introduction accounting assignment

Introduction to Financial Accounting

(4 reviews)

David Annand, Athabasca University

Henry Dauderis

Last Update: 2021

Publisher: Lyryx

Language: English

Formats Available

Conditions of use.

Learn more about reviews.

Reviewed by Katheryn Zielinski, Assistant Professor, Minnesota State University Mankato on 6/14/23

Comprehensiveness rating: 5 see less

The text reading follows typical financial accounting flow. Beginning with the foundational introduction to what accounting is through the full accounting cycle, while including financial statement analysis towards the end of the book. Students will find the format helpful; the voice is student-friendly. There is online homework help for students. Instructors will find the text format friendly to semester-long class as concepts broken down into 13 chapters. The chapters explain the learning outcomes, use examples to express concepts, with chapter summary at end. The topics included are consistent with intro accounting courses.

Content Accuracy rating: 5

No issues noticed with accuracy. The text includes accurate financial accounting information.

Relevance/Longevity rating: 5

For an introductory accounting class with focus on US the concepts covered are typical.

Clarity rating: 5

The content is presented in a student friendly manner. Answers are provided. The extra information is helpful for students wanting extra practice.

Consistency rating: 5

The format and layout of the book chapters are consistent. All users will quickly understand the format as it is applied the same to each chapter. This helps provide consistency for students learning introductory accounting.

Modularity rating: 5

The content within the chapters can be broken-down and assigned as instructor plans for the course length. The manner is which the material is presented flows easily as reading.

Organization/Structure/Flow rating: 5

The text organization is consistent and coherent. Each chapter is presented in same manner.

Interface rating: 5

No observed tech issues. PDF downloaded and used with ease.

Grammatical Errors rating: 5

No grammar or language issues.

Cultural Relevance rating: 5

No cultural insensitive or offensive context noted.

This is a student friendly text. However, students might find a glossary helpful, as well as an index.

Reviewed by Lawrence Overlan, Part-time Professor, Bunker Hill Community College on 6/4/20

I appreciate how the Statement of Cash Flows has a separate chapter towards the end of the book. Might be better to wait until that chapter instead of also discussing it in Chapter One.....lots of material for opening week.... read more

Comprehensiveness rating: 4 see less

I sampled several problems...all correct.

Hard to make accounting obsolete. All the required material is present.

Problems are presented clearly and with good font size. Excellent color schemes and graphics.

Yes....no problems detected in this area. Very straightforward.

Chapters contain the right amount of content. Not too long with out breakup diagrams or examples etc.

Standard flow of chapters with excellent subdivisions.

To the contrary, the graphics and flow charts break up the material very nicely.

No issues noticed in this area.

Nice work! I will definitely consider adopting.

Reviewed by Patty Goedl, Associate Professor, University of Cincinnati Clermont College on 3/27/18

The text covers all of the topics normally found in an introductory financial accounting (principles of accounting I) text. The table of contents essentially mirrors the table of contents found in the leading texts in this field. I like that... read more

Content is error-free, accurate, and unbiased.

Relevance/Longevity rating: 4

The content is up-to-date. Introductory accounting does not change often so future updates should be minimal. The authors used the year 2015 in most of the problem and examples. This might make the text "seem" out-of-date in a few years.

The book is clear and concise. The topics are clearly explained and the technical terminology is appropriate for an introductory level.

The writing, style, and formatting are consistent throughout this text.

The text is divided into topical chapters, which is appropriate considering that the concepts build on each other. The chapters are further subdivided into sub-topics. This makes it easy for an instructor to pick which sub-topics to cover.

Excellent organization and flow. The concepts logically build upon each other and the material is presented in a clear fashion.

The HTML interface is excellent. The book has good graphics, end of chapter content, and even video examples.

I did not notice grammatical errors.

The text is not culturally insensitive or offensive in any way

Excellent book that is comparable to any of the leading financial accounting titles. The authors even provide end of chapter problems, videos, and interactive Excel problems for students. Overall, a great resource! I commend the authors for making something of this caliber freely available.

Reviewed by Margarita Maria Lenk, Associate Professor, Colorado State University on 1/7/16

The content of this textbook matches the content and organization of most introductory financial accounting textbooks. It is written by Canadian authors, but is relevant to US students. The text begins by explaining the role of financial accounting in society, and then describes the underlying structure of double entry accounting systems and the process of recording economic events that impact the value of the organization through the journals and the ledger. The records of these events are then summarized into the primary financial statements. The numeric subtotals and totals on these statements are used to calculate standard financial measures and ratios used to evaluate the organization's performance. The text's organization then proceeds sequentially through the balance sheet accounts, explaining in more detail how the accounting for each category of economic value is recorded and reported. The author's decision to move the most complex content to the end of the book matches how most faculty choose to organize their coverage of these topics.

My reviewed resulted in highest marks regarding accuracy. The only possible concern I would mention here is that the authors use a commonly used technique in chapter two which sometimes leads to students misunderstanding that revenues and expenses are not part of owners' equity until the revenues and expenses are closed at year end to retained earnings. It is my preference to teach introductory students that revenues and expenses are distinct and separate from equity, and then explain that revenues and expenses ultimately get closed to equity. So, this is not an inaccuracy by the authors, just a point that some instructors may want to know before adopting the textbook.

It is my opinion that the content of this textbook will be relevant and current for at least a decade. Any changes made to accounting principles, Canadian or International, will be very easy and straightforward to update.

It is my opinion that the clarity of this text is very high. The authors are succinct and use visuals often to highlight the theoretical structures.

This test is very consistent with the framework that is set up by the authors in the beginning of the text.

The textbook is very clearly divided into separable modules, making it easy for both students to read and for instructors to choose which modules to include in their course.

The content of this textbook matches the content and organization of most introductory financial accounting textbooks. It begins by explaining the role of financial accounting in society, and then describes the underlying structure of double entry accounting systems and the process of recording economic events that impact the value of the organization through the journals and the ledger. The records of these events are then summarized into the primary financial statements. The numeric subtotals and totals on these statements are used to calculate standard financial measures and ratios used to evaluate the organization's performance. The text's organization then proceeds sequentially through the balance sheet accounts, explaining in more detail how the accounting for each category of economic value is recorded and reported. The author's decision to move the most complex content to the end of the book matches how most faculty choose to organize their coverage of these topics.

The online text worked perfectly in my Chrome browser. The end of chapter exercises and problems are perfectly formatted on the screen. All assessment materials (quizzes, exams, etc.) are located on a different site that requires registration to have access.

I found the grammar to be very clear, concise and very effective. Because the book is written by Canadians, expenses are sometimes referred to as revenue expenditures, which does not match how US textbooks refer to expenses, but is perhaps a better learning tool, as the expenses are always recorded in the period in which they match the revenue generation, so I support the authors' choices regarding how they refer to the difference between assets (capital expenditures) and expenses (revenue expenditures).

The textbook adequately refers to the international accounting standards. That is the only cultural relevance which is relevant to introductory financial accounting.

I found this textbook and its exercises to be a useful teaching and learning tool. Instructors and students have access to pre-made PowerPoint slides, exercises and problems, and there is the option to enrol in an online service for online assessments, which seem to have student feedback capabilities in addition to assessment gathering capabilities.

The Accounting Process
Financial Accounting and Adjusting Entries
The Classified Balance Sheet and Related Disclosures
Accounting for the Sale of Goods
Assigning Costs to Merchandise
Cash and Receivables
Long-lived Assets
Debt Financing: Current and Long-term Liabilities
Equity Financing
The Statement of Cash Flows
Financial Statement Analysis
Proprietorships and Partnerships

Ancillary Material

About the book.

This textbook is an adaptation by Athabasca University of the original text written by D. Annand and H. Dauderis. It is intended for use in entry-level college and university courses in financial accounting. A corporate approach is utilized consistently throughout the book.

The adapted textbook includes multiple ancillary student and instructor resources. Student aids include solutions to all end-of-chapter questions and problems, and randomly-generated spreadsheet problems that cover key concepts of each chapter. These provide unlimited practice and feedback for students. Instructor aids include an exam bank, lecture slides, and a comprehensive end-of-term case assignment. This requires students to prepare 18 different year-end adjusting entries and all four types of financial statements, and to calculate and analyze 16 different financial statement ratios. Unique versions can be created for any number of individual students or groups. Tailored solutions are provided for instructors.

The original Annand/Dauderis version of the textbook including .docx files and ancillary material remains available upon request to D. Annand ([email protected]).

About the Contributors

David Annand, EdD, MBA, CA, is a Professor of Accounting in the Faculty of Business at Athabasca University. His research interests include the educational applications of computer-based instruction and computer mediated communications to distance learning, the effects of online learning on the organization of distance-based universities, and the experiences of instructors in graduate-level computer conferences.

David completed his Doctorate in Education in 1998. His thesis deals with the experiences of instructors in graduate-level computer conferences.

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Financial Accounting and Reporting Classroom Materials

Financial Accounting and Reporting is an important part of the accounting curriculum. The skills students learn in your classroom will not only prepare them for more advanced courses, but to one day succeed in a career. The below are supplemental curriculum resources that the AICPA Academics team have reviewed and think can be used in the classroom.

Award-Winning Curricula

The Academics team is proud to offer award-winning curricula designed to encourage faculty and expand the knowledge of accounting students. The curricula below is from the Accounting Professors Curriculum Resource tool and has been recognized for excellence with the Bea Sanders/AICPA Innovation and Teaching Award , the George Krull/Grant Thornton AAA Innovation in Junior and Senior-Level Teaching Award, or the Mark Chain/FSA Innovation in Graduate Teaching Award .

A Better Way to Teach Effective Interest Method Related Problems in Accounting This resource presents a simpler method of teach accounting problems involving the use of the effective interest method. The method stimulates student interest by focusing on the economics of the transaction and relating it to real-life examples.
Accounting in the Headlines: A News Blog for the Introductory Accounting Classroom This resource shares Wendy Tietz's "Accounting in the Headlines" blog in which she writes stories about real-life companies and events that can be used in the accounting classroom to illustrate introductory financial and managerial accounting concepts.
Accounting Challenge (ACE): Mobile-Gaming App for Learning Accounting Accounting Challenge is the first mobile-gaming app for teaching financial accounting. ACE aims to enhance learning of accounting outside the classroom by engaging students to play and learn accounting on the go.
A FASB Accounting Standards Codification Project for Introductory Financial Accounting This exercise is designed as a team project in which introductory accounting students act as a consultants to a client seeking guidance on issues surrounding a start-up venture. Students must access and cite the Codification as the basis for the materials they submit in fulfillment of the project requirements.
Attracting the Best and Brightest to Accounting: Establishing an Honors Accounting Course This resource presents one school's approach to attracting and recruiting the best and brightest students toward accounting by offering an honors accounting course.
Beyond Debits and Credits... Service Learning in Accounting This resource presents a service learning project implemented in two accounting courses to enhance student skills in communication and teamwork.
Business From the Idea to the Seasoned Offering: Accounting and Financial Statements Reflecting Business Activities This project takes accounting education from bookkeeping to holistic active business learning including how financial statements build to reflect the business.
Chocolate: Accounting as a First year Seminar This resource provides a thematic approach at combining first year seminars and accounting programs using student activities that are simultaneously engaging and assessable.
Creative Strategies for Teaching MBA Level Accounting This resource presents a new concept for teaching accounting to MBA level students. At its heart, accounting centers on measurement of historical transactions or the measurement of future opportunities. this course turns the focus from rules, to the tools leaders need to manage a complex organization.
Cultivating Deep Learning in the Principles of Accounting Classes through Philanthropy-Based Education This philanthropy project goes beyond service learning or volunteerism. Students make real decisions that have immediate impacts on their community. Students award funding to not-for-profit agencies based on a competitive proposal process.
Digital Storytelling for Engaged Student Learning This resource uses digital story telling, a movie, to enhance students' technical competence in accounting. The story uses 12 episodes to follow three young business graduates who started their own business and discover along the way the role of financial information in managing a business venture.
FASB Accounting Standards Codification: Student-Authored Research Exercises This resource is based on the notion that the best way to learn something is to teach it. Students in a financial accounting graduate class demonstrate their master of GAAP research skills by creating research assignments using the FASB Accounting Standards Codification.
Forming Groups in the Age of YouTube This resource uses a variation of speed dating as a means for forming groups in an introductory accounting class. By learning more about their classmates prior to self-selecting a group this method allows students to choose better groups.
Getting Started in the Throughbred Horse Business: A Review of Some Basic Accounting Principles This resource provides reinforcement of common accrual accounting concepts centered on the breeding and racing operations of a small thoroughbred horse business. This curriculum is appropriate to use after students have been exposed to fixed assets, inventory, profit and loss and cash flow reporting.
IFRS Immersion This resource provides instructions for teaching an IFRS course from the standpoint of foreign companies that have already dealt with the problems and issues associated with converting from local GAAP to international GAAP.
IFRS Projects Using Dual Reporting of IFRS and U.S. GAAP This resource illustrates integrating IFRS learning into financial accounting curricula by incorporating valuable contrasting information from the dual reporting.
Integrated Accounting Principles: A New Approach to Traditional Accounting Principles Courses This resource describes an integrated accounting principles course that combines traditional financial and managerial accounting courses into a single six hour course.
Introducing Freshmen Students in the Accounting/Finance Course to the Library This resource describes a series of online, interactive tutorials and quizzes to help students learn fundamental concepts and skills of company and industry related research.
Introduction to Financial Accounting Case Project: Arctic Blast Ice Cream Store This case provides an opportunity for students to apply accounting concepts to a simple business venture. The project lasts 4-6 weeks and covers three distinct phases of the management process: business decision making, performance and evaluation.
Let's Go to the Movies: Using Movies as an Ethics Assignment This project involves students watching a series of predetermined movies and noting the ethical dilemma. At the end of the semester each student must defend one of the movies as a nominee for "A Must See Ethics Movie" for accounting/business students.
Mini-responsibility Centers: A Strategy for Learning by Leading This resource explains the concept of using mini-responsibility centers (MRCs) to decentralize large financial, managerial and cost accounting courses. In return the students are more focused and engaged.
Modeling Uncertainty in C-V-P Assignments: Going Beyond the Basics! This resource provides an outline for using the Monte Carlo Simulation to offer graduate students an opportunity to rapidly come to insights about probabilistic model building and interpretation. The simulation combines quantitative skills and qualitative skills along with reports and presentations.
Northwind Data Query Exercise This project encourages students to consider the evolution of data sources for financial reporting and evaluate how to acquire and manipulate information in this emerging business reality; by actually practicing queries and exporting information to worksheets.
Reinventing Student Engagement and Collaboration within Introductory Accounting Courses This resource provides ideas for increasing engagement and collaboration in the introductory accounting class. Examples include student projects, flipped classroom applications and in-class problems.
Responsibilities and Choices: An Active Engagement Exercise for Introductory Accounting Courses This exercise provides students with an opportunity to perform a basic due diligence task, complete a relatively simple working paper to document their work and make a decision. The exercise has embedded moral temptation and ethical issues and examines ethical choices that students make in the presence of time pressure and reward structures that encourage aggressive performance.
TeachingIFRS.com This document provides information on TeachingIFRS.com which was created in response to the rapid growth of IFRS and lack of high quality and effective teaching resources. The site consolidates and provides links to numerous freely available IFRS pedagogical materials.
Testing Critical Thinking Skills in Accounting Principles This resource describes a method for testing critical thinking skills in an accounting principles course. Using this method, each testing period is divided into two parts. First, students complete an individual traditional test. The second part is a critical thinking exercise called "the challenge problem".
The Accounting Profession Post Sarbanes-Oxley: An Approach to Impart Knowledge About the Conceptual Framework and Attract Students to the Accounting Major This document provides the description of a program entitled "The Accounting Profession Post Sarbanes-Oxley". The program provides students with an opportunity to better understand important elements of the conceptual framework. It also provides an overview of the career opportunities in accounting.
The Accounting Tournament - March Madness in Financial Accounting This resource describes implementation of an end of year comprehensive review using brackets as a model. Students are randomly placed in the bracket and compete against each other for extra credit points.
The Amazing Accounting Race: An Introductory Accounting Semester Project This project engages students with an exciting internet race around the professional world of accounting. Students obtain clues to complete tasks, encounter detours, road blocks and fast forwards. The assignments utilize students' synthesis skills and computer application skills as they collect facts about accounting careers from the internet and assemble data in an organized format.
The College to Professional Experience This resource outlines a program that serves to better prepare students for the "real world" by changing the perception of education from "learning by doing" to "doing and making to learn with technology". The project aims to move beyond traditional models of education to leverage technology to facilitate new methods of delivery and understanding.
The Farming Game and the Introductory Financial Accounting Course: An Accounting Simulation The Farming Game enables students to develop many of the skill-based competencies needed by students entering the accounting profession, regardless of career path. The Game provides experiential learning of various accounting principles. It is a learning opportunity that offers students a degree of reality and a larger view of the system.
Understand FX Risk by Playing Monopoly This resource uses a short version of Monopoly to understand the FX risk impact on net income.
Back to the Future: Using Accounting History to Explore Professional Opportunities In this project students read an article about a period of time in accounting history and present their findings to the class in a video format. Students then tie what they have learned in the presentations to the field of accounting today as well as the future.
From Pacioli to Picasso: Using Art to Enhance Critical Thinking in Accounting Capstone Courses This resource outlines using name cards, picture drawings and classic artwork to help students enhance their critical thinking skills. The exercise sets the tone for a course that requires them to think about more than rules and regulations and instead delve into the "why" and "what could be."
Digging Deep: Using Forensic Analytics as a Context to Teach Microsoft Excel and Access This resource describes a graduate level case that focuses on the development of technology skills through the lens of forensic analysis.
Who Moved My Classroom? Community Linked Learning and Assessment This resource describes three exercises that expand learning beyond the classroom. The first exercise allows students to discover the linkage between classroom studies and what practitioners do in the "real world". The second allows students to apply the COSO model to internal controls. The third requires students to interpret financial statements for a friend.

Additional Materials

Here are additional materials we reviewed and think are useful to incorporate into the classroom.

IIRC Database of Research on Integrated Reporting The International Integrated Reporting Council (IIRC) launched the <IR> Academic Database, a searchable collection of more than 200 articles, books, chapters, dissertations, and other pieces of scholarly research on the advancement, adoption, and practice of integrated reporting.
A destination is only as good as its compass. The new My 360 is here to help you create a free plan personalized to your financial needs by helping guide you through all the resources 360 Degrees of Financial Literacy has to offer.

We are the American Institute of CPAs, the world’s largest member association representing the accounting profession. Our history of serving the public interest stretches back to 1887. Today, you'll find our 431,000+ members in 130 countries and territories, representing many areas of practice, including business and industry, public practice, government, education and consulting.

About AICPA

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Course Resources

Assignments.

The assignments in this course are openly licensed, and are available as-is, or can be modified to suit your students’ needs. Answer keys are available to faculty who adopt Lumen Learning courses with paid support. This approach helps us protect the academic integrity of these materials by ensuring they are shared only with authorized and institution-affiliated faculty and staff.

If you import this course into your learning management system (Blackboard, Canvas, etc.), the assignments will automatically be loaded into the assignment tool.

You can view them below or throughout the course.

Module 0: Personal Accounting— Assignment: Creating a Budget
Module 1: The Role of Accounting in Business— Assignment: Lopez Consulting
Module 2: Accounting Principles— Assignment: Accounting Principles
Module 3: Recording Business Transactions— Assignment: Recording Business Transactions
Module 4: Completing the Accounting Cycle— Assignment: Completing the Accounting Cycle
Module 5: Accounting for Cash— Assignment: Accounting for Cash
Module 6: Receivables and Revenue— Assignment: Manilow Aging Analysis
Module 7: Merchandising Operations— Assignment: Merchandising Operations
Module 8: Inventory Valuation Methods— Assignment: Inventory Valuation Methods
Module 9: Property, Plant, and Equipment— Assignment: Property, Plant, and Equipment
Module 10: Other Assets— Assignment: Other Current and Noncurrent Assets
Module 11: Current Liabilities— Assignment: Calculating Payroll at Kipley Co
Module 12: Non-Current Liabilities— Assignment: Non-Current Liabilities
Module 13: Accounting for Corporations— Assignment: Collins Mfg Stockholders’ Equity
Module 14: Statement of Cash Flows— Assignment: Kachina Sports Company Cash Flows
Module 15: Financial Statement Analysis— Assignment: Coca Cola FSA

Discussions

The following discussion assignments will also be preloaded (into the discussion-board tool) in your learning management system if you import the course. They can be used as is, modified, or removed. You can view them below or throughout the course.

Module 0: Personal Accounting— Discussion: Winning the Lottery
Module 1: The Role of Accounting in Business— Discussion: The Crafty Coffee Crook
Module 2: Accounting Principles— Discussion: SoftSheets
Module 3: Recording Business Transactions— Discussion: Baker’s Breakfast Bars
Module 4: Completing the Accounting Cycle— Discussion: Closing the Books in QuickBooks
Module 5: Accounting for Cash— Discussion: Counter Culture Cafe
Module 6: Receivables and Revenue— Discussion: Maximizing Revenue
Module 7: Merchandising Operations— Discussion: Inventory Controls
Module 8: Inventory Valuation Methods— Discussion: LIFO, FIFO, Specific Identification, and Weighted Average
Module 9: Property, Plant, and Equipment— Discussion: Cooking the Books
Module 10: Other Assets— Discussion: Other Assets
Module 11: Current Liabilities— Discussion: Current Liabilities
Module 12: Non-Current Liabilities— Discussion: Off-Balance Sheet Financing
Module 13: Accounting for Corporations— Discussion: Home Depot
Module 14: Statement of Cash Flows— Discussion: Facebook, Inc.
Module 15: Financial Statement Analysis— Discussion: Financial Statement Analysis

Alternative Excel-Based Assignments

For Modules 3–15, additional excel-based assignments are available below.

Module 3: Recording Business Transactions

Module 3 Excel Assignment A
Module 3 Excel Assignment B

Module 4: The Accounting Cycle

Module 4 Excel Assignment A
Module 4 Excel Assignment B
Module 4 Excel Assignment C
Module 4 Excel Assignment D

Module 5: Accounting for Cash

Module 5 Excel Assignment

Module 6: Receivables and Revenue

Module 6 Excel Assignment A
Module 6 Excel Assignment B

Module 7: Merchandising Operations

Module 7 Excel Assignment

Module 8: Inventory Valuation Methods

Module 8 Excel Assignment A
Module 8 Excel Assignment B
Module 8 Excel Assignment C

Module 9: Property, Plant, and Equipment

Module 9 Excel Assignment A
Module 9 Excel Assignment B

Module 10: Other Assets

Module 10 Excel Assignment

Module 11: Current Liabilities

Module 11 Excel Assignment

Module 12: Non-Current Liabilities

Module 12 Excel Assignment A
Module 12 Excel Assignment B

Module 13: Accounting for Corporations

Module 13 Excel Assignment A
Module 13 Excel Assignment B
Module 13 Excel Assignment C

Module 14: Statement of Cash Flows

Module 14 Excel Assignment A
Module 14 Excel Assignment B

Module 15: Financial Statement Analysis

Module 15 Excel Assignment

Review Problems

There are also three unit review assignments and a final review. These reviews include a document which sets up the problems and an excel worksheet.

Unit 1 Review Problem (After Module 6)

Review Problem Document

Unit 2 Review Problem (After Module 8)

Unit 3 review problem (after module 9), final review (after module 15).

Assignments. Authored by : Cindy Moore and Joe Cooke. Provided by : Lumen Learning. License : CC BY: Attribution

Multiple Choice

Answers will vary but should include factors such as starting salaries, value of fringe benefits, cost of living, and other monetary factors.

Answers will vary but should include considerations such as price, convenience, features, ease of purchase, availability, and other decision-making factors.

Responses should comment on the growth Netflix has experienced. Although this may have been due to subscription price increases, the biggest driver of these increases is the number of subscriptions. While this is only a few data points, it does appear likely that Netflix will continue to grow sales in the next year or so. Factors influencing this prediction would be competition, changes in the streaming market, and economic considerations.

Answers will vary, but responses should state, in a sentence or two, the primary purpose of the entity. The goal of this exercise is to have students clearly communicate why the entity exists, the stakeholders served by the entity, and the role accounting plays in the organization.

Answers will vary but should highlight aspects of each model: Brick-and-mortar : higher investment in physical storefront, interior, etc., to attain visual appeal; insurance and regulatory requirements; space/storage considerations; lower delivery costs; no delivery time. Online : less overhead costs, higher delivery costs, higher website and technology costs, competition.

Manufacturer: movies; service: hotels, restaurants, waste removal, entertainment; retail: shopDisney, clothes and apparel.

Answers will vary but should include the key services of the SEC related to regulation and enforcement. You may be particularly interested to explore the SEC’s whistle-blowing initiatives. Responses regarding required filings for publicly traded companies should include a discussion about the relationship between transparency and protecting the public interest. The significant amount of invested capital by the investing public is also relevant to the discussion.

Answers will vary but should include the increase in popularity of energy drinks and Monster’s partnership with the Coca-Cola Company (which now owns close to a 17% stake in Monster). Considerations as to whether or not to purchase Monster shares today would include the estimated future performance of the company, the energy drink market, purchasing at a high point, etc.

Answers will vary but should include a discussion of the importance for accountants to provide information that is unbiased. Accountants have an obligation to protect the public interest by reporting information that is useful for decision-making but does not sway the user in a particular way. Accountants are in a unique position where they serve many stakeholders, including their employer, clients, and the public. The interests of all stakeholders must be considered while maintaining the highest level of integrity.

Answers will vary and may include certifications/licensing in nursing, information technology, engineering, human resources management, counseling, medicine, and many other occupations.

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Access for free at https://openstax.org/books/principles-financial-accounting/pages/1-why-it-matters

Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper
Publisher/website: OpenStax
Book title: Principles of Accounting, Volume 1: Financial Accounting
Publication date: Apr 11, 2019
Location: Houston, Texas
Book URL: https://openstax.org/books/principles-financial-accounting/pages/1-why-it-matters
Section URL: https://openstax.org/books/principles-financial-accounting/pages/chapter-1

© Dec 13, 2023 OpenStax. Textbook content produced by OpenStax is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike License . The OpenStax name, OpenStax logo, OpenStax book covers, OpenStax CNX name, and OpenStax CNX logo are not subject to the Creative Commons license and may not be reproduced without the prior and express written consent of Rice University.

Accounting Principles I
Study Guides
Introduction to Accounting
Understanding Financial Statements
The Accounting Equation
Financial Reporting Objectives
Generally Accepted Accounting Principles
Internal Control
Analyzing Transactions
Double‐Entry Bookkeeping
Journal Entries
The General Ledger
The Recording Process Illustrated
The Trial Balance
Accrued Revenues
Accrued Expenses
Unearned Revenues
Prepaid Expenses
Depreciation
Adjusting Entries
The Adjustment Process Illustrated
Financial Statements
The Work Sheet
Closing Entries
The Post‐Closing Trial Balance
The Accounting Cycle
Reversing Entries
Correcting Entries
Recording Sales
Sales Returns and Allowances
Sales Discounts
Inventory Systems
Recording Purchases
Purchases Returns and Allowances
Purchases Discounts
Net Purchases and the Cost of Goods Purchased
The Cost of Goods Available for Sale and the Cost of Goods Sold
Gross Profit
Financial Statements for a Merchandising Company
Adjusting the Inventory Account
Inventory Adjustments on the Work Sheet
Closing Entries for a Merchandising Company
The Work Sheet When Closing Entries Update Inventory
Subsidiary Ledgers
Special Journals
Cash Controls
The Petty Cash Fund
Bank Reconciliation
Credit Card Sales
Receivables Defined
Evaluating Accounts Receivable
Estimating Bad Debts—Allowance Method
Factoring Receivables
Notes Receivable
Recording Notes Receivable Transactions
Discounting Notes Receivable
Determining Inventory Levels
The Cost of Inventory
The Valuation of Merchandise
Inventory Systems: Perpetual or Periodic
Inventory Subsidiary Ledger Accounts
Cost Flow Methods
Inventory Errors and Financial Statements
Estimating Inventories
Operating Assets Defined
The Cost of Property, Plant, Equipment
Depreciation of Operating Assets
Repairs and Improvements
Disposition of Depreciable Assets
Natural Resources
Intangible Assets

Accounting is the language of business. It is the system of recording, summarizing, and analyzing an economic entity's financial transactions. Effectively communicating this information is key to the success of every business. Those who rely on financial information include internal users, such as a company's managers and employees, and external users, such as banks, investors, governmental agencies, financial analysts, and labor unions. These users depend upon data supplied by accountants to answer the following types of questions:

• Is the company profitable?

• Is there enough cash to meet payroll needs?

• How much debt does the company have?

• How does the company's net income compare to its budget?

• What is the balance owed by customers?

• Has the company consistently paid cash dividends?

• How much income does each division generate?

• Should the company invest money to expand?

Accountants must present an organization's financial information in clear, concise reports that help make questions like these easy to answer. The most common accounting reports are called financial statements.

Next Understanding Financial Statements

The Edu Partner

How to Prepare an Accounting Assignment

Preparing an accounting assignment requires thorough and proactive thinking and a planned discipline. Accounting assignments are one of the most important evaluation tools to understand your knowledge of financial concepts. Additionally, the complexities demand strategic accounting assignment help.

In this guide, we will study effective preparation strategies by providing step-by-step guidelines for success. Students and professionals can easily understand accounting assignments by reading the requirements, researching thoroughly, and using an organised outline structure to write and read through. Follow us as we delve into the core components, such as literature review and methods, to ensure your accounting project thoroughly comprehends financial ideas that have practical implications for our discipline.

Table of Contents

Importance of Accounting Assignments

Accounting assignments play a significant role among students as they mediate between theory and practice. These tasks enable students to put accounting principles into practice in real-life situations and develop analytical problem-solving skills. Most students hire a professional accounting assignment helper to ace their projects.

Furthermore, these papers better comprehend financial concepts and equip students for professional issues. Analysing data, researching, and presenting findings improve critical thinking skills and increase communication abilities. To sum up, successful completion and mastering of accounting assignments allow the students to gain the necessary skills and confidence in working out the complexities of financial reality that play a crucial role when embarking on professional careers.

Steps to Prepare Your Assignments

These Papers require proper planning and detailed steps. Students have to give undivided attention to their papers, no matter what. With the increasing challenges of accounting, students are bound to seek accounting assignment help . Check the steps below to understand the steps needed to prepare an impactful assignment.

Understand the Assignment Requirements

Comprehending assignment requirements is paramount. Read guidelines carefully, paying attention to the important points such as topic, scope and format. Determine special instructions, word count limit and submission dates. This first step gives you a clear plan ahead, keeps away any deviations and ensures that your accounting assignment fits the requirements set by your instructor to a T. Moreover, with a proper understanding of the requirements, you are set to work in the right direction.

Research and Gather Information

Study your accounting assignment with thoroughness. Seek the guidance of a reliable accounting assignment helper and use reliable sources such as textbooks, academic journals and web materials. Make sure the information is recent and relevant to your subject. Record every little detail meticulously and arrange them systematically. This step aims to create an informed and complete assignment framework, offering appropriate information and insights to support your analysis and discussions effectively.

Create an Outline

Develop a structured plan for your accounting assignment. Break it down into the relevant portions, including the introduction section, literature review part, methodology chapter, findings discussion portion and finally, conclusion. Additionally, hire accounting assignments help to ensure a smooth flow of ideas, with each section coherently connected to the next one. This necessary step maximises the cohesion and readability of your assignment, as it helps you through this activity while helping you effectively convey insights from a relevant perspective.

Introduction and Background

Start your accounting assignment with an engaging introduction that briefly summarises how and why you will accomplish the purpose of this work. Write out the clear objectives and questions that your assignment aims to answer. This establishes the tone and creates interest in your assignment, detailing financial principles and concepts. Moreover, you can hire a professional accounting assignment helper for better results. Furthermore, your introduction briefly summarises your paper and summarises your knowledge and findings.

Literature Review

Perform a thorough literature review that demonstrates your knowledge of recent research and theories in the accounting field. Embed key findings from reliable sources, focusing on their relation to your assignment’s purpose. Your literature review draws from current knowledge to show your expertise. It reveals gaps that open up a way for you to make unique contributions to this assignment on accounting discourse. Additionally, you can hire a service offering online assignment help Australia for reliable sources and materials.

Methodology and Analysis

Demonstrate the methodology utilised in your account assignment by tracing data collection measures and evidence instruments. Use tables and graphs where appropriate to present findings. This section illustrates how you have approached this task, pointing out that your methodology is systematic and rigorous, allowing the reader to understand clearly your capacity for accurate data interpretation and aiding in giving substance and credibility to the accounting assignment. Besides, make sure your methodology answers all the possible questions.

Discuss your findings in the accounting assignment comprehensively. Demonstrate critical thinking by relating the results to existing literature and theoretical frameworks. Seek a professional accounting assignment help to define the limitations of your study and suggest areas for future research. This part enhances the assignment by identifying links between your analysis and better financial ideas, promoting further insight and demonstrating how you can critically assess.

Conclusion and Reference

The conclusion of your assignment summarises key points, reaffirming the importance of the findings. Do not present new information and summarise the main arguments briefly. Make sure to cite all the sources correctly according to a particular referencing style (APA, MLA, etc. A careful approach to referencing makes your accounting assignment more plagiarism-free, gives it credibility and enhances overall professionalism. Additionally, hire an accounting assignment helper if you are unsure of the citation and referencing styles.

Proofreading and Editing

Ensure that your accounting assignment is properly proofread and edited before submission. Look for advice from other peers or teachers to gain useful insights and increase clarity. This careful review provides a neat and faultless document, bringing the overall quality of your assignment higher. A well-edited submission suggests professionalism and attention to detail, meaning those who evaluate your work will see you in a positive light. Additionally, seek online assignment help in Australia for reliable editors.

In The End,

A successful accounting assignment is an elaborate process, from understanding requirements to presenting well-researched findings. By following a well-structured plan, comprehensive research, and adequate methodologies, students and professionals can address the intricacy of financial concepts. Accounting assignments are significant because they teach how to combine theoretical knowledge with practical application while increasing critical thinking and communication skills. As a result of this process, an assignment that has been correctly proofread and referenced makes genuine contributions to academia. Besides, students can always seek professional accounting assignment help to smoothen their process.

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Introduction to Accounting

Accounting is a wonderful but confusing discipline. The widely view is it’s typically mind-numbing number-crunching; the idea certainly has a few of them, but additionally it is also a rich intellectual pursuit with a good amount of convincing along with suspect troubles. Accountants will often be stereotyped since soulless drones laboring listlessly inside bowels of corporate bureaucracies. But quite a few accountants will certainly show you it’s people skills, not technological information, which might be crucial to their achievements. In addition to despite the fact that it has been looked at as some sort of self-discipline of identify exactitude together with rigorous principles, used accountants depend heavily in finest rates along with informed guesses that want cautious wisdom along with strong creativeness.

Lecture on Completion of the Accounting Cycle

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A Complete Accounting Assignment Guide: Format, Sample, And Examples

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The field of accounting is vast, and so is its study. When a student is enrolled in this discipline, they generally deal with topics like a ledger, profit, and loss account, LIFO, trial balance, ratio analysis, FIFO, balance sheets, income statements, etc. Many students are stuck with these accounting topics and need accounting assignment examples to clarify doubts.

If you are among them, you have come to the correct destination. Here, you will find details like examples of accounting assignments, formats, and specific writing tips explained by our subject matter experts.

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Examples of accounting assignments and their formats.

During the study of accounting, students are required to undergo several assignments. Some of the accounting assignment examples are defined below for your reference.

While dealing with an accounting essay, the writer uses facts and data to support their argument. The structure of an essay includes the following â€“

Introduction

The introduction gives your audience some context and illustrates why it is significant. It also provides a general summary of your approach to responding to the query. Students who face issues writing the introduction part can consult our accounting experts to get an example of an introduction for an accounting assignment.

You must answer the essay question in the body.
You must carefully plan out this section of the assignment so that you may include the details that will support your answer.
Usually, you have to examine a distinct point of view, which calls for combining numerous concepts from various sources.
This section reaffirms the essay's central theme and offers an overview of the crucial ideas discussed.
Additionally, you could be asked to provide suggestions or quickly discuss any ramifications of the arguments you've made in your essay.
All of the resources you referenced in your essay are in the reference list.
It always appears on a different page.

A report offers information that has been organized concerning a topic or issue that is being looked at. The knowledge may be gleaned via personal experience, reading, study, experimentation, or measurements.

Report Structure

Contingent on the field and goal, reports might have various structures. A sample report structure is provided below, but you must go through the assignment guidelines and instructions to determine the structure or format you need to follow.

Literature Reviews

A literature review might form an assignment in which the goal is to summarise the most critical studies pertinent to your subject. If it is a component of a more extensive work, such as a research report or thesis, the goal is to justify the necessity for more study on the subject you have selected.

In a brief literature review, the opening typically consists of one paragraph, whereas in a lengthier study, it may consist of many sections defining the organization, topic, and scope of the review.

Each section in a literature review typically addresses one main subject or subtopic.
A summary that connects the topic to the primary goal of the study area concludes each section.
The essential ideas that emerged from the literature review are summarised in the conclusion.

Are you a student encountering trouble writing the example conclusion for the accounting assignment (literature review)? If yes, then join hands with our accounting professionals. They will assist you in the best possible manner.

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Easy tips for writing accounting assignments.

Once you have understood the types of accounting assignments covered under our accounting assignment help , the time has come to know the practical tips to deal with your work. Let's read!

Developing A Theory: Writing an accounting assignment sample requires addressing the significance of the components that aid in comprehending how the topic is built and implemented. The approach employed to validate the topic sentences must also be developed.

Discover More About Accounting Systems And Applications: Students can learn about accounting and its applications while completing an accounting assignment answer. They better understand the issues and solutions for the financial accounting assignment in this way.

Knowing The Subject: Some tasks need accounting assignment help. You must comprehend the subject and seek assistance if you experience any problems or need help to finish the example of an introduction for an accounting project on time. They are accessible at all times to give you the finest advice.

Exercise Work: It may be more complex than it first seems to write accounting assignments. Accounting and finance books should be read, and one requires a lot of practice.

Perfect Outline: For the accounting task, you must write a flawless overview. It is simple for a writer to accomplish the project thanks to its structure and layout. To ensure that the assignment is read correctly, you must effectively provide all the data and facts.

Discussion: The conclusion of the assignment depends heavily on a solid discussion and evaluation.

Proofread: After doing its work, you must invest some time proving it. During reviewing, you must fix any spelling, grammar, or punctuation errors that may have occurred.

Following the above tips will help you write your accounting assignment. In case you need further assistance, then avail our assignment writing services . This service is available 24 hours in your region so that you can avail of assignment help anytime.

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How To Write Accounting Assignment

Assignment writing is nothing new to students these days. But let’s first talk about the initial problem they faced while dealing with it. They are usually seen asking who can write accounting assignment for them, effectively. Indeed, not all students are smart enough to make a perfect copy for themselves. But, anyhow, we have presented our needy stunts with some great examples, tips, and useful steps to make their assignment more professional.

Students need to understand the fact that a well written accounting assignment can win you higher grades in your class. Therefore, always lookout for a way to make your assignment better than others.

How to write an accounting assignment introduction?

When starting with your accounting assignment, stunts need to follow one simple thing and that is to make their introduction the best one. The introduction of your assignment should be catch and well researched. Because it’s the introduction itself that hooks the readers to the end of your copy. Therefore, it is highly important to make your introduction precise, explanatory, and unique to impress the readers instantly. Use simple words and avoid making long sentences.

How to write an accounting assignment example?

To write accounting assignment is a simple thing to follow. It normally comprises basic steps that can be easily understood by the students. When you sit down to write your accounting assignment, go ahead with it while following our stated points.

Your accounting assignment example consists of;

Introduction

It is advisable for the students to utilize these categories with care and devotion to making them impressive and worth reading.

How to write a good accounting assignment?

It is one of the common concerns of the students. To write accounting assignment, it is vital to use the perfect language and follow its internal steps. However, we have compiled some amazing tips that can brilliantly let you uniquely craft your assignment.

To make your assignment stand out, it’s vital to craft it tailor made. Later, following with the lesser searched aspects.
Plagiarism is something not acceptable in the eyes of your professors. Hence refrain from it and other grammatical mistakes like spelling, sentence structures, etc.
Students should know what type of assignment they’re making. Just in case, there is any confusion related to it, you can ask for help with accounting assignment from our top tutors.
Another crucial thing is to do proper citation. If you have not cited your assignment properly, there are chances that your paper will not get approved.
Proofreading and editing your assignment are quite necessary. Don’t risk your precious grades by not doing this time raking jobs. You can hire our proofreaders to help you out in this aspect as well.
Just before you have decided to submit your assignment make sure to double check it. Look out for the proper introduction, conclusion and, the main body it would be great to take a second opinion from a friend or acquaintance.
One of the impressive things students can do with their accounting assignments is to write them with relevant examples. The more examples you use in your assignment, the greater you will convince your teacher about the implication of those examples on practical terms.

There is no good in wasting time. Whenever you feel stuck with your assignment worries, choose our legit assistance right away.

How to write accounting assignment in style

Students can deal with their complex accounting assignments like a pro. All you have to do is to focus on the following important points to make your accounting assignment stylish and impressive both the same time;

Understand and analyze your topic fully.
The topic should be well researched. Note down the important points in the end.
Create an effective outline and draft your complete assignment.
Now start writing your assignment.
Lastly, edit your assignment and proofread as well.

What are the steps to write an accounting assignment?

To make your assignment worth reading, it should include various useful steps. If students follow these steps carefully, nothing can stop you from impressing your tutors with your accounting assignment.

Here goes the step to step guide to make your assignment extra professional;

Follow the definite structure for your accounting assignment.
While writing the introduction, use the hook sentence followed by the thesis statement.
Explain at least in one line why you have chosen the selected topic.
If you wish to cover various aspects, separate them into different paragraphs.
Rearrange the word count as the causes discussed.
The first point of your assignment should highlight your topic with specifications.
The rest of the steps should bear the arguments followed with evidence and examples.
It’s time to get a concussion now.
Your conclusion will have to include the final statement.

Choose our best accounting assignment help online now

Indeed, writing a flawless accounting assignment is not everyone’s cup of tea. However, it is not an impossible act as well. If a student is determined to create a perfect paper for their teachers, then nothing can stop them. But, in the case of an emergency, our quality writing services always react to serve you. Being in the industry for years. Our writers know how to crack a brilliantly written assignment.

Think no more. If you are not able to create one good assignment for yourself. Run to us instantly. Ask our writers to help you out with their utmost professionalism and talent. All of our writers are PhD’s or Master’s degree holders in the subject of accounting. They can offer immense help in any topic of this course. Get the timely deliveries at the most affordable rate by selecting us as your savior. Be wise to Opt for us to write accounting assignment. Because we are only eager to provide you with high quality content and nothing else.

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Introduction for Accounting Assignment Sample

Accounting Assignment Help

Accounting terms is always the method implemented by several business and companies to calculate finances. With the help of accounting, business evaluation and estimation are determined. Accounting is a trendy course, and as the world improves in civilization, the need for accounting knowledge to complete tasks are getting much. However, learning accounting terms is not easy because students receive a series of assignment all the time. The accounting assignments are always complex and require the service of an accounting Assignment Help World experts in solving the problems. Accounting is all about theories with calculation, which is essential for future activities. It is these theories that confuse most students when finalizing their report assignments.

Sample 1 : Company name -Maple Leaf Foods Year end -December 31, 2010

Main business activity of your Company

Solution: Maple Leaf Foods operates three core businesses:

Meat Products Group comprises the two leading Canadian brands in fresh and prepared meats, Maple Leaf and Schneiders , as well as Maple Leaf Prime Naturally fresh, seasoned and prepared chicken and a number of leading sub-brands.
Bakery Products Group caters to f resh bakery business.
Agribusiness Group provides raw material and essential services to Maple Leaf's fresh and prepared meats facilities

What is the stock exchange trading symbol for your company? - MFI

What was the date that the company posted their audited year-end financial statements on the Sedar.com website. ______ Within a company’s Annual Report, management and its Board will usually provide information regarding the company’s future plans and strategies. Please list three of your company's plans, goals or objectives for the future (after the year end) . Other resources you may wish to consult are business publications, news reports etc. (please note your sources of this information)

1. Jobs are safe at Maple Leaf Foods 2. Maple Leaf Foods Plans Investments, Plant Closures To Boost Profits 3. Maple Leaf Foods returns to Q3 profit. Using the results for your company’s most recent year end (unless otherwise indicated), please answer the following questions:

1. What was the Total Revenue of your company? (Pg 58) $ 4,968,119 ,000 2. Did the total Revenue increase or decrease from the previous year and by how much (show calculation)? Revenue decreased by 4.9%

2010 = $4,968,119,000 2009 = $ 5,221,602,000

Decrease in Revenue = (4,968,119,000/5,221,602,000)-1=4.9%

3. What was your company’s Net Income (loss) and if applicable, Comprehensive Net Income (loss)? $25,822,000

4. What was the value of the company’s Total Assets? $ 2,996,795,000

5. What was the largest Asset reported? (Pg 57) Property, plant and equipment,

6. In which Financial Statement (not notes to the financial statements) would you find information about Dividends? Did your company pay its shareholders any Dividends during the year? If so, how much?

Cash flows contains information on Dividends,

Yes, the company paid $0.16 per share to common share holders and $0.18 per share to convertible shareholders.

7. Does the company have any intangible assets? If yes, what type?

The company has following types of intangible assets; Goodwill, Customer relationships, poultry quota, software and others.

8. Does your company report Inventory? If so, how much ($)? 319,263,000

9. What type of inventory is it? Finished goods, raw materials, supplies?

Included in the cost of inventory are direct product costs, direct labour and an allocation of variable and fixed manufacturing overhead including depreciation.

10. What type of Costing method has the company used to value its Inventory?

Inventories are valued at the lower of cost and net realizable value, with cost being determined substantially on a first-in, first-out basis.

11. What is your company's Largest Expense account in the current year? Cost of sales

12. Are the financial statements consolidated? If yes, with whom are they consolidated?

The consolidated financial statements include the accounts of Meat Products Group, Agribusiness Group and Bakery Products Group.

13. Record the Accounting Equation using the amounts ($) from your company’s Financial Statements for both year ends presented in the financial statements.

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Accounting Equation: Assets = Liabilities + Equities For 2010, Accounting Equation is: Assets = $ 2,996,795,000 Liabilities = $ 1,779,418,000 Equities = 1,217,377,000 For 2009, Accounting Equation is: Assets = $ 3,057,464,000 Total liabilities = 1,868,414,000

Equity = 1,189,050,000 14. Calculate the following for your company for both years shown on their F/S:

Based on the information above, has the liquidity of your company improved over the prior year? Yes or No and Explain.

The liquidity of the company has declined from 0.84 to 0.54. The working capital has also declined. 15. What are accrued liabilities? Does the company report any accrued liabilities? If yes, how much and what type(s) (pg.83)?

Accrued liabilities $22,546 ,000

16. Is the company's Balance Sheet a Classified Balance Sheet, how do you know?

Yes, the company's Balance Sheet is a Classified Balance Sheet.

17. What is the balance of Retained Earnings or Deficit at year end? (pg 77) $ 346,319 ,000 18. What was the largest Current Liability reported? Accounts payable and accrued charges of $521,746,000

19. What was the Total Balance of Long Term Liabilities reported by your company? (Page 57) $681,514,000 20. Does the company have any commitments or contingencies? If yes, briefly describe them in your own words (page 87 Note#23]

The Company has operating lease, rent and other commitments with total payments of $ 344,144,000.

21. If applicable, what was the balance of the Current Portion of LTD?

$ 496,835 ,000

22. What is the dollar value reported for Capital stock and how many shares are issued and outstanding?

Dollar value reported for Capital stock= $ 1,217,377 ,000 Shares outstanding= 140,044,089

23. What is the amount of the company’s Allowance for Doubtful Accounts at year end? If there is none, where did you look?

As at December 31, 2010, the Company has recorded an allowance for doubtful accounts of $6.8 million (2009: $10.2 million).

24. Who are the auditors of this company? Are the auditors part of this company’s management and do the auditors dictate which accounting policies this company choses (explain)?

Auditor of this company is KPMG LLP. The auditors are not the part of this company’s management and the auditors do not dictate which accounting policies this company chooses.

25. How much Cash has been generated (or used) from (each) Operating, Investing and Financing Activities ?

Cash has been generated (or used) from: Operating Activities= $ 283,668,000 Investing Activities = $ (160,105,000) Financing Activities= $ (164,490,000)

26. The Balance for Cash at the Bottom of the Statement of Cash Flows statement agrees to what other balance in which Financial Statement?

Balance for Cash at the Bottom of the Statement of Cash Flows statement agrees to Cash and cash equivalents in the Financial Statement

27. Go to the F/S Note which supports your Long-Term Assets such as “Property, plant and equipment” and copy it into the following chart, if available:

28. What Depreciation method does your company use to Depreciate their Fixed Assets?

Solution: Depreciation is calculated using the straight-line basis, which is based on the expected useful life of the assets as follows: Buildings 15 – 40 years Machinery and equipment 3 – 10 years

29. Identify and describe one interesting thing you learned about your company from reviewing their financial statements and the accompanying notes.

Accounting Standards - Financial Reporting Assignment Sample

Instructions for the report AASB 9 (and IFRS 9) Financial Instruments was initially released in December 2014, but it will become effective from financial reporting periods beginning on or after January 1, 2018. This will bring fundamental change to financial instrument accounting when it replaces the existing accounting standard: AASB 139 (IAS 139) Financial Instruments: Recognition and Measurement. Entities reporting financial instruments will need to make several decisions and choices in relation to the transition to the new standard. Many businesses, especially banks and other financial institutions, will be affected by the implementation of the new standard. You can find more information regarding some changes made by the new accounting standard in 2018 and industry impact for various entities from the following links: https://www.pwc.com.au/ifrs/new-standard-financial-instruments.html https://nexia.com.au/news/accounting/aasb-9-financial-instruments-understanding-the basics.

This task requires you to prepare a report to evaluate and comment on information regarding financial instruments provided in the annual report of a company listed on the Australian Stock Exchange (ASX). Your comments or evaluation should comply with the requirements of relevant Accounting Standards (AASBs)

Discuss the recognition for financial instruments including financial asset, financial liabilities and equity instruments according to relevant AASBs.
Discuss the measurement of finical instruments according to related to relevant AASBs.
Identify different types of financial instruments available in the chosen company. Provide at least one example of each type of financial instrument available in the chosen company and specify recognition and measurement of that financial instrument.

Part B From the perspective of the investors, discuss the potential impact of the adoption of new AASB 9 on assets, liabilities, financial performance and one of selected financial ratios (such as debt/equity ratio) of the chosen company.

Executive Summary The increased globalization and cross-border business relations have made it mandatory for the financial reports of different countries to communicate a similar language. This is achieved through the convergence to IFRS which makes interpretation of financial statements easier and more apt to suit the business requirements. With the effective implementation of the IFRS, entities could have significant changes in their financial reporting. Its implementation is not just restricted to equity instruments or such other long terms loans and receivables but can extend to a few items on the profit and loss account also. This report discusses the financial instruments concepts that are in tune with the IFRS with practical examples from the annual report of a listed company.

Financial instrument recognition IFRS 9 specifies an entity’s classification and its measurement. Further it relates to financial asset or financial liability and other contracts to buy or sell non-financial items. IFRS 9 allows an entity to account for an asset or liability of financial type only when it has become a party to the contract in accordance with the contractual provisions affected by the relevant instruments. At the prior stage, the financial asset recognition and financial liability is made at the fair value with an addition of the costs of transaction that are incurred to acquire the asset or issue the liability. Hence, it is imperative that the recognition should happen at the time when the entity links to obligations of contractual nature, unlike the other IFRS where the emphasis is laid on the future economic benefits (Horton & Serafeim, 2010).

Derecognition of financial asset or removal happens from the financial statements when the expiry happens from that of contractual rights or cash flows or when there is a transfer of the entity and such a transfer leads to the qualification for derecognition (Deegan, 2005).

Derecognition of a financial liability happens when it gets extinguished or in other words, its obligations are discharged or canceled or expires.

1. Measurement of financial instruments according to the relevant AASBs.

Financial Assets : Every entity is expected to follow a business model to manage its financial assets and the cash flows of contractual nature arising and flowing from the assets. Based on this business model, the financial asset recognition is made according to the following criteria:

Amortized Cost: The financial asset recognition is done at the cost of amortization only if both the conditions listed below are met:
The asset is held by the entity for the purpose of collection of cash flows of contractual nature and the entity aim is to hold the assets for business purposes.
Due to the possession of the financial asset, cash flow arises that are solely payments of principal and interest amounts outstanding on the assets (Landsman et. al, 2011)
FV from a different comprehensive income: In a business model when the aim of holding financial assets is both for the generation of cash flows and for selling financial assets, the classification happens through fair value through income of comprehensive nature (IFRS, 2016). IFRS 9 also provides guidance on whether the business model is meant for managing the assets or for the contractual cash flows or collection of both.
FV through P/L: If the recognition of financial assets is not done in any of the above two methods, then the financial assets are recognized at FV through P/L. IFRS 9 states that when the business model changes, then a reclassification of all the financial assets has to be done.

Financial Liabilities: Financial liabilities are ascertained in the following ways:

At FV through PL: The financial liabilities that are not ascertained at amortized cost fall in this category like derivative instruments, other financial liabilities for trading and such liabilities that the entity has specifically classified to be evaluated at the concept (Lai et. al, 2013).
At cost of Amortization: All financial liabilities are evaluated at amortized cost leaving those measured at fair value through profit and loss (Maria, 2016).

Equity Instruments: IFRS 9 states that the measurement of equity instruments has to be done at FV. The changes in the equity instruments have to be recognized in the P/L account. The exception being for the equity instruments that the entity has opted to present the variances in the comprehensive income.

IFRS 9 provides the option to designate the instrument of equity at FV through other comprehensive income and this option can opt at the initial time. It is an irrevocable option. This classification will result in all the gains and losses being presented under the other comprehensive income except the dividend income which is seen in the income statement.

IFRS 9 even projects way on when the cost might is feasible for FV and when should not be used for fair value.

Thus these are the measurement criteria laid down in IFRS 9.

2. Different types of financial instruments available in ARB Corporation Limited The company selected for discussion and analysis is ARB Corporation Limited. It deals with the manufacture, design, and other engineering matter related to motor vehicles.

The performance of the company has been pretty good and in a growing phase. The revenue, profits, and dividends have all seen a steady increase. It needs to be noted that the companies demand for the products are healthy. It is thus well poised for a long-term business growth (ARB Corporation, 2017).

The financial statements notes contain the details and explanations about the financial assets, financial liabilities, and equity. The below has been extracted from the same. The derivatives that are designated as effective hedging instruments are forward exchange contracts and these are carried at fair values (ARB Corporation, 2017).

Derivative Financial Instruments are classified under Current Assets. Example – Loans & Receivables Recognition – These financial assets are recognized when the company enters into a contract and the other party is under an obligation and also bound by the performance of the contact. Measurement – These assets are ascertained at the fair value at inception. The subsequent measurement is at the cost of amortization utilizing the method of interest rate. It is tested for impairment at the date of reporting and any impairment gain or loss is recognized in the profit and loss account (ARB Corporation, 2017).
Derivative financial instruments are classified under current liabilities. Recognition – On similar lines as a financial asset, financial liabilities are recognized upon entering into contractual obligations where both the parties agree to undertake their obligations (Hanlon et. al, 2014).
Measurement – The financial liabilities mentioned above from third parties are measured at the amortized cost since these are fixed sums of liabilities and do not alter with time (ARB Corporation, 2017). Hence fair value measurement is not adopted for these liabilities. The amortized cost is checked for on the reporting date and the amount of liability outstanding is disclosed in the statement.
Consolidated statement of changes in equity presents the movements and profit or loss made by the company. Retained Earnings recognize and take into account the movements in FV of cash flow hedges, net of tax (Goodwin, 2008).

Example – Cash Flow Hedges Recognition – There are derivatives of specific nature that are allotted to be instruments of hedging and such derivatives are recognized as Cash flow hedges. For classification under this category of cash flow hedge, the items that generate the cash flows should be realistic (Hanlon et. al, 2014).

Measurement – The changes in the FV of the derivatives on the reporting date are recognized under the equity account in a reserve of hedging of cash flow. The profit or loss arising is passed on to the Income Statement during the same period when such transactions occur, thus mitigating the chances of fluctuations of exchange rate that would have occurred when hedging is not present (Goodwin, 2008).

Part B As the adoption of IFRS is at a phased stage, there are a few standards that are currently in force and being adopted by the company whereas the other IFRS are not currently to be mandatorily followed but available for early adoption by the company (Byard, 2011).

As IFRS 9 simplifies the approach towards the financial assets and liabilities classification and measurement in comparison to AASB 139, there could be a change in the recognition, classification, and measurement of financial assets when the standard is adopted (ARB Corporation, 2017). The change is due to the fact that the standard allows the provision of the fair value of gains or losses in income of comprehensive nature that are not held for trading. This would be the impact of the change in the financial assets recognition and measurement (Byard et. al, 2011).

As per the needs of IFRS 9, the financial liabilities accounting that are provided at FV through PL will only be influenced. Hence no influence will be there on the accounting for entity’s for financial liabilities (ARB Corporation, 2017).

With reference to the cash flow hedge, the requirements of IFRS 9 state that a new model has to be developed which is deeply aligned with the risk management and application will be easy. The implementation cost will be reduced but the model requires extended disclosures. Thus the impact of this new hedge accounting model is yet to be assessed by the company as it is applicable from 1 January 2018.

Out of the items discussed above, financial assets like loans and receivables will not be influenced by IFRS 9. Financial liabilities like trade payables, other creditors and liabilities will also not undergo a significant change in the adoption of IFRS 9 (ARB Corporation, 2017).

The debt-equity ratio of the company is currently Nil as the company is not having borrowings as per the statement of financial position.

Hence another ratio is discussed which is a return on equity which is currently 18.83. Upon adoption of IFRS 9, it is possible that due to the recognition of the financial assets and liabilities which are to be concerned at FV through P/L account, the net profits of the company might increase or decrease (ARB Corporation, 2017). This increase or decrease is largely dependent upon the measurement of fair value which is a result of the overall market conditions on the reporting date. Hence the ratio will accordingly increase or decrease.

Conclusion The significance of IFRS 9 is thus seen in terms of recognition and measurement of financial assets, financial liabilities, and equity. The accounting and disclosure for cash flow hedge is the only item that will require more efforts in terms of the development of a model and extended disclosures. From the investor perspective, it would be evident that the adoption of IFRS 9 will bring the financial statements closer to the current market scenario. Most of the items that were being shown at the current or historical cost figures will now be disclosed at fair values and hence the profitability of the company can either increase or decrease. It will also not facilitate one on one comparison with the prior year figures due to the changed recognition and measurement criteria.

References ARB Corporation. (2017). ARB Corporation Annual report and accounts 2017. Retrieved from: http://www.annualreports.com/Company/ARB-Corporation-Limited [Accessed 25 May 2018]

Byard, D, Li, Y, & Yu, Y. (2011). The effect of mandatory IFRS adoption on financial analysts’ information environment. Journal of Accounting Research, 49(1), 69-96.

Deegan, C. (2005). Australian Financial Accounting. McGraw Hill, Sydney.

Goodwin, J, Ahmed, K & Heaney, R. (2008). The Effects of International Financial Reporting Standards on the Accounts and Accounting Quality of Australian Firms: A Retrospective Assignment. Journal of Contemporary Accounting & Economics, 4(2), 89-119.

Goodwin, J. & Ahmed, K. (2006). The Impact of International Financial Reporting Standards: Does Size Matter?. Managerial Auditing Journal, 21(5), .460- 475.

Hanlon, D., F. Navissi & G. Soepriyanto (2014). The value relevance of deferred tax attributed to asset revaluations. Journal of Contemporary Accounting & Economics, 10(2): 87-99.

Horton, J. & Serafeim, G. (2010). Market reaction to and valuation of IFRS reconciliation adjustments: first evidence from the UK. Review of Accounting Studies, 15(4): 725-751.

IFRS. (2016). IFRS Application around the world jurisdictional profile. Retrieved from: http://www.ifrs.org/Use-around-the-world/Documents/Jurisdiction-profiles/Australia-IFRS-Profile.pdf [Accessed 25 May 2018]

Lai, C., Lu, M & Shan, Y. (2013).Has Australian financial reporting become more conservative over time?. Accounting & Finance, 53, 731-761.

Landsman, W. R, Maydew, E. L & Thornock, J. R. (2011). The information content of annual earnings announcements and mandatory adoption of IFRS. Journal of Accounting and Economics, 53(2), 34-54.

Maria, W. (2016). The Big Consequences of IFRS: How and When Does the Adoption of IFRS Benefit Global Accounting Firms?. The Accounting Review , 91(4), 1257-1283

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AC151 Introduction To Accounting Assignment Example Maynooth University Ireland Ireland

AC151 Introduction To Accounting Assignment Example Maynooth University Ireland

This module will introduce students to the fundamentals of accounting. Topics covered include Principles of Accounting, Double Entry book-keeping, Extraction of a Trial Balance, Calculation of depreciation, bad debts, bad debt provisions, accruals and prepayments, journal entries and bank reconciliations, Preparation of the Financial Statements for a sole trader.

Get Solved Assignments for AC151: Introduction To Accounting

In this course, there are many types of assignments given to students like individual assignments, group-based assignments, reports, case studies, final year projects, skills demonstrations, learner records, and other solutions given by us.

On successful completion of the module, students should be able to:

Assignment Activity 1: Record business transactions using the double-entry system of bookkeeping

Using the double-entry system, you can keep track of your business transactions and make sure everything gets recorded in order. The basic double-entry system of bookkeeping ensures that the total debits in a business equal the total credits. Transactions are recorded as debits and credits to specific accounts in the general ledger.

The debits in a transaction are recorded on the left-hand side of the account. Transactions that increase assets, expenses, or one liability are always recorded as credits on the right-hand side of an account. Transactions that decrease assets, expenses, or one liability are always recorded as debits in the appropriate account.

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Assignment Activity 2: Construct, complete, and balance where appropriate the accounting records of a business

The accounting records of a business show the financial position of the business at a particular point in time. The trading and profit and loss accounts show the income and expenses of the business over some time, while the balance sheet shows the assets, liabilities, and owner’s equity of the business at a given point in time. The cash flow statement shows how much cash is generated from operations over some time.

Accounting transactions are recorded in journals and ledgers, which provide a chronological record of events, activities, and transactions that have occurred within an organization. Furthermore, shared components between the various financial statements can be identified and summarized in a trial balance.

Assignment Activity 3: Prepare a trial balance and initial set of financial statements:

A trial balance is a list of all the account balances in a company’s general ledger. It is used to determine whether the books of account are in balance, that is, whether the total of the debit balances equals the total of the credit balances. If the trial balance does not balance, it indicates that there are errors in the accounting records that must be corrected.

The initial set of financial statements for a business includes the balance sheet, the trading and profit and loss accounts, and the cash flow statement. The balance sheet shows the financial position of the business at a particular point in time, while the profit and loss account and cash flow statement show how the business has performed over some time.

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Assignment Activity 4: Identify and execute adjustments necessary to finalize financial statements

The financial statements of a business are not static; they change as new information is received and old information is updated. Adjustments must be made to the financial statements to ensure that they accurately reflect the current financial position of the business. The most common adjustments include depreciation, bad debts, accruals and prepayments, and provisions for bad debts.

Calculate depreciation for financial reporting purposes, using the straight-line and diminishing balance methods. Prepare journal entries to record depreciation expenses in a general journal or adjust entry accounts

Depreciation is used to spread out the cost of a tangible asset over its useful life. The amount of depreciation expense recognized each year is determined by multiplying the depreciable cost of an asset by the straight-line and diminishing balance rates. The journal entry to record depreciation expense is a debit to Depreciation Expense and a credit to Accumulated Depreciation / Additional Departmental Overhead.

Sell financial instruments at a profit or loss: calculate profit or loss, prepare journal entries, and determine the amount(s) to record in financial statements

The profit or loss from a sale of financial instruments is the difference between the purchase price and the sales price. The journal entry to record a sale of financial instruments is a debit to Cash and a credit to Investments.

Prepare to adjust entries for depreciation, bad debts, accruals and prepayments, and provisions for bad debts. Prepare journal entries to record adjustments in a general journal or adjust entry accounts

An adjustment is necessary when information is received that requires the revision of an already-recorded transaction and/or affect the assets, liabilities, and owner’s equity of a business. It is used to adjust the books so that they properly reflect the financial position of the business. The most common adjustments include depreciation, bad debts, accruals and prepayments, and provisions for bad debts.

Completing and closing journal entries prepare financial statements by recording debits and crediting in correct amounts to bring accounts up to date at the end of an accounting period before preparing them for external reporting purposes.

Assignment Activity 5: Prepare control reconciliations and use other checking procedures to ensure accuracy in completed financial statements:

A control reconciliation is a comparison of the balances in the general ledger with the balances in other accounting records, such as the accounts receivable subsidiary ledger or the inventory subsidiary ledger. This comparison is used to identify any discrepancies so that they can be corrected.

Financial statements are an important part of a business’s overall management and decision-making process. They are also the foundation of an organization’s ability to attract future financial resources. Most businesses prepare financial statements on an accrual basis, which means that they recognize revenue when it is earned and they recognize expenses when they are incurred. Accrual-basis accounting provides a more accurate picture of business activities compared with cash-basis accounting.

The three financial statements that are commonly prepared in an organization are the balance sheet, the income statement, and the statement of cash flows. The balance sheet shows a company’s assets, liabilities, and owner’s equity as of a specific date. The income statement shows how much revenue a company earned during a specific period and how much expenses it incurred during that same period. The statement of cash flows summarizes a company’s cash receipts and payments for a specific period.

The preparation of financial statements is a complex process that requires the use of various accounting principles and procedures. It is important to ensure that the financial statements are accurate and reliable so that they can be used to make informed business decisions by management, creditors, shareholders, and other stakeholders.

Amounts are classified as either assets or liabilities. Assets are resources controlled by the organization as a result of past events and from which future economic benefits are expected to flow the organization. Liabilities are present obligations of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits.

Owner’s equity is the residual interest in the assets of the entity after liabilities have been paid. Owner’s equity arises from three sources: contributions by the owners, retained earnings, and other comprehensive income.

The balance sheet equation is Assets = Liabilities + Owner’s equity. This equation (or variations of it) is used to determine whether an organization’s total assets are greater than its liabilities and, therefore, whether the business has net assets or net losses for a specific period.

The balance sheet provides information about the liquidity of an organization because it shows how much cash and other assets could be immediately turned into cash to pay off liabilities. The income statement provides information about the profitability of an organization because it shows how much revenue and net income a company has earned during a specific period. The statement of cash flows provides information about the financial health of an organization by showing its sources and uses of cash for a specific period.

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AC151 Introduction To Accounting Assignment Example Ireland
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