Role of Accounting in Businesses

To synthesize your understanding of the role of accounting in businesses by reflecting on the key concepts and principles learned throughout the semester. This report will allow you to demonstrate your knowledge of accounting principles, the importance of Generally Accepted Accounting Principles (GAAP), and the role ethics play in the accounting profession.

Role of Accounting in Businesses

Assignment Instructions:

1. Report Content:
   • Introduction: Begin with an introduction that explains the purpose of accounting in businesses. Discuss the general role of accounting in decision-making and the communication of financial health.
   • Discussion of Accounting Principles: Identify and explain at least three specific accounting principles from your textbook that you have learned during the semester. Discuss why these principles are important in ensuring accurate and reliable financial information.
   • GAAP and Ethics: Include a discussion on the significance of Generally Accepted Accounting Principles (GAAP) in accounting practices. Explain how GAAP ensures consistency and transparency in financial reporting. Additionally, discuss the role of ethics in accounting and why ethical behavior is crucial in the profession.
   • Conclusion: Summarize the key points made in your report, reiterating the importance of accounting in businesses, the critical accounting principles, and the need for adherence to GAAP and ethical standards.
2. Headers:
   • Use headers within your report that correspond to the bullets in the report content. This will help organize your report and ensure clarity.
3. Research and Sources:
   • You are required to use at least three scholarly sources to support your discussion. These sources can include academic journals, textbooks (including your course textbook), and reputable publications related to accounting.
   • Make sure to use in-text citations in APA format whenever you refer to these sources.
4. Formatting:
   • Your report should be 2-3 pages in length (not including the title page and reference page).
   • Follow APA formatting guidelines, including a title page, proper headings, in-text citations, and a reference page.
   • Use 12-point Times New Roman font, double-spacing, and 1-inch margins on all sides.
5. Submission:
   • Submit your completed report by 11:59pm on 12/2/24 via this Assignment Submission Folder.
   • Ensure your file is saved and submitted as a Word document or PDF.
   • Name your file in the following format: LastName_FirstName_ACC2010Project.
6. Reference Page:
   • Include a reference page at the end of your report, listing all the scholarly sources you used. The reference page does not count towards the 2-3 page length requirement.

Grading Criteria:

• Content and Understanding (40%): Clarity and depth of discussion on the role of accounting, accounting principles, GAAP, and ethics.
• Research and Sources (20%): Use of scholarly sources and proper APA citations.
• Organization and Clarity (20%): Logical flow of ideas, clear writing, and adherence to assignment structure.
• APA Formatting (10%): Proper use of APA formatting guidelines.
• Grammar and Spelling (10%): Correct grammar, spelling, and punctuation.