“ACC403 Papers. Total of 8 papersModule 1 – Case
Financial
Accounting – Introduction
Case
Assignment
There are three main parts to this
case. 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);
Public Company Accounting
Oversight Board (PCAOB);
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 of 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 with double entry
accounting bookkeeping system. 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
It is important to answer the
questions as posed. The discussion should be three to six pages and written in
a clear and concise manner. Support your discussion with references in APA
format. You are encouraged to use Excel or other compatible spreadsheet when
computations are involvedModule 1 – SLPFinancial Accounting – IntroductionBelow find a working trial balance for Smith Company.

Smith Company

31-Dec-15

Trial Balance (accounts in alphabetical order)

Debit

Credit

Accounts
payable

67,000

Accounts
receivable

24,500

Cash

50,000

Common
stock

10,000

Depreciation
expense

24,350

Cost of
goods sold

234,000

Equipment
(net of depreciation)

316,000

Insurance

1,400

Inventory

25,000

Long-term
debt

145,000

Marketing

4,500

Paid-in
capital

90,000

Property
taxes

8,900

Rent

18,000

Retained
earnings

?

Revenues

436,000

Salaries

67,500

Utilities

6,700

Total

780,850

780,850

From the trial balance above,
prepare an income statement and a balance sheet in good format based on.trident.edu/content/enforced/61598-ACC403-AUG2015FT-1/formats%20of%20financial%20statements,%20module%201,%20acc403-28621.docx?_&d2lSessionVal=oZ8x45l5e9YavaV3gq2YaSygQ&ou=61598″”>Formats of Financial
Statements
(Presentations).
After you have completed the
two statements comment on the success of the company. Write a short story
about the company based on the information from the financial statements
you just prepared. You may want to include comments about the profitability
and debt load of the company.
SLP
Assignment Expectations
It is important to answer the
questions as posed. The document should be two to four pages and written in a
clear and concise manner or present tables as required. Support your discussion
or tables with references in APA format. You are encouraged to use Excel or
other compatible spreadsheet when computations are involved. You can turn in
the spreadsheet instead. The content should be equivalent to the page length
suggested for a word processing document.Module 2 – CaseFinancial
Accounting – Income Statement and Balance SheetCase
AssignmentThere are two main parts to this
case. Please make sure this paper is well organized and covers all of the items
below.Part I
Why is revenue recognition a significant
issue? How do we determine when revenues are recorded for accounting
purposes?
Explain the difference between
a product and period expense.
Discuss the matching concept as
it relates to accounting for revenues and inventory.
Is there a difference in
approach to valuation by US GAAP and IFRS? Discuss and note two or three
specific differences.
Part IIRefer to the latest annual financial
statements for the two following companies: Apple:.apple.com/””>http://investor.apple.com/ and Samsung:.samsung.com/us/aboutsamsung/ir/newsMain.do””>http://www.samsung.com/us/aboutsamsung/ir/newsMain.do. Generally, this information is
found in the Investor Relations area of the website.Clearly identify the companies, the
time period, and include the link to the financial statements you are analyzing
in your report. Next, answer questions below.
What accounting conventions do
the two companies follow US GAAP or IFRS?
What about auditing standards
for the two companies?
Locate the income statement for
the past two years for both companies. Prepare a table comparing five
items or more from each statement. Next, comment on the changes from one
year to another. Is the company doing better or worse? Did revenues and
expenses increase or decrease?
Locate the balance sheet for
the past two years for both companies. Prepare a table comparing five
items or more from each statement. Next, comment on the changes from one
year to another. Further, discuss retained earnings and how income or loss
and dividends affect this account. Review two companies retained earnings
account and explain how it changes between the two past years.
Module 2 – SLPFinancial
Accounting – Income Statement and Balance SheetThis SLP has two separate parts. We
are using the same company as in the first module. However, you need to
consider some additional information.

Smith Company

31-Dec-15

Trial Balance (accounts in alphabetical order)

Debit

Credit

Accounts
payable

67,000

Accounts
receivable

24,500

Cash

50,000

Common
stock

10,000

Depreciation
expense

24,350

Cost of
goods sold

234,000

Equipment
(net of depreciation)

316,000

Insurance

1,400

Inventory

25,000

Long-term
debt

145,000

Marketing

4,500

Paid-in
capital

90,000

Property
taxes

8,900

Rent

18,000

Retained
earnings

?

Revenues

436,000

Salaries

67,500

Utilities

6,700

Total

780,850

780,850

Part I:
Income StatementFor Part I, consider additional
information below.
One client had indicated that
they were interested in purchasing $50,000 worth of products, so the
bookkeeper recorded the transaction. However, the client has not actually
committed to the purchase.
The bookkeeper already
corrected the sales account. However, the bookkeeper may have made a
mistake when computing cost of goods sold. She included total production
costs for 2015 and did not adjust ending inventory for the $50,000 worth
of units left at the end of the year. The amount of ending inventory was
determined using a physical count.
Prepare an income statement for the
company in good format. Also, explain the adjustments separately. Always
include the name of the company and the period covered in the title. Don’t
forget dollar signs where appropriate. You will not need all the accounts
listed above. How does the income or loss compare to the original income
statement? Explain the importance of the matching concept.Part II:
Balance SheetFor Part II, consider additional
information below. You also need to consider additional information of Part I
above.Additional information for Part II:
The company made a secondary
offering of stock and raised an additional $250,000 which includes
$225,000 of Paid-in Capital.
The company had already paid
$22,000 in dividends before deciding on the offering.
The company now has cash to
invest in a piece of raw land on which to build in the future. The
investment takes place before year end. The cost of the land is $400,000,
the downpayment is $40,000 and a note to the bank covers the rest.
Prepare a balance sheet for the
company in good format with additional information above. Update the balance
sheet for the changes to income in Part I and also consider the effect of
paying the dividend.SLP
Assignment ExpectationsIt is important to answer the
questions as posed. The document should be two to four pages and written in a
clear and concise manner or present tables as required. Support your discussion
or tables with references in APA format. You are encouraged to use Excel or
other compatible spreadsheet when computations are involved. You can turn in
the spreadsheet instead. The content should be equivalent to the page length
suggested for a word processing document.Module 3 – CaseManagerial
Accounting – Variable CostingCase
AssignmentManagerial accounting emphasizes
short-term profit analysis, so the income statement is very important.
Consequently, well examine and discuss income statements in this first case.
The assignment for this module is divided into two parts:Part IUse the background material and
Internet to answer the questions below.Discuss and analyze the difference
between managerial and financial accounting. Pay particular attention to:
How is managerial accounting
different from financial accounting?
Comment on the different needs
and use of financial information for internal purposes.
The managerial accounting
profession and its role in todays business environment. How has it
changed over time?
Comment on the Certified
Management Accountant (CMA) designation. How is it different from the CPA
certification?
Part IIYou may want to complete the SLP
before addressing the questions below.
Explain the main differences
between the absorption and contribution (behavioral, variable) income statements.
Will net income always be the same under the two approaches? If not,
explain the difference.
Comment specifically on why
companies feel the need to create yet another income statement in a
different format. What information can the company gleam from this
approach which is helpful as a tool in the decision making process.
Explain situations in which
break-even analysis can be a useful tool. Explain the break-even formula
and provide a specific example using numbers for a product with which you
are familiar. Reasonable estimates are adequate. Don’t forget to include
the source of the information.
Module 3 – SLPManagerial
Accounting – Variable CostingWe’re using a different fictitious
company for the last two modules, the managerial accounting portion of this
course. Below find production and sales information for Lewis Company.

Product information

Prod B

Beginning
inventory

0

Units
produced

10,000

Units
sold

9,000

Selling
price per unit

$300

Variable
costs per unit

Direct
material

120

Direct
labor

60

Variable
overhead

40

Variable
selling and administrative

10

Fixed
costs

Fixed
manufacturing overhead

250,000

Fixed
selling and administrative

100,000

Lewis Company

Absorption Income Statement

For the period ending Dec. 31, 2015

Sales

$2,700,000

Cost of
goods sold

2,205,000

Gross
profit (margin)

$495,000

Selling
and administrative expenses

190,000

Net
income

$305,000

Prepare a contribution margin (behavioral,
variable) income statement for Lewis Company, compare net operating profit from
a contribution margin income statement with net income from an absorption
income statement, and explain why this difference happens. Prepare a second
version assuming the selling price per unit increases to $320 per unit.Further, answer break even questions
below. Use the original information to:
Determine the number of units
the company must sell to break even for the year?
Compute break even assuming
direct materials cost increase from $120 to $150, but all information
remains the same.
Module 4 – CaseManagerial
Accounting – BudgetingCase
AssignmentThis case has two parts.Part ILets try to apply our knowledge of
variable costing and review a.trident.edu/content/enforced/44589-ACC403-WIN2015-1/Modules/Module5/Charter%20School%20Budget%20-%20ACC403%20.xls?_&d2lSessionVal=tZPXmJCoGRl1vhUqBixpaC8rE&ou=44589&_&d2lSessionVal=bkQBzRJMwaV6GgiuIN9kZt7yT&ou=61598″”>sample budget for a
charter school.
This budget is prepared assuming three levels of student enrollment (66, 100
and 120). Revenue and expenses projections are shown in the budget. Operating
assumptions are shown in Schedule A.The first requirement of this case
relates to the planning function of a budget. Comment on the following relating
to the charter school budget:
Is this a static or flexible
budget?
What is total revenue
(excluding grants) per student?
What are total expenses per
student?
Do all expenses seem necessary?
Is this school viable? How many
students does the school need to break even (show your calculations with
analysis and state your assumptions for break-even)?
(Note: For break even analysis Ignore revenue received as
Grants and Startup Costs (Schedule A).
What are the general benefits
of preparing this budget?
Discuss how this budget is
likely to be used for the control function.
Part IIThe second requirement of this case
relates to the control function of a budget. Use the background material and
Internet to answer the following questions.
Variance analysis is a
traditional tool used for planning and control. Comment on advantages and
disadvantages of using this approach for performance evaluations.
Do you have any suggestions for
complementary or alternative performance measures?
Module 4 – Case
Managerial
Accounting – Budgeting
Case
Assignment
This case has two parts.
Part I
Lets try to apply our knowledge of
variable costing and review a.trident.edu/content/enforced/44589-ACC403-WIN2015-1/Modules/Module5/Charter%20School%20Budget%20-%20ACC403%20.xls?_&d2lSessionVal=tZPXmJCoGRl1vhUqBixpaC8rE&ou=44589&_&d2lSessionVal=bkQBzRJMwaV6GgiuIN9kZt7yT&ou=61598″”>sample budget for a
charter school.
This budget is prepared assuming three levels of student enrollment (66, 100
and 120). Revenue and expenses projections are shown in the budget. Operating
assumptions are shown in Schedule A.
The first requirement of this case
relates to the planning function of a budget. Comment on the following relating
to the charter school budget:

Is this a static or flexible
budget?
What is total revenue
(excluding grants) per student?
What are total expenses per
student?
Do all expenses seem necessary?
Is this school viable? How many
students does the school need to break even (show your calculations with
analysis and state your assumptions for break-even)?
(Note: For break even analysis Ignore revenue received as
Grants and Startup Costs (Schedule A).
What are the general benefits
of preparing this budget?
Discuss how this budget is
likely to be used for the control function.

Part II
The second requirement of this case
relates to the control function of a budget. Use the background material and
Internet to answer the following questions.

Variance analysis is a
traditional tool used for planning and control. Comment on advantages and
disadvantages of using this approach for performance evaluations.
Do you have any suggestions for
complementary or alternative performance measures?

Module 4 – SLP
Managerial
Accounting – Budgeting
Differential analysis involves
knowing which costs are relevant, i.e. future costs that vary among
alternatives. It is important to know what information to use and not just how
to execute the analysis.
Lewis Company (accounting
information provided in the prior module) receives an offer to make a new
product, called C, for a new customer. The customer wants to buy 1,100 units.
Product C has the same cost structure as product B with three exceptions. The new
customer is only willing to pay $260 per unit, direct materials costs will
decrease by $10 per unit and Lewis does not have to incur any variable selling
and administrative expenses.

Make a list of the expenses and
amounts that are relevant for this decision. How much with the sale of
this product contribute to the profitability of Lewis?
What if the company only pays
$210 per unit? How does this change the contribution towards
profitability?
If you were the manager, would
you accept this order? What considerations, other than financial would
enter into your decision?

Module 1 – CaseFinancial
Accounting – IntroductionCase
AssignmentThere are three main parts to this
case. 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.Part II. Explain the basic formats of
financial statements such as income statement, balance sheet, statement of cash
flows, and statement of retained earnings.Part III.To simplify your answers, complete
the assignment using a basic table or diagram.Assignment
ExpectationsIt is important to answer the
questions as posed. The discussion should be three to six pages and written in
a clear and concise manner. Support your discussion with references in APA
format. You are encouraged to use Excel or other compatible spreadsheet when
computations are involvedBelow find a working trial balance for Smith Company.Smith Company31-Dec-15Trial Balance (accounts in alphabetical order)DebitCreditAccounts
payable67,000Accounts
receivable24,500Cash50,000Common
stock10,000Depreciation
expense24,350Cost of
goods sold234,000Equipment
(net of depreciation)316,000Insurance1,400Inventory25,000Long-term
debt145,000Marketing4,500Paid-in
capital90,000Property
taxes8,900Rent18,000Retained
earnings?Revenues436,000Salaries67,500Utilities6,700Total780,850780,850SLP
Assignment Expectations
It is important to answer the
questions as posed. The document should be two to four pages and written in a
clear and concise manner or present tables as required. Support your discussion
or tables with references in APA format. You are encouraged to use Excel or
other compatible spreadsheet when computations are involved. You can turn in
the spreadsheet instead. The content should be equivalent to the page length
suggested for a word processing document.Financial
Accounting – Income Statement and Balance SheetCase
AssignmentThere are two main parts to this
case. Please make sure this paper is well organized and covers all of the items
below.Part IPart IIRefer to the latest annual financial
statements for the two following companies: Apple:.apple.com/””>http://investor.apple.com/ and Samsung:.samsung.com/us/aboutsamsung/ir/newsMain.do””>http://www.samsung.com/us/aboutsamsung/ir/newsMain.do. Generally, this information is
found in the Investor Relations area of the website.Clearly identify the companies, the
time period, and include the link to the financial statements you are analyzing
in your report. Next, answer questions below.Module 2 – SLPFinancial
Accounting – Income Statement and Balance SheetThis SLP has two separate parts. We
are using the same company as in the first module. However, you need to
consider some additional information.Smith Company31-Dec-15Trial Balance (accounts in alphabetical order) DebitCreditAccounts
payable 67,000Accounts
receivable24,500 Cash50,000 Common
stock 10,000Depreciation
expense24,350 Cost of
goods sold234,000 Equipment
(net of depreciation)316,000 Insurance1,400 Inventory25,000 Long-term
debt 145,000Marketing4,500 Paid-in
capital 90,000Property
taxes8,900 Rent18,000 Retained
earnings ?Revenues 436,000Salaries67,500 Utilities6,700 Total780,850780,850Part I:
Income StatementFor Part I, consider additional
information below.Prepare an income statement for the
company in good format. Also, explain the adjustments separately. Always
include the name of the company and the period covered in the title. Don’t
forget dollar signs where appropriate. You will not need all the accounts
listed above. How does the income or loss compare to the original income
statement? Explain the importance of the matching concept.Part II:
Balance SheetFor Part II, consider additional
information below. You also need to consider additional information of Part I
above.Additional information for Part II:Prepare a balance sheet for the
company in good format with additional information above. Update the balance
sheet for the changes to income in Part I and also consider the effect of
paying the dividend.SLP
Assignment ExpectationsIt is important to answer the
questions as posed. The document should be two to four pages and written in a
clear and concise manner or present tables as required. Support your discussion
or tables with references in APA format. You are encouraged to use Excel or
other compatible spreadsheet when computations are involved. You can turn in
the spreadsheet instead. The content should be equivalent to the page length
suggested for a word processing document.Module 3 – CaseManagerial
Accounting – Variable CostingCase
AssignmentManagerial accounting emphasizes
short-term profit analysis, so the income statement is very important.
Consequently, well examine and discuss income statements in this first case.
The assignment for this module is divided into two parts:Part IUse the background material and
Internet to answer the questions below.Discuss and analyze the difference
between managerial and financial accounting. Pay particular attention to:Part IIYou may want to complete the SLP
before addressing the questions below.Module 3 – SLPManagerial
Accounting – Variable CostingWe’re using a different fictitious
company for the last two modules, the managerial accounting portion of this
course. Below find production and sales information for Lewis Company.Product informationProd BBeginning
inventory0Units
produced10,000Units
sold9,000 Selling
price per unit$300Variable
costs per unit Direct
material120Direct
labor60Variable
overhead40Variable
selling and administrative10 Fixed
costs Fixed
manufacturing overhead250,000Fixed
selling and administrative100,000 Lewis CompanyAbsorption Income StatementFor the period ending Dec. 31, 2015Sales$2,700,000Cost of
goods sold2,205,000Gross
profit (margin)$495,000Selling
and administrative expenses190,000Net
income$305,000Prepare a contribution margin (behavioral,
variable) income statement for Lewis Company, compare net operating profit from
a contribution margin income statement with net income from an absorption
income statement, and explain why this difference happens. Prepare a second
version assuming the selling price per unit increases to $320 per unit.Further, answer break even questions
below. Use the original information to:Module 4 – CaseManagerial
Accounting – BudgetingCase
AssignmentThis case has two parts.Part ILets try to apply our knowledge of
variable costing and review a.trident.edu/content/enforced/44589-ACC403-WIN2015-1/Modules/Module5/Charter%20School%20Budget%20-%20ACC403%20.xls?_&d2lSessionVal=tZPXmJCoGRl1vhUqBixpaC8rE&ou=44589&_&d2lSessionVal=bkQBzRJMwaV6GgiuIN9kZt7yT&ou=61598″”>sample budget for a
charter school.
This budget is prepared assuming three levels of student enrollment (66, 100
and 120). Revenue and expenses projections are shown in the budget. Operating
assumptions are shown in Schedule A.The first requirement of this case
relates to the planning function of a budget. Comment on the following relating
to the charter school budget:Part IIThe second requirement of this case
relates to the control function of a budget. Use the background material and
Internet to answer the following questions.Module 4 – CaseManagerial
Accounting – BudgetingCase
AssignmentThis case has two parts.Part ILets try to apply our knowledge of
variable costing and review a.trident.edu/content/enforced/44589-ACC403-WIN2015-1/Modules/Module5/Charter%20School%20Budget%20-%20ACC403%20.xls?_&d2lSessionVal=tZPXmJCoGRl1vhUqBixpaC8rE&ou=44589&_&d2lSessionVal=bkQBzRJMwaV6GgiuIN9kZt7yT&ou=61598″”>sample budget for a
charter school.
This budget is prepared assuming three levels of student enrollment (66, 100
and 120). Revenue and expenses projections are shown in the budget. Operating
assumptions are shown in Schedule A.The first requirement of this case
relates to the planning function of a budget. Comment on the following relating
to the charter school budget:Part IIThe second requirement of this case
relates to the control function of a budget. Use the background material and
Internet to answer the following questions.Module 4 – SLPManagerial
Accounting – BudgetingDifferential analysis involves
knowing which costs are relevant, i.e. future costs that vary among
alternatives. It is important to know what information to use and not just how
to execute the analysis.Lewis Company (accounting
information provided in the prior module) receives an offer to make a new
product, called C, for a new customer. The customer wants to buy 1,100 units.
Product C has the same cost structure as product B with three exceptions. The new
customer is only willing to pay $260 per unit, direct materials costs will
decrease by $10 per unit and Lewis does not have to incur any variable selling
and administrative expenses.
“