Assignment
Part 1: Why do I Need Accounting?
Consider the following scenario: Your friend (who is also in school) just emailed you to express frustration with his accounting class. In the email, he said, "Why do I need to take accounting? What will I ever need to know about reporting and analyzing long-lived assets? I am a management major."
Write a 100- to 250-word response to your friend, including specific details about the benefits of learning accounting. Focus particularly on reporting and analyzing long-lived assets from a manager's perspective. Discuss the benefit and purpose of learning accounting as a business student.
Part 2: Sarbanes-Oxley Act of 2002
Search the Internet and locate an annual financial report for a public U.S. company. Read the Notes to the Financial Statements to determine the criteria for cash equivalents and how cash and cash equivalents are handled. Discuss your findings. Find information about the internal control policy of the company and summarize this policy in your post. Is it in compliance with SOX? What are some references to SOX mentioned in the annual report? Your answer should demonstrate understanding of the Sarbanes-Oxley Act, and be a minimum of 100 to 200 words in length.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.
Required Resource
Text: Kimmel, P. D., Weygandt, J. J., & Kieso, D. E. (2016). Financial accounting: Tools for business decision making (8th ed.).
Chapter 7: Fraud, Internal Control, and Cash
Chapter 8: Reporting and Analyzing Receivables
Chapter 9: Reporting and Analyzing Long-Lived Assets.