Week 3 Projects

FINA425-1201A-01 Budgeting

Assignment Name:

Unit 3 Individual Project

Deliverable Length:

3–4 pages

Details:

You were recently hired as management director of the new I Can Business Incorporated (ICBI). You have been asked to establish policies and systems for the business. The first one you choose to work on is a financial reporting system.

For this assignment, you must develop a memo that you will deliver to the board of directors of ICBI. You will describe what a financial reporting system is and explain how management of ICBI should use an activity based budget instead of an operating budget. Be sure to explain the similarities and the differences of the two. Finally, give examples of budget guidelines for ICBI. You must answer the following questions:
Describe the meaning and the components of a financial reporting system.
Write a description of how management should use an activity based budget instead of an operating budget
Explain the similarities and differences of the two budgets
Give an example of budget guidelines that ICBI should follow in order to successfully plan.
Identify and describe at least five (5) basic budget guidelines.

Remember to use the library or other credible resources to support your argument. Be sure to cite your sources using the correct standard of APA.

Objective:

? critically appraise budgeting operational plans, cost categories and budgeting guidelines.

ACCT315-1201A-01 Intermediate Accounting I

Assignment Name:

Unit 3 Individual Project

Deliverable Length:

1 page typed and 4 financial statements in Excel format

Details:

You are an accountant for The Flower Shoppe. Your supervisor has asked you to help her prepare the year-end financial statements. Before you do, she wants to ensure that you understand some main points.
Explain the following:
The elements of the balance sheet, their purposes, and how to measure them
The elements and purpose of the statement of changes in stockholder’s equity
Based on the adjusted trial balance and additional information, prepare the following in an Excel file to give to the controller for review:
Balance sheet
Income statement
Statement of retained earnings
Statement of cash flows

The following is additional information about the Flower Shoppe that is needed for financial-statement preparation:
Net income for the year ended December 31, 2008 was $10,845.
Changes from the prior year’s balances included the following:
a decrease in accounts receivable of $300.
a decrease in inventory of $450.
an increase in accounts payable of $250.
an decrease in accrued expenses of $100.
Land was purchased in April for $3,500.
Cash as of January 1, 2008 was $10,105.

The Flower Shoppe

Adjusted Trial Balance

December 31, 2008

Debit Credit

Cash

$22,750

Accounts Receivable

3,200

Inventory

8,000

Land

27,000

Building

56,000

Accumulated Depreciation

16,800

Accounts Payable

4,600

Accrued Expenses

2,500

Common Stock

20,000

Additional Paid-in Capital

10,000

Dividends

1,200

Retained Earnings

53,405

Sales

112,020

Returns

1,300

Purchases

47,000

Salaries

38,000

Supplies

870

Utilities

5,225

Telephone

2,850

Bank Charges

330

Depreciation Expense

5,600

$219,325

$219,325

The following grading criteria will apply to this assignment:

Grading Criteria

Explain the elements of the balance sheet, their purposes, and how to measure them.

20%

Explain the elements and purpose of the statement of changes in stockholder’s equity.

25%

Prepare the balance sheet.

15%

Prepare the income statement.

15%

Prepare the statement of retained earnings.

15%

Prepare the statement of cash flows.

10%

Good format, grammar and APA.

10%

TOTAL

100%

Objective:

? Describe the three specific objectives of financial reporting, discuss the types of useful information for investment and credit decision making, explain the qualities of useful accounting information, the purposes, elements of the balance sheet and how to measure them.

? Classify the assets and liabilities of a balance sheet, explain the statement of changes in stockholders’ equity, and describe the Security and Exchange Commission (SEC) integrated disclosures and the major components of an income statement, compute income from continuing operations, and report the results from discontinued operations.

ACCT311-1201A-01 Principles of Financial Accounting

Assignment Name:

Unit 3 Individual Project

Deliverable Length:

1-2 pages

Details:

Consider the following scenario:

Balls and Bats, Inc. purchased equipment on January 1, 2005, at a cost of $100,000. The estimated useful life is 4 years with a salvage value of $10,000.

Complete the following tasks for this assignment:
Prepare two different depreciation schedules for the equipment—one using the double-declining balance method, and the other using the straight-line method. (Round to the nearest dollar).
Determine which method would result in the greatest net income for the year ending December 31, 2005.
How would taxes affect management’s choice between these two methods for the financial statements?

Grading Criteria

% of grade for this assignment

Prepare two different depreciation schedules for the equipment—one using the double-declining balance method, and the other using the straight-line method. (Round to the nearest dollar).

60%

Determine which method would result in the greatest net income for the year ending December 31, 2005.

20%

How would taxes affect management’s choice between these two methods for the financial statements?

20%

Objective:

? Assess financial accounting standards as they relate to presentation and disclosure in general purpose financial statements

? Argue the time value of money concept and appraise financial accounting concepts and their origin

? Improve research, oral and written communication skills within the financial management context

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