ACCT 2101
Writing Assignment 1
Purpose, Background, and General Criteria:
This semester we have one writing assignment that covers conceptual material and is designed to
help build your understanding of the material through focused critical thinking. This assignment should
be completed without direct assistance from a third party and will be validated through “Turn It In”
during the grading process. The intent of the assignment is to increase the authentic conceptual
learning of each student. You may use your book or internet research as a resource, but you should
construct your answer individually with your own words and thoughts.
Content, concept application, and writing quality will impact your grade. There is no required minimum
or maximum response length. Please use complete sentences and proper punctuation.
Please submit your writing assignments via the appropriate Assignments Folder in D2L.
Writing Assignment:
Now that we have completed chapters 1 and 4 and you have been exposed to all four financial
statements (Income Statement, Statement of Retained Earnings, Balance Sheet, and Statement of
Cash Flows,) the account types (Revenues, Expenses, Assets, Liabilities, and Equity,) and ideas
about internal controls and ethics as they relate to accounting. It is time to purposefully consider how
these topics relate to each other. Additionally, it is important for business students to develop an
ethical decision-making model and a sense of good ethical behavior. This assignment is intended to
help work on both those objectives.
Part 1 – Financial Statements and Internal Control
Describe why you think it is important for external stakeholders to be able to have access to a
company’s financial statements. Consider who “external stakeholders” may be and provide some
examples.
Why is an adequate environment and system of internal control important for an organization in order
to produce reliable financial statements? Find an example of an organization that does not have
strong internal control. (You can search to find examples or use personal experience, or both.)
Describe what you think contributes to the organization’s internal control weaknesses. Include your
thoughts about the importance of every employee’s contribution to the control environment.
Part 2 – Ethics and Fraud
Briefly describe what ethics are and why you think high ethical standards are an attribute that
Kennesaw State University expects of its students. In addition, briefly describe how you think ethical
standards apply to the business environment. Include in your answer a description of the fraud
triangle and how you think the fraud triangle is related to both internal control and ethics. Include your
thoughts about the importance of your role in the university’s control environment.
Part 3 – Ethics and Cheating
How do you think “cheating” or acts of academic dishonesty that occur in your academic environment
impact the value of your education and the value of your college degree? Do you think that a student
who commits acts of academic dishonesty can be a trustworthy business partner in the future?