How would you explain the appropriate accounting treatment to a colleague,boss,or business partner who has a basic understanding of accounting?

Mini Case 1 (50 Points) BUS1 121A Intermediate Accounting 

Answer the following questions.Type using a word processing program and bring a printed copy to class. Write as much or as little as you feel necessary to answer each question to the best of your ability. You may use all available resources to complete this case e.g., lecture slides, notes, your book, and the Accounting Standards Codification. Collaboration with others in your group is allowed to the extent that it is helpful. How you work together is up to you however,encourage everyone in the group to take at least some part for every question.Turn in only one finished assignment for each group.

Provide a header that includes all members of your group name and student ID. Use appropriate citations where relevant and according to your professional judgment. For questions requiring use of the codification, please use the following style:

I) Cite the ASC down to the Paragraph. For example, (ASC 330-10-05-01)

2) Copy-paste the paragraph you cite from the codification into the word document.

3) Interpret the codification paragraph into ‘plain English’ as best you can. In other words, how would you explain the appropriate accounting treatment to a colleague,boss,or business partner who has a basic understanding of accounting? You may (and KiV encourager] to) use riebits crerlits t=accounts to illustrate the accounting if appropriate.

Question 1 (Theory 15 points): Technology has had a huge impact on all aspects of our lives and accounting profession is no exemption. One of the biggest technological changes in our time is blockchain. Many people believe that blockchain may be the most important invention since the Internet. Briefly discuss what blockchain is and holi, do you think it will affect accounting profession? How will this technology affect your career prospects, as an accountant-to-be?

Question 2 (Conceptual Framework 15 points): How would you improve the qualitative characteristics and/or the enhancing characteristics of high-quality accounting information? Do not simply repeat what they are, provide a suggestion as to how this part of the qualitative characteristics could be improved.