Acc/ 5561 Week 1

In: Other Topics

Submitted By marquisb24
Words 703
Pages 3
Week 1 Assignment

ACC/561-Accounting
October 5, 2011
Dr. Terry Chen

When it comes to documenting financial statements, it is vital that they are clear, based on specific data, and can be used for the decision making process to be effective. In this case, there are four financial statements that will be reviewed; the balance sheet, the statement of cash flows, the income statement, and the retained earnings. These four all prove to be important in different aspects of business as it relates to “the numbers” game. The questions that are to be addressed in this paper is which of these statements will appeal to the likes of creditors, interested investors, and management.

Income Statement

The income statement takes into account the expenses and revenue. The income statement is also known as the profit loss statement is exactly what it says. The records from these numbers can be linked to how successful a company has been. The use of the income statement is to reveal to investors and management the monetary gains and losses in a certain window of time. This proves the saying that “Time Is Money” to be somewhat of the essence. When expense comes into play, the focus is profit. According to "Investopedia" (2011) “A company’s expense is the costs “economically” that it assumes through the process of trying to gain revenue.” The key is to minimize or reduce expenses without relying on revenues which in turn will yield positive profits. This would be a good focal point that would peak the interest of investors because their main goal is to make smart investments that will yield a positive profit. Creditors could look the income statement to see if it would benefit them to lend to the company. Managers would benefit from the income statement because it would allow them to see where they stand as far as making changes in order to increase profits. They can…...

Similar Documents

Week 1 - Dq 1 Acc

...Week 1 – Discussion Question 1: ACC   How would you describe the entries to record the disposition of accounts receivables? What is their function? How are bad debts accounted for under the direct write-off method? What are the disadvantages of this method? Companies dispose of accounts receivable for two main reasons. This may be their only reasonable source of cash, usually because they are unable to use typical borrowing methods. Also, billing and collection is costly and time-consuming, things many companies cannot afford. One of the most common ways for a company to dispose of their accounts receivable is by the method is a sale to a factor. To better explain, a factor is a finance company or back that can buy receivables from a business and then go directly to the customers and collect the payments. The factor in these cases charge fees for providing the service but the service itself can be extremely helpful to a smaller business that cannot afford the time-consuming process. As for the books, cash and fees are counted as a debit; the total of receivables purchased is recorded as a credit. This can help to eventually even out the books or accounts once debts are paid. There are two main methods for bad debts the first is the direct write-off method. It is not accepted for financial recording under the GAAP. This is mainly because the actual losses from the uncollected debts are recorded in a different period than when it occurred. This can affect financial......

Words: 311 - Pages: 2

Acc 202 Week 1 Acc202 Week 1

...ACC 202 Complete Course ACC202 Complete Course Click Link for The Answer: http://workbank247.com/q/acc-202-complete-course-acc202-complete-course/13397 http://workbank247.com/q/acc-202-complete-course-acc202-complete-course/13397 ACC 202 WEEK 1 ASSIGNMENT WEEK ONE EXERCISES General Questions - General General Questions  Week One Exercises. Complete the following exercises from Chapter 10 & 11 and submit them to the instructor by the end of Day 3. This assignment will be graded as a completion only. The instructor will post the answers to these exercises by the end of Day 5 for you to check your accuracy and comprehension of the subject matter. Exercises: 10-1, 10-3, 10-6, 11-1, 11-6, 11-15.  ACC 202 WEEK 1 ASSIGNMENT WEEK ONE PROBLEMS General Questions - General General Questions  Week One Problems. Complete the following problems from Chapter 10 & 11 and submit to the instructor by Day 7. These problems will be graded for accuracy. Problems: 10-20, 11-21, 11-25 (Part 1), 11-28.  ACC 202 WEEK 2 ASSIGNMENT ARTICLE SUMMARY General Questions - General General Questions Article Summary. Access and read the ProQuest article: Van der Merwe, A., & Thomson, J (2007, February). The Lowdown on Lean Accounting. Strategic Finance, 88(8), 26-33. Write a 1 to 2 page summary of the article and submit to the instructor by the end of Day 7.  ACC 202 WEEK 2 ASSIGNMENT WEEK TWO EXERCISES General Questions - General General Questions  Week Two Exercises.......

Words: 944 - Pages: 4

Acc 220 Week 1 Acc220 Week 1

...ACC 220 Complete Course ACC220 Complete Course Click Link for The Answer: http://workbank247.com/q/acc-220-complete-course-acc220-complete-course/13438 http://workbank247.com/q/acc-220-complete-course-acc220-complete-course/13438 ACC 220 WEEK 1 CHECKPOINT CAREER OPPORTUNITIES CheckPoint: Career Opportunities  Visit the U.S. Department of Labor, Bureau of Labor Statistics athttp://www.bls.gov/oco/ocos001.htm for an overview of the accounting field. Visit www.careers-in-accounting.com for additional details such as salary expectations and general job expectations. Locate three job postings within your state for positions in the field of accounting. Write a 200- to 300-word summary of the educational requirements for each position, the starting salary (if listed), and a brief description of the responsibilities of the position. ACC 220 WEEK 1 DQ 1 & DQ 2 Discussion Questions Based on what you know about accounting, what role do you see it playing in business operations? How dependent do you think a business is on its accounting department? Explain why.  Why are ethics so important in the field of accounting? ACC 220 WEEK 2 ASSIGNMENT FINANCIAL STATEMENTS Assignment: Financial Statements  Write a 350- to 700-word paper describing a balance sheet, an income statement, a retained earnings statement, and a statement of cash flows. How does a company use these financial statements to make future business decisions? Use and define the following terms in......

Words: 1613 - Pages: 7

Acc 230 Week 1 Acc230 Week 1

...ACC 230 Complete Course ACC230 Complete Course Click Link for The Answer: http://workbank247.com/q/acc-230-complete-course-acc230-complete-course/13459 http://workbank247.com/q/acc-230-complete-course-acc230-complete-course/13459 ACC 230 WEEK 1 DQ 1 AND DQ 2 Discussion Questions Go to the U.S. Securities and Exchange Commission’s Web site at http://www.sec.gov and the Financial Accounting Standards Board’s Web site at http://www.fasb.org. Identify the mission and main activities of each organization. Then, analyze the similarities and differences between the roles of each entity. Which entity has more influence over financial statement reporting? Explain your answer.  Search the Internet or the Online Library for information about the Sarbanes-Oxley Act. A useful guide to some of these provisions is located athttp://www.soxlaw.com. Summarize at least two provisions of the law, and discuss your interpretation of these provisions with your classmates. Do you think this law will make financial statements more reliable? Also, discuss how Sarbanes-Oxley establishes boundaries to ensure ethical practices. What does the law allow or prohibit, and why? ACC 230 WEEK 1 CHECKPOINT FINANCIAL STATEMENTS CheckPoint: Assessing Financial Statements  Resource: Ch. 2 of Understanding Financial Statements, and Ch. 1 PowerPoint® (pp. 1-10, 1-11, and 1-13)  Search the Internet for the financial statements of your favorite company or your employer. You may either locate the......

Words: 1789 - Pages: 8

Acc 250 Week 1 Acc250 Week 1

...ACC 250 Complete Course ACC250 Complete Course Click Link for The Answer: http://workbank247.com/q/acc-250-complete-course-acc250-complete-course/13467 http://workbank247.com/q/acc-250-complete-course-acc250-complete-course/13467 ACC 250 WEEK 1 CHECKPOINT CHOOSING ACCOUNTING SOFTWARE CheckPoint: Choosing Accounting Software  Resource: “A Strategy for Finding the Right Accounting Software,” located athttp://www.aicpa.org/pubs/jofa/sep2003/johnston.htm. Write a 200- to 300-word response to the above article.   Identify the different types of accounting software. Provide the names of different software programs for each type of software. Determine which companies might use each type of software ACC 250 WEEK 1 ASSIGNMENT ACCOUNTING SOFTWARE MEMO Assignment: Accounting Software Memo  Read the following memo:  Your department’s accounting software is extremely outdated and you have included the purchase of new software in this year’s fiscal budget. You have decided it is time to start looking into purchasing your company’s accounting software and have chosen someone in your department to undertake the task. You want to draft a memo for your employee to help guide her in the purchasing process.  Prepare a 350-word memo discussing the factors to consider when choosing accounting software. Analyze why each factor is important and the risks of not considering each factor. Post your paper as an attachment. ACC 250 WEEK 2 DQ 1 AND DQ 2 Discussion Questions You......

Words: 1084 - Pages: 5

Acc 281 Week 1 Acc281 Week 1

...ACC 281 Complete Course ACC281 Complete Course Click Link for The Answer: http://workbank247.com/q/acc-281-complete-course-acc281-complete-course/13482 http://workbank247.com/q/acc-281-complete-course-acc281-complete-course/13482 ACC 281 WEEK 1 DQ 1 BASIC ACCOUNTING EQUATION Basic Accounting Equation. What are the implications of the basic accounting equation? You must respond to at least two of your classmates’ postings to receive full credit  ACC 281 WEEK 1 DQ 2 WHY IS ACCOUNTING NEEDED Why is Accounting Needed? How would healthcare companies operate without accounting? Why do we need financial and managerial accounting and what are the fundamental differences between the two? You must respond to at least two of your classmates’ postings to receive full credit  ACC 281 WEEK 1 DQ 3 HEALTH CARE SPENDING Health Care Spending. Review the information provided at the following website: http://www.govspot.com/features/healthcare.htm. Discuss the major financial challenges of Health Care reform. You must respond to at least two of your classmates’ postings to receive full credit  ACC 281 WEEK 2 DQ DEBIT CREDIT Debit/Credit. Read and respond to question #31 from page 156. You must respond to at least two of your classmates’ postings to receive full credit.  ACC 281 WEEK 2 UNDERSTANDING REAL WORLD FINANCIAL REPORTS Understanding Real World Financial Reports. In a 1-2 page paper, respond to question ATC 4-1 on page 166. ACC 281 WEEK 3 DQ 1 ENRON Enron.......

Words: 828 - Pages: 4

Acc 305 Week 1 Acc305 Week 1

...ACC 305 Complete Course ACC305 Complete Course Click Link for the Answer: http://workbank247.com/q/acc-305-complete-course-acc305-complete-course/13489 http://workbank247.com/q/acc-305-complete-course-acc305-complete-course/13489 ACC 305 WEEK 1 DQ 1 FASB AND ETHICS (ASH TUTORIAL) Research Case 1-3 (page 45) The purpose of this case is to introduce you to the information available on the website of the Financial Accounting Standards Board (FASB). Required: Access the FASB home page on the Internet. The web address is www.fasb.org. Answer the following questions.  1. Describe the mission of the FASB.  2. Who are the current Board members? Briefly describe their backgrounds. 3.  How are topics added to the FASB’s technical agenda? ACC 305 WEEK 1 ASSIGNMENTS E 3-18, E 3-20, J CASE 3-5 (ASH TUTORIAL) ACC 305 Week 1 Assignments E 3-18, E 3-20, J Case 3-5 ACC 305 WEEK 1 DQ 2 CASH VERSUS ACCRUAL & FINANCIAL DISCLOSURES (ASH......

Words: 2154 - Pages: 9

Acc 310 Week 1 Acc310 Week 1

...ACC 310 Complete Course ACC310 Complete Course Click Link for The Answer: http://workbank247.com/q/acc-310-complete-course-acc310-complete-course/13492 http://workbank247.com/q/acc-310-complete-course-acc310-complete-course/13492 ACC 310 WEEK 1 DQ 1 INFORMATION FOR DECISION MAKING AND COST CONCEPTS AND BEHAVIOR (ASH COURSE) ACC 310 Week 1 DQ 1 Information for Decision Making and Cost Concepts and Behavior Complete Exercise 1-18 and 2-19. Remember to complete all parts of the problems and report the results of your analysis. Do not forget to show the necessary steps and explain how your attained that outcome. Respond to at least two of your classmates' postings ACC 310 WEEK 1 DQ 2 FUNDAMENTALS OF COST-VOLUME-PROFIT ANALYSIS (ASH COURSE) ACC 310 Week 1 DQ 2 Fundamentals of Cost-Volume-Profit Analysis Complete Question 3-16 and Exercise 3-33. Respond to at least two of your classmates' postings. ACC 310 WEEK 1 ASSIGNMENT CVP ANALYSIS AND PRICE CHANGES (ASH COURSE) CVP Analysis and Price Changes Complete Problem 3-36 and submit to instructor. Carefully review the Grading Rubric for the criteria that will be used to evaluate your assignment. ACC 310 WEEK 2 DQ 1 FUNDAMENTALS OF COST ACCOUNTING FOR DECISION MAKING (ASH COURSE) ACC 310 Week 2 DQ 1 Fundamentals of Cost Accounting for Decision Making Complete Question 4-23 and 4-24. Remember to complete all parts of the problems and report the results of your analysis. Do not forget to show the necessary......

Words: 1087 - Pages: 5

Acc 340 Week 1 Acc340 Week 1

...ACC 340 Complete Course ACC340 Complete Course Click Link for The Answer: http://workbank247.com/q/acc-340-complete-course-acc340-complete-course/13494 http://workbank247.com/q/acc-340-complete-course-acc340-complete-course/13494 ACC 340 WEEK 1 DISCUSSION QUESTION 1 Why do some organizations continue to use both manual and computerized accounting information systems? ACC 340 WEEK 1 INDIVIDUAL ASSIGNMENT THE EFFECTS OF TECHNOLOGY ON THE ACCOUNTING PROFESSION PAPER Individual Assignment: The Effects of Technology on the Accounting Profession Paper  Write a 700- to 1,050-word paper describing how information systems are changing the various aspects of the accounting profession.   Include a description of a variety of new technologies and their effects on accounting processes. Discuss how these technologies have changed the way accounting is performed at your organization or at an organization of your choosing.  Cite at least two sources in your paper. Format your paper consistent with APA guidelines ACC 340 WEEK 2 DISCUSSION QUESTION 1 What are some of the hardware components of your PC at work? How are they different from the components of your PC at home? ACC 340 WEEK 2 DISCUSSION QUESTION 2 What are the benefits and limitations of the network being used at your organization? ACC 340 WEEK 2 INDIVIDUAL ASSIGNMENT ASSIGNMENTS FROM THE READINGS Individual Assignment: Assignments From the Readings  ·         Write a response to the following......

Words: 1978 - Pages: 8

Acc 421 Week 1 Acc421 Week 1

...ACC 421 Complete Course ACC421 Complete Course Click Link for the Answer: http://workbank247.com/q/acc-421-complete-course-acc421-complete-course/13510 http://workbank247.com/q/acc-421-complete-course-acc421-complete-course/13510 ACC 421 WEEK 1 DISCUSSION QUESTION 1 What are the major objectives of financial reporting? ACC 421 WEEK 1 DISCUSSION QUESTION 2 What is the purpose of GAAP and the accounting cycle? ACC 421 WEEK 1 DISCUSSION QUESTION 3 What organizations are responsible for governing financial reporting and what are their roles? ACC 421 WEEK 1 ACCOUNTING CYCLE PAPER Prepare a 700- to 1,050-word paper explaining the overall accounting cycle at your organization. Include a description of the people, processes, and systems that are integral to the cycle. ACC 421 WEEK 1 INDIVIDUAL ASSIGNMENT CA1-11 & CA1-12 Resource: Intermediate Accounting Write responses to Concepts for Analysis CA1-11 & CA1-12 in Ch. 1 ofIntermediate Accounting. ACC 421 WEEK 2 DISCUSSION QUESTION 1 What are the different criteria for recognizing revenue? ACC 421 WEEK 2 DISCUSSION QUESTION 2 What are the differences between regular and irregular items on an income statement? ACC 421 WEEK 2 DISCUSSION QUESTION 3 What is included in other comprehensive income? ACC 421 WEEK 2 TEAM ASSIGNMENT P3-5 AND P3-9 SOLUTION Resource: Intermediate Accounting Write responses to Problems P3-5 and P3-9 in Ch.3 of Intermediate Accounting. ACC 421 WEEK 2 INDIVIDUAL......

Words: 2357 - Pages: 10

Acc 422 Week 1 Acc422 Week 1

...ACC 422 Complete Course ACC422 Complete Course Click Link for the Answer: http://workbank247.com/q/acc-422-complete-course-acc422-complete-course/13514 http://workbank247.com/q/acc-422-complete-course-acc422-complete-course/13514 ACC 422 WEEK 1 DQ 1 Week 1 – DQ 1 Consider how an organization must manage cash, receivables, and inventory. Which of the three variables is the most important to manage? Is one more susceptible to fraud and errors than the others? Explain your answer. How would a misstatement in each affect the organization? ACC 422 WEEK 1 DQ 2 Week 1 – DQ 2 What is the perpetual method of tracking inventory? How does it differ from the periodic method of tracking inventory? Why would a company choose one method over the other method? Which is the best method? Why? ACC 422 WEEK 1 DQ 3 Week 1 – DQ 3 What are the different ways to estimate bad debt? How does this affect net income? What does Generally Accepted Accounting Principles (GAAP) require? Why? Should all companies have bad debt? Explain your answer. ACC 422 WEEK 1 SUMMARY Post a 150 words summary what you have learned this week ACC 422 WEEK 1 INDIVIDUAL ASSIGNMENT DISCLOSURE ANALYSIS PAPER Resource: Internet  Select a publicly held company to use as the basis for this assignment. Research your selected company and acquire the company’s most recent financial statements using the Internet  Prepare a 700- to 1,050-word paper analyzing the disclosures contained within the notes...

Words: 1418 - Pages: 6

Acc 423 Week 1 Acc423 Week 1

...ACC 423 Complete Course ACC423 Complete Course Click Link for the Answer: http://workbank247.com/q/acc-423-complete-course-acc423-complete-course/13517 http://workbank247.com/q/acc-423-complete-course-acc423-complete-course/13517 ACC 423 WEEK 1 DISCUSSION QUESTION 1 Why do companies offer stock options?  What is the experience of either your organization or an organization that you are familiar with when it comes to stock option compensation?  Should stock option compensation be included as an expense when calculating an organization’s net income?  Explain why or why not. If so, how should the amount of expense be calculated? ACC 423 WEEK 1 DISCUSSION QUESTION 2 What are the differences between basic and diluted earnings per share?  What are the differences between the numerator and the denominator in the basic and diluted earnings per share calculations?  What actions can an organization take in order to improve their earnings per share?  What is the experience of either your organization or an organization that you are familiar with when it comes to any of these actions?  As an investor, do you evaluate a company as a potential investment using basic or diluted earnings per share? Explain why. ACC 423 WEEK 1 INDIVIDUAL ASSIGNMENT OWNERS EQUITY PAPER Resources: Intermediate Accounting and Electronic Reserve Readings Prepare a 700- to 1,050-word response to the following questions:   ·         Why is it important to keep paid-in capital separate from......

Words: 2142 - Pages: 9

Acc 491 Week 1 Acc491 Week 1

...ACC 491 Complete Course ACC491 Complete Course Click Link for the Answer: http://workbank247.com/q/acc-491-complete-course-acc491-complete-course/13539 http://workbank247.com/q/acc-491-complete-course-acc491-complete-course/13539 ACC 491 WEEK 1 DQ 1 The American Institute of Certified Public Accountants (AICPA) and the Institute of Internal Auditors (IIA) have positioned the auditing professions to become “assurance professions.” What is the difference between assurance services, attestation services, and auditing services? What are the economic issues that drive the increased demand for assurance services? What is one assurance engagement and one attestation engagement other than an audit of financial statements? What are the differences between the two? ACC 491 WEEK 1 DQ 2 The ten Generally Accepted Auditing Standards (GAAS) provide the foundation for all other auditing standards and interpretations. What is the definition of the standard of “due professional care”, and how might a court decide whether an audit firm met the standard?  Why is independence often considered the cornerstone of the auditing profession? Why were independence issues a primary concern of Congress when they developed the Sarbanes-Oxley Act? ACC 491 WEEK 1 INDIVIDUAL ASSIGNMENT GENERALLY ACCEPTED AUDITING STANDARDS PAPER Write a 700- to 1,050-word paper in which you explain the nature and functions of auditing. Relate your explanation to the audit functions in your organization, or......

Words: 1194 - Pages: 5

Acc 460 Week 1

...ACC 460 WEEK 1 A+ Graded Tutorial Available At: http://hwsoloutions.com/?product=week-1-2 Visit Our website: http://hwsoloutions.com/ Product Description ACC 460 Week 1, ACC 460 Week 1 DQ 1; Log into http://www.charitynavigator.org/. Choose a good charity and a bad charity and explain why you feel they should labeled good or bad. ACC 460 week 1 DQ 2; What is fund accounting? How does it compare to proprietary accounting? Why is fund accounting necessary? What are the major fund types? ACC 460 week 1 DQ 3; What are some examples of government and not-for-profit organizations? How do businesses measure success? How do government organizations measure success? ACC 460 week 1 DQ 4; What is the purpose of CAFR? What are the components of CAFR? Why is the Federal Government not subject to GASB 34? How do government-wide financial statements add information not available in fund financial statements? ACC 460 Week 1 DQ 1; Log into http://www.charitynavigator.org/. Choose a good charity and a bad charity and explain why you feel they should labeled good or bad. ACC 460 week 1 DQ 2; What is fund accounting? How does it compare to proprietary accounting? Why is fund accounting necessary? What are the major fund types? ACC 460 week 1 DQ 3; What are some examples of government and not-for-profit organizations? How do businesses measure success? How do government organizations measure success? ACC 460 week 1 DQ 4; What is the purpose of CAFR? What are the......

Words: 287 - Pages: 2

Acc 317 Week 1 Acc317 Week 1

...ACC 317 Complete Course ACC317 Complete Course Click Link for the Answer: http://workbank247.com/q/acc-317-complete-course-acc317-complete-course/21821 http://workbank247.com/q/acc-317-complete-course-acc317-complete-course/21821 ACC 317 Week 1 Discussion "Corporate Tax Resources" Please respond to the following: According to Meyer (2015), clients have business plans and dreams but may have no clue how to structure a company, and they likely don’t know how this important structural decision can affect them down the road.  Please review the article below and the reading for the week and examine at least one (1) advantage and one (1) disadvantage of choosing the corporate structure for income tax purposes. How to help clients pick the best entity for their business.  http://www.journalofaccountancy.com/newsletters/2015/aug/help-clients-pick-best-entity.html#sthash.XkUPB5wb.dpuf ACC 317 Week 1 Homework 1 Homework * Chapter 17: 28, 38, and 45 * Chapter 18: 33 and 44 ACC 317 Week 2 Discussion Executive Compensation” Please respond to the following. In the article in titled Executive Compensation: What's Reasonable?   by Philip Garrett Panitz, the author cautions CPA’s in advising clients on the tax issue of executive compensation. The author suggests that the deductibility of executive compensation is one of the biggest and potentially most dangerous tax issues facing corporations.  Read the article and examine why you think excessive compensation continue to...

Words: 3529 - Pages: 15