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Directions
Reflect on the accounting and what you learned aboutaccounting . In your own words, answer the following:
• Summarize how you believe accounting class can helpedyou.
• State what you found most interesting in accounting andwhy.
• Discuss the most challenging topic or aspect of talking aaccounting course.
• Describe your understanding of accounting performanceExplain your knowledge of accounting .

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Collen Von
Collen VonLv2
28 Sep 2019

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Final Discussion

Part 1: Bank Reconciliations

Each week, you are very careful to record each businesstransaction carefully and accurately. You are quite sure you haverecorded everything correctly, so why would you need to do a bankreconciliation? In your post, share with your classmates whatbenefits a bank reconciliation provides and how often you feel areconciliation should be performed at your restaurant.

Part 2: Applying What You Learned

As the course draws to a close, review the progress you havemade. Now that you have a better understanding of the accountingcycle and the role accounting plays in helping an organization besuccessful, how do you feel about accounting? In your post, sharewith your classmates how you can apply what you have learned inthis course to improve the performance of the organization whereyou work, or perhaps your own business now or in the future.

Discuss the Differences Between GAAP and IFRS

Important Note:All elements of the Week 2Discussion must be completed by Day 7of Week 2.

Accountants are responsible for following standards,conventions, and rules in order to ensure ethical accounting intheir day-to-day practices. However, the rules in the United Statesvary from those followed in other countries. The United States useswhat is called U.S. GAAP. “GAAP” stands for GenerallyAccepted Accounting Principles. Most of the rest of the worlduses what is called International Financial ReportingStandards known simply as “IFRS.” The United States is in theprocess of either converting or converging U.S. GAAP with IFRS.

To complete this Discussion:

Using your preferred search engine (such as Google), enter oneor more of the following keywords:

IFRS

U.S. GAAP conversion

U.S. GAAP convergence

U.S. GAAP v. IFRS

Using what you’ve learned in the interactive course contentalong with the results of your Internet keyword search, focus onand deeply explore the differences between GAAP and IFRS. Considernot only written articles, but also video lecture search results,which you can find by doing your keyword search on YouTube.com. Besure to critically evaluate the sources that you encounter in yourInternet search. Are they reliable? Are they current?

Post an initial response along with responses to others’ posts,following the directions shown below.

Post a response of at least 150 words in which you discuss thedifferences between GAAP and IFRS. As you write your post, considerthe following:

What are implications of the differences in these two differentfinancial reporting systems?

What are two benefits and two challenges with each?

home / study / business / accounting / accounting questions andanswers / scenario glorious florists is a floral supply companywith offices and boutiques in ontario ... Question: SCENARIOGlorious Florists is a floral supply company with offices andboutiques in Ontario and ... SCENARIO Glorious Florists is a floralsupply company with offices and boutiques in Ontario and Québec.The organization started operations in 1978 and currently has anapproximate annual payroll of $12,000,000 in each jurisdiction. Theorganization is considering terminating the employment of fiveemployees in each jurisdiction. To assist with forecasting thebudget for the balance of the year, Nancy Wilson, the Director ofFinance has asked you, as the Payroll Supervisor, to provide herwith the details on all legislated payments on termination ofemployment required for each jurisdiction. In addition to therequired payments on termination, include any employer costsrelated to the employees’ statutory deductions. Prepare yourresponse (350 – 500 words) using your name, correct spelling,grammar and punctuation. You will be penalized if you areexcessively over or under the suggested word count. Your responsemust be stated in your own words and should be based on the coursematerial, your experiences, knowledge gained through the course andat least one external government resource. Any responses takendirectly from the external government resource or course materialwill not be accepted. Information referenced from the governmentresource(s) and the course material must be cited. For example: ifyou are referencing the Canada Revenue Agency’s Employers' Guide -Payroll Deductions and Remittances – T4001, state the URL where theinformation can be found,https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4001.htmland the page number, if applicable if you are referencing thecourse material, state the course name, chapter and page numberwhere the information can be found (for example, PF1, 1-1) Thiswritten assignment is worth 7.5% of your final mark.

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