Assignment
The assignment requires the use of the Library/Internet research to locate and study written articles on any topics on financial accounting that was covered in the class. The student is required to critique, analyze, and evaluate the articles as they relate to what was learned in class by writing a four to six-page paper (12 font, double spaced, APA format). The objective of this activity is for you to be aware of what is happening in the real world as it relates to financial accounting issues to make the study of accounting more meaningful, and to bridge the gap between theory and practice.
Your paper should be a minimum of 4 typed pages, double spaced, one inch margins, 12 pt Times New Roman font. You should include a minimum of three quality peer reviewed academic sources.
Be sure to follow the APA style to reference your sources of information. Please download the APA Style Guide before you start your paper (especially useful for the format on paragraph and typing the Reference at the end of the project). Please be sure to follow the APA style.
Book name:Financial Accounting for Undergraduates (3rd Edition);Ferres, K.R., Wallace, J.S., & Christensen, T.E. (2014). Cambridge Business Publishers, LLC., ISBN: 978-1-61853-161-2
This class covered
1. Describe and explain the purpose of each of the four financial statements: income statement, statement of retained earnings, balance sheet, and statement of cash flows.
2. Analyze and record common types of transactions (sales, cash receipts, purchases on account, cash disbursements, and the like) and complete all steps in the accounting cycle, including the preparation in good form of the income statement, statement of retained earnings, and balance sheet.
3. Explain the meaning of the accrual basis of accounting, discuss the purpose of adjusting journal entries, and prepare appropriate adjusting journal entries for common types of accruals and deferrals.
4. Apply the principles of internal control for cash.
5. Differentiate between direct write off and allowance method of accounting for bad debts and prepare appropriate adjusting entries required under each method.
6. Compare perpetual and periodic methods of accounting for inventory and describe the effects of using alternative methods of costing inventory - FIFO, LIFO, and weighted average.
7. Determine the cost of plant assets; explain "depreciation" in the context of accounting and apply commonly used depreciation methods, including straight line, declining balance, and output or activity.
8. Differentiate between short-term and long-term liabilities and properly classify various types of liabilities on the balance sheet.
9. Explain the nature of and prepare appropriate journal entries for the issuance of stocks, declaration and payments/issuance of cash dividends/stock dividends, and treasury stock transactions.
10. Analyze and interpret financial statements for decision making utilizing ratios and other techniques to determine the solvency, profitability, and stability of a business enterprise.