Competencies Developed in Researching and Writing the Comprehensive Project due in Unit 5
In the course of researching and writing the Comprehensive Project I developed various competencies. Other than leadership, the major competency I developed is in the marketing aspect which is critical to the success of a company. Also, during the research and writing of the project, I was able to develop competencies in the identification of new markets and the development of effective marketing strategies which have placed me in a better position in introducing and marketing new products (Boritz & Carnaghan, 2017)
How I leverage Feedback from My Peers in the Discussion Board for Units 1- 4 in completing the Project
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Through the feedbacks I received from units 1- 4 discussion board, I was able to better my understanding on start- up business. Through the discussion, I was able to comprehend the correct structure I will use if I want my movie shop to be successful.
How the Competencies and Knowledge will Support my Career Advancement in Financial Management
The knowledge and competencies developed will enable me to advance as a leader in marketing, this is critical in my career in financial management. Further, the competencies and knowledge will be supportive in my career advancement as it will enable me to remain relevant in the market.
References
Boritz, J. E., & Carnaghan, C. (2017). Competence-based Education and Assessment in the Accounting Profession in Canada and the USA. In Competence-based Vocational and Professional Education (pp. 273-296). Springer International Publishing.
Question 2
The REA Model
The REA model is a theoretical modeling tool designed exclusively to provide a framework designing the for the AIS data.
Benefits of the REA Model
The REA model is used as a tool for designing the accounting information system that organization use to serve the needs of their customers. Also, REA gets rid of accounting objectives that are not beneficial to the company (Seow & Pan, 2017)
Challenges of REA model
Implementing the REA model is highly complex and infrequent task. In addition, the use of the REA model usually leads to data conflict and redundancy (Seow & Pan, 2016)
References
SEOW, P. S., & Pan, G. (2017). Using an Online Tutorial to Teach REA Data Modeling in Accounting Information Systems Courses. AIS Educator Journal , 12 (1), 1-19.
Seow, P. S., & Pan, G. (2016). Using an Online Learning Object to Teach REA Data Modeling in Accounting Information Systems Courses.
Question 3
The XBRL
This is a freely accessible XML-based design that uses conventional financial reporting standards and practices to swap financial statements across all software, as well as the Internet (Dong, Lin & Ni, 2016)
How XBRL Facilitate the Exchange of Financial Information
XBRL facilitates a faster and easier exchange of financial data all over the world through software applications. It digitizes the accounting principles and consequently facilitates the formation of broad accounting information systems (Abdolmohammadi, Hsieh & Wang, 2016). Therefore, the use XBRL design initiates flexibility with reference to the companies’ reporting.
References
Dong, Y., Li, O. Z., Lin, Y., & Ni, C. (2016). Does Information-Processing Cost Affect Firm-Specific Information Acquisition? Evidence from XBRL Adoption. Journal of Financial and Quantitative Analysis , 51 (02), 435-462.
Abdolmohammadi, M. J., Hsieh, T. S., & Wang, Z. (2016). Does the XBRL Disclosure Management Solution Influence Earnings Release Efficiency and Earnings Management?
