1-1 Discussion: Introductions and GAAP Listen

Good evening writer. I want to say thank for helping in my prior class. I hope you would like to continue helping with this new class. If you can't help me please let me know if you don't have any knowledge in acconting. below is some information to help you to create this my first assignment. this my basic information for the intruduction about myself. im 44 years old, mom of 4 children, I have been working in the same field as claim specialist for about 14 years. I do disability and retirement applications and medicare claims. I worked before as a head bookepper for a collection agency contrater by the Massachussett department of revenue. State of massachussett. my professional goals is to obtain my degree and obtain a CPA license and work for the IRS. Let me know if you have any other questions. as you remember in case if you need more information. Thank you. Welcome to ACC 317! As you explore the accounting field throughout the duration of this course, it is important to recognize and consider that everyone has various background knowledge and experiences with accounting, and specifically, the generally accepted accounting principles (GAAP). This is a positive feature, as everyone has something unique and different to share with others as well as learn from others. Let's start by getting to know one another. In your initial post, introduce yourself to the class and answer the following: What did you learn from your earlier accounting courses? What do you want to learn in this course? What are your professional goals? Why is it important to have a governing set of principles for accounting practices? Provide specific examples by referring to at least two principles from GAAP. In your responses to two peers, respond to their introduction and add to the conversation about governing principles. Provide examples from personal experience or recent events regarding accounting topics previously learned or that you want to learn, professional goals, or GAAP. ________________________ update from the client in messages : my apologies. here are the two peears discussion. I need to reply to them. 1- first discussion; Module 1-1 Discussion: Introductions and GAAP Nadine Verdieu posted Sep 3, 2024 3:14 PM This page automatically marks posts as read as you scroll.Adjust automatic marking as read setting Hello everyone, My name is Nadine Verdieu, and I am pursuing a BS in Accounting/Finance. I reside in Fall River, MA, and I have three wonderful sons. I currently work as a Quality Compliance Management Specialist for a non-profit organization. So far, I have completed coursework in Financial Accounting, Cost Accounting, and Managerial Accounting. From my earlier courses, I gained a strong foundation in the principles and practices of accounting. Financial Accounting taught me how to prepare and analyze financial statements, ensuring they accurately reflect an organization’s financial status. Cost Accounting helped me understand how to track and manage costs, which is crucial for budgeting and performance analysis. Managerial Accounting provided insights into using accounting information for internal decision-making and strategic planning. In this course, I am eager to deepen my understanding of more advanced accounting principles and their applications. I am particularly interested in learning about complex accounting standards, the impact of regulatory changes, and how to effectively apply GAAP in various scenarios. This knowledge will help me enhance my skills and stay current in the evolving field of accounting. My professional goals include advancing my career in compliance and accounting within the non-profit sector. I aim to become a leader in ensuring that organizations adhere to regulatory requirements and accounting standards, ultimately contributing to their financial stability and effectiveness. Having a governing set of principles for accounting practices is essential for ensuring consistency, transparency, and reliability in financial reporting. For example, the Revenue Recognition Principle ensures that revenue is recorded when it is earned, not necessarily when cash is received. This principle helps in presenting a true and fair view of an organization’s performance. Another important principle is the Matching Principle, which requires that expenses be matched with the revenues they help generate. This principle ensures that financial statements reflect the actual profitability of an organization for a given period. By adhering to these principles, organizations can provide accurate and comparable financial information, which is crucial for stakeholders to make informed decisions. I look forward to learning from all of you and sharing our experiences throughout this course. 2- Discussion: Rachel Smart posted Sep 2, 2024 9:16 AM This page automatically marks posts as read as you scroll.Adjust automatic marking as read setting Hi everyone! My name is Rachel and I’m here at SNHU finishing up my Associates Degree in Accounting. Earlier accounting courses that I have taken have gone over debits and credits, reconciliation and general info on basic accounting terms. In this course I hope to further my accounting knowledge in the hopes of being able to turn my degree into an accounting job either with a large or small firm. It’s important to have a governing set of principles for accounting practices because it enables businesses, people and other institutions to compare financial standings. When there is one set of principles that all businesses must adhere to, you are able to compare among different businesses and know that each one is on the same page when it comes to accounting practices. Two principles of GAAP are the principle of regularity and the principle of consistency. The principle of consistency ensures that the same accounting methods are used for all reporting periods so that they are reliable and comparable. The principle of regularity ensures that accounting practices are following the rules and standards of GAAP.