Principles of accounting: volume 1, financial accounting( 2.4

  

Getting Started

In the last workshop, we strengthened our knowledge of financial statements and how they could be used to support managerial decision making. In this workshop, we are taking a peek behind the curtain at the inner workings of the processes used to develop financial statements. This assignment will give you an opportunity to practice creating journal entries, T-accounts, and adjustments. The proper recording of transactions is the foundation upon which financial statements are built. By deepening our understanding of the processes which support financial statements, we can become wiser consumers of financial data and better decision makers.

Upon successful completion of this assignment, you will be able to:

  • Understand the process used to record financial transactions.
  • Evaluate the impact of various managerial decisions on a company’s financial position. 

Resources

  • Textbook: Principles of Accounting: Volume 1, Financial Accounting
  • File: Financial Accounting, Chapter 3
  • File: Financial Accounting, Chapter 4
  • File: Assignment 2.4 Workbook
  • File: Workshop Two Practice Problems Workbook

Background Information

Managers and other decision makers depend on financial statements. They are essential inputs to strategic decision making. However, for a leader to base important decisions on data they don’t understand would be foolhardy. To be a more effective user of financial data, decision makers need to understand how financial statements are constructed, what their limitations are, and what insights they can give.  With a firm understanding of accounting processes, leaders will be able to better judge how their decisions will impact the company’s financial position.

For this assignment you will complete a series of short exercises designed to help you practice creating journal entries, T-accounts, and adjustments, and to demonstrate your understanding of basic accounting procedures.

Instructions

  1. Review the rubric to make sure you understand the criteria for earning your grade.
  2. In your textbook, Principles of Accounting, read Chapter 3, “Analyzing and Recording Transactions,” and Chapter 4, “The Adjustment Process.”
    1. Download and review the PowerPoint files for Chapters 3 and Chapter 4 to help you further understand the chapters. 
  3. Study the provided practice problems and solutions in the Workshop Two Practice Problems Workbook to help you better understand the processes used to build financial statements. 
  4. Using the Assignment 2.4 Workbook (course exclusive), complete all seven of the following problems: 
    1. Journal Entries: Problems 1, 2, and 3
    2. T-Accounts: Problems 4 and 5
    3. Adjusting Journal Entries: Problems 6 and 7
  5. Be sure your Excel spreadsheet is prepared in a professional manner, with answers clearly indicated and all your calculations shown. Full credit will not be given if your process for arriving at the answer is not fully displayed, including any intermediate steps.
  6. When you have completed your assignment, save a copy for yourself and submit a copy to your instructor by the end of the workshop.
Duepapers
Calculate your paper price
Pages (550 words)
Approximate price: -

Why Work with Us

Top Quality and Well-Researched Papers

We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.

Professional and Experienced Academic Writers

We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.

Free Unlimited Revisions

If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.

Prompt Delivery and 100% Money-Back-Guarantee

All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.

Original & Confidential

We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.

24/7 Customer Support

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Try it now!

Calculate the price of your order

Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.

Essays

Essay Writing Service

No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.

Admissions

Admission Essays & Business Writing Help

An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.

Reviews

Editing Support

Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.

Reviews

Revision Support

If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.