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I need help with a checkpoint for week 7 and discussion and final paper for week 9 .All required work is highlighted
in the attached document.
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Course Design Guide XACC/280 Version 2 |
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Course Syllabus Axia College/School of Business XACC/280 Version 2 Financial Accounting Concepts and Principles |
Copyright
©
20
10
, 200
9
by University of Phoenix. All rights reserved.
Course Description
This course covers the fundamentals of financial accounting as well as the identification, measurement, and reporting of the financial effects of economic events on the enterprise. Financial information is examined from the perspective of effective management decision making with special emphasis on the planning and controlling responsibilities of practicing managers.
Policies
Faculty and students/learners will be held responsible for understanding and adhering to all
policies
contained within the following two documents:
University policies: You must be logged into the student website to view this document.
Instructor policies: This document is posted in the
Course Materials
forum.
University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different depending on the modality in which you attend class. If you have recently changed modalities, read the policies governing your current class modality.
Course Materials
Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2008). Financial accounting (6th ed.). Hoboken, NJ: Wiley.
All electronic materials are available on the student website.
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Week One: Basic Accounting Principles and Concepts |
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Details |
Due |
Points |
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Objectives |
1.1 Describe financial accounting and the users of accounting data. 1. 2 Identify the basic assumptions, principles, and constraints of accounting. 1. 3 Explain the purposes of the four types of financial statements. 1. 4 Explain the function of each element in the accounting equation. |
For all due dates see calendar at end of syllabus |
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Course Preparation |
Read the course description and objectives. Read the instructor’s biography and post your own. |
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Readings |
Read Appendix A regarding the final project requirements. Read Ch. 1, 2, & 7 of Financial Accounting. View PhxKlips The Accounting Equation and Debits and Credits on the student website. Access the free AccountingCoach® website: http://www.accountingcoach.com/. This website explains a variety of topics related to this course, such as the accounting equation, debits and credits, and income statements. It also includes drills with answers. You may use this as a supplemental resource throughout the course. |
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Participation |
Participate in class discussion. (Minimum 4 Participation responses @7 5 words-1.5 points each, 2 DQ questions@ 15 0 words-2 pts each) Must be on at least 3 different days-1/3 penalty for each day short of 3) |
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Discussion Questions |
Respond to weekly discussion questions. ( Each question response of 150 words is worth 5 points.) |
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CheckPoint Accounting Assumptions, Principles, and Constraints |
Write an essay in 25 0 to 300 words, including the following: The basic assumptions of accounting The principles of accounting The constraints of accounting A conclusion stating how you think sound financial reporting depends on principles, assumptions, and constraints. Refer to the U.S. GAAP in your response. |
Day 5 |
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CheckPoint The Accounting Equation |
View PhxKlips The Accounting Equation on the student website. Write an explanation of the function of each element in the accounting equation, using 100 to 150 words. Complete E1-5 on p. 34 of Financial Accounting. Post your explanation of the elements in the accounting equation with the answers to E1-5. |
Day 7 |
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Week Two: The Recording Process |
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2
2.1 Analyze transactions using the rules of debit and credit. 2.2 Define the goals of financial reporting. 2.3 Identify the major steps in the recording process. 2.4 Post journal entries to the general ledger. |
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CheckPoint Debits and Credits |
View PhxKlips Debits and Credits on the student website. Complete the questions and fill in the Account Changes matrix in Appendix B. Post the completed Appendix B as an attachment |
Day 4 |
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Individual Journalizing, Posting, and Preparing a Trial Balance |
Complete P2-2A on p. 81 of Financial Accounting, using the templates in Appendix C for your answers. Each part of the problem corresponds to one tab in Appendix C. Complete all three tabs of Appendix C. Write a message of 250 to 400 words in the body of your posting that justifies what you did in Appendix C. This message constitutes part d of the assignment. Address your message to your creditors and explain: The general goals of financial reporting The steps you took in the recording process How the steps you took support the principles of accounting Post your message and the completed Appendix C as an attachment |
100 |
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Week Three: Starting the Accounting Cycle |
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3
3.1 Calculate adjusting entries. 3.2 Prepare an adjusted trial balance. 3.3 Analyze revenue and expense relationships. 3.4 Contrast accrual basis accounting with cash basis accounting. |
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Read Ch. 3 & pp. 142–150 (Ch. 4) of Financial Accounting. |
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CheckPoint
Adjusting Entries, Posting, and Preparing an Adjusted Trial Balance |
Complete parts a, b, and c of P3-1A on pp. 12 8 and 129 of Financial Accounting. Use the templates in Appendix D. Complete all three tabs. Post the completed Appendix D as an attachment. |
Day 6 |
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Week Four: Preparing a Financial Statement Worksheet |
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4
4.1 Prepare a financial statement worksheet. 4.2 Describe the advantages of using subsidiary ledgers and special journals. |
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CheckPoint
Subsidiary Ledgers and Special Journals |
Explain in 250 to 300 words, your answers to the following: What are the advantages of the four different special journals? When would you use each type? What is a subsidiary ledger and what purpose does it serve? What is a control account and what purpose does it serve? Which two general ledger accounts may act as control accounts for a subsidiary ledger? What are the advantages of using subsidiary ledgers? |
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Individual Preparing a Financial Statement Worksheet |
Complete E4-1 on pp. 17 6 and 177 of Financial Accounting. Use the template in Appendix E to complete the 10-column worksheet. Post the completed worksheet as an attachment. |
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Week Five: Closing the Books |
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5
5.1 Prepare closing and reversing entries. 5.2 Prepare a post-closing trial balance. |
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Read Ch. 4 of Financial Accounting. |
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CheckPoint
Reversing Entries |
Post your answers to BE4-12 on p. 176 of Financial Accounting. |
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CheckPoint
Closing Entries and a Post-Closing Trial Balance |
Complete E4-4 on p. 177 of Financial Accounting. Use the templates in Appendix F and complete all three tabs. Post the completed Appendix F as an attachment. |
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Week Six: Completing the Accounting Cycle |
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6
6.1 Explain the nine steps of the accounting cycle. 6.2 Prepare income statements, classified balance sheets, and the statement of retained earnings. |
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Exercise Financial Statements |
Post one or two new concepts you learned from each of the PhxKlips. |
Day 2 |
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CheckPoint
The Nine Steps of the Accounting Cycle |
Complete The Nine Steps of the Accounting Cycle multimedia activity. Capture the screen of the completed accounting cycle in the multimedia activity. Write a summary of the nine steps of the accounting cycle, in 100 to 200 words. Post your screen capture and written summary. |
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Individual
Comprehensive Problem |
Complete the Comprehensive Problem on pp. 189 and 190 of Financial Accounting. Use the templates in Appendix G to complete the problem; complete all six tabs. Post the completed Appendix G as an attachment. |
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Week Seven: Financial Statement Analysis |
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7
7.1 Perform ratio, vertical, and horizontal analyses on financial statements. 7.2 Make recommendations based on financial statement analyses. 7.3 Describe career opportunities for accountants. |
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Read pp. 29 and 30 (Ch. 1), Ch. 8 & 15, & Appendixes A & B of Financial Accounting. |
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CheckPoint
Ratio, Vertical, and Horizontal Analyses |
The calculations you perform for this CheckPoint form the basis of your analysis of your capstone project. Write in 100 to 200 words an explanation of the three tools of financial statement analysis and the function of each. Examine PepsiCo, Inc.’s Consolidated Balance Sheet on p. A6 in Appendix A of Financial Accounting, especially its Current Assets, Current Liabilities, and Total Assets for years 2005 and 2004. Calculate the following for PepsiCo, Inc. and show your work: The Current Ratio for 2005 The Current Ratio for 2004 Two measures of vertical analysis—for example, compute the current assets divided by total assets for each year, and express your result as a percentage Two measures of horizontal analysis—for example, compute the total change in assets by percentage, by dividing current assets in 2005 by current assets in 2004. Compute a similar percentage for current liabilities Examine The Coca-Cola Company’s Consolidated Balance sheet on p. B2 in Appendix B of Financial Accounting, especially its Current Assets, Current Liabilities, and Total Assets for years 2005 and 2004. Calculate the following for Coca-Cola and show your work: The Current Ratio for 2005 Post your explanation and calculations. |
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Exercise
Career Opportunities for Accountants |
Post your response to the following items: Describe two business sectors you might want to work in if you were an accountant and explain why in 150 to 200 words. Research a specific company in one of the business sectors that interests you and describe how you imagine it might be to work there. Use 100 to 150 words for your description. |
15 |
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Week Eight: Internal Controls , Regulatory Bodies , and Ethics |
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8
8.1 Describe the principles and limitations of internal controls. 8.2 Summarize the functions of the major regulatory bodies. 8.3 Explain the impact of unethical behavior on the profitability of a company. |
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CheckPoint
Impacts of Unethical Behavior |
Research a company that has been in the news for unethical practices, such as Enron, Tyco, Global Crossing, or WorldCom. Post a 250- to 300-word response that summarizes your ideas about the following: What was the nature of the controversy regarding this company’s practices? How were accounting practices involved? If you had been an accountant for this company, how would you have acted? Explain why. What might have been done to prevent the controversy? What was the affect of unethical behavior on the profitability of the company? |
Day 3 |
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CheckPoint Regulatory Bodies |
Post your response to the following question, using 250 to 300 words: What are the major regulatory bodies and their functions? |
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Individual Internal Controls |
Write a 750- to 1,050-word paper in APA format, including citations and references, summarizing your ideas about internal controls. Include the following: An introduction to internal controls, explaining in your own words the two primary goals of internal control A description of how the Sarbanes-Oxley Act of 2002 has affected internal controls An explanation of why a company that announces deficiencies in its internal controls would probably experience a fall in the price of its stock A synopsis of what you consider to be the limitations of internal controls – Cite specific examples. A conclusion that summarizes your main points A comparison of the internal control principles of (1) establishing responsibility, (2) using physical, mechanical, and electronic controls, (3) segregation of duties, and (4) independent internal verification. Post your completed paper as an attachment. |
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Week Nine: Capstone Project |
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9
9.1 Analyze annual reports to make financial recommendations. |
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Capstone Discussion Question |
Respond to the capstone discussion question. Review the annual reports for PepsiCo, Inc. and The Coca-Cola Company in Appendixes A & B of Financial Accounting. Select either PepsiCo, Inc. or The Coca-Cola Company. In your estimation, the company you chose may be financially healthier or weaker. Would you invest in this company? Explain why or why not. Justify your reasoning, by presenting at least three key financial ratios that analyze the profitability, the liquidity, or the solvency of the company. Respond to your classmates’ postings, by agreeing or disagreeing with their assessments, while pointing to the data. Respond to at least one classmate who selected different ratios than those you selected or a different company to analyze. Comment on the significance of the ratios and your classmates’ conclusions. Use the same or other ratios to bolster your opinion. |
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Final Project Financial Analysis |
Review the annual reports for PepsiCo, Inc. and The Coca-Cola Company in Appendixes A & B, especially the Consolidated Statements of Income and the Balance Sheets on pp. A4, A6, B1, & B2 of Financial Accounting. Write a 1750- to 2,050-word paper in APA format with citations and references that provides a financial comparison of the two companies and your recommendations to improve the financial status of each. Include the following: An introductory paragraph with a statement of the purpose of your paper and a synopsis of what readers may expect to find in the paper – It is best to write this after writing the rest of the paper. Vertical analyses for both companies – You may use your calculations from the Checkpoint Ratio, Vertical, and Horizontal Analyses, providing you show your work. Horizontal analyses for both companies – You may use your calculations from the Checkpoint Ratio, Vertical, and Horizontal Analyses, providing you show your work. |
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Optional Discussion Questions
Week One Discussion Questions
In your own words, how would you describe financial accounting? Select two users, one internal and one external, who you think benefit the most from accounting. Explain why and how you think they benefit.
Respond to your classmates’ postings by adding to their definitions of financial accounting. Also, respond to at least one posting that discusses a different user than one you selected. Add to the benefits of accounting for that user or explain how reading your colleagues’ statements has modified your view of that user.
What do each of the four financial statements tell you about a company? How do companies use financial statements? Which financial statement do you think is the most useful and why?
Respond to your classmates’ postings by adding to what each financial statement reveals. Then, comment on your classmates’ choice of the most important financial statements. Provide a different opinion, modify your own, or further support an opinion and explain why.
Week Three Discussion Questions
What would be the effect of removing either the Matching Principle or the Revenue Recognition Principle from the process? Use a concrete example of how doing so might affect accounting in a given period.
Respond to your classmates’ postings by commenting on what might happen, if expenses are recognized over a period that is longer or shorter than that used for revenues.
What is the difference between the cash basis of accounting and the accrual basis of accounting? Which one would you select for a company that has inventory and why? Does the size of the company make a difference? Explain how. What would be the advantages and disadvantages of using one basis of accounting over the other?
Respond to your classmates by commenting on which basis of accounting might be best for a large company with inventory and a small company with inventory. Also, comment on the advantages of each basis of accounting.
Week Five Discussion Questions
What are reversing entries and why are they required? What would happen if reversing entries were not made? What transactions might require reversing entries? What transactions might not require reversing entries?
Respond to your classmates’ postings by adding to their rationales for using or not using reversing entries.
After examining Illustration 4-5 on p. 151 of Financial Accounting, what do you consider might happen if
revenue accounts are not closed? Explain why.
expense accounts are not closed? Explain why.
dividends are not closed? Explain why.
Respond to your classmates’ postings by agreeing with, disagreeing with, or modifying their speculations. Provide reasons for your opinions.
Week Seven Discussion Questions
Select three ratios, one from each category—liquidity, profitability, and solvency—you think are the most important.
Why do you consider these ratios important? Which internal and external users might be most interested in these ratios? Explain why.
Respond to postings of your classmates who selected different ratios than those you selected. Comment on the significance of these ratios and which users might be most interested in them.
Review Illustrations 15-17 through 15-24 on pp. 710–714 of Financial Accounting.
Given the data, would you have invested in Quality Department Store in 2006? Explain why or why not. Summarize your analysis of the financial data to support your reasoning. What recommendations would you make to improve the financial health of this company? Explain why.
Respond to your classmates’ postings, by agreeing or disagreeing with their assessments while pointing to the data and specific ratio, vertical, or horizontal analyses.
Copyright
University of Phoenix® is a registered trademark of Apollo Group, Inc. in the United States and/or other countries.
Microsoft®, Windows®, and Windows NT® are registered trademarks of Microsoft Corporation in the United States and/or other countries. All other company and product names are trademarks or registered trademarks of their respective companies. Use of these marks is not intended to imply endorsement, sponsorship, or affiliation.
Edited in accordance with University of Phoenix® editorial standards and practices.
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Post Bio |
DQ #1 Due |
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DQ #2 Due |
Accounting Assumptions, Principles, and Constraints CheckPoint |
The Accounting Equation CheckPoint CheckPoint (CP) Feedback (FB) Due |
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Debits and Credits CheckPoint |
Journalizing, Posting, and Preparing a Trial Balance ; W1 FB Due |
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Adjusting Entries, Posting, and Preparing an Adjusted Trial Balance |
W2 Assignment FB Due; W2 FB Due; Adjustments FB Due |
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Subsidiary Ledgers and Special Journals CheckPoint |
Checkpoint FB Due |
Preparing a Financial Statement Worksheet Due ; W3 FB Due; |
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Reversing Entries CheckPoint |
Closing Entries and a Post-Closing Trial Balance CheckPoint Due;W4 Assignment FB Due; W4 FB Due; CP FB Due |
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7/29/2013 |
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Financial Statements Exercise |
The Nine Steps of the Accounting Cycle CheckPoint |
Comprehensive Problem ; W5 FB Due; Inventory Balances CP FB Due |
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8/5/2013 |
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Ratio, Vertical, and Horizontal Analyses CheckPoint |
Career Opportunities for Accountants Exercise;W6 Assignment FB Due; W6 FB Due; Special Journals CP FB Due |
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8/12/2013 |
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Impacts of Unethical Behavior CheckPoint |
Regulatory Bodies CheckPoint |
CP FB Due |
Internal Controls Due W7 FB Due |
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8/19/2013 |
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Final Project: Financial Analysis W8 Assignment FB Due; W8 FB Due; |
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Final Assignment FB and Final FB Due |
