Why Do I Need Accounting? And Sarbanes-Oxley Act Of 2002

Part 1: Why do I Need Accounting?

Consider the following scenario: Your friend (who is also in school) just emailed you to express frustration with his accounting class. In the email, he said, “Why do I need to take accounting? What will I ever need to know about reporting and analyzing long-lived assets? I am a management major.”

Write a 100- to 250-word response to your friend, including specific details about the benefits of learning accounting. Focus particularly on reporting and analyzing long-lived assets from a manager’s perspective. Discuss the benefit and purpose of learning accounting as a business student.

Part 2: Sarbanes-Oxley Act of 2002

Search the Internet and locate an annual financial report for a public U.S. company. Read the Notes to the Financial Statements to determine the criteria for cash equivalents and how cash and cash equivalents are handled. Discuss your findings. Find information about the internal control policy of the company and summarize this policy in your post. Is it in compliance with SOX? What are some references to SOX mentioned in the annual report? Your answer should demonstrate understanding of the Sarbanes-Oxley Act, and be a minimum of 100 to 200 words in length.

Required Resource

Text

Kimmel, P. D., Weygandt, J. J., & Kieso, D. E. (2016). Financial accounting: Tools for business decision making (8th ed.). Retrieved from https://content.ashford.edu/

Chapter 7: Fraud, Internal Control, and Cash

Chapter 8: Reporting and Analyzing Receivables

Chapter 9: Reporting and Analyzing Long-Lived Assets

(Chapters 7-9 are in the attachments)

Article

The Sarbanes-Oxley Act 2002 . (2006). Retrieved from http://www.soxlaw.com/

Recommended Resource

Website