LP1 Assignment: Financial Statements

This assignment will assess Competency 1. Explore key concepts that relate to generally accepted accounting practices.

Directions: In Part I of the Assignment Document LP1 Accounting Assignment, identify next to each item which statement the item would appear. The items listed could appear on the income statement (I), balance sheet (B), or statement of cash flows (CF). Then, for each group, explain the difference between the items in the set.

In Part II of the Assignment Document, you will discuss the relationship between the financial statements.
Submit this assignment to your instructor via the dropbox "LP1 Assignment: Financial Statements." This assignment will be graded according to the scoring guide below.

Rating Scale
10-9. Work meets or exceeds criterion at a high level of competence.
8. Work reflects an understanding of criterion with minor misunderstandings/misconceptions.
7. Criterion partially met, but one or more important concepts/skills are missing or flawed.
6. Work reflects an attempt to meet criterion, but significant misunderstandings/misconceptions are apparent.

5-0. Criterion not met or work is absent.

Criteria

1. Part I: The correct financial statement in which the line item would appear has been identified, e.g. (I), (B) or (CF).
2. Part I: The difference between the items in each set is correctly identified.

3. Part II: The relationship between the financial statements is discussed.