Introduction and GAAP Principles

Introduce yourself to the class. Discuss why you are interested in the accounting field and highlight any professional experience that you have.

Additionally, review GAAP briefly and then discuss why it is important to have a governing set of principles for accounting practices. Provide examples to support your ideas.

In your responses to your peers, respond to their introduction and add to the conversation about governing principles. Provide examples from personal experience or recent events.

Response to Quintella “Q”
Hello everyone!!! My name is Quintella, everyone calls me “Q”, which I prefer. I have recently changed jobs to
allow me more time to concentrate on school and more time with my family. My previous job took up A LOT of my
time and it is nice to feel so free!! I enjoy accounting because I love trying to find the last penny or making sure the
books are in good standing. I used to work for an insurance agency, and I took care of the payroll, tracking hours
and sales goals for all the Agents in the Agency.
The use of GAAP is not mandatory for all businesses, but the U.S. Securities and Exchange Commission (SEC)
requires publicly traded and regulated companies to follow GAAP for the purpose of financial reporting.
Companies that issue stock are held to this standard by the Securities Act and the Securities Exchange Act, which
require yearly external audits by independent accountants. Companies without external investors are not obliged
to follow this standard (Arline, 2015)
Arline, K. (2015, April 02). GAAP: Standards & Rules for Accountants. Retrieved from www.businessnewsdaily.com:
https://www.businessnewsdaily.com/5486-generally-accepted-accounting-principles-gaap.html
Response to vicki
Hi everyone. My name is Vicki and I reside in Arkansas with my family. I am currently in classes working
my way to my Associates in Accounting. I have been working in offices of car dealers since 1992, so I
have done almost everything except for the really involved accounting work. I have done payables,
receivables, and things like that. I have to make sure things are going to right accounts when posting,
and make sure other things like the deposit is posted correctly.
Things need to be put in the correct accounts, coded correctly and posted correctly. There are
procedures that need to be followed. I sometimes have another set of “eyes” check things before I post
and if I feel things need to be checked before I post them into the system. If something is wrong, it will
and can throw financials off, so we all need to make sure we are following the steps involved to get it
done correctly.
GAAP compliance makes the financial reporting process transparent and standardizes assumptions,
terminology, definitions, and methods. External parties can easily compare financial statements issued by
GAAP-compliant entities and safely assume consistency, which allows for quick and accurate crosscompany comparisons.

Generally Accepted Accounting Principles

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Discussion Rubric: Undergraduate
Your active participation in the discussion forums is essential to your overall success this term. Discussion questions are designed to help you make meaningful
connections between the course content and the larger concepts and goals of the course. These discussions offer you the opportunity to express your own
thoughts, ask questions for clarification, and gain insight from your classmates’ responses and instructor’s guidance.
Requirements for Discussion Board Assignments
Students are required to post one initial post and to follow up with at least two response posts for each discussion board assignment.
For your initial post (1), you must do the following:
 Compose a post of one to two paragraphs.
 In Module One, complete the initial post by Thursday at 11:59 p.m.
Eastern Time.
 In Modules Two through Eight, complete the initial post by Thursday at
11:59 p.m. of your local time zone.
 Take into consideration material such as course content and other
discussion boards from the current module and previous modules, when
appropriate (make sure you are using proper citation methods for your
discipline when referencing scholarly or popular resources).
For your response posts (2), you must do the following:
 Reply to at least two different classmates outside of your own initial
post thread.
 In Module One, complete the two response posts by Sunday at 11:59
p.m. Eastern Time.
 In Modules Two through Eight, complete the two response posts by
Sunday at 11:59 p.m. of your local time zone.
 Demonstrate more depth and thought than simply stating that “I agree”
or “You are wrong.” Guidance is provided for you in each discussion
prompt.
Rubric
Critical Elements
Comprehension
Exemplary
Develops an initial post with an
organized, clear point of view or
idea using rich and significant detail
(100%)
Timeliness
Engagement
Writing
(Mechanics)
Provides relevant and meaningful
response posts with clarifying
explanation and detail (100%)
Writes posts that are easily
understood, clear, and concise
using proper citation methods
where applicable with no errors in
citations (100%)
Proficient
Develops an initial post with a
point of view or idea using
adequate organization and
detail (85%)
Submits initial post on time
(100%)
Provides relevant response
posts with some explanation
and detail (85%)
Writes posts that are easily
understood using proper
citation methods where
applicable with few errors in
citations (85%)
Needs Improvement
Develops an initial post with a
point of view or idea but with
some gaps in organization and
detail (55%)
Submits initial post one day late
(55%)
Provides somewhat relevant
response posts with some
explanation and detail (55%)
Writes posts that are
understandable using proper
citation methods where
applicable with a number of
errors in citations (55%)
Not Evident
Does not develop an initial post
with an organized point of view
or idea (0%)
Value
40
Submits initial post two or more
days late (0%)
Provides response posts that
are generic with little
explanation or detail (0%)
Writes posts that others are not
able to understand and does
not use proper citation
methods where applicable (0%)
10
Total
30
20
100%