareas that you think could use some attention. Once I have that, Ican make my decision about hiring you. I think you would be anasset (!) to our business, but I want to be sure I’m doing theright thing, not just hiring another worker for the office!

“Let me tell you a little about our company. We have threemanufacturing facilities in the United States, producingThis and That, but I’m not sure what the productcost is of each. We are in the process of considering production ofThe Other, which may involve construction of anothermanufacturing facility. We employ 250 people, including officestaff and managers. The overhead is a big chunk of money each year,and I don’t know what it goes for! I pay everyone what they’reworth, and try to give raises when I think I can. It’s really hardto know who is doing a good job since we’ve grown so big. Weusually handle things on a day-to-day basis, trying to resolvemajor problems as we go. Sometimes that means coming up short oncash to pay bills or product to meet demand. I’m sure there has tobe a better way. Do you think you can help us?”

You leave the interview confident that you will be the bestperson for this job! Your mind is racing with all of the things youlearned in accounting! With pen in hand, you begin expressing yourthoughts and suggestions...

please help. thank you!

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