Question

1 ACC 201 Final Project II Guidelines and Rubric Overview One of the measures of success for any business is profitability. Managers and business owners must be able to assess the profitability of a company using information about its financial transactions: This is done through accounting. By working through the accounting cycle, you will understand how to organize transactions in a way that communicates the financial position of a company. This information is critical for external stakeholders who may be interested in working for or investing in the business. This process also helps you understand the level of attention to detail that is required in a successful business venture. The final project for this course consists of two major parts: an accounting workbook (Final Project I) and a professional relevance essay (Final Project II). In the second part of the final project, you will create a well-crafted essay in which you draw connections between your accounting exercises and their practical applications for furthering your own professional practice. The final product will be submitted in Module Eight. In this assignment, you will demonstrate your mastery of the following course outcomes:  Record financial data and adjusting entries in the preparation of a business’s financial statements Prompt In a professional relevance essay, draw connections between the accounting principles that you demonstrated in Final Project I and their specific, practical applications within your own professional practice. Specifically, you must address the critical elements listed below. Most of the critical elements align with a particular course outcome (shown in brackets). I. Introduction: 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? [ACC-201-01] II. Draw Connections A. In the first part of your final project, you recorded various transactions in the life of a business. Now, consider your current or future professional life: What sort of transactions would you encounter in your field? Describe at least three using specific details. [ACC-201-01] B. Analyze the relationship between those transactions and the success of your current or future business. For example, how would each transaction impact the income statement and balance sheet of your company? Illustrate your claims using specific examples. [ACC-201-01] 2 III. Apply to a Scenario: Imagine that you are the new department manager of a corporation within your chosen field: You discover that your predecessor had been using the cash basis of accounting, which has resulted in many errors and misinformation. What measures would you take to remediate the issue? Propose a high-level plan to implement a proper accounting system for your department using specific principles discussed in the course. For example, which financial statements would you investigate first? What sort of internal controls would you implement? [ACC-201-01]

Final Project II Rubric

Guidelines for Submission: Your professional relevance essay must be 2–4 pages in length (plus a cover page and references) and written in APA format: Use double spacing, 12-point Times New Roman font, and one-inch margins. It is recommended that you use the provided template to ensure correct formatting. Include at least two references cited in APA format. Critical Elements Exemplary (100%) Proficient (85%) Needs Improvement (55%) Not Evident (0%) Value Introduction [ACC-201-01] Meets “Proficient” criteria and demonstrates nuanced appreciation for the role of financial accounting in business Describes current or aspiring professional identity, including the role of financial accounting in day-to-day life Describes current or aspiring professional identity, but fails to include the role of financial accounting in day-to-day life Does not describe current or aspiring professional identity 20 Draw Connections: Transactions [ACC-201-01] Meets “Proficient” criteria and demonstrates nuanced appreciation for the significance of financial accounting in chosen field Identifies and describes at least three transactions relevant to profession using specific details Identifies transactions relevant to profession, but fails to fully describe at least three using specific details Does not identify transactions relevance to profession 20 Draw Connections: Success of Your Business [ACC-201-01] Meets “Proficient” criteria and demonstrates keen insight into the relevance of financial accounting for business success Analyzes the relationship between accounting transactions and the success of current or future business using specific illustrating examples of impacts on financial statements Discusses the relationship between accounting transactions and the success of current or future business, but fails to fully or logically analyze using specific illustrating examples Does not discuss the relationship between accounting transactions and the success of current or future business 25 3 Apply to a Scenario [ACC-201-01] Meets “Proficient” criteria and demonstrates keen insight into the relevance of financial accounting for business success Proposes a sound high-level plan to implement a proper accounting system by citing specific course principles that would appropriately address issues in the scenario Proposes a high-level plan to implement a proper accounting system, but not all proposals are sound, or fails to cite specific course principles that would appropriately address issues in the scenario Does not propose a high-level plan to implement a proper accounting system 30 Articulation of Response Submission is free of errors related to citations, grammar, spelling, syntax, and organization and is presented in a professional and easy-to-read format Submission has no major errors related to citations, grammar, spelling, syntax, or organization Submission has major errors related to citations, grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas Submission has critical errors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas 5 Total 100%

Answer 1

I am aspiring to become an entrepreneur. I am a Marketing & Finance student. I will be using my degree and all I have learned a lot which can help me begin my own business of event planning. Financial accounting plays a big role in my business. A good business plan can only get funding from the investor if it has data showing good financial results. From there financial accounting will be used in day to day transactions and will secure the monetary needs and gains to keep my company afloat. Knowing the accounting principles if of utmost importance.

In the day to day business of my company, there will be many transactions that take place. One such transaction will be creating budgets for prospective clients that will detail the money needed for all the details of the proposed event that is fair and economical in the eyes of the client. Another transaction my company will have day to day will be venue acquisition and payment. This will be shown in the financial journal as accounts payable. The third transaction that my company will have would be seen in the general ledger and would show the equipment my company has on hand and it would be listed as assets.

Budgets for clients will be listed as accounts receivables in my companies' journal. This will be a crucial part of my business because it will be where the company's revenue comes from. The venue payments will affect the financial accounting on a day to day because the bigger the proposed event the bigger the cost of venue rentals, so having an ongoing relationship with different venues could keep those costs down. The assets in way of the equipment will be important for my company because it is part of what makes the financial backing of the company and could be used if needed to borrow on in the future.

If I was coming into my company as a new manager and discovered that there were many errors in the books. I would implement the plan of hiring an outside accountant to come in and find all the errors. While the accountant is looking into and correcting the errors, I would be implementing certain internal controls. I would be sure to make vacations mandatory and keep checks and balances within the employee structure.

In any business, the finances are what keeps said business afloat. It is important that money is always accounted for and listed in the company's books and that employees are held accountable for the roles they play. Financial accounting is the foundation for any company and I look forward to using this knowledge in my future entrepreneurship.

References
Event Leadership Institute. (2019). Accounting and Finance for Event Companies I Event Leadership Institute. [online] Available at: https://www.eventleadershipinstitute.com/course/accounting-and-finance-for-event-companies/ [Accessed 28 Oct. 2019].

The Balance Small Business. (2019). Here Is a Basic Outline of the Event Planning Expenses You'll Incur. [online] Available at: https://www.thebalancesmb.com/an-outline-of-event-planning-expenses-1223663 [Accessed 28 Oct. 2019].