Objective: Evaluate and apply managerial accounting methods, describe double-entry accounting, and explain the financial planning process. Introduction: Just as meteorologists use data and models to forecast the weather, business managers use data and models to forecast the future for the business. Businesses require accurate, complete and up-to-date financial information. The financial information shows the health of a business at any point in time and provides information for managers to use in strategic planning. Each component of the accounting process is a building block upon which financial decision-making is formalized. Deliverables: The essay for this lesson is required to be a minimum of 750 words that clearly demonstrate your understanding of the activity. Essays should have a clear introduction, thesis statement and conclusion, written in APA format (APAstyle.org). A minimum of three sources must be cited in-text and in the Reference list. Activity Details:
Read the following questions, and use what you have learned about this lesson’s objectives to summarize your responses.
•What are the three main accounts a business maintains and what information is included in accounts? Why?
•What is double-entry accounting and why is double-entry accounting the only way to provide the most accurate financial information for business managers?
• Describe the accounting process used by a business manager to forecast the firm’s financial performance and financial needs over the next five years?
Step 2: Write a paper. Please review the essay rubric prior to proceeding. Use these writing guidelines:
•Include a cover page and references in addition to your required word count.
• Use correct APA format.
•Use size 12 Times New Roman.
•Use section headings to organize. (optional)
•Include in-text citations as appropriate.
•Use correct spelling, grammar, sentence structure and verb tense.
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