Discussion Questions -One

Can you help me understand this Accounting question?

I. To prepare for this Discussion question, think about a time in your professional experience when a decision was made based on inaccurate financial information or unethical behavior resulting in fraudulent financial information. If you do not have professional experience directly related to accounting and decision making, research a situation where inaccurate or fraudulent financial information was provided by a company. Consider the outcomes of utilizing fraudulent financial information for decision making and research how to avoid such situations.

Prepare the following:

• Describe the situation from either your professional experience or your research.
• Explain the steps you would take to address unethical behavior and remedy the situation of utilizing the inaccurate or fraudulent financial information you described and why you would take these steps.
• Explain the steps that you, as a manager, might take to ensure that all financial information you review accurately reflects the organization’s true financial situation and why this is important to prevent unethical behavior and the use of inaccurate or fraudulent financial information.

II. To prepare for this Discussion question, “Financial vs. Managerial Accounting,” take a moment to think about the implications of these two kinds of accounting.

Prepare the following:

• Describe one or two examples of decisions that could be made using the information provided by financial accounting. Provide specific examples and explain how decisions are improved when the information is used accurately. Then, explain the risks of not having the information when making such decisions. Your examples should be real world, specific situations from your experience, observations, and research.
• Describe one or two examples of decisions that could be made using the information provided by managerial accounting. Provide specific examples and explain how decisions are improved when the information is used accurately. Then, explain the risks of not having the information when making such decisions. Your examples should be real world, specific situations from your experience, observations, and research.