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ACC 220 Complete Class - All DQs, Checkpoints, Appendices, Assignments, Capstone & Final Assignments

ACC 220 Complete Class - All DQs, Checkpoints, Appendices, Assignments, Capstone & Final Assignments

ACC 220

Survey of Accounting: The Maze of Numbers

 

Career Opportunities

Proprietorships, Partnerships, & Corporations

Financial Statements

Classified Balance Sheets

Cash Management Matrix

Internal Cash Control

A New Company

Cost, Volume, and Profit Questions

Cost, Volume, and Profit Formulas

Budgets Matrix

Flexible Budgets

Responsibility Center Presentation

Business Plan

DQs

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ACC 220

Survey of Accounting: The Maze of Numbers

 

Week 1:

CheckPoint: Career Opportunities

 

Resources: U.S. Department of Labor, Bureau of Labor Statistics Web site and Careers in Accounting Web site

Due Date: Day 5 [post to the Individual forum]

Post a 200- to 300-word response to the following: There are many career opportunities in the field of accounting. Visit the U.S. Department of Labor, Bureau of Labor Statistics at http://www.bls.gov/oco/ocos001.htm for an overview of the accounting field.

Visit www.careers-in-accounting.com for additional details such as salary expectations and general job expectations.

Locate three job postings (within your state) for positions in the field of accounting.

Write a summary of the educational requirements for each position, the starting salary (if listed), and a brief description of the responsibilities of the position.

 

 

Week 2:

CheckPoint: Proprietorships, Partnerships, & Corporations

 

Resources: Ch. 1 of Essentials of Accounting

Due Date: Day 4 [Individual] forum

Post your response to the following: In 200 to 300 words, explain the differences between a proprietorship, a partnership, and a corporation. Why would an entrepreneur want to choose one over the other? If you were starting a new business, which would you choose? Why?

 

Assignment: Financial Statements

 

Due Date: Day 7 [Individual] forum

Write a 350- to 700-word paper, using APA guidelines, describing a balance sheet, income statement, retained earnings statement, and statement of cash flows. How does a company use these financial statements to make future business decisions? Use and define the following terms in your paper when explaining how a company uses the information on the statements:

o Assets

o Comparative statements

o Liabilities

o Stockholder’s equity

Post your paper as a Microsoft© Word attachment.

 

Week 3:

CheckPoint: Classified Balance Sheets

 

Due Date: Day 5 [Individual] forum

Post your response to the following: In 200 to 300 words, explain what information would be found in each of the following groupings on a classified balance sheet, and how that data could indicate the future success or failure of a business:

o Current assets

o Long-term investments

o Property, plant, and equipment

o Intangible assets

 

Week 4:

CheckPoint: Cash Management Matrix

 

Resource: Appendix B

Due Date: Day 4 [Individual] forum

Use Appendix B to complete this CheckPoint. For each principle in the matrix, describe how the principle is meant to ensure the reliability of a company’s financial statements, and provide at least one example of how the principle might work in a real company. Do not use examples from your text.

Post Appendix B as an attachment.

 

Assignment: Internal Cash Control

 

Resources: Ch. 4 of Essentials of Accounting

Due Date: Day 7 [Individual] forum

Write a 700- to 1,050-word paper, using APA guidelines, that addresses the following questions:

o Read scenario E4-5 on p. 194 of your text. Answer questions A & B.

o Read scenario P4-1A on p. 197 of your text. Answer the question at the bottom of the scenario piece.

o Read scenario P4-2A on p. 197 of your text. Answer questions A, B, & C.

Include how a company could use the five basic principles of cash management to increase accuracy for a business.

Post your paper as a Microsoft© Word attachment.

 

Week 5:

CheckPoint: A New Company

 

Due Date: Day 5 [Individual] forum

Post a 200- to 300-word response to the following: You have been hired into a new company to oversee the accounting department. What type of financial reports would you expect to see in your department? How will you use the financial reports available to you to make business decisions?

 

Week 6:

CheckPoint: Cost, Volume, and Profit Questions

 

Resource: Ch. 6 of Essentials of Accounting

Due Date: Day 4 [Individual] forum

Post a 200- to 300-word response that addresses questions 7, 9, & 14 in the Questions section on pp. 284-285 of the text.

 

Assignment: Cost, Volume, and Profit Formulas

 

Resources: Ch. 6 of Essentials of Accounting

Due Date: Day 7 [Individual] forum

Review the following illustrations found in Ch. 6 of your text: 6-12, 6-15, 6-17, 6-18, 6-19, & 6-20.

Write a 350- to 700-word paper, using APA guidelines, that addresses the following:

o Explain the components of cost-volume-profit analysis.

o What does each of the components mean?

o Based on the formulas you have reviewed, what happens to contribution margin per unit when unit selling prices increase? Illustrate your explanation with an example from a fictitious company of how an increase in unit selling prices might affect contribution margin.

o When fixed costs decrease, what does this do for sales? Illustrate your explanation with an example from a fictitious company.

o Define contribution ratios.

o What happens to contribution ratios as one of the components changes?

Post your paper as a Microsoft© Word attachment.

 

Week 7:

CheckPoint: Budgets Matrix

 

Resource: Appendix C

Due Date: Day 5 [Individual] forum

Use Appendix C to define each of the types of budgets listed, and describe their uses.

Post Appendix C as an attachment.

 

Week 8:

CheckPoint: Flexible Budgets

 

Due Date: Day 4 [Individual] forum

Post a 200- to 300-word response to the following:

o What is a flexible budget?

o What are the steps to developing a flexible budget?

o What information is found on a flexible budget report?

o How is that information used to evaluate performance?

 

Assignment: Responsibility Center Presentation

 

Imagine you have been selected by your manager to present a training session to a group of new employees. The new hires do not have accounting backgrounds and have little or no work history in a responsibility center. The purpose of this training session is to explain the functions of each of the different responsibility centers.

Due Date: Day 7 [Individual] forum

Develop a 10- to 12-slide Microsoft® PowerPoint® presentation that you could use as part of this training session.

Explain what each of the different responsibility centers is and what each is accountable for and why each center has its own budget.

Give an example of the kinds of decisions where incremental analysis would be used in each center.

Include speaker notes for your presentation.

Post your presentation as a Microsoft® PowerPoint® attachment.

 

Week 9:

Capstone Discussion Question

 

Due Date: Day 3 [Main] forum

Post your response to the following: Think back over what you have studied and learned in this course. Do you have a new perception of or appreciation for the field of accounting and how it contributes to business? Explain.

 

Final Project: Business Plan

 

Resources: Appendix A

Due Date: Day 7 [Individual] forum

Write a 700- to 1,050-word paper, using APA guidelines, based on the scenario below.

You want to start your own business. You found an investment group that is willing to give you the capital needed for the first year of your business, but only if you can convince them you have a solid plan for the success of this business. Your investor is very concerned with how the accounting functions of this business will be handled. You must persuade your investor to put up the capital by addressing the following questions in your business plan:

o What is the name of your business?

o What type of business structure is it (sole proprietorship, partnership, or corporation)? Why did you choose that structure?

o What type of services or products does your business provide?

o What role will accounting play in the start up of your business?

o What type of work characteristics will you look for when hiring your accounting staff?

o What education should a person have in budgeting, internal controls, and cash management before going into business?

o What kinds of internal controls will you put in place for the business?

o How will your managers use financial information to predict outcomes for your business?

Post your paper as a Microsoft® Word attachment.

 

Discussion Questions

Week 1:

 

Discussion Question 1

Due Date: Day 2 [post to the Main forum]

Post your response to the following: Based on what you know about accounting, what role do you see it playing in business operations? How dependent do you think a business is on its accounting department? Why?

 

Discussion Question 2

Due Date: Day 4 [post to the Main forum]

Post your response to the following: Why are ethics so important in the field of accounting?

 

Week 3:

 

Discussion Question 1

Due Date: Day 2 [Main] forum

Post your response to the following:

o When reviewing a financial report, why should information be reliable, relevant, consistent, and comparable?

o In other words, why are these accounting characteristics important?

o What kinds of problems could be created if a financial report is not reliable, relevant, consistent, or comparable?

 

Discussion Question 2

Due Date: Day 4 [Main] forum

Post your response to the following: How does information from financial reports influence business decisions? Why is it important for business managers to understand the information found on financial reports?

 

Week 5:

 

Discussion Question 1

Due Date: Day 2 [Main] forum

Post your response to the following: How would you describe the difference between financial and managerial accounting? What are the distinguishing features of managerial accounting?

 

Discussion Question 2

Due Date: Day 4 [Main] forum

Post your response to the following: Select a management function (planning, directing and motivating, or controlling) and explain how that function relates to business as a whole. Next, select a different function listed by a classmate. Discuss with your classmate how the functions you each selected complement each other.

 

Week 7:

 

Discussion Question 1

Due Date: Day 2 [Main] forum

Post your response to the following: You know how important it is to create budgets for your household. How does budgeting help management make good business decisions?

 

Discussion Question 2

Due Date: Day 4 [Main] forum

Post your response to the following: What are some of the different types of budgets? Describe in detail one type of budget covered in the text. Describe what the budget is used for and what information it provides a business. Then, as you respond to your classmates, discuss how the budget you described relates to the budgets they described. Discuss how a business benefits from each of the budgets.