Question

Choose at least two concepts you have learned in Intermediate Accounting, 2nd edition from the list below and explain how you may use them in your present or future accounting position. Make sure you provide details on how each concept will help you support the financial goals of the company you currently work for or will work for in the future.

PS: Please I need a complete answer. Thanks

The concepts are as follow:

retained earnings

Earnings per share

Statement of retained earnings

Stock option

Memo writing

Stockholders' equity

Revenue reognition

Contributed capital

Accounting for income tax

Accounting for postretirement benefits

Accounting for leases

Capital lease

Operating lease

Statement of cash flows

Accounting for changes and errors

Change in an Accounting Principle

Change in an Accounting Estimate

Change in a Reporting Entity.

Errors

retrospective adjustment method

prospective method

direct effect of a change in accounting principle

indirect effect of a change in accounting principle

Answer 1

Answer:-

The two things that I learned that will presently help me or will help me in the future are :-

1.Stock Options
2.Memo Writing

Before this class I didn’t really understand all the stock options companies could offer. I really liked how we had to look up the different types of stocks and all the practice we had with them on the homework. I think as an accounting for a firm I will need to understand how stock works and how to calculate the compensation expenses which needs to be recorded each year considering its fair value and put in the journal entries. knowledge of Stock Option Excercise period, Vesting Period and practicality involved in it, as why companies issues stock options to employee, what intention was behind all of these scheme provided by the company to its employee, whether such stock option is a right given to employee or created an obligation on them .

At my current job we are in charge auditing the time keeping for the city. That is 5000 employees and only 5 of us to deal with them. On a daily basis I have to speak with people and often send out emails about their pay and/or pay codes that may need to be changed in order for them to be paid properly. I learned in this course that while I need to put the info in a memo for them, I also need to make sure that they feel like my memo is friendly and doesn’t come across as rude. People don’t always like what I have to say and while it may be policy, it can still come in a friendly way and let them know I am trying to help them out before it becomes a problem. The first memo I wrote for this class wasn’t extremely friendly and I think the more I wrote, the better I got.