01 Jul ACC201 Module 1 Case
here 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
- Everything in Accounting typically falls into one of three categories, as illustrated by the Accounting Equation. State the Accounting Equation: Assets = _______________ + _______________
- 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.
- 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.
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