WHICH TWO GENERAL LEDGER ACCOUNTS MAY ACT AS CONTROL ACCOUNTS FOR A SUBSIDIARY LEDGER?

21 May WHICH TWO GENERAL LEDGER ACCOUNTS MAY ACT AS CONTROL ACCOUNTS FOR A SUBSIDIARY LEDGER?

XACC 280 Financial Accounting Concepts and Principles

Week 1:

CheckPoint: Accounting Assumptions, Principles, and Constraints

• Write an essay in 250 to 300 words, including the following:

o The basic assumptions of accounting

o The principles of accounting

o The constraints of accounting

o A conclusion stating how you think sound financial reporting depends on principles,

assumptions, and constraints. Refer to the U.S. GAAP in your response.

CheckPoint: The Accounting Equation

• View PhxKlips The Accounting Equation on your student Web site.

• Write an explanation of the function of each element in the accounting equation, using 100 to

150 words.

• Complete E1-5 on p. 34 of Financial Accounting.

• Post your explanation of the elements in the accounting equation with the answers to E1-5.

Week 2:

CheckPoint: Debits and Credits

• View PhxKlips Debits and Credits on your student Web site.

• Complete the questions and fill in the Account Changes matrix in Appendix B.

• Post the completed Appendix B as an attachment.

Assignment: Journalizing, Posting, and Preparing a Trial Balance

• Complete P2-2A on p. 81 of Financial Accounting, using the templates in Appendix C for

your answers. Each part of the problem corresponds to one tab in Appendix C. Complete all

three tabs of Appendix C.

• Write a message of 250 to 400 words in the body of your posting that justifies what you did in

Appendix C. This message constitutes part d of the assignment. Address your message to

your creditors and explain:

o The general goals of financial reporting

o The steps you took in the recording process

o How the steps you took support the principles of accounting

• Post your message and the completed Appendix C as an attachment.

Week 3:

CheckPoint: Adjusting Entries, Posting, and Preparing an Adjusted Trial Balance

• Complete parts a, b, and c of P3-1A on pp. 128–129 of Financial Accounting.

• Use the templates in Appendix D. Complete all three tabs.

• Post the completed Appendix D as an attachment.

Week 4:

CheckPoint: Subsidiary Ledgers and Special Journals

• Explain in 250 to 300 words, your answers to the following:

o What are the advantages of the four different special journals? When would you use each

type?

o What is a subsidiary ledger and what purpose does it serve?

o What is a control account and what purpose does it serve?

o Which two general ledger accounts may act as control accounts for a subsidiary ledger?

o What are the advantages of using subsidiary ledgers?

Assignment: Preparing a Financial Statement Worksheet

• Complete E4-1 on pp. 176–177 of Financial Accounting.

• Use the template in Appendix E to complete the 10-column worksheet.

• Post the completed worksheet as an attachment.

Week 5:

CheckPoint: Reversing Entries

• Post your answers to BE4-12 on p. 176 of Financial Accounting.

CheckPoint: Closing Entries and a Post-closing Trial Balance

• Complete E4-4 on p. 177 of Financial Accounting. Use the templates in Appendix F and

complete all three tabs.

• Post the completed Appendix F as an attachment.

Week 6:

CheckPoint: The Nine Steps of the Accounting Cycle

• Complete The Nine Steps of the Accounting Cycle multimedia activity.

• Capture the screen of the completed accounting cycle in the multimedia activity.

• Write a summary of the nine steps of the accounting cycle, in 100 to 200 words.

• Post your screen capture and written summary.

Exercise: Financial Statements

• Post one or two new concepts you learned from each of the PhxKlips.

Assignment: Comprehensive Problem

• Complete the Comprehensive Problem on pp. 189–190 of Financial Accounting.

• Use the templates in Appendix G to complete the problem; complete all six tabs.

• Post the completed Appendix G as an attachment.

Week 7:

CheckPoint: Ratio, Vertical, and Horizontal Analyses

The calculations you perform for this CheckPoint form the basis of your analysis of your capstone

project.

• Write in 100 to 200 words an explanation of the three tools of financial statement analysis

and the function of each.

• Examine PepsiCo, Inc.’s Consolidated Balance Sheet on p. A6 in Appendix A of Financial

Accounting, especially its Current Assets, Current Liabilities, and Total Assets for years 2005

and 2004.

• Calculate the following for PepsiCo, Inc. and show your work:

o The Current Ratio for 2005

o The Current Ratio for 2004

o Two measures of vertical analysis—for example, compute the current assets divided by

total assets for each year, and express your result as a percentage

o Two measures of horizontal analysis—for example, compute the total change in assets

by percentage, by dividing current assets in 2005 by current assets in 2004. Compute a

similar percentage for current liabilities

• Examine The Coca-Cola Company’s Consolidated Balance sheet on p. B2 in Appendix B of

Financial Accounting, especially its Current Assets, Current Liabilities, and Total Assets for

years 2005 and 2004.

• Calculate the following for Coca-Cola and show your work: