BUS 591 ENTIRE COURSE FINANCIAL ACCOUNTING
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BUS 591 ENTIRE COURSE FINANCIAL ACCOUNTING
Financial Accounting & Analysis
Week 1
ASHFORD BUS 591 Week 1 DQ 1 Generally Accepted
Accounting Principles (G.A.A.P.)
Generally Accepted Accounting Principles
(G.A.A.P.). Briefly discuss
Generally Accepted Accounting Principles or G.A.A.P. What are they? What is
their purpose? Name the U.S. and international standard-setting bodies that
established these principles. Are all companies required to follow these
principles? Why or why not?
Your answer should illustrate understanding of
generally accepted accounting principles and their international counterpart.
Respond to at least two of your classmates’ posts.
ASHFORD BUS 591 Week 1 DQ 2 Annual
Reports
Annual Reports. Visit the website for Tootsie Roll
(www.tootsie.com). Click on “Company Information” then “Financial Information”.
Open the latest annual report and review it to find the answers to the
following questions:
- What are Tootsie Roll’s corporate principles? Do you
agree with these principles, or do you feel there are additional
principles that should be included?
What was the total amount of Tootsie Roll’s
assets for the most current year available?
- What was the total amount of Tootsie Roll’s liabilities
for the most current year available?
- What is the amount of the difference between Tootsie
Roll’s assets and liabilities? What is this difference called?
Based on your initial findings at the Tootsie
Roll website, would you consider investing in them? Why or why not? Your answer
should illustrate critical thought and understanding of the annual report and
financial statements. Respond to at least two of your classmates’ posts.
ASHFORD BUS 591 Week 1 Homework Problems
Week One Homework Problems. Complete the following Workbook Template
Week One or you may complete the Problem 1-3B on page 36, 1-4B on page 37
(Chapter 1) and Problem 2-7B on page 90 (Chapter 2) of your text. Submit your
work to your instructor by the posted due date. Show all your work in order to
earn full credit
Week 2
Downloading Link For Week 2
ASHFORD BUS 591 Week 2 DQ 1 Debits and Credits
Debits and Credits. Define debits and credits and explain how
they are used to record business transactions. Is it true that debits always
increase and credits always decrease? Why or why not?
Respond to at least two of your classmates’
posts.
ASHFORD BUS 591 Week 2 DQ 2 Revenue &
Expense
Revenue & Expense. Review the section called “Investor Insight”
in Chapter 3 of your text which shows the major revenue and expense accounts of
the Chicago Cubs baseball team. Considering the huge increase in professional
baseball players’ salaries in the last decade, what do you think has happened
to total expenses and net income of professional baseball teams? If net income
has not decreased, what has been done to offset the higher salaries? Should
fans be expected to pay higher prices for ‘America’s national pastime’ to help
offset the costs of higher salaries? Respond to at least two of your
classmates’ posts
ASHFORD BUS 591 Week 2 Homework Problems
Week Two Homework Problems. Complete Workbook Template Week Two or you
may find the problems 3-2B on page 150 and 3-5B on page 151 from Chapter 3 of
your text. Also complete problems E4-13, E4-14, E4-15, E4-16, E4-17, and E4-18
from Chapter 4. Submit your work to your instructor by the posted due date.
Show all your work in order to earn full credit.
Week 3
ASHFORD BUS 591 Week 3 DQ 1 Perpetual
Inventory System
Perpetual Inventory System. Present a detailed explanation of the
recording of purchases under a perpetual inventory system. Use hypothetical
figures to illustrate the perpetual inventory system. After presenting your
hypothetical figures, discuss how a perpetual inventory system is different
from a periodic inventory system. Your answer should illustrate understanding
of the perpetual inventory system. Respond to at least two of your classmates’
posts.
ASHFORD BUS 591 Week 3 DQ 2 Inventory
Valuation Methods
Inventory Valuation Methods. Identify the differences between F.I.F.O.,
L.I.F.O., and the average-cost method of inventory valuation.
Be sure to include the effects of each method on cost of goods soldand net
income in your answer. Also discuss the differences between the
physical movement of goods and cost flow assumptions. Your answer should
illustrate understanding of the three major inventory valuation methods, and
the relationship between physical inventory flow and cost flow assumptions.
Respond to at least two of your classmates’ posts.
ASHFORD BUS 591 Week 3 Homework Problems
Week Three Homework Problems. Complete the following Workbook Template
Week Three or you may complete the problems E5-2, E5-6 and P5-5B from Chapter 5
and Problems 6-2B and 6-3B Chapter 6. Submit your work to your instructor by
the posted due date. Show all your work in order to earn full credit.
Week 4
ASHFORD BUS 591 Week 4 DQ 1 Why do I need
accounting
Why do I need accounting? Consider the following scenario: Your friend
(who is also in school) just emailed you to express frustration with his
accounting class. In the email, he said, “Why do I need to take accounting?
What will I ever need to know about reporting and analyzing long-lived assets?
I am a management major.” Write a 100- to 250-word response to your friend,
including specific details about the benefits of learning accounting. Focus
particularly on reporting and analyzing long-lived assets from a manager’s
perspective. Discuss the benefit and purpose of learning accounting as a
business student. Respond to at least two of your classmates’ posts.
ASHFORD BUS 591 Week 4 DQ 2 Sarbanes-Oxley Act
of 2002
Sarbanes-Oxley Act of 2002. Search the Internet and locate an annual
financial report for a public U.S. company. Read the Notes to the Financial
Statements to determine the criteria for cash equivalents and how cash and cash
equivalents are handled. Discuss your findings. Find information about the
internal control policy of the company and summarize this policy in your post.
Is it in compliance with SOX? What are some references to SOX mentioned in the
annual report? Your answer should demonstrate understanding of the
Sarbanes-Oxley Act, and be a minimum of 100 to 200 words in length. Respond to
at least two of your classmates’ posts.
ASHFORD BUS 591 Week 4 Homework Problems
Week Four Homework Problems. Complete the following Workbook Template
Week Four or you may complete the problems P8-2B and P8-6B from Chapter 8 and
Problems 9P-2B and P9-7B from Chapter 9. Submit your assignment to the instructor
by the posted due date. Show all your work to earn full credit.
Week 5
ASHFORD BUS 591 Week 5 DQ 1 Liabilities and
Financial Analysis
Liabilities and Financial Analysis. Discuss current liabilities and long-term
liabilities. What are the differences between the two? Illustrate your
understanding of liabilities, making sure to identify major types of current
liabilities. Respond to at least two of your classmates’ posts
ASHFORD BUS 591 Week 5 DQ 2 Colgate’s Annual
Report
Colgate’s Annual Report. Obtain a copy of Colgate’s annual report
from the Ashford Online Library or from a valid academic source found elsewhere
on the Internet. Use this information to answer the following questions. If
researching online, go to the Colgate company website (http://www.colgate.com).
Use the ratios discussed in Chapter 11 (dividend payout ratio and return on
common stockholders’ equity) to evaluate Colgate’s dividend and earnings
performance from a stockholder’s perspective. Your answer should illustrate understanding
of dividend ratios and return on equity ratios, an analysis of financial
statements. Respond to at least two of your classmates’ posts.
ASHFORD BUS 591 Week 5 Sarbanes-Oxley Act of
2002Methods of Depreciation
Sarbanes-Oxley Act of 2002/Methods of
Depreciation. Select one of the
following topics for your research paper:
Research and discuss the Sarbanes-Oxley Act of
2002. Identify key components of the Sarbanes-Oxley Act of 2002, and its
primary objective. What are some of the criticisms surrounding the Act? Are
there any economic consequences for companies as a result of implementing
the Act? Has the Sarbanes-Oxley Act achieved its goals so far?
Explain the methods of depreciation. Explain
the methods of depletion. How do depletion and depreciation methods differ?
Compare and contrast the depreciation and depletion methods. Use scholarly
references (no Wikipedia, Answers.com, etc.) to support the points you make in
your paper.
Week 6
ASHFORD BUS 591 Week 6 DQ 1 Indirect Method
vs. Direct Method
Indirect Method vs. Direct Method. Financial statement preparers have two
choices in preparing the statement of cash flows: the indirect method and the
direct method. The indirect method is used extensively in practice even though
the F.A.S.B. has expressed a preference for the direct method. Discuss the
similarities and differences between the direct and indirect methods, and the
advantages of using each method.
Your answer should illustrate understanding of
the cash flow statement. A minimum of 100 to 200 words is required for your
answer. Respond to at least two of your classmates’ posts.
ASHFORD BUS 591 Week 6 DQ 2 Horizontal vs.
Vertical Analysis
Horizontal vs. Vertical Analysis. Discuss the horizontal and vertical analysis
of a financial statement, and how each is used to help financial statement
users make better decisions. Also, explain the liquidity, solvency, and
profitability ratios introduced throughout the text. Describe how the ratios
are used in analyzing a firm’s liquidity, solvency, and profitability. Your
answer should illustrate understanding of financial statement analysis,
including ratios. A minimum of 100 to 200 words is required for your answer.
Respond to at least two of your classmates’ posts.
ASHFORD BUS 591 Week 6 Final Project
FINAL PAPER
You should begin working on elements of the
Final Project in Week One. Each week, there is a recommended learning activity
associated with helping you complete the Final Project. There are ungraded and
graded practice exercises, which will allow you to practice applying accounting
skills learned in class to different scenarios. Work through the problems,
starting with Chapter 1, following the instructions in the textbook and Excel
template.
Download and open the Excel file marked “BUS
591 Final Project Template”. Review the instructions presented on the
Instructions Tab in the Workbook and the weekly recommended learning activity.
If you complete each part as recommended, you will have the complete Final
Project finished by Week Six. Chapters 1, 2 and 3 are ungraded practice
problems, while Chapters 4 and 13 are graded problems. Take your time and
complete all requirements. Also, if you complete the practice problems from
Chapter 3, completing the graded portion from Chapter 4 will be much easier.
Do not work ahead unless you read the
corresponding chapters. For example, read Chapters 3 and 4 before completing
the Continuing Cookie Chronicle problem from those chapters.
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