1 3 the foundations of financial accounting
Briefly describe your current or aspiring professional identity, including the field in which you work or hope to work. To what extent does (or will) financial accounting play a role in your day-to-day professional life?
To complete this assignment, review the Discussion Rubric document.
I started the discussion but was not sure what else to put in it. I also will need 2 responses done on classmates.
1st response needed
Callie Kurinsky posted May 4, 2020 7:49 PM
Hello All!
My name is Calle Kurinsky, living in a very northern suburb of Illinois and working as a Sourcing Specialist for a large company who supplies tabletop, buffet, bar & serve wear to the restaurant industry. I see myself as the liaison between our product managers and purchasing department ensuring all new products are appropriately sourced, priced, packaged, marketed, ordered and tariffed. I am currently working on my Business Administration Bachelors with a concentration in Project Management. I love my current role, but I am ideally working towards a Project Management role, I donâ€t exactly have a desired industry, but would love to oversee large scale projects.In my current role, I donâ€t see large amounts of accounting being used but I do need to ensure a few financial areas are touched on:
Price compared within the competitive market.
Estimated revenue.
Calculate duties, taxes & overseas freight.
Product margins.
Price comparison between current products.
Even though itâ€s not intensely accounting related, having knowledge within the field would assist in my productivity and ease of task completion. When it comes to the Product Manager role, I would assume the level of required accounting would be relatively close to what Iâ€m handling now.
2nd response needed
Christina Alex posted May 4, 2020 4:54 PM
Hello, my name is Christina and I am a technician in-training at Universal Studios Florida. The technical services apprentice program that I am in allows me to go to work and learn about the mechanical side of all of the rides in the park as well as earn my A.A. degree in Engineering Technology. In 2023, I will graduate from the program at Universal and be a qualified technician to ensure safety for all of the guests and attendants! Aside from that, I am pursuing a Bachelors degree in Project Management from SNHU. It is challenging but I am not one to turn a challenge down no matter how difficult it may be. This class helps me learn the aspects of financial accounting that I may need when I become a project manager and start balancing projects. My dream is to one day become a project manager for NASA. I have a love for engineering, astronomy, and technology and I feel that working there would fulfill all of my passions in the workforce. I also want one day like to run a horse breeding farm with my mother (this is becoming a reality very quickly). I have been riding all my life and just started to get into the breeding aspect of the sport this year. With breeding and selling horses, there is quite a bit of accounting going on that people may not know about and that I did not know about until I started this journey. As of right now, my mom and I have to keep track of every cent we spend on the mother horse and her baby aside from the normal vet and farrier visits and food to know just how much this will cost us. By doing that, when the baby is born, we can take a look at how much we spent and come to a price to sell the baby that gives us profit. I am hoping this class will help me understand more about financial accounting for my current and future jobs.
I will included what I have started in the upload with the rubric for this discussion.
Here is what the Professor is looking for
[This is an example of a posting for this assignment. Note that it responds to the assignment questions and uses information from this week’s assigned Chapters 1 and 2.]
Iâ€m currently a government employee and have been working on tax issues for many years. After I retire from government, I intend to open a one-person tax preparation and consulting business. This will be a service business for individual and small business clients who need specialized assistance with their federal or state taxes. I will use the principles of financial accounting to analyze and compile data of revenue from clients, expenses of maintaining an office, and the costs of assets like a copier, computer, and office furniture. The data will need to be accurate and reflect the four principles of financial accounting:
1. Accurate measurement of dollar amounts based on receipts and bank records, not estimates;
2. Use of cost figures (not current values) for assets;
3. Recognition of revenue from clients when earned or received (depending on whether my accounting system is based on the accrual or cash method); and
4. Recognition of office expenses when incurred or paid (depending on whether my accounting system is based on the accrual or cash method).
I will use this data to prepare general purpose financial statements every month, and these statements will help me make important business decisions. For a service business, the income statement is perhaps the most relevant because it summarizes revenues and expenses. The income statement will help me determine if Iâ€m on the right track, financially. I can provide the financial statements to lenders when Iâ€m seeking a loan for the business, and they can judge my creditworthiness based on the statements, which reflect the financial health of the business.
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