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Everything in Accounting typically falls into one of three categories, as illustrated by the Accounting Equation. State the Accoun

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  • Post Date 2018-11-05T12:03:17+00:00
  • Post Category Essays

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Everything in Accounting typically falls into one of three categories, as illustrated by the Accounting Equation. State the Accounting Equation: Assets = _______________ + _______________

Financial Statements: Balance Sheet, Cash Flows Statement

INSTRUCTIONS:

Assignment Overview

There are three main parts to this case that require you to prepare and submit a 3- to 5-page paper. Please make sure this paper is well organized and covers all of the items below.

Part I

Search the course background information, the Internet and/or the Cyber Library. Discuss the terms listed below. Your discussion should expand on the definition as given in the Module background. Explain why these concepts are important to financial statements.

  • Generally Accepted Accounting Principles (US GAAP);
  • International Accounting Standards (IFRS);
  • Securities and Exchange Commission (SEC);
  • Annual report; and
  • 10-K, 10-Q, and 8-K

Part II

Explain the basic formats of financial statements, such as income statement, balance sheet, statement of cash flows, and statement for retained earnings.

Part III

  1. Everything in Accounting typically falls into one of three categories, as illustrated by the Accounting Equation. State the Accounting Equation: Assets = _______________ + _______________
  2. You will note that the Accounting Equation comprises 3 "categories," each of which can be broken down further into accounts.  For each of the three main categories of the Accounting Equation, list 5 or more accounts with actual amounts that would typically be classified into each. For instance, Land & Equipment would typically be categorized as Assets.
  3. To simplify your answers, complete the assignment using a basic table or diagram. 

Assignment Expectations

The submission should be 3- to 6-pages and needs to include answers to all the questions listed above. Show computations, discuss the results, and include references in APA format.

When your paper is done, submit it.

CONTENT:

FINANCIAL STATEMENTS By Institution Financial statements Financial statements are accounting documents meant to explain financial position of the company to its shareholders. There are various rules governing production of these statements, and standards, which they are suppose to meet. Understanding these guidelines and format of these financial statements is imperative to accountants. Financial reporting is a means by which the management communicates the financial position and operational result of an organization, a company, a non-profit making organization, or the government. Financial reporting of a company includes result of operation, financial condition, and disclosures, given in financial statements. These financial statements are required to meet accounting standards set by Financial Accounting Foundation (FAF), Financial Accounting Standards Board (FASB), and Government Accounting Standards Board (GASB) (GAAP, 2016). Collectively, they make up the Generally Accepted Accounting principles (GAAP). The GAAP consists of objectives, standards, concepts, and conventions developed to guide the preparation of financial statements (GAAP, 2016). Through GAAP, accountants are required to provide financial information that is accurate, consistent, fair, and honest to ena

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