ACCT 550 Week 1 homework

Good Essays
Course Project Title: Balance Sheet and Single-Step Income Statement
Objective
To prepare a comprehensive balance sheet and Single-Step Income Statement presented in good form and derived from a list of various accounts. The amounts relative to each account will be given and the student will learn to determine whether an account is a balance sheet account or a temporary account that belongs to the income statement. The accounts will be comprised of all the various subgroupings in the balance sheet (Current Assets, Investment, Fixed Assets, Intangibles and Other Assets. As well as Current Liabilities, Long-term Liabilities and the Equity sections).Guidelines
Obtain the list of accounts under the title of Course Project in Doc Sharing
Determine which accounts belong to the Balance Sheet and which accounts belong to the Income Statement
Determine to which sub-group each account belongs
Arrange the accounts in proper order and functionality
Prepare a Comprehensive Balance Sheet in good form
Prepare a Single-step Income Statement in good form
Put the course project in the dropbox for the project in week 8
Grading Rubrics
Category
Points
%
Description
Making proper selection of accounts relative to the balance sheet or the income statement 20 20 From the provided listing of accounts determine which accounts are Balance Sheet accounts and which accounts are Income Statement accounts.
Putting the accounts into the proper subgroup according to functionality
10
10
Each account belongs to a particular subgroup. The student is to determine which subgroup the account belongs. This should be done according to functionality.
Prepare the balance sheet in good form 35 35 Proper form is important in the preparation of the balance sheet. Examples can be found in the text.
Prepare the income statement in good form
25
25 Proper form is important in the preparation of the income statement. Examples can be found in the text
Ensuring

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