ACCT 301 – Weekly Activities including http://www.principlesofaccounting.com/ – -Use Snip It Tool or other Technology to copy and paste your results when necessary (related to your SEC 10-K company)
You are a new hire for a major company and completing your 8 week rotation related to accounting, financial reporting, budgeting, cost control, and profit maximization. Each week you will be required to submit a report in the LEO assignment folder summarizing your activities. You should create this report with evidence of your work in the Fill in the Blanks, and Multiple Choice questions of each chapter as noted in the schedule supported by specific items from your SEC 10-K company illustrating your comprehension of information and ability to relate course topics to practical applications.A series of projects will be completed and submitted separately.
In addition to the 1004 page downloadable book most students find the web site http://www.principlesofaccounting.com/with textbook pages and videos most helpful. Our weekly activities focus on this resource.
Week 4:
http://www.principlesofaccounting.com/(PoA).
A. Complete the self-graded questions for ch 9 10 11 12 13 14 at PoA. Writing Journal Entries is an important skill.
the questions appear at the top of the first screen for each chapter as Fill in the Blank and Multiple Choice (you may omit chapter 12 as this was part of week 3)
B. Review your SEC 10-K company’s balance sheet. Your SEC 10-K company has a statement of owners’ equity or a similar name. The value of retained earnings comes from this statement, similar to the analysis you see in the early chapters of our textbook.
Recall there is an order for completing the financial statements:Income Stmt – – > Stmt of Owners’ Equity – – > Balance Sheet – – > Stmt of Cash Flows
Sales require 4 line items for the Journal Entry
Debit Dividends
Credit Cash
or
Debit Retained Earnings
Credit Cash
These cash dividends are funded by retained earnings. If net income and other ‘credits’ exceed the value of the dividends for the period retained earnings may increase. If not retained earnings likely decreases.
What do you learn about dividends for your SEC 10-K company?Do they issue dividends?What are the risks and opportunities of issuing dividends to shareholders each year?
Consider the logic of this process.
What key profit factor do you learn from this Journal entry?
Complete the report below and submit in the Assignment Folder.
Write a brief report on your activities this week as a Word document and upload it to this week’s Homework assignment folder.
If you’re not sure what to write, here are some things to consider:
- What resources did you find most/least helpful this week?
- What topic(s) gave you trouble this week (if any)?
- What topic(s) do you feel you were able to grasp?
- How might you change your time management or study habits?
- Comment on the value of the activities you completed this week
These are just examples of things you could write about, but feel free to write anything you want. There are no right or wrong answers to this weekly homework report assignment.
Remember all submissions and postings in our class must be in your own words. Deliverables are to be single spaced with double spacing between paragraphs. We are writing business reports. Comments you create in this submission, serve, effectively, as a business report on the week.
