ACC 201 FINANCIAL ACCOUNTING FULL COURSE LATEST-TRIDENT

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ACC201

Financial Accounting

ACC 201 Module 1 Discussion Latest-Trident

We have emphasized the income statement and balance sheet in this module. A third financial statement, the statement of cash flow is also important. How is the cash flow statement different and what is its purpose?

Do research on the Internet and show thereference for the information. Don’t forget to respond to a colleague’s postingalso.

Professor’s Note: In addition to searching the Internet for text related to this threaded discussion, please watch the following videos (click on the following link to access these videos) and post your comments.

.youtube.com/watch?v=mr1Mu_z_N4o”>http://www.youtube.com/watch?v=mr1Mu_z_N4o What is cash flow?

.youtube.com/watch?v=38WcNba0Ic0″>http://www.youtube.com/watch?v=38WcNba0Ic0 Cash Flow 1 Statement of Cash Flows Format

Grading Criteria: Try to add information not previously discussed by others. Please, provide factual information (not merely opinions) backed up by details or examples. Your comments should be in your own words and include references

ACC 201 Module 2 Discussion Latest-Trident

The financial statements are the representation of management. How can investors and other third parties trust this information? Discuss the CPA’s role as an external auditor.

Do research on the Internet and show the reference for the information. Don’t forget to respond to a colleague’s posting also.

Professor’s Note: In addition to searching the Internet for text related to this threaded discussion, please watch the following videos (click on the following link to access these videos) and post your comments.

.youtube.com/watch?v=uz-TSaCL3LQ”>http://www.youtube.com/watch?v=uz-TSaCL3LQ Business Accounting: How to perform an External Audit-Accounting Supplemental-Program Steam

.youtube.com/watch?v=3rVmbGfhaps”>http://www.youtube.com/watch?v=3rVmbGfhaps Basic Accounting: What Are Generally Accepted Auditing Standards?

Grading Criteria: Try to add information not previously discussed by others. Please, provide factual information (not merely opinions) backed up by details or examples. Your comments should be in your own words and include references.

ACC 201 Module 3 Discussion Latest-Trident

CPA is involved in many aspects of accounting and business. Let’s discuss some other tasks, other than external auditing, that the CPA performs. What are some non-traditional areas where CPAs are now involved?

Do research on the Internet and show the reference for the information. Don’t forget to respond to a colleague’s posting also.

Professor’s Note: In addition to searching the Internet for text related to this threaded discussion, please watch the following video (click on the following link to access the video) and post your comments.

.youtube.com/watch?v=TkmtNNUHzLo”>http://www.youtube.com/watch?v=TkmtNNUHzLo Audit and Assurance Chapter 1 F8 2013

Grading Criteria: Try to add information not previously discussed by others. Please, provide factual information (not merely opinions) backed up by details or examples. Your comments should be in your own words and include references.

ACC 201 Module 4 Discussion Latest-Trident

Accounting is becoming a global business language. Provide some evidence of this assertion. What are some of the implications of this trend?

Do research on the Internet and show the reference for the information. Don’t forget to respond to a colleague’s posting also.

Professor’s Note: In addition to searching the Internet for text related to this threaded discussion, please watch the following videos (click on the following link to access these videos) and post your comments.

.youtube.com/watch?v=4kIWqDK4j5Q”>http://www.youtube.com/watch?v=4kIWqDK4j5Q Why Study Accounting?

.youtube.com/watch?v=Ge7Ofw2EHiQ”>http://www.youtube.com/watch?v=Ge7Ofw2EHiQ Why Accounting Is the Language of Business

Grading Criteria: Try to add information not previously discussed by others. Please, provide factual information (not merely opinions) backed up by details or examples. Your comments should be in your own words and include references.

ACC 201 Module 4 Reflection Discussion Latest-Trident

Given the readings and assignments in the course, identify and briefly discuss two important concepts applicable to the business decision making process.

ACC 201 Module 1 Case Latest-Trident

Module 1 – Case

FINANCIAL STATEMENTS

Assignment Overview There are three main parts to this case that requires you to prepare and submit a three to five page paper. Please make sure this paper is well organized and covers all of the items below.

Part I

Search the course background information, the Internet and/or the Cyber Library. Discuss the terms listed below. Your discussion should expand on the definition as given in the module background. Explain why these concepts are important to financial statements.

• Generally Accepted Accounting Principles (US GAAP);
• International Accounting Standards (IFRS);
• Securities and Exchange Commission (SEC);
• Annual report; and
• 10-K, 10-Q, and 8-K

Part II

• Explain the basic formats of financial statements such as income statement, balance sheet, statement of cash flows, and statement for retained earnings.

Part III

1. Everything in Accounting typically falls into one of three categories, as illustrated by the Accounting Equation. State the Accounting Equation: Assets = _______________ + _______________
2. You will note that the Accounting Equation comprises 3 “categories,” each of which can be broken down further into accounts. For each of the three main categories of the Accounting Equation, list 5 or more accounts with actual amounts that would typically be classified into each. For instance, Land & Equipment would typically be categorized as Assets.
3. To simplify your answers, complete the assignment using a basic table or diagram.

Assignment Expectations

The submission should be 3 to 6 pages and need to include answers to all the questions listed above. Show computations, discuss the results and include references in APA format.

When your paper is done, send it in.

ACC 201 Module 1 SLP Latest-Trident

Module 1 – SLP

FINANCIAL STATEMENTS

Below find the trial balance for Nybrostrand Company. Prepare an income statement and balance sheet in good format based on .trident.edu/content/enforced/71811-ACC201-WIN2016-2/Formats%20of%20Financial%20Statements%20Module%201%20ACC201.docx?_&d2lSessionVal=zEsIugPgkw0Vw4LI4xR6CuuyP&ou=71811″>Formats of Financial Statements (Presentations). After you have completed the two statements comment on the success of the company. Support your answer with information from the financial statements you just prepared.

Nybrostrand Company
31-Dec-14
Trial Balance (accounts in alphabetical order)
	Debit	Credit
Accounts payable		$ 78,000
Accounts receivable	$ 36,500
Cash	30,000
Common stock		10,000
Depreciation expense	24,350
Cost of goods sold	307,000
Equipment (net of depreciation)	415,000
Insurance	1,400
Inventory	34,000
Long-term debt		127,000
Marketing	4,500
Paid-in capital		50,000
Property taxes	16,900
Rent	28,000
Retained earnings		?
Revenues		586,000
Salaries	78,500
Utilities	6,700
Total	982,850	982,850

SLP Assignment Expectations

The submission should be 2 to 4 pages and need to include answers to all the questions listed above. Show computations, discuss the results and include references in APA format.

When your paper is done, send it in.

ACC 201 Module 2 Case Latest-Trident

Module 2 – Case

INCOME STATEMENT

Assignment Overview There are two main parts to this Case that requires you to prepare and submit a 3- to 5-page paper. Please make sure this paper is well organized and covers all of the items below.

Part I

• Why is revenue recognition a significant issue? How do we determine when revenues are recorded for accounting purposes?
• Explain the difference between a product and period expense.
• Discuss the matching concept as it relates to accounting for revenues and inventory.

Part II

• Refer to the latest annual financial statements for the two following companies: Apple:.apple.com/”>http://investor.apple.com/and Samsung: .samsung.com/us/aboutsamsung/ir/newsMain.do”>http://www.samsung.com/us/aboutsamsung/ir/newsMain.do. Generally, this information is found in the Investor Relations area of the website.

Clearly identify the companies, the time period, and include the link to the financial statements you are analyzing in your report.

• What accounting conventions do the two companies follow, US GAAP or IFRS?
• Locate the income statement for the past two years for both companies. Prepare a table comparing five items or more from each statement.
• Comment on the changes from one year to another. Is the company doing better or worse? Did revenues and expenses increase or decrease?

Is it easy to discern trends or compare the information from year to year and between the two companies? Please, comments on both aspects and show some examples.

Assignment Expectations

The submission should be 3 to 5 pages and need to include answers to all the questions listed above. Show computations, discuss the results and include references in APA format.

When your paper is done, send it in.

ACC 201 Module 2 SLP Latest-Trident

Module 2 – SLP

INCOME STATEMENT

We are using the same company as in the first module. However, you need to consider some additional information.

One client had indicated that they were interested in purchasing $42,500 worth of products, so the bookkeeper recorded the transaction. However, the client has not actually committed to the purchase.

The bookkeeper already corrected the sales account. However, the bookkeeper may have made a mistake when computing cost of goods sold. She included total production costs for 2014 and did not adjust ending inventory for the $42,500 worth of units left at the end of the year. The amount of ending inventory was determined using a physical count.

Nybrostrand Company
31-Dec-14
Trial Balance (accounts in alphabetical order)
	Debit	Credit
Accounts payable		$ 78,000
Accounts receivable	$ 36,500
Cash	30,000
Common stock		10,000
Depreciation expense	24,350
Cost of goods sold	307,000
Equipment (net of depreciation)	415,000
Insurance	1,400
Inventory	34,000
Long-term debt		127,000
Marketing	4,500
Paid-in capital		50,000
Property taxes	16,900
Rent	28,000
Retained earnings		?
Revenues		586,000
Salaries	78,500
Utilities	6,700
Total	982,850	982,850

SLP Assignment Expectations

Prepare an income statement for the company in good format. Always include the name of the company and the period covered in the title. Don’t forget dollar signs where appropriate. You do not need to include the balance sheet. Consequently, you will not need all the accounts listed above. How does the income or loss compare to the original income statement? Explain the importance of the matching concept.

The submission should be 2 to 4 pages and need to include answers to all the questions listed above. Show computations, discuss the results and include references in APA format.

When your paper is done, send it

ACC 201 Module 3 Case Latest-Trident

Module 3 – Case

BALANCE SHEET

Assignment Overview

The main purpose of this module is to review the balance sheet in more detail.

Is there a difference in approach to valuation by US GAAP and IFRS? Discuss and note two or three specific differences. In addition, clearly

• Distinguish between an expense (expired cost) and an asset.
• Distinguish between current and long-term assets.
• Distinguish between current and long-term liabilities.
• Review Apple’s balance sheet and provide two examples of each of the above categories.
• Discuss retained earnings and how income or loss and dividends affect this account. Review Apple’s retained earnings account and explain how it changes between the two past years.
• Comment on at least three differences between Apple’s and Samsung’s balance sheets.
• Does Apple or Samsung have more debt?
• Which of the two companies is the bigger one? Explain your reasoning.

Assignment Expectations

The submission should be 3 to 5 pages and need to include answers to all the questions listed above. Show computations, discuss the results and include references in APA format.

When your paper is done, send it in.

ACC 201 Module 3 SLP Latest-Trident

Module 3 – SLP

BALANCE SHEET

We’re continuing to analyze the same company as in modules 1 and 2.

Additional information added in module 2

• One client had indicated that they were interested in purchasing $42,500 worth of products. However, the client has not actually committed to the purchase.
• The bookkeeper already corrected the sales account. However, the bookkeeper may have made a mistake when computing cost of goods sold. She included total production costs for 2014 and did not adjust ending inventory for the $42,500 worth of units left at the end of the year. The amount of ending inventory was determined using a physical count.

Additional information for module 3

• The company made a secondary offering of stock and raised an additional $180,000 which includes $150,000 of Paid-in Capital.
• The company had already paid $15,000 in dividends before deciding on the offering.
• The company now has cash to invest in a piece of raw land on which to build in the future. The investment takes place before year end.
• The cost of the land is $400,000, the down payment is $40,000 and a note to the bank covers the rest.

Nybrostrand Company
31-Dec-14
Trial Balance (accounts in alphabetical order)
	Debit	Credit
Accounts payable		$ 78,000
Accounts receivable	$ 36,500
Cash	30,000
Common stock		10,000
Depreciation expense	24,350
Cost of goods sold	307,000
Equipment (net of depreciation)	415,000
Insurance	1,400
Inventory	34,000
Long-term debt		127,000
Marketing	4,500
Paid-in capital		50,000
Property taxes	16,900
Rent	28,000
Retained earnings		?
Revenues		586,000
Salaries	78,500
Utilities	6,700
Total	982,850	982,850

SLP Assignment Expectations

Prepare a balance sheet for the company in good format. Update the balance sheet for the changes to income in module 2 and also consider the effect of paying the dividend. You do not need to include the income statement.

The submission should be 2 to 4 pages and need to include answers to all the questions listed above. Show computations, discuss the results and include references in APA format.

When your paper is done, send it in. .

trident.edu/privacy-policy”>Priv

ACC 201 Module 4 Case Latest-Trident

Module 4 – Case

STATEMENT OF CASH FLOWS

Assignment Overview

The main purpose of this module is to review the statement of cash flows in more detail.

Is there a difference between direct and indirect methods to make a statement of cash flows? Discuss and note two or three specific differences. Additionally, clearly

• Distinguish between cash flows from operating activities and cash flows from investing activities.
• Compare the statement of cash flows with income statement, using terms of net income and cash at end of the year.
• Which of the two financial statements (income statement and statements of cash flows) is the better one? Explain your reasoning.
• Comment on the differences between Apple’s and Samsung’s statement of cash flows.

Assignment Expectations

The submission should be 3- to 5-pages and need to include answers to all the questions listed above. Show formula for computations, compare two financial statements, discuss the results, and include references in APA format.

When your paper is done, submit it.

ACC 201 Module 4 SLP Latest-Trident

Module 4 – SLP

STATEMENT OF CASH FLOWS

We’re continuing to analyze the same company as in modules 1, 2, and 3.

Based on additional information added in modules 2 and 3, please use the information below to make a statement of cash flows.

• The beginning cash balance is $30,000.
• Use the Net Income from Module 2.
• Use depreciation expense of Module 1.
• During the year 14, Inventory increases by $42,500.
• During the year 14, Land increases by $400,000.
• During the year 14, Long-Term Debts increase by $360,000.
• During the year 14, the company made a secondary offering of stock and raised an additional $180,000 which includes $150,000 of Paid-in Capital.
• During the year 14, the company had paid $15,000 in dividends.

Using the Indirect Method, prepare a statement of cash flows for the company in good format and compare two financial statements between the income statement and statement of cash flows. You do not need to include the income statement or balance sheet.

This is a Signature Assignment Expectation for ACC201 Module 4 SLP

There are 2 specific learning outcomes: 1) apply business theories, models, and concepts to guide analysis of problems and situations and 2) utilize data driven analysis in making business decisions.

In this SLP assignment for Module 4 our emphasis will be on understanding the statement of cash flows. You will be summarizing all of what you learned the in the Cases, SLPs and Discussions.

The grading rubric below has been developed to measure student success in meeting the ACC201 Module 4 SLP expectations related to applying your knowledge of the statement of cash flows and income statement on making business decisions.

SLP Assignment Expectations

• Create a statement of cash flows and compare cash flows with net income.
• Write 2-4 pages, showing computations and discussing the results.
• List supporting references and cite sources.
• Use appropriate writ