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.

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