Answer the following questions. Please 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, I encourage everyone in the group to take at least some part for every question. Please turn in only one finished assignment for each group. Use appropriate citations where relevant and according to your professional judgment. For questions requiring use of the codification, please use the following style: 1) 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 are encouraged to) use debits and credits or t-accounts to illustrate the accounting if appropriate.

You are on a plane traveling to visit family (pre-Covid 19) and you scroll through some news headlines on your tablet. You end up reading an editorial that discusses the changing nature of the economy. Specifically, the writer speculates that new technology will make the accounting profession outdated, since computers will automatically track and compile all financial data and make it easy for anyone with an online connection to access any data about a companys operations that they wish. How will this affect your career prospects, as an accountant-to-be?