- DISCUSSION QUESTION: Please answer in APA Style
- Range of wording can be 200-300 words
Why do we study account? That question is always a challenge to answer. However, in the attached article we find two graduates who went into business. It certainly takes a good idea or product to get into business but it also takes money.
Here are two individuals who took the leap and are now a success story. Note that they did this by using their own resources; venture capital had been denied.
Given the size of their company and its start, what part did accounting play in their overall plan? Notice the mix in educational backgrounds, one a Hotel School graduate (with a follow on MBA) and the other from CALS (Collage of Agriculture and Life Sciences). The article mentions a maze of legal, regulatory and financial hurdles.
Sit back and think about the principles that you have started to learn about. Consider how you are going to use this new subject in your own career. The first four chapters are critical for the rest of your study of accounting. The remainder of the course will engage in other accounting topics that are critical to business management in general. Keep in mind that the principles are critical at all levels of management. I provided another short story about how one VP for marketing fell into disfavor because he ignored the practice of accrual accounting.
Attached: Oil Change, by Peggy Haine, Cornell Alumni Magazine, January/February 2014 Volume 116 Number 4, Ithaca, NY. >> Cornell Allumni – Fall 2013.pdf