Accounting Coursework
Accounting is the practice of recording, tracking, documenting and reporting on the economic activities of a business, agency or organizations. Though to many, accounting coursework may not seem related to the skill of writing, they tend to forget that accounting information must be communicated through annual reports and case studies.
The Accounting Cycle
The accounting cycle begins with an economic or financial transaction of some kind. Equipment is purchased, sales are made and taxes are paid. Each of these activities must be recorded and tracked for a business or other organization to know where they are financially.
The accounting cycle begins when the transaction is recorded in a journal along with other transactions in the same “family” of accounts.
Periodically (typically monthly), the collected transactions are posted to a general ledger to show the current balance of the affected accounts. Interim reports can be created at this point to show the current financial activities. At the end of the year, adjusting transactions are performed to account for various special transactions, such as depreciation on equipment. Closing entries and final annual reports are then entered and prepared.
Case Studies
Case studies in accounting routinely focus on the effects certain trends have had over the year or on the effects of accounting changes or questionable accounting practices. Students are required to write an analysis of what happened, why it happened, what effects the event had, and what measures can be taken to prevent the damaging aftermath. This is particularly important for students to understand in the post-Sarbanes-Oxley era.
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