ACCY 130: Accounting for Decision-Making Assignment sample NZ
Accounting for Decision-Making Assignment is a course that provides students with an opportunity to learn about the accounting cycle, financial statement preparation and interpretation, budgeting, cost management, risk management, and more.
The course is designed for students who are looking to gain a basic understanding of financial accounting and its role in business decision-making. The following assignment will give you an idea of the types of questions that may be asked in this course.
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Get solved Assignment samples for (ACCY 130) Accounting for Decision-Making Module
This course will increase your students’ knowledge and understanding of the subject. The following are some tasks that will be answered in this course:
Assignment Task 1: Describe key features of the role and responsibilities of the accounting profession and its impact on society and the economy
The accounting profession is an integral part of society, both the local and global community. The role of professionals in this field is to ensure that clients are accurately represented through their reporting. Professionals encourage transparency so that stakeholders have access to accurate financial data. Their roles also include supporting business decisions through communications with investors, creditors, managers, taxing authorities, and others who need accounting information.
The impact of the accounting profession on society and the economy is significant. Professionals ensure that businesses are run with integrity and that all financial dealings are transparent. In addition, they provide critical information to stakeholders who need it to make informed decisions about their investments. The accounting profession is one of the cornerstones of a thriving economy.
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Assignment Task 2: Explain organizational structures and the different sectors of the economy in which accounting operates
Organizational structures can be quite complex, and there are a variety of structures that can be used in business. The most common structure is the divisional structure, which is made up of divisions that report to a central head office. This type of structure is often used by large corporations.
Another common structure is the functional structure, which is made up of departments that report to either the CEO or an executive committee. For example, the accounting department can be one of these departments. A functional structure is commonly used by small businesses and non-profit organizations.
There are also mixed organizational structures that consist of both functional and divisional units. While this type of structure may not be as common, it is often seen in businesses that are expanding or undergoing change.
The different sectors of the economy in which accounting operates include the public sector, the private sector, and the not-for-profit sector. The public sector is made up of government organizations at all levels, from local to federal. The private sector is made up of for-profit businesses, and the not-for-profit sector is made up of organizations that do not have a profit motive. Each of these sectors has its own unique set of accounting requirements.
Assignment Task 3: Explain internal and external accounting and accountability practices as well as basic tax concepts
Internal accounting is the process of tracking and reporting a company’s financial information to its management. This information is used by managers to make sound business decisions. Internal accounting includes recording transactions, preparing financial statements, and maintaining control over assets and liabilities.
External accounting is the process of providing financial information to outside parties such as creditors, investors, and taxing authorities. This type of reporting includes preparing financial statements, tax returns, and any other documents needed for external reporting.
Basic tax concepts include the following: taxable income, deductions, credits, filing requirements, withholding requirements, and recordkeeping requirements. These are all terms that are used regularly in accounting practices because they directly impact an organization’s net income.
Internal and external accounting and accountability practices ensure that a company is run efficiently and that its financial dealings are transparent. These practices also provide critical information to stakeholders who need it to make informed decisions about their investments. The accounting profession is one of the cornerstones of a thriving economy.
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Assignment Task 4: Explain sustainability concepts and how to account for social and environmental performance
Sustainability concepts refer to the idea that businesses should operate in a way that does not negatively impact the environment or society. There are a number of ways to achieve this, including reducing waste, using renewable resources, and promoting social equity.
Accounting for social and environmental performance refers to the process of measuring and reporting a company’s social and environmental impact. It is often included in annual reports to stakeholders, and there are several tools that organizations can use to collect the relevant data.
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Assignment Task 5: Explain the impact of technology on accounting
Technology has had a major impact on accounting. The most notable change has been the move from manual to computerized accounting. This shift has made it easier for companies to track and report their financial information. Technology has also made it possible for organizations to take advantage of new accounting methods such as cloud accounting.
The impact of technology on accounting will only continue to grow as the profession is becoming more digitized. Accountants are now able to use mobile devices and cloud technologies to conduct their daily activities, which has made work easier and more efficient. While technology will continue to advance, it is unlikely that accountants will be replaced completely by machines any time soon.
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