Preview

ACCT 550 Week 1 homework

Good Essays
Open Document
Open Document
473 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
ACCT 550 Week 1 homework
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

You May Also Find These Documents Helpful

  • Better Essays

    The company’s prepared financial statement is a comprehensive overview of the business’ journal entries; it includes the information from the cash flow statement, income statement, and balance sheet. Each month entries are made of financial activity; the journal entries are collected to prepare the balance sheet. The balance sheet is an important document, which aids in the company financial accounting. The balance sheet contains all the company’s assets and liabilities; the assets are listed on one side and the liabilities on the other. Cash, inventory, investments, and accounts receivable make up current assets; receivables are account debts, which are owed to the company. When added to the current assets, property, including land and equipment, and intangible assets make up total assets. (Total asset amounts include depreciation all property or equipment.) Liabilities divide into the same manner. All accounts payable including taxes, accounts, and wages are current liabilities; long term…

    • 1080 Words
    • 5 Pages
    Better Essays
  • Good Essays

    Ormiston, A., & Fraser, L. M. (2013). The Balance Sheet. In Understanding financial statements (10th ed., pp. 56-59). New York, NY: Pearson Education.…

    • 576 Words
    • 3 Pages
    Good Essays
  • Satisfactory Essays

    The objective of this project is to enable student to record transactions into the accounting cycle.…

    • 685 Words
    • 3 Pages
    Satisfactory Essays
  • Satisfactory Essays

    Chapter 1 Accounting Tb

    • 9134 Words
    • 37 Pages

    The balance sheet, income statement, and statement of cash flows are used for financial accounting and also for management accounting.…

    • 9134 Words
    • 37 Pages
    Satisfactory Essays
  • Satisfactory Essays

    balance sheets and cash flows presented on an annual and quarterly basis. The report outlines the…

    • 1557 Words
    • 10 Pages
    Satisfactory Essays
  • Good Essays

    Tyson Food Inc.

    • 3379 Words
    • 14 Pages

    The first module on the textbook describes the four financial statements. According to Easton et al. (2010), financial statements are the: balance sheet, income statement, statement of stockholder’s equity, and statement of cash flows. A balance sheet indicates the company’s financial status at a point in time. Balance sheet reports the company’s resources as called asset and the sources of asset financing as called owner financing and nonowner financing. Owner financing means owners hold the claim of the company and is referred as the equity; nonowner financing is referred as liabilities. Accounting equation is always described as asset is equal to the sum of liabilities and equity. According to the consolidated balance sheet reported on October 2, 2010 on Form 10-K, the assets was reported as $10,752 million and total liabilities and shareholder’s equity were reported as $10,752 million ($5,551 million as liabilities and $5,201 million as shareholder’s equity, respectively). An income statement shows a company’s accomplishment over a period of time by the revenues and…

    • 3379 Words
    • 14 Pages
    Good Essays
  • Powerful Essays

    items of the balance sheet and profit and loss account. The first task is to…

    • 792 Words
    • 4 Pages
    Powerful Essays
  • Powerful Essays

    Tiqbal Final Project Online

    • 10601 Words
    • 43 Pages

    This sheet must be attached to any submission of Accounting & Finance field module coursework made to the Student Assessment Office. No assignment will be accepted without it.…

    • 10601 Words
    • 43 Pages
    Powerful Essays
  • Powerful Essays

    Prepare at least three important financial statements (i.e. balance sheet, profit and loss account, cash flow statement) for at least one type of businesses (i.e. limited company, partnership, sole trader) under the International Accounting Standards (IAS)…

    • 2276 Words
    • 13 Pages
    Powerful Essays
  • Satisfactory Essays

    Pension planning

    • 208 Words
    • 2 Pages

    This sheet must be attached to any submission of Accounting & Finance field module coursework made to the Student Assessment Office. No assignment will be accepted without it.…

    • 208 Words
    • 2 Pages
    Satisfactory Essays
  • Powerful Essays

    References: • • • • • • • • • • • • • • http://en.wikipedia.org/wiki/Financial_statements http://en.wikipedia.org/wiki/Balance_sheet http://en.wikipedia.org/wiki/Asset http://en.wikipedia.org/wiki/Liability_%28financial_accounting%29 http://en.wikipedia.org/wiki/Secured_loan http://en.wikipedia.org/wiki/Financial_statement http://en.wikipedia.org/wiki/Unsecured_loan http://en.wikipedia.org/wiki/Income_statement http://en.wikipedia.org/wiki/Cash_flow_statement www.jpec.org/handouts/jpec71.pdf http://en.wikipedia.org/wiki/Statement_of_retained_earnings http://en.wikipedia.org/wiki/Retention_ratio http://economictimes.indiatimes.com/bsheet.cms http://economictimes.indiatimes.com/profitloss.cms…

    • 21095 Words
    • 85 Pages
    Powerful Essays
  • Good Essays

    (i) Balance sheet is a statement showing the financial position of the concern on a particular date. The asset side portrays the development of resources in various type of properties an liabilities side indicates the manner in which these resources are obtained. It shows all assets and liabilities whether current or fixed, tangible or intangible etc., while Funds Flow Statement shows the changes in current assets an current liabilities during a particular period of time.…

    • 1236 Words
    • 5 Pages
    Good Essays
  • Powerful Essays

    Financial Aspect

    • 1970 Words
    • 8 Pages

    It also shows the preparation of Balance Sheet, Income Statement and Cash flows, Payback Period.…

    • 1970 Words
    • 8 Pages
    Powerful Essays
  • Good Essays

    Fund Flow Analysis

    • 771 Words
    • 4 Pages

    Every business concern, at the end of its financial period, prepares Income Statements and Balance Sheet. Income Statements show the net result, Net Profit, of the business operations and contains various expenses incurred and losses and revenue earned during that period. Balance Sheet gives a summary of assets and liabilities as on a particular date and shows the financial position of the business. The liabilities side of a balance sheet shows the sources from where funds are raised and the assets side shows how the funds raised are utilized. But it does not show the causes or reasons for changes in assets and liabilities, flow of funds, between two balance sheet dates. Therefore, a statement is prepared in addition to the Income Statements and Balance Sheet, to show changes in assets and liabilities between two balance sheet dates, which is known as Fund Flow Statement. It is a statement, also known as Statement of Changes in Financial Position, designed to analyse the changes in financial condition of a concern between to specified dates.…

    • 771 Words
    • 4 Pages
    Good Essays
  • Satisfactory Essays

    Income statement: In the case of sole proprietary and partnership concerns there are no prescribed forms of the income statement and balance sheet. Their preparation is also desirable but not compulsory. However, they are generally prepared. In the case of trading concern, a trading account and in the case of a manufacturing concern, a manufacturing account and a trading account can also be prepared. In such a case, the account heading is mentioned as follows: Manufacturing/trading and profit and loss account.…

    • 462 Words
    • 2 Pages
    Satisfactory Essays