Complete a 3-part assignment that requires you to think critically to categorize business transactions, apply knowledge about the accounting equation, and identify accounting conventions for business scenarios.
This assessment was designed to enhance your understanding of the foundation of accounting procedures and processes.
By successfully completing this assignment, you will demonstrate your proficiency in the following course competencies and assignment criteria:
This assignment includes three parts. Use the assignment 1 Template, which is an Excel workbook and is linked in the Resources under the Required Resources heading, to complete all three parts. You will find each of the three assessment parts under a separate worksheet in the template.
Count everything, or almost everything. Just about every event that happens in a business results in changes to the assets, liabilities, or equities. For this reason, it is critical for the accountant to analyze how every business event affects the basic accounting equation, and how every event must be managed. Part 1 of the assessment is a good test of your critical thinking skills as you apply them to the components of the accounting cycle, in particular the basic accounting equation for the balance sheet.
Given below is a list of 15 business transactions. Using Part 1 of the Assessment 1 Template, indicate whether each transaction increased (+), decreased (–), or had no effect (NE) on assets, liabilities, and owner’s equity.
The accounting equation requires that it always be kept in balance after a business transaction has been processed. This requires the accountant to have applied knowledge of all parts of the equation and to be able to critically analyze when the equation is not in balance. Part 2 of the assessment provides you an opportunity to apply your accounting equation intelligence quotient.
Using your knowledge about the accounting equation, answer the following questions in Part 2 of the assingment1 Template. Be sure to show your calculations.
Accounting conventions represent the principles, assumptions, and rules that guide an accountant as he or she analyzes the effects of business events on the accounting cycle and applies them to various cycle procedures. Part 3 of the assessment requires you to determine which of these conventions apply to a given business scenario to enhance your understanding of the foundation of accounting procedures and processes.
Using Part 3 of the assignment1 Template, identify the applicable accounting convention for each of the following business scenarios. More than one convention may apply to each scenario. Explain your choices for each scenario.
Before completing the scenarios consider and describe what role ethics has throughout the accounting process and reporting to internal and external customers. Throughout your assessments ensure that you apply ethics to your decision making and reporting.
Submit the Assignment 1 Template with all three parts completed.
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