ACC 309 Intermediate Accounting Assignment

Reference no: EM132415591

ACC 309 Intermediate Accounting Assignment - Southern New Hampshire University, USA

Overview - In the accounting field, you will often be expected to both enter calculations accurately and articulate what this information means to internal and external stakeholders. In addition, you will be expected to propose financial solutions when a company is faced with a policy change, or when the company's regulations change. For this project, imagine that you have just started in a new role as a financial accountant preparing for a year-end audit. In addition, you are charged with showing the financial impacts of the company's recent initiatives. You will revise year-end financial statements to reflect these changes, compose notes to the financial statements, and compose an executive summary to explain the impacts to stakeholders. You will create these documents based on information in the Final Project Scenario and Final Project Workbook.

In this assignment, you will demonstrate your mastery of the following course competencies:

Revise financial statements in accordance with applicable rules and regulations.

Analyze the financial impact of changes to an organization by internal and external factors.

Demonstrate ethical conduct in the process of correcting accounting records.

Prompt - Specifically, the following critical elements must be addressed. Most of the critical elements align with a particular course competency (shown in brackets).

I. Workbook: Calculate relevant ratios, payouts, obligations, and prepare appropriate adjusting entries and revised financial statements. Be sure to complete all tabs in the spreadsheet.

A. Calculate capital lease obligations for determining debt and depreciation.

B. Calculate pension payouts to determine the company's financial obligations.

C. Prepare appropriate adjusting entries.

D. Complete the Adjusted Trial Balance.

E. Prepare revised financial statements for year-end audit that flow logically within the document.

F. Prepare a statement of comprehensive income to ensure alignment with applicable rules and regulations.

G. Determine the impact on earnings per share.

H. Prepare financial statements for year-end audit with appropriate changes that flow logically within the document.

II. Notes to the Financial Statements

A. Compose appropriate footnotes within a statement of comprehensive income in accordance with applicable accounting standards, such as GAAP, International Financial Reporting Standards, and SEC, as applicable.

III. Executive Summary: Compose a report that appropriately communicates the impact of revisions to stakeholders.

A. Identify sources of other comprehensive income not included in net income.

B. Explain rationale for inclusion as comprehensive income (as opposed to net income) of nondisclosure within notes.

C. Evaluate impacts of company goals and finances for their implications on stockholder equity, using financial information to support claims.

D. Evaluate impacts of company goals and finances for their implications on retained earnings per share, using financial information to support claims.

E. Explain the impact of issuing preferred stock or debt for determining changes to equity structures.

F. Assess the impact of changes to current tax structure for articulating changes relevant to the company.

G. Explain the implications of capital lease based on how it relates to the company's equipment usage.

H. Explain how postretirement plans will impact the company financially in the short and long term, using examples from the workbook to support claims.

I. Evaluate the company's current performance based on the outcomes of relevant ratio analysis.

J. Discuss types of accounting changes encountered and when retrospective and prospective approaches should be used.

K. Predict the impact of new credit policies or a change in product or markets based on relevant ratio analysis.

L. Discuss relevant accounting standards for informing the company's financial reporting strategies.

M. Explain how the four-step process was used for effectively correcting and reporting errors in the revision process.

Milestones -

Milestone One - In Module Three, you will develop a portion of the workbook and a brief memo to management explaining the impacts to stockholder equity and the impact of tax structures.

Milestone Two - In Module Five, you will develop a portion of the workbook and a brief memo to management explaining the impacts of accounting for postretirement benefits and revision processes.

Final Project Submission: Workbook, Notes to the Financial Statements, and Executive Summary

In Module Seven, you will submit your final project. It should be a complete, polished artifact containing all of the critical elements of the final product. It should reflect the incorporation of feedback gained throughout the course.

In addition to revising your milestone work, make sure that you include the following elements from the prompt above, which were not included in the milestones:

I. Workbook

A. Prepare appropriate adjusting entries and complete the Adjusted Trial Balance.

B. Prepare revised financial statements for year-end audit that flow logically within the document.

C. Determine the impact on earnings per share.

II. Notes to the Financial Statements

III. Executive Summary

A. Evaluate the company's current performance based on the outcomes of relevant ratio analysis.

B. Discuss types of accounting changes encountered and when retrospective and prospective approaches should be used.

C. Predict the impact of new credit policies or a change in product or markets based on relevant ratio analysis.

D. Discuss relevant accounting standards for informing the company's financial reporting strategies.

E. Explain how the four-step process was used for effectively correcting and reporting errors in the revision process.

Your workbook must be submitted as a MS Excel Document, and your Executive Summary must be 2-3 pages in length and must be written in APA format.

Textbook - Intermediate Accounting: Reporting and Analysis, Second edition Wahlen, Jones, Pagach.

Attachment:- Intermediate Accounting Assignment Files.rar

Reference no: EM132415591

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