accounting and your life
Here’s another easy OPTIONAL bonus point opportunity, and I think a valuable one. This will be what I term a bonus “in-lieu” opportunity. The points may be in-lieu of other missed points, to simply to raise you grade standing, or to “bank” some points in advance in case you might miss a few in the future. Please provide up to two accounting class experiences that relate to your real world, as explained further below. You may participate for credit beginning now up through May 6–This is also preparatory for Item #9. Also do not violate the college’s policy on plagiarism, do not re-submit for this class for other credit, do not use artificial programming or generative AI, or use from another class essentially the same material. Your submission must be your own work and the use of generative AI is prohibited. Also do not submit any work you created for another class, including Accounting 1. See the syllabus for more direction regarding student academic responsibility. Remember, a deadline is not an invitation to wait until the last minute. Impress me with an early submission.
As I have mentioned and will mention in various announcements and assignments, not only are we studying accounting for the sake of the intrinsic skill of accounting, but as a path for life’s experience. In my opinion here are some topics that add to our general life preparedness or experience, right from our accounting studies:
Verification of facts
Efficiency of planning
Efficiency in the use of resources
Distinction between relevant and non-relevant information
Comparison of plans and results
Cost of preference
Understanding of the recovery of costs in providing goods and services
Protection of assets
The cost of money
The time value of money (you may even consider inflation)
Alternate valuation methods (GAAP is not the only way)
Control of finances
Decision making in general
Time management
Centers of responsibility
The joy of skill acquisition
Appreciation of the work of others, or yourself
History of accounting (and society)
Realization of various counting systems around the world
With the hints above, and not limited to the list above, without writing the optional bonus assignment for you, for the bonus points please provide two accounting class experiences that relate to your real world, your professional real world of course may be included. Each one will be worth one-half of the total available bonus points. Label you first item as “A,” and the second one as “B” with titles. E.g., A. Petty Cash: The study of petty cash helped me realize the need to have both a formal and practical informal system for the use of money. In my household I will now consider the practicality of both a strong budget system and a small fund for miscellaneous small items to provide for an efficient household operation. [Of course a longer narrative would be expected.]
You must make distinctive “A” and “B” headings to receive credit, e.g. the “A” and its title in the heading. Also, please take this opportunity to practice your writing skills: Write using complete sentences, use good grammar, and use good spelling.
This optional bonus assignment will operate in our Canvas “Discussions” tab and will be open for our classmates to read and comment—just as if we would be in the camps classroom, and as we did in “Let’s Meet,” but only after you submit. So, please enter the discussion with the same propriety and safeguards that you would take in the classrooms. Your participation will be open for constructive comments by your classmates, once you submit and as the others submit. You are encouraged to constructively comment to each other.
Since these are in-lieu bonus points, they may be used in any way during the course to raise or assure your course grade. Remember, bonus points can effectively move a “B” result in an exam to an “A.” There is no penalty for non-participation, but every point earned improves your course grade points.
We will have a similar but required assignment (Item #9) in a few weeks, so have fun with a free practice trial. Your topics for this Item #7 cannot be used for Item #9.
Best wishes and have fun. This should be a fun exercise!
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