respond 4

Question 1

A complete set of financial statements includes an accompanying set of notes. Why is this required? Once you enter the accounting industry, how will you handle this segment of the reporting cycle? From the information that you have been given regarding Smith Manufacturing, are there any notes that you could prepare? Explain.

Respond to this… These accompanying notes are typically referred to as footnotes to the financial statement. These notes cover a lot of topics and details to information provided in the financial statements. Often times you will have debt or credit accounts that need further explanation not only about the account it self say employee health care for example but also how it is accounted for as if it where to be accounted for with a different method then other accounts of it’s nature. There are many things with in financial statements that often just need clarification and footnotes are the way this is done.  Footnotes also help maintain transparency with investors and the IRS. There are a few different accounts and adjustment entries so far with Smith Manufacturing that should probably be noted. Such entries would be Inventory, Prepaid insurance, depreciation, etc.  The reasons are to explain the accounting methods used to reach the figures given and the prepaid insurance account needs explanation as to what type of insurance and such. Out in the accounting world once I am working I will be consistently using footnotes to accompany my financial statements and keep open transparency (Investopedia, n.d.).

 

Reference:

http://www.investopedia.com/terms/f/footnote.asp

Question 2

Taking each of the theories studied in this week's module, please discuss the following:

· The role that each of the theories have played in technology

· Include the perspective of both theories, whether it's positive or negative.

· Remember that your discussion needs to be long enough to address the topic completely.

Respond to this… Symbolic interaction is a theory that focuses on the relationships between individuals within a society. This allows people to exchange meaning through language and symbols in order to make sense of our social worlds (Crossman, 2017). Technology itself may act as a symbol for many. The kind of computer we own, the type of car we drive, your ability to afford the latest Apple product—these serve as a social indicator of wealth and status. Meanwhile, media create and spread symbols that become the basis for our shared understanding of society. Theorists working in the interactionist perspective focus on this social construction of reality, an ongoing process in which people subjectively create and understand reality (Crossman, 2017). Media constructs our reality in a number of ways. For some, the people they watch on a screen can become a primary group, meaning the small informal groups of people who are closest to them. For many others, media becomes a reference group: a group that influences an individual and to which an individual compares himself or herself, and by which we judge our successes and failures. We might do very well without the latest smartphone, until we see characters using it on our favorite television show or our classmates whipping it out between classes. 

The conflict perspective focuses on the creation and reproduction of inequality—social processes that tend to disrupt society rather than contribute to its smooth operation. When we take a conflict perspective, one major focus is the differential access to media and technology within our digital access (Crossman, 2017). Conflict theorists also look at who controls the media, and how media promotes the norms of upper-middle-class white people in the United States while minimizing the presence of the working class, especially people of color. This serves to highlight the inequalities between certain groups within society – leading to a rise in social class conflicts. A perfect example of this may be in our justice system where we often find that those with a higher social class are able to obtain a different type of treatment as opposed to those who form part of a lower social class and ethnic minority. It is not right, and unfortunately, we must stand together to close this divide.

 Reference

Crossman, A. (2017). Learn about symbolic interactionism. Retrieved from

              https://www.thoughtco.com/symbolic-interaction-theory-3026633