Summary of significant accounting principles

Assignment Help Financial Accounting

Reference no: EM13789240

The objective of this project is to give the students an opportunity to learn how to develop notes to the financial statements. This will include determining which items need to be included in the notes, which items need to have additional information provided in the notes, how the notes should be written, and the use of proper grammar in writing the notes. The students will also learn how to write professional and business information in a comfortable, easy manner in which readers can understand what is being written and what is meant by what is written.

Description

During the course you will be required to develop a Course Project having to do with writing notes for the financial statements of a fictitious Company. Create Income Statement, Retained Earnings Statement and Balance Sheet for a fictitious Company. While creating the financial statements make sure that you include relevant items, to be able to write the disclosure notes for the items detailed below. You will hand in the project at the end of Week 7 .In order to assist you in writing the notes, you may use the notes for Proctor & Gamble, as shown on pages 246-277, or you may use those shown as examples in Chapter 24. Although you may use these as an example, you are not to use their actual notes, or the notes from any other company, because this would be considered plagiarism (and if discovered, would result in a grade of F, or zero points for the assignment).

Your project should consist of, but not be limited to, the items below.

Note 1: Significant Accounting Polices (consisting of at least 10 items)

Notes 2: 10+: Consisting of at least the items below.

Inventory

Property, Plant, & Equipment

Contingencies and Liabilities

Changes in Accounting Principles or Estimates

Post Balance Sheet Events

Mergers and Acquisitions

Lease Obligations

EPS

Long-Term Debt

Employee Pension Obligations

If you have any questions, please feel free to contact your instructor.

Good luck.

Guidelines

The notes will include as "Summary of Significant Accounting Principles" as Note 1.

The notes will then include detailed information about at least 10 different items that are usually contained in the notes to the financial statements.

The student will gain experience in writing business topics and the need to have detailed information provided in the notes to the financial statements.

Reference no: EM13789240

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