It is easy to create your own business cards in publisher to print yourself at home or at a store such as Staples or Kinko’s.
Create a business card that features a job that you would like to have. When you finish the card, you will present it to the class and explain how you designed it.
ACV.03: demonstrate an understanding of ethics and issues in accounting.
Learning Goals
By the end of this activity you will be able to:
reflect on the ethical issues facing business people and accountants
examine current accounting issues
Success Criteria
I will know I am successful when:
I can research and report on information related to accounting careers and/or accounting issues
I can discuss the findings of other students and make valid comments about their reports
Texbook
pages 19-21, 32
Purpose
Accountants are expected to perform their job accurately and appropriately. They may be placed in positions where there is a conflict of interest (two competing objectives). Examples of conflicts include:
Accounts should honestly report financial statements but their firm will receive more business if they give companies a favourable report (Objectivity Principle).
Whistle blowers should come forward to advise shareholders about any material concerns about the business but if they do, they may not be protected (Full Disclosure).
Accountants have legal, professional and moral responsibilities to balance with their job duties.
What are some of the characteristics of an ethical accountant?
What are some of the accounting principles or ethical values that were/were not violated in this case?
A Larger Case Study
Bigger than Enron
When Enron failed in 2001, it was a shock to the business world not only because it was one of the largest companies in the world but because the checks and balances in the system, such as government regulation and external auditors, failed to identify the problem.
The Federal Government was criticized for pushing deregulation that favoured Enron while receiving campaign donations from the company, which was also tied to George W. Bush. Arthur Andersen was fined for eschewing its responsibility to accurately report on Enron’s financial state and painting the company in the best possible light.
One of the specific expectations of the course is to recognize the differences between Chartered Accountants (CA), Chartered Management Accountant (CMA) and Chartered General Accountant (CGA). Each required different post-secondary courses and professional certifications and is suited for different positions. A CPA was more likely to be involved in the preparation of financial statements and other accounting practices, a CMA might help interpret accounting information in order to make decisions and a CGA had a broader background in business.
To eliminate some of the overlap between the professional associations and reduce confusion, Canadian accounting associations merged in January 2013 under the auspices of CPA Canada. A designation - Chartered Professional Accountant - and training program is under development throughout Canada. It is in place in Ontario currently. Members retain their current designation and add CPA to their credentials.
Charts make data easier to understand. So firstly, charts should be neat and clear, well-labelled (series, axis, title) and readable (colours/size).
But charts should also make people think about the data. Therefore, the charts should highlight something important, insightful or unusual.
Charts should make people think. When you show what is happening with a professional chart and explain why it happened with thorough research, you have made a thoughtful project.
Chart Comparison
Which one of these charts highlights better information? Which one clearly shows changes that are happening in Canada?
Saying something like "Saskatchewan is experiencing a surprising growth rate because it has the highest job vacancy rate in Canada" is informative and shares useful information with the reader. Remember to prove a citation from http://www.citethisforme.com.
Microsoft Publisher is used by students for school newspapers, businesses to create posters and business cards and community groups to create newsletters.
It is similar to Word but used for projects with more graphics and images.
You can insert pictures, text, tables, borders and backgrounds.
Reversing entries are recorded when there has been a mistake or when an adjusting entry must be reversed to accurately display an accrued expense or revenue. The reversing entries are recorded on the first day of an accounting period. Reversing Entries are part of the Time Period concept in Accounting.
Learning Goals
By the end of this activity you will be able to:
explain why reversing entries are necessary
complete the process of adjusting, closing, reversing and routine entries.
Place in BAT4M Course
Reversing Entries are part of the Accounting Cycle unit
Textbook: pages 231-234
How to Use Reversing Entries
J. Bernier - an employee - is paid $200 per day ($1,000 per week).
Cheques are issued every Friday.
March 31 is a Monday but J. Bernier will not be paid until April 4th.
The accountant must record the following:
An adjusting entry is made March 31 to record $200 in salary expenses for February.
A closing entry occurs on March 31 to close the salary expenses account into the Income Summary for March.
A reversing entry on April 1st records that the salary expense is less than usual ($200 having been recorded for February).
A routine entry on April 4th records that J. Bernier was paid for the week.
When closing entries are completed April 30th, the appropriate amount of Wages Expense will be recorded in April's Income Summary.
Reversing entries are optional; not every company uses them. Some adjusting entries are reversed to display that an account has an abnormal balance. Only accrued expenses and revenues are reversed. Accrued expenses are costs that have been incurred but not paid or recorded, accrued revenues are goods and services delivered but not billed or recorded.
