ACCT 321 Help & ACCT 321 Homework Help Online
If you opt for ACCT 321 course, then we will help you with the essential study of the strategic essence of financial accounting. It is an introduction to the subject of the information system’s role in accomplishing the objectives of financial accounting, auditing, and managerial accounting.
Topics that we help you with associated with the ACCT 321 course include:
- Advanced Excel use
- Enterprise systems
- Risk management
- Internal controls
- Systems analysis and documentation
- Project management
Advanced Excel Use:
Advanced Excel usage refers to the utilization of advanced features and functions within the Microsoft Excel spreadsheet software. This includes features such as:
- Pivot tables for data analysis
- Macros for automating repetitive tasks
- Conditional formatting for data visualization
- Lookup functions such as VLOOKUP and HLOOKUP
- Charting and graphing for data presentation
- Solver for optimization and decision-making analysis
- Array formulas for complex calculations
These advanced features allow for efficient and effective data analysis, manipulation, and presentation.
Enterprise Systems
Enterprise systems refer to large-scale, integrated software applications that support and automate core business processes, such as finance, human resources, procurement, and supply chain management. The goal of enterprise systems is to provide a unified and comprehensive view of a company’s operations, enabling better decision-making, increased efficiency, and improved data management. Examples of enterprise systems include enterprise resource planning (ERP) systems, customer relationship management (CRM) systems, and supply chain management (SCM) systems.
Risk Management
Risk management is the process of identifying, assessing, and controlling potential risks to an organization with the goal of minimizing their impact and avoiding negative consequences. It involves the systematic identification of potential threats and vulnerabilities, the evaluation of their likelihood and potential impact, and the implementation of measures to mitigate or manage those risks. Effective risk management helps organizations prepare for and respond to uncertainty, ensure business continuity, and increase the probability of achieving their objectives.
Internal Controls
Internal controls in accounting refer to the policies, procedures, and processes that a company puts in place to ensure the accuracy, reliability, and integrity of its financial information and transactions. These controls are designed to prevent and detect errors, fraud, and other financial irregularities, and to provide reasonable assurance that the company’s assets are protected and its financial reporting is accurate. Examples of internal controls in accounting include segregation of duties, physical controls over assets, documentation and record-keeping, and independent reviews and audits. Effective internal controls play a key role in building public trust and confidence in the financial statements and reports of a company.
Systems Analysis and Documentation
Systems analysis and documentation in accounting refers to the process of evaluating and documenting a company’s accounting systems, processes, and procedures. The goal is to identify areas for improvement, optimize and streamline the systems, and ensure that they meet the company’s needs and comply with relevant laws and regulations. This process involves the examination of the existing accounting systems, identification of gaps and inefficiencies, and the creation of detailed documentation of the system requirements, processes, and controls. The documentation produced can be used as a reference for training and maintenance, and serves as a basis for future upgrades or changes to the system. Effective systems analysis and documentation in accounting helps to improve the accuracy, reliability, and efficiency of a company’s financial reporting and record-keeping processes.
Project Management
Project management in accounting refers to the application of project management methodologies and techniques to the planning, execution, and control of accounting projects. This includes tasks such as defining project scope, setting project goals, developing project plans, allocating resources, monitoring progress, and closing out projects.
In accounting, project management can be used for initiatives such as implementing new accounting systems, designing and implementing new accounting processes and procedures, and implementing internal control procedures. The goal of project management in accounting is to ensure that projects are delivered on time, within budget, and to the satisfaction of stakeholders. Effective project management in accounting helps organizations to achieve their goals, meet regulatory requirements, and improve the efficiency and accuracy of their accounting processes.
After completing ACCT 321 course, you should be able to:
- Apply the conceptual framework of principles and objectives in selecting the appropriate accounting policies and preparing financial statements in accordance with IFRS.
- Demonstrate the ability to assess a situation, identify issues and various alternatives and provide a recommendation using ethical professional judgment.
- Classify and account for investments in various financial instruments using the amortized cost or cost, fair value-OCI, fair value-net income, and equity methods in accordance with IFRS standards.
- Demonstrate an understanding of revenue recognition including collectibility and issues of measurement.
- Prepare an income statement in various formats that contain unusual gains and losses, discontinued items, and EPS calculations for both basic and fully diluted EPS.
- Account for the recognition, derecognition and measurement of accounts receivable and notes receivable including non-interest bearing and discontinued notes.
- Use various cost flow methods to account for inventory including items to include in impairment, inventory, NRV and lower of cost and correcting prior period inventory errors.
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