Premium Essay

Financial Acct.

In: Business and Management

Submitted By jharmon64
Words 2649
Pages 11
Assignment #2: First Steps Educational Program

08/15/2013

Financial Accounting

Professor: Dr. Wendy Achilles

Abstract

First Steps Educational Program is a program that will incorporate traditional educational methods and Montessori methods. The program will educate students from the age of 2 – 17 years old. Teachers will identify their learning styles early in the program and will create a program that best fits their educational journey. The school will begin in Mississippi and other low performing areas to offer parents and students an alternative to education. Lastly, the school will give back to the community by giving under privileged students scholarships and also a fund will be set up to help build new schools in Haiti.

First, with First Steps Educational Program , I will describe the type of business that I have created including: (a) the product or service, and general staffing plan. I will also provide a rationale for my plan, (b) the form of my business and the benefits it offers my particular business, and (c) a chart of accounts specific to my business, including a rationale as to the selection of each account, the sources of those resources (liabilities and equity), the sources of revenue and expenditures that I expect to incur to earn those revenues. I will build a detailed chart that includes business units, divisions, product lines, etc.) Next, I will analyze whether I will be required to use GAAP or IFRS accounting methods and how the IFRS/ GAAP convergence will impact my business. I will then seek ways to incorporate any changes into my books and records. Then, I will prepare a pro form balance sheet and an income statement providing the assumptions made and support for these valuations.

Fourthly, First Steps Educational Program, I will recommend two

Similar Documents

Premium Essay

Acct 6344 Financial Statement Analysis

...A++PAPER;http://www.homeworkproviders.com/shop/acct-6344-financial-statement/ ACCT 6344 FINANCIAL STATEMENT ANALYSIS ACCT 6344 Financial Statement Analysis, Multiple Choice Question The objective of forecasting is to develop Answer stand-alone financial statements for future analysis. a set of realistic expectations for future value-relevant payoffs. a balance sheet and income statement that articulate. financial statements for comparison to industry averages. Add Question Here Multiple Choice Question Nichols and Wahlen's 2004 study showed that superior forecasting provides the potential to earn superior security returns. Nichols and Wahlen's findings indicate Answer that an investor could earn excess returns if the investor could predict accurately the sign of the change in earnings one year ahead. that an investor could earn excess returns if the investor could predict accurately the magnitude of the change in earnings one year ahead. that an investor could earn excess returns if the investor could predict accurately the sign of the change in cash flows from operations one year ahead. that an investor could earn excess returns if the investor could predict accurately the sign of the change in working capital one year ahead. Add Question Here Multiple Choice Question Financial statement forecasts rely on additivity within financial statements and articulation across financial statements. Given this information forecasts of...

Words: 1107 - Pages: 5

Premium Essay

Acct 6344 Financial Statement Analysis

...ACCT 6344 FINANCIAL STATEMENT ANALYSIS A+ Graded Tutorial Available At: http://hwsoloutions.com/?product=financial-statement-analysis Visit Our website: http://hwsoloutions.com/ Product Description ACCT 6344 Financial Statement Analysis, Multiple Choice Question The objective of forecasting is to develop Answer stand-alone financial statements for future analysis. a set of realistic expectations for future value-relevant payoffs. a balance sheet and income statement that articulate. financial statements for comparison to industry averages. Add Question Here Multiple Choice Question Nichols and Wahlen’s 2004 study showed that superior forecasting provides the potential to earn superior security returns. Nichols and Wahlen’s findings indicate Answer that an investor could earn excess returns if the investor could predict accurately the sign of the change in earnings one year ahead. that an investor could earn excess returns if the investor could predict accurately the magnitude of the change in earnings one year ahead. that an investor could earn excess returns if the investor could predict accurately the sign of the change in cash flows from operations one year ahead. that an investor could earn excess returns if the investor could predict accurately the sign of the change in working capital one year ahead. Add Question Here Multiple Choice Question Financial statement forecasts rely on additivity within financial statements and articulation across financial...

Words: 1117 - Pages: 5

Premium Essay

Acct 212 (Financial Accounting) Complete Course

...ACCT 212 (FINANCIAL ACCOUNTING) COMPLETE COURSE A+ Graded Tutorial Available At: http://hwsoloutions.com/?product=financial-accounting-complete-course Visit Our website: http://hwsoloutions.com/ Product Description ACCT 212 (FINANCIAL ACCOUNTING) COMPLETE COURSE, ACCT 212 COURSE PROJECT 1 PART A WEEK 3 ACCT 212 COURSE PROJECT 1 PART B WEEK 5 Scenario: You’ve just secured a new client in your accounting practice, the Rawls Repair Corporation, (RRC) a brand new small business specializing in bicycle repair… ACCT 212 Course Project 2 Week 7 P13-50A Top manager of O’Hare Products, Inc., have asked for your help in comparing the company’s profit performance and financial position with the average… ACCT 212 Midterm Exam (TCO 1) The Accounting Equation is used to develop the organization’s financial reports. (1) Describe what owners’ equity values would be if Assets are $100,000 and Liabilities are $27,000 by showing the Accounting Equation (10 points) and (2) provide an explanation of what accounts could be found in owners’ equity. (10 points) (Points : 20) (TCO 1) The Accounting Equation is used to develop the organizations financial reports. (1) Describe what assets value would be if Liabilities are $12,000 and Owners’ Equity is $50,000 by showing the Accounting Equation (10 points) and (2) provide an example of two asset accounts that could contain the value. (10 points) (Points : 20) (TCO 1) The financial statements present a company to the public in financial...

Words: 2312 - Pages: 10

Premium Essay

Acct 321 Advance Financial Reporting Exam Quizzes

...ACCT 321 ADVANCE FINANCIAL REPORTING EXAM QUIZZES To purchase this visit here: http://www.activitymode.com/product/acct-321-advance-financial-reporting-exam-quizzes/ Contact us at: SUPPORT@ACTIVITYMODE.COM ACCT 321 ADVANCE FINANCIAL REPORTING EXAM QUIZZES Which of the following is not a required component of financial statements prepared in accordance with generally accepted accounting principles? 1. Balance sheet. 2. Notes to financial statements. 3. Income statement. 4. President's letter to shareholders. When should an expenditure be recorded as an asset rather than an expense? 1. Always 2. If the amount is material. 3. When future benefit exists. 4. President's letter to shareholders Recognition of expense related to amortization of an intangible asset illustrates which principle of accounting? 1. Historical cost. 2. Expense recognition. 3. Full disclosure. 4. Revenue recognition. Allowing firms to estimate rather than physically count inventory at interim (quarterly) periods is an example of a 1. Trade-off between timeliness and verifiability. 2. Neutrality and consistency. 3. Verifiability and faithful representation. 4. Faithful representation and comparability. Which accounting assumption or principle is being violated if a company is a party to major litigation that it may lose and decides not to include the information in the financial statements because it may have a negative impact on the company's stock price? 1. Going concern. 2. Historical...

Words: 849 - Pages: 4

Premium Essay

Acct 280 Financial Project Word Book

...GAMESTOP CORP. ACCT 280 FINANCIAL PROJECT WORD BOOK Assignment1: Ethical Dilemma (10 points)[1] Before reading this assignment, review pages 8-9 in your text about evaluating ethical dilemmas (or search for ethical dilemmas in the online text). Remember that an ethical dilemma, by its nature, has at least two alternatives – maybe more. GAMESTOP’S Chief Accounting Officer is Robert Lloyd. He is responsible for overseeing the books and records of the company and preparing the company’s financial statements. Lloyd reports to David Carlson, who is the Chief Financial Officer of the company. Carlson reports to Daniel DeMatteo, the company’s Chief Executive Office (CEO). The day is April 5, 2009 and the company has just finished closing its books and records for the first quarter of 2009 (March 31, 2009) and preparing to release its first quarter’s earnings to the marketplace. Matteo places a call to Lloyd at 10:30am on the morning of April 5. DeMATTEO: “Hi Robert. How is it going? Do you have a minute to talk about something important?” LLOYD: “Oh hi Dan. Everything is on track for the quarter. We’re wrapping up the final details for the earnings release next week. I’ll be getting together with David in tomorrow as a matter of fact to review everything. What can I do for you?” DeMATTEO: “We have a little problem with the first quarter earnings that I wanted to talk about.” LLOYD: “Oh really? What’s the problem? We’ve reviewed all of the numbers and...

Words: 3050 - Pages: 13

Premium Essay

Acct 321 Advance Financial Reporting Exam Quizzes

...ACCT 321 ADVANCE FINANCIAL REPORTING EXAM QUIZZES To purchase this visit here: http://www.coursehomework.com/product/acct-321-advance-financial-reporting-exam-quizzes/ Contact us at: help@coursehomework.com ACCT 321 ADVANCE FINANCIAL REPORTING EXAM QUIZZES Which of the following is not a required component of financial statements prepared in accordance with generally accepted accounting principles? 1. Balance sheet. 2. Notes to financial statements. 3. Income statement. 4. President's letter to shareholders. When should an expenditure be recorded as an asset rather than an expense? 1. Always 2. If the amount is material. 3. When future benefit exists. 4. President's letter to shareholders Recognition of expense related to amortization of an intangible asset illustrates which principle of accounting? 1. Historical cost. 2. Expense recognition. 3. Full disclosure. 4. Revenue recognition. Allowing firms to estimate rather than physically count inventory at interim (quarterly) periods is an example of a 1. Trade-off between timeliness and verifiability. 2. Neutrality and consistency. 3. Verifiability and faithful representation. 4. Faithful representation and comparability. Which accounting assumption or principle is being violated if a company is a party to major litigation that it may lose and decides not to include the information in the financial statements because it may have a negative impact on the company's stock price? 1. Going concern. 2. Historical...

Words: 426 - Pages: 2

Premium Essay

Acct

...ACCT 504 ACCT 504 Entire Course + Final Exam ACCT 504 Week 3 Case Study 1 Flower Landscaping Corporation ACCT 504 Week 5 Case Study 2 Internal Control LJB Company ACCT 504 Week 5 Course Project Draft Spreadsheet ACCT 504 Week 6 Case Study 3 Cash Budgeting LBJ Company ACCT 504 Week 7 Course Project JCP Kohls ACCT 504 Final Exam (3 different sets) + Discussions Financial Reporting Environment and GAAP Details of Financial Statements and Ratios Accounting EquationAccounting Cycle Accrual Accounting and Adjusting Entries Merchandising Operations and Income Statements Inventory Cost-Flow Assumptions Understanding Internal Control and Reporting Cash Accounting for and Reporting Receivables Plant Assets and Intangibles Accounting for Liabilities Accounting for and Reporting Equity Statement of Cash Flows Issues in Income Reporting Different Tools for Financial Analysis ACCT 504 Final Exam (3 different finals) ACCT 504 Week 1-7 Discussion Question ACCT 504 Week 3 Case Study 1 Flower Landscaping Corporation ACCT 504 Week 5 Case Study 2 Internal Control LJB Company ACCT 504 Week 5 Course Project Draft Spreadsheet ACCT 504 Week 6 Case Study 3 Cash Budgeting LBJ Company ACCT 504 Week 7 Course Project JCP Kohls ACCT 505 Week 7 Capital Budgeting Course Project (DEVRY) ACCT 505 Entire Course (DEVRY) ACCT 505 Week 1-7 All Discussion Questions Cost Terms, Classifications, and Behavior Research and Application ...

Words: 631 - Pages: 3

Free Essay

Noor

...Recognized Courses in Accounting/Tax Research and Analysis and Accounting/Business Communications September 3, 2014 The Texas State Board of Public Accountancy requires each candidate to complete a minimum of two semester hours in accounting research and analysis or tax research and analysis from a recognized college or university. The semester hours may be obtained through a discrete course or offered through an integrated approach. If the course content is offered through integration, the college or university must advise the Board which course(s) contain the research and analysis content. Courses identified through integration must dedicate 1 semester hour, or quarter hour equivalent, to research and analysis. Courses used to meet this requirement may not be used to meet the requirement for accounting or business communications described below. Course(s) identified by a university to meet the requirements for research and analysis in accounting or taxation should primarily address the identification, organization, and integration of diverse sources of information such as authoritative literature and pronouncements, to reach a conclusion or make a decision; and should analyze accounting and taxation issues by reviewing information, using empirical data and analytical methods, recognizing data in patterned activities, forecasting, and integrating data. CPAs may be asked to conduct research and analysis when providing attest services, professional accounting...

Words: 3741 - Pages: 15

Premium Essay

Acct 212 Entire Class /Devry

...ACCT 212 Entire Class /Devry Click Link Below To Buy: http://hwcampus.com/shop/acct-212-devry/acct-212-entire-class-devry/ Or Visit www.hwcampus.com ACCT 212 Entire Class /Devry ACCT 212 Course Discussion Questions ACCT 212 Week 1 DQ 1 Financial Statements ACCT 212 Week 1 DQ 2 Prepaid Expenses vs. Unearned Revenue ACCT 212 Week 2 DQ 1 Accrual vs. Cash Accounting ACCT 212 Week 2 DQ 2 ACCT 212 Week 3 DQ 1 Ethical Business Decisions ACCT 212 Week 3 DQ 2 Trade Credit – Accounts Payable ACCT 212 Week 4 DQ 1 Inventory Management ACCT 212 Week 4 DQ 2 LIFO ACCT 212 Week 5 DQ 1 Non-current Assets and Related Liabilities ACCT 212 Week 5 DQ 2 Raising Capital (Cash) ACCT 212 Week 6 DQ 1 Stockholders Equity ACCT 212 Week 6 DQ 2 Net Income vs. Net Operating Cash ACCT 212 Week 7 DQ 1 Financial Statement Analysis ACCT 212 Week 7 DQ 2 ACCT 212 Devry Course Project This course has two course projects due. The first, Course Project 1, reinforces the basic principles of accounting and application of the accounting information system. It is completed in two parts. The second, Course Project 2, is an opportunity to show the ability to analyze financial statements to arrive at conclusions based upon the analysis. Course Project 1 – Overview and Guidelines | Course Project 2 – Overview and Guidelines Course Project 1 – Overview and Guidelines Course Project 1 consists of two parts, A and B, respectively. There are 10 requirements for you to complete...

Words: 2290 - Pages: 10

Premium Essay

Acct 212 All Discussions Week 1 - 7

...ACCT 212 All Discussions Week 1 - 7 Purchase here http://devrycourse.com/acct212alldiscussionsweek17 Product Description ACCT 212 Week 1: Introduction to Financial Statements ACCT 212 Week 1 Discussion 1 ACCT 212 Week 2: The Accounting System and Accrual Accounting ACCT 212 Week 2 Discussion 1 ACCT 212 Week 2 Discussion 2 ACCT 212 Week 3: Internal Controls,Cash,Short-term Investments & Accounts Receivables  ACCT 212 Week 3 Discussion 1 ACCT 212 Week 3 Discussion 2 ACCT 212 Week 4: Inventory Management ACCT 212 Week 4 Discussion 1 ACCT 212 Week 4 Discussion 2 ACCT 212 Week 5: Plant Assets and Liabilities ACCT 212 Week 5 Discussion 1 ACCT 212 Week 5 Discussion 2 ACCT 212 Week 6: Stockholders Equity and the Statement of Cash Flows ACCT 212 Week 6 Discussion 1 ACCT 212 Week 6 Discussion 2 ACCT 212 Week 7: Financial Statement Analysis ACCT 212 Week 7 Discussion 1ACCT 212 All Discussions Week 1 - 7 Purchase here http://devrycourse.com/acct212alldiscussionsweek17 Product Description ACCT 212 Week 1: Introduction to Financial Statements ACCT 212 Week 1 Discussion 1 ACCT 212 Week 2: The Accounting System and Accrual Accounting ACCT 212 Week 2 Discussion 1 ACCT 212 Week 2 Discussion 2 ACCT 212 Week 3: Internal Controls,Cash,Short-term Investments & Accounts Receivables  ACCT 212 Week 3 Discussion 1 ACCT 212 Week 3 Discussion 2 ACCT 212 Week 4: Inventory Management ACCT 212 Week 4 Discussion 1 ACCT 212 Week 4 Discussion 2 ACCT...

Words: 297 - Pages: 2

Premium Essay

Nursery Financial Management

...TENNESSEE INSTITUTE OF AGRICULTURE AE02-52 Nursery Financial Management: Basis for Decisions Charles R. Hall Professor Agricultural Economics E12-4115-00-001-02 The Agricultural Extension Service offers its programs to all eligible persons regardless of race, color, national origin, sex, age, religion, disability or veteran status and is an Equal Opportunity Employer. COOPERATIVE EXTENSION WORK IN AGRICULTURE AND HOME ECONOMICS The University of Tennessee Institute of Agriculture, U.S. Department of Agriculture and county governments cooperating in furtherance of Acts of May 8 and June 30, 1914. Agricultural Extension Service, Charles L. Norman, Dean AGRICULTURAL EXTENSION SERVICE THE UNIVERSITY OF TENNESSEE INSTITUTE OF AGRICULTURE AE02-52 NFM: Basis for Decisions Dr. Charles R. Hall Professor and Extension Economist Most nurserymen prefer to concentrate on production rather than planning, recordkeeping and marketing. This management focus may have been adequate during periods of inflation and favorable commodity prices, but the recent economy has demonstrated the serious flaw in this one dimensional approach. Survivors in the next decade will have to increase their emphasis on recordkeeping, planning, profitability analysis, and better monitoring and controls. This does not imply a neglect of production, simply a need for a better balance between the key performance areas. NFM, or nursery financial management will help nursery managers attain this balance...

Words: 2910 - Pages: 12

Premium Essay

Acct 212 Entire Class /Devry

...ACCT 212 Entire Class /Devry Click Link Below To Buy: http://hwcampus.com/shop/acct-212-devry/acct-212-entire-class-devry/ Or Visit www.hwcampus.com ACCT 212 Entire Class /Devry ACCT 212 Course Discussion Questions ACCT 212 Week 1 DQ 1 Financial Statements ACCT 212 Week 1 DQ 2 Prepaid Expenses vs. Unearned Revenue ACCT 212 Week 2 DQ 1 Accrual vs. Cash Accounting ACCT 212 Week 2 DQ 2 ACCT 212 Week 3 DQ 1 Ethical Business Decisions ACCT 212 Week 3 DQ 2 Trade Credit – Accounts Payable ACCT 212 Week 4 DQ 1 Inventory Management ACCT 212 Week 4 DQ 2 LIFO ACCT 212 Week 5 DQ 1 Non-current Assets and Related Liabilities ACCT 212 Week 5 DQ 2 Raising Capital (Cash) ACCT 212 Week 6 DQ 1 Stockholders Equity ACCT 212 Week 6 DQ 2 Net Income vs. Net Operating Cash ACCT 212 Week 7 DQ 1 Financial Statement Analysis ACCT 212 Week 7 DQ 2 ACCT 212 Devry Course Project This course has two course projects due. The first, Course Project 1, reinforces the basic principles of accounting and application of the accounting information system. It is completed in two parts. The second, Course Project 2, is an opportunity to show the ability to analyze financial statements to arrive at conclusions based upon the analysis. Course Project 1 – Overview and Guidelines | Course Project 2 – Overview and Guidelines Course Project 1 – Overview and Guidelines Course Project 1 consists of two parts, A and B, respectively. There are 10 requirements for you to complete...

Words: 2290 - Pages: 10

Premium Essay

Acct 212 Entire Class /Devry

...ACCT 212 Entire Class /Devry Click Link Below To Buy: http://hwcampus.com/shop/acct-212-devry/acct-212-entire-class-devry/ Or Visit www.hwcampus.com ACCT 212 Entire Class /Devry ACCT 212 Course Discussion Questions ACCT 212 Week 1 DQ 1 Financial Statements ACCT 212 Week 1 DQ 2 Prepaid Expenses vs. Unearned Revenue ACCT 212 Week 2 DQ 1 Accrual vs. Cash Accounting ACCT 212 Week 2 DQ 2 ACCT 212 Week 3 DQ 1 Ethical Business Decisions ACCT 212 Week 3 DQ 2 Trade Credit – Accounts Payable ACCT 212 Week 4 DQ 1 Inventory Management ACCT 212 Week 4 DQ 2 LIFO ACCT 212 Week 5 DQ 1 Non-current Assets and Related Liabilities ACCT 212 Week 5 DQ 2 Raising Capital (Cash) ACCT 212 Week 6 DQ 1 Stockholders Equity ACCT 212 Week 6 DQ 2 Net Income vs. Net Operating Cash ACCT 212 Week 7 DQ 1 Financial Statement Analysis ACCT 212 Week 7 DQ 2 ACCT 212 Devry Course Project This course has two course projects due. The first, Course Project 1, reinforces the basic principles of accounting and application of the accounting information system. It is completed in two parts. The second, Course Project 2, is an opportunity to show the ability to analyze financial statements to arrive at conclusions based upon the analysis. Course Project 1 – Overview and Guidelines | Course Project 2 – Overview and Guidelines Course Project 1 – Overview and Guidelines Course Project 1 consists of two parts, A and B, respectively. There are 10 requirements for you to complete...

Words: 2290 - Pages: 10

Premium Essay

Acct 212 Entire Class /Devry

...ACCT 212 Entire Class /Devry Click Link Below To Buy: http://hwcampus.com/shop/acct-212-devry/acct-212-entire-class-devry/ Or Visit www.hwcampus.com ACCT 212 Entire Class /Devry ACCT 212 Course Discussion Questions ACCT 212 Week 1 DQ 1 Financial Statements ACCT 212 Week 1 DQ 2 Prepaid Expenses vs. Unearned Revenue ACCT 212 Week 2 DQ 1 Accrual vs. Cash Accounting ACCT 212 Week 2 DQ 2 ACCT 212 Week 3 DQ 1 Ethical Business Decisions ACCT 212 Week 3 DQ 2 Trade Credit – Accounts Payable ACCT 212 Week 4 DQ 1 Inventory Management ACCT 212 Week 4 DQ 2 LIFO ACCT 212 Week 5 DQ 1 Non-current Assets and Related Liabilities ACCT 212 Week 5 DQ 2 Raising Capital (Cash) ACCT 212 Week 6 DQ 1 Stockholders Equity ACCT 212 Week 6 DQ 2 Net Income vs. Net Operating Cash ACCT 212 Week 7 DQ 1 Financial Statement Analysis ACCT 212 Week 7 DQ 2 ACCT 212 Devry Course Project This course has two course projects due. The first, Course Project 1, reinforces the basic principles of accounting and application of the accounting information system. It is completed in two parts. The second, Course Project 2, is an opportunity to show the ability to analyze financial statements to arrive at conclusions based upon the analysis. Course Project 1 – Overview and Guidelines | Course Project 2 – Overview and Guidelines Course Project 1 – Overview and Guidelines Course Project 1 consists of two parts, A and B, respectively. There are 10 requirements for you to complete...

Words: 2290 - Pages: 10

Premium Essay

Acct 212 Learning Consultant / Snaptutorial.Com

...ACCT 212 Course Project ¬For more classes visits www.snaptutorial.com (TCO 1) The Accounting Equation is used to develop the organizations financial reports. (1) Describe what owners' equity values would be if Assets are $100,000 and Liabilities are $27,000 by showing the Accounting Equation (10 points) and (2) provide an explanation of what accounts could be found in owners' equity. (10 points) (TCO 1) The financial statements present a company to the public in financial terms. (1) Which financial statement identifies where cash was generated and where it was spent during the year (10 points) and (2) identify the three major parts of this statement. (10 points) (TCO 1) The accounting profession follows a set of guidelines for measurement and disclosure of financial information called the Generally Accepted Accounting Principles (GAAP). (1) Explain what the International Financial Reporting Standards (IFRS) are (10 points) and (2) provide an example of its application. (10 points) (TCO 2) Transaction analysis results in the development of a journal entry. Supplies are purchased on account agreeing to pay $500 within 30 days. (1) Name the accounts impacted and how using the format account name/debit or credit/dollar amount (10 points) and (2) explain how the Accounting Equation is impacted. (10 points) (TCO 3) Adjusting Entries are required at the end of the period to ensure that accrual accounting principles are applied. At the beginning of the month $1,350 of office...

Words: 1946 - Pages: 8