Read/review the following resources for this activity:

  • Textbook: Chapter 3, 4
  • File (PDF): Presentation – Chapter 3, 4 in the attachments
  • Minimum of 1 resource for initial post

The balance sheet, along with accompanying disclosures, provides relevant information useful in helping investors and creditors not only to predict future cash flows, but also to make the related assessments of liquidity and long-term solvency.

Initial Post Instructions
For your initial post, address the following:

  • A summary of the company’s significant accounting polices is a required disclosure. Why is this disclosure important to external financial statement users?
  • The income statement is a change statement. Explain what is the meant by this.

Secondary Post Instructions
Did any of the postings of your peers surprise you? Did they suggest differences you hadn’t previously considered? Did you gain any new learning from reading the postings of your peers? Can you offer any additional support to help your peers strengthen their postings even further?

Writing Requirements

  • In addition to one initial post, respond to at least two peers.
  • Initial Post Length: minimum of 250 words
  • Secondary Post Length: minimum of 200 words per post
  • Using APA format, incorporate appropriate in-text citation(s) referring to the academic concept with corresponding references page for the initial post.


Grading and Assessment
Meeting the minimum number of posting does not guarantee an A; you must present an in-depth discussion of high quality, integrate sources to support your assertions, and refer to peers’ comments in your secondary posts to build on concepts.

Course Learning Outcome(s): 2
2.   Prepare financial statement using GAAP and/or IFRS.

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