ACCOUNTING

Assessment 1

Complete a 3-part assessment that requires you to think critically to categorize business transactions, apply knowledge about the accounting equation, and identify accounting conventions for business scenarios.

PART 1-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.

PART 2-Using your knowledge about the accounting equation, answer the following questions in Part 2 of the Assessment 1 Template. Be sure to show your calculations.

PART 3-Using Part 3 of the Assessment 1 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.

ASSESSMENT 2

Complete a 4-part assessment that requires you to categorize balance sheet accounts, prepare a balance sheet, prepare an income statement, and analyze items in a financial statement.

PART 1-Determine the correct balance sheet category for each of the following accounts. Use the Assessment 2, Part 1 Template to complete this part of the assessment.

PART 2-Use the following account information to prepare the 2011 balance sheet for Blaze Industries. Be sure to use the proper balance sheet format. If you need to research this format, you may wish to start with the suggested materials in the Resources. Use the Assessment 2, Part 2 Template to complete this part of the assessment.

PART 3-Use the Assessment 2, Part 3 Template to complete Part 3 of the assessment. On the first page of the template is financial data for Southwest Business School. On the second page is a blank income statement. Use the information provided on the first page to prepare the income statement on the second page.

PART 4-Use the Assessment 2, Part 4 template to complete Part 4 of the assessment. In each of the two sets of organization financial statement information provided in the template, two items have been omitted. Analyze the financial statements to determine the missing amounts and fill them in on the template to complete the financial statement information. Be sure to show your work in the space provided under the table in the template.

ASSESSMENT 3

Complete a 2-part assessment in which you classify cash inflows and outflows and prepare a cash flow statement.

PART 1-For this part of the assessment, use the Assessment 3, Part 1 Template to classify each of the following cash inflows and outflows as operating, investing, or financing activities:

PART 2-Use the Assessment 3, Part 2 Template to determine the appropriate activity (operating, investing, or financing) for each transaction listed for Skylar Enterprises, Inc., and prepare the cash flow statement using the indirect method in good form for reporting. Data is provided in the Information worksheet in the template; complete the statement of cash flow in the Cash Flow Statement worksheet. Use the suggested materials in the Resources if you need more information on preparing cash flow statements.

Assessment 4:

Complete a 3-part assessment in which you create journal entries for a variety of business events, test your recall of accounting fundamentals by answering a series of questions, and identify and prepare entries for the corporate ownership business type.

PART 1-For this part of the assessment, use the Assessment 4, Part 1 Template to create journal entries for each of the following business events for Magnolia Greens Frisbee Golf Course:

PART 2-For this assessment, use the Assessment 4, Part 2 Template to record your answers to the following short-answer questions designed to test your recall of accounting fundamentals.

PART 3-Imagine you are an accountant for J. Malone’s Law Firm, Inc. The accounts and transactions of the firm are listed below. Analyze each transaction. Identify the account or accounts to be debited and credited and, using the provided template, prepare a journal entry for each in the proper format.

Here is an example to record the owner’s investment to start the business:

  • Cash: $54,000.
  • Common stock: $54,000.

Use the following account titles for this scenario:

Assets
  1. Cash.
  2. Accounts receivable.
  3. Prepaid rent.
  4. Office equipment.
  5. Automobiles.
Liabilities
  1. Accounts payable.
  2. Interest payable.
  3. Note payable.
Owner’s Equity
  1. Common stock.
Expenses
  1. Automobile expense.
  2. Rent expense.
  3. Utilities expense.
  4. Salaries expense.
  5. Interest expense.
  6. Telephone expense.
Revenues
  1. Service revenue.
Transactions

Justin Malone:

  1. Invested $54,000 in cash to start the business.
  2. Paid $3,000 for 3 month’s rent.
  3. Bought a used automobile for the firm for $16,000 in cash.
  4. Performed services for $3,000 in cash.
  5. Paid $400 for automobile repairs.
  6. Performed legal services for $3,750 on credit.
  7. Borrowed $25,000 from the local bank to help expand his business.
  8. Purchased office chairs for $2,100 on credit.
  9. Received $1,800 from credit clients.
  10. Paid $1,000 on account to reduce the amount owed for the office chairs (purchased in item 8).
  11. Issued a check for $560 to pay the monthly utility bill.
  12. Purchased office equipment for $8,400. Paid half in cash; the remainder to be paid in 30 days.
  13. Issued a check for $5,680 to pay salaries.
  14. Performed legal services for $1,850 in cash.
  15. Performed legal services for $2,600 on credit.
  16. Collected $1,600 on accounts receivable from charge clients.
  17. One month’s worth of rent (paid in item 2) has expired.
  18. One month’s interest $145 accrued on the note payable (from item 7).
  • Written communication: Written communication is free of errors that detract from the overall message.
  • Font and font size: Times New Roman, 12 point.

Assessment 5:

Complete a 2-part assessment in which you analyze and compute financial ratios and interpret the results of a multi-year financial ratio analysis.

 

PART 1-Using the Assessment 5, Part 1 Template, analyze and compute the necessary financial ratios. The Financial Statements worksheet in the template contains the income statement, balance sheets, and additional information needed. The Ratio Analysis worksheet contains space for your calculations and answers.

 

PART 2-On the Assessment 5, Part 2 Template you will find selected ratios for a company over a two-year period. Compare the ratios, and in a separate document (Word or Excel), submit your answers to the following questions:

  1. What does the calculation of each ratio represent?
  2. How does year one compare with year two, and what trend can be seen when you compare the two years?
  3. Is the trend from year one to year two positive or negative?
  4. What are the possible reasons for the trend?
  5. What recommendations do you have for turning a negative trend to a positive trend?

Submit the completed template for Part 1 and the document you created with answers to the questions for Part 2 for this assessment.

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