Assume That, as a Member of the Student Governing Body

question 32

Essay

Assume that, as a member of the student governing body at your college or university, you have unlimited resources to tackle a challenge that has been posed to you by students, some faculty, and the administration at your school: develop a database that will allow students to identify the quality of instructors before signing up for their courses. Using this challenge as a running example, differentiate between raw data and information. Then identify and discuss the characteristics and costs of useful information as they apply to this challenge.

Calculate total assets, liabilities, and owner's equity using the accounting equation.

Determine the effects of buying and selling assets on a company's financial position.

Assess the profitability of a company through the analysis of income, expenses, and net income.

Prepare basic financial statements, including income statements, balance sheets, and statements of owner's equity.

---

Definitions:

Behavior

Actions, reactions, or conduct of an individual or group in response to external or internal stimuli.

Business

The practice of making one's living by engaging in commerce, trade, and services.

Attribution Errors

Mistakes made in attributing causes for one's own and others' behaviors, often leading to inaccurate judgments or assumptions.

Economic Recession

A period of temporary economic decline during which trade and industrial activities are reduced, generally identified by a fall in GDP in two successive quarters.