05 Jul B) WHAT ROLE DOES EACH STEP PLAY IN THE SUCCESS OF A BUSINESS? C) HOW COULD THE OMISSION OF A STEP IMPACT THE SUCCESS OF A BUSINESS?
Please use the attached Accounting Cycle Report template and the 4 financial statements.
Final Project Part I: Accounting Cycle Report Rubric
Guidelines for Submission: The accounting cycle report should be 13 pages in length and should use double spacing, one-inch margins, and 12-point Times New Roman font. Sources should be cited according to APA style.
ACC 201 Final Project Part I Guidelines and Rubric
Overview
One of the measures of success in any business is profitability. Managers and business owners must be able to assess the profitability of a company using information about its financial transactions. This is done through the use of accounting.
By working through the accounting cycle, you will understand how money flows through a company. This information can help you determine whether or not an organization can afford to stay open while employing current practices and what types of changes might be needed to allow the organization to become profitable if it is currently struggling financially. This process also helps you understand the level of attention to detail that is required in a successful business venture.
The assessment for this course consists of two major parts: an accounting workbook with supporting accounting cycle report and a memo that uses financial statements to assess whether a business is going in the right direction. In the accounting workbook, you will use course-provided information to record journal entries that document financial transactions in a business. To do this, you will follow the business transactions for a three-month period, starting from step one of the accounting cycle through the reporting process. These transactions will include the initial setup of the business, sales, and purchases, making payments to vendors, paying store employees, and managing debt. You will then create a brief report explaining the steps of the accounting cycle and the significance of those steps and the financial statements that come out of them for the business.
The accounting workbook and accounting cycle report will prepare you for the second part of final project, which consists of a memo to request funding for potential expansion. The memo will overview the companys accounting system, discuss what the financial statement suggests about the companys strengths and weaknesses, and present opportunities for future growth.
This first part of the final project addresses the following course outcomes:
- · Apply the accounting cycle to business transactions for communicating financial data
- · Analyze the steps of the accounting cycle for their impact on the success of a business
Prompt
Your dog, Peyton, has severe allergies and cannot have the usual store-bought dog treats. You have been making homemade treats for him that are all-natural and hypoallergenic. Over the past year, you have been making and selling these treats out of your home and have been quite successful. You now have an opportunity to open your own dog treat bakery. You have decided on a corporate form of business and have named your company “Peyton Approved.”
Prepare a brief report that lays out the steps of the accounting cycle, explaining what each step does, why it is important to the success of a business, and what financial information is produced at the end of the cycle.
Accounting Cycle Report
- a) Identify the steps of the accounting cycle and provide a description of each step.
- b) What role does each step play in the success of a business?
- c) How could the omission of a step impact the success of a business? What strategies could be used to avoid this?
- d) What are the major financial statements that come out of the accounting cycle? Why are they important?
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