Media Summary

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Media Summary II

Daniel Andreas

ACC/300

14 March 2016
September Foster

Media Summary II

In the week three materials for Accounting 300, one video was assigned for viewing by the students. Below is a summary of the videos.
Balancing the Books: Understanding Financial Reporting The “Balancing the Books” video is a short introduction to the accounting process of financial reporting. In this video a spinoff of who wants to be a millionaire is created in which the contestant is to answer accounting related questions. The video makes use of this trendy television show to keep interest, all while cutting to office scenarios the contestant experienced during his on the job training in order to “recall” the correct answers for the game show. This video emphasizes the four key components of the accounting process. According to the video, these four components are the balance sheet, calculating profits and loss, cash control, and assessing financial performance. The video also covers some topics such as accounting software and different types of businesses. Another topic covered is assessing financial performance through financial ratios using data from financial reports. The three main areas to analyze are profitability, efficiency, and liquidity. Profitability ratios covered were return on assets, return on owners’ investment ratio, the net profit margin ratio, and the gross profit margin. Efficiency was covered by discussing the inventory turnover ratio, and the debtors’ turnover ratio. Measures of liquidity were covered via the working capital ratio, the quick assets ratio, the cash flow ratio, and the interest covered ratio.
References
University of Phoenix. (2002). Balancing the Books: Understanding Financial Reporting. Retrieved from University of Phoenix, ACC/300 Principles of Accounting…...

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