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Week 1 Dq 1

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Week 1 DQ 1
Why is it important that financial accounting systems report performance fairly and factually?
Financial accounting systems are responsible for recording, monitoring and maintaining all financial and accounting transactions within an organization. It is crucial that financial accounting systems report performance fairly and factually because the information within the system is required for the organization to make good economic decisions that could make or break the entire business. The reports that are created by financial accounting systems are used to provide information to outside parties such as tax experts, creditors, and/or potential investors. Inaccurate financial reports can lead an organization to experience legal issues, financial fraud, and can cause a bad reputation for the overall organization. In order to maintain and grow a profitable business, organizations must rely on fair and factual financial reports.
Financial accounting systems must also report performance fairly and factually to ensure that the organization is performing and operating properly. An inaccurate financial report, for example, can cause an organization to make an economic decision that the organization may not be able to afford to do. In a health care organization, financial reports must also be accurate to avoid errors in medical billing that can lead the organization to lawsuits and major financial losses. Financial reports that are not created fairly and factually mean that the reports are considered false, which can lead to the downfall of an organization.

Week 1 DQ 2
What are the differences in financial reports for a non-profit entity versus a for-profit entity? Explain.
The differences between non-profit organizations and for-profit organizations are significant, and therefore there will be many differences in their financial reports as well....

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