Week One Discussion Questions Essay Example | Topics and Well Written Essays - 500 words

Week One Discussion Questions - Essay Example Without these estimates, it would be impossible for the company to make the changes necessary today to keep the companys finances on solid ground tomorrow. By the time the hard data was in, it might be too late. Many stakeholders, internal and external, rely on a companys accounting estimates as a basis for the decisions that impact their business activity. Shareholders may make a decision to buy or sell. Vendors may increase or decrease the production of raw materials. Plans for expansion may be made based on revenue estimates. For these reasons, it is imperative that the accountant provides an accurate, and ethical, estimate based on the information available. There may be a temptation to exaggerate, overlook, or manufacture the data in an effort to unfairly benefit a specific stakeholder, such as the case at Enron and its unethical practices. The Sarbanes-Oxley Act, passed in response to Enrons unethical and deceptive estimates, now requires all publicly held companies to have a "financial expert serving on its audit committee" and have a set of "written standards reasonably designed to deter wrongdoing" (Green, 2005, p.239). 2.) Internal controls are a set of processes and procedures that a company has in place to protect and insure solid management practices, and reduce the potential for unethical activity. Internal controls help prevent a careless, intentional, or malicious act from impacting the company in a negative fashion. For example, requiring that two different people sign all checks can help prevent the unauthorized use of a specific bank account. In addition, multiple experts, that can all agree and form a consensus as to their probablility of being accurate, should review all estimates. Internal controls are generally placed at points of transactions where money and goods are most at risk. The accounts payable account could be at risk if a malicious employee manufactured false invoices to be paid to their personal account. An internal

Writers Inventory Letter Essay Example | Topics and Well Written Essays - 500 words

Writers Inventory Letter - Essay Example Also, I have discovered that choosing topics is not as difficult as I initially found it to be – it needs creativity in many cases. One thing that I have never quite learned is how to make transitions when introducing new ideas. The use of connectors such as â€Å"so †¦ that, although, no sooner †¦than and thought† have proved to be quite challenging. Similarly, incorporating quotes and citing other people’s works in my writing has remained a challenge – maybe because I haven’t learned how to use some punctuations marks. Although my grammar has improved, I know I have quite a lot to do still. For example many times I misspell words that look so simple. Because my grammar is still inadequate, I often lack words to use in place of others. I will try reading more literature to learn more words and how to use them. I need to learn how to keep to the topic as I write. In many occasions, I have presented irrelevant information and far exceeded or presented inadequate material. I may start writing well but somewhere along the line I go off topic. I tend to use so many words to explain even simple concepts. I hope to work on these weaknesses. I will have to practice more to stick to the topic. I also want to thank you for being so helpful to me and to the whole of our class.