Assumptions of Accounting Principles - Accounting and Finance Assignment Help

Assignment Task:

A. Read and complete the self-graded questions for ch 1 2 and 3 at (http://www.principlesofaccounting.com/ ). Read the assigned chapters on the POA website, then use the practice quizzes (the quizzes appear at the top of the first screen for each chapter as Fill in the Blank and Multiple Choice). Understanding the Journal Entry debit/credit system is an important skill to have. This understanding enables you to understand how business transactions are recorded into the accounting system, how that system processes and summarizes those transactions, and how the summary of those transactions is reported in the form of the financial reports. These financial reports are used by management and owners to evaluate corporate performance. Understanding the underlying accounting system enables you to better read and interpret the financial reports upon which managerial decisions are made. B. Review your SEC 10-K company's Income Statement, Balance Sheet, Statement of Cash Flows, and Consolidated Statement of Equities. Based on this week's readings, write a paragraph describing each statement, and its purpose. In the 1004 page Hermanson reference book available in LEO, “Chapter 5 Accounting Theory” discusses five underlying assumptions of accounting principles. Write a paragraph on each of these underlying assumptions and why it is important. Additionally, provide a summary of the accounting concepts learned through the readings and practice quizzes for this week. Demonstrate your understanding of the week's concepts. If you need ideas regarding topics to discuss, see the ideas below. The more detailed your write-up documenting your understanding the higher it will be graded. (See Rubric for details.) Complete the report below as a Word document and submit in the Assignment Folder for week 1 Homework. Additionally, here are some topics to consider:

• How do journal entries ensure the basic accounting equation (Assets = Liabilities + Owner's Equity) stays in balance?

• What happens to the journal entries when recorded into the accounting system? What do they accomplish?

• Discuss the revenue and expense recognition concepts and why they are important.

• What topic(s) gave you trouble this week (if any)?/What topic(s) do you feel you were able to grasp? Post questions in the homework discussion thread!

• Comment on the value of the activities you completed this week o The Self-Graded Assessments (unlimited attempts)

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