...This archive ACC 300 Entire Course includes following files: ACC 300 Week 1 - Individual Assignment - Chapter Two - Brief Exercises.doc ACC 300 Week 2 - Learning Team Assignment.xlsx ACC 300 week 2 dqs.doc ACC 300 Week 2 Individual Assignment Accounting Equation paper.docx ACC 300 Week 2 Individual Problem Set P1-3A and P3-5A.doc ACC 300 Week 3 - Individual Assignment Part I.xlsx ACC 300 Week 3 - Individual Assignment Part III.xlsx ACC 300 Week 3 - Individual Assignment Part IV.doc ACC 300 Week 3 - Individual Assignment Part V.xlsx ACC 300 Week 3 - Learning Team Assignment - Landrys.doc ACC 300 week 3 dqs.doc ACC 300 Week 3 Learning Team Assignment Working With Financial Statements.docx ACC 300 Week 3 Team Assignment problem 4-2A.doc ACC 300 Week 3- Individual Assignment Part II.xlsx ACC 300 Week 4 - Individual Assignment - Financial Statement Analysis Landrys.xlsx ACC 300 Week 4 - Learning Team Assignment - Managerial and Financial Accounting Paper.doc ACC 300 week 4 dqs.doc ACC 300 Week 4 Individual Problem Set II P2-6A and P13-2A Correct.doc ACC 300 Week 4 Individual Problem Set II P2-6A and P13-2A.doc ACC 300 Week 5 Individual Assignment - Chapter Six.doc ACC 300 Week 5 - Individual Assignment - Four Accounting Regulatory Bodies.doc ACC 300 Week 5 - Learning Team Assignment - Accounting Reporting Criteria Paper.doc ACC 300 Week 5 Final Exam Guide.pdf ACC 300 Week 5 Team Assignment Global Environments...
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...Accounting Equation ACC/300 October 6, 2014 Accounting Equation From the smallest sole proprietorship to the largest corporation, all transactions in a business setting will have an effect on a company’s monetary status. The monetary status of a business is defined by three things: liabilities, assets and owner’s equity. The liabilities are debts or obligations to other people and assets are property or funds owned by the company. The owner’s equity is the total assets of a company minus its total liabilities. The accounting equation: Assets = Liabilities + Owner’s Equity shows the association between the three types of accounts in the accounting world. The accounting equation differs slightly between a corporation and a sole proprietorship. The reason is because a sole proprietorship owns all the equity while a corporation shares the equity with stockholders. Thus, the accounting equation for a one-owner business is: Assets = Liabilities + Equity. The accounting equation for a corporation would be the same except the last part of the equation which would read as stockholder’s equity. Examples of assets include cash, account receivables, and equipment (Kimmel, Weygandt, & Keiso, 2010). From the accounting equation, the amount of assets must equal the combined amount of liabilities plus the equity. Examples of liabilities include notes payable, accounts payable, and salaries payable (Kimmel, Weygandt, & Keiso, 2010). Examples of owner’s or stockholder’s...
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...Accounting Equation Essay ACC/300 Lucinda Degarmo November 30, 2015 Professor Brandy Havens The accounting equation is a simple formula used to measure a company’s financial position. There are three elements that make up an accounting equation; Assets, Liabilities, Equity. There are two types of accounting equations, one for a sole proprietorship and one for a corporation. The accounting equation used for the sole proprietorship is as follows: Assets = Liabilities + Owner’s Equity. The accounting equation used for a corporation is: Assets = Liabilities + Stockholder’s Equity. Assets are considered to be the company’s resources, basically the things a company owns. These are things such as cash, accounts receivable, inventory, prepaid insurance, investments, equipment, land, buildings. The accounting equation tells us that the amount of Assets must be equal to the company’s liabilities plus owner’s or stockholder’s equity. Liabilities are considered to be the obligations that the company owes. Liabilities would be considered things like accounts payable, salaries, loans payable, income taxes payable, interest payable. There are two ways to view liabilities the first view is as a claim by creditors against the company’s assets, or a source along with the equity of the company’s assets. Equity whether it be Owner’s Equity or Stockholder’s Equity is considered the amount left over when the liabilities are deducted from the company’s assets. The...
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...Accounting Equation Jarred Evans ACC/300 May 12, 14 Brandy Havens Abstract The purpose of this essay is to give a better understanding of the accounting equation, how the accounting equation relates to the components of the balance sheet, how the components of the accounting equation affect each other and how transactions affect the accounting equation. In business, the accounting equation is used to help us understand how assets, liabilities, and owner’s equity relate to each other along with measures the financial position of a company. The equation is set up as “Assets = Liabilities + Owner’s Equity” for an unincorporated business and “Assets = Liabilities + Stockholder’s Equity” for larger corporations. Assets are the business owned resources, such as money, building, equipment, and inventory. For assets in the equation, it must equal the liabilities plus owner’s equity amount. Liabilities are what companies or small business owe and is considered their duty. “Liabilities can be viewed in two ways, as claims by creditors against the company's assets, and a source—along with owner or stockholder equity—of the company's assets.” Finally, the owner’s equity is what remains after you deduct the liabilities away from the assets. In any transaction, the expressions get altered in order to fit the equation and make the numbers equal properly. “A balance sheet is a financial statement that reports the assets and claims to those assets at a specific point in time” (Kimmel...
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...Accounting Equation Paper ACC 300 University of Phoenix Accounting Equation Paper No matter how big or small a company is, the business will have some sort of financial transaction coming in or out that will affect the company’s financial standing. In any company, the accountant or accounting department plays a crucial role in ensuring the company succeeds. The main role of accounting is to analyze records and keep track of all financial transactions. The resources that make up a company’s assets, as well as the accounting equation, are liabilities and owner’s equity. At first, owner’s equity is affected by capitals such as issuing stocks. Once the business is up and running, income as well as expenses will be added to the balance sheets. Assets include everything the company owns, from the building to the package of paperclips. Liabilities are debts the company has, to other businesses or individuals. These debtors could include vendors, employees, or financial institutions that loaned money. Equity is also referred to as capital and consists of assets and any debts owed to the business from outside sources. In order to understand the accounting equation, the accounting department as well as leadership must understand how these relate to one another. The accounting equation is as follows: Assets = Liabilities + Owners/Stockholders Equity. Examples of assets include cash, account receivable, and equipment (Kimmel, 2011). The way that this accounting equation...
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...Individual Assignment - Accounting Equation Paper Dennis R Ware ACC/300 October 1, 2012 Kimberly McMillon Individual Assignment - Accounting Equation Paper From the largest corporation all the way down to the mom and pop store, every business transaction will have an effect on a company’s financial position. According to Investopedia.com, the financial position of a company is measured by the following three things: assets, liabilities, and owner’s equity. The assets are what the company owns. The liabilities are what the company owes to others. The owner’ equity is the difference between the assets and liabilities. The accounting equation offers a simple way to understand how the three amounts relate to each other. The accounting equation for a sole proprietorship is as follows: Assets = Liabilities + Equity. The accounting equation for a corporation is as follows: Assets = Liabilities + Stockholders’ Equity. Examples of assets include cash, account receivable, and equipment (Kimmel, 2011). From the accounting equation, you can that the amount of the assets must equal the combined amount of liabilities plus owner’s (or stockholders’) equity. Examples of liabilities include notes payable, accounts payable, and salaries payable (Kimmel, 2001). Examples of owner’s or stockholders’ equity include common stock and retained earnings. The balance sheet is also known as the statement of financial position. It reflects the accounting equation. The balance sheet reports...
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...The Accounting Equation Sevara Smith ACC/300 February 11, 2013 Rena Ballot The Accounting Equation The basic accounting equation is, assets are equal to liabilities plus stockholders equity. The assets in the equation are the resources owned by a company such as cash, inventory, fixed assets, and accounts receivable. The liabilities are the debits and obligations of the business, the amounts owed to creditors. The stockholders’ equity is the claim the owners have to assets. The stockholders’ equity is subdivided with two parts, common stock and retained earnings. The common stock is the money paid for shares by the stockholders. The retained earnings are the amount the company retained in net income. With the accounting equation every transaction should have a twofold or dual effect to the extent of the same amount. In other words, assets must balance with the claims to assets. For example, if an asset is increased, a decrease has to occur in another asset or an increase in a liability or stockholders ‘equity. This dual process is revealed on the balance sheet. The balance sheet gives a picture of a company’s finances at a point in time. It gives a summary of the assets, liabilities, and owner’s equity. The balance sheet represents the accounting equation for a company. It displays the assets and claims to assets at a given period of time. The claims of assets are divided into two groups they are claims of creditors (liabilities) and claims of owners...
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...Accounting Equation Franklin Weatherspoon ACC/300 OCTOBER 26, 2013 Dr. M Moczynski, CPA, CGFM Accounting Equation In the business world an individual cannot understand a balance sheet, income statement nor transaction recordings within a general ledger, until he or she understands the basic accounting equation: Assets = Liabilities + Owners Equity (Barclay, 2013). Following is a discussion on the relationship of accounting equation and the components of a balance sheet; along with examples showing the affect of each (University of Phoenix, 2013). Relation in Components The accounting formula is the way double-entry bookkeeping is formulated. The accounting formula, which is known as the balance sheet equation, signifies the connection between the assets, liabilities, and owner's equity of a small company (Peeler, 2013). The accounting formula basically expresses a company’s assets, which is obtained either by liabilities or by the company’s capital. The equation has to balance since the company’s entirety, which is known as assets are brought with something like liability or the company’s capital (Peeler, 2013). The effect of one another The company’s equity is affected by capital, functioning as stock. The company has income, which is revenue minus expenses, and gains minus loses, and sometimes extra capital and withdrawals are known as dividends. When the closing of the month approaches, each item will have an effect...
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...Accounting Equation Paper HH ACC/300 October 19, 2015 Douglas Hartman Accounting Equation Paper Whether the size of the organization is big or small, this organization must deal with financial statements; such as transactions coming in and transactions coming out that are going to impact the organization’s financial standing. In all the organizations, the accounting department plays a major role to ensure the organization’s succeed. The key role of the accounting department is to inspect records and track all the transactions that ate happening. Liabilities and Owner’s equity are the resources that are used to make the organization’s assets and accounting equation. Capitals influence owner’s equity; for example, issuing stocks. Once the business is up and running, income and also expenses will be added to the balance sheet (Tracy, 2015). Assets incorporate everything the organization maintains. There are two kinds of assets: the tangible assets such as property and equipment and intangible assets such as trademarks ("Asset", 2015). Liabilities are obligations the organization has, to different organizations or people. These account holders could incorporate merchants, workers, or financial foundations that lent cash. Equity is alluded to as capital and comprises of assets and any obligations owed to the business from external sources. To comprehend the accounting equation, the accounting division, and administration we must see how these identify with each other...
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...Accounting Equation William Allen Thompson ACC/300 October 16, 2013 Maureen Leary Accounting Equation The fundamental meaning of Accounting Equation is Assets = Liabilities + Owners Equity (Kimmel, Weygandi, & Kieso, 2011) A balance sheet uses sole proprietorship for the same steps. When Corporation looking for the proper balance sheet it would not use a Owner’s equity. The equation shows businesses shareholders by displaying assets through financing of paying or borrowed money. To work though the steps accounting equation uses Assets = Liabilities + Shareholders Equity (Kimmel, Weygandi, & Kieso, 2011) The Assets are the company resources- something that a company owns. This includes cash, accounts receivable, land, equipment, inventory, and building. In order to satisfy the accounting equation the liabilities including shareholders equity must equal assets combined. The Liabilities are the company obligation- the amount of money a company owes. This can include account payable, interest payable, income taxes, and wages and salaries. Throughout the accounting process the liabilities has two references for identification; a company’s assets having a claim against the creditors or the shareholders equity towards the business assets (Kimmel, Weygandi, & Kieso, 2011) . Once liabilities deducted from assets the shareholders or owners equity will be the amount left over (Kimmel, Weygandi, & Kieso, 2011). To determine the financial position which...
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...Paper Irene Chumo ACC/300- Principles of Accounting January 26, 2015 September Foster Media Summary Paper The media that i used was the video on financial statements, “financial statements are records that outline the financial activities of a business, an individual or any other entity. Financial statements are meant to present the financial information of the entity in question as clearly and concisely as possible for both the entity and for readers. Financial statements for businesses usually include: income statements, balance sheet, statements of retained earnings and cash flows, as well as other possible statements (Vestopedia, 2015). From the video we learnt in detail the meaning of accounting and purpose, it states that accounting is a standard practice for businesses to present financial statements that adhere to generally accepted accounting principles (GAAP), to maintain continuity of information and presentation across international borders. As well, financial statements are often audited by government agencies, accountants, firms, etc. to ensure accuracy and for tax, financing or investing purposes. Financial statements are integral to ensuring accurate and honest accounting for businesses and individuals alike. GAAP being the rule book of accounting, it lays down strict regulation for consistency purpose and the financial accounting standard board (FASB) updates GAAP as needed. The two types of accounting are the Certified Public Accounting (CPA) who does income...
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...Accounting Equation Paper Shannon Straight ACC/300 April 20, 2015 Kimberly McMillon Accounting Equation Paper “One type of accounting report is a balance sheet, which is based on the accounting equation: Assets = Liabilities + Owners’ Equity. The balance sheet — also called a statement of financial condition — is a “Where do we stand at the end of the period?” type of report. The header of a balance sheet lists the date that it was prepared (The Essentials of Accounting Basics).” The equation should always remain in balance for every accounting transaction. If there is an increased in an asset account, there has to be a corresponding decrease in another assets account or a corresponding increase in a liability or equity account. To make a balance sheet, we should list the assets and come up with a number. Then we need to list the liabilities and equity and come up with a number. If two numbers are equal, then our balance sheet will balance. It is the balance of one’s assets to the liabilities. Owners’ equity contains the owners capital accounts and retained earnings, and is increased by revenues, owners investments, and issuance of stock. It is decreased by expenses, drawings, dividends and treasury stock. If I have invested cash in a business, we increase assets and increase the owners, equity, we then invested cash and increase assets; the person who invested the cash increases owners’ equity. If I pay for the utilities used in the business, I should decrease assets...
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...Accounting Equation Paper Keegan Mueller ACC 300 University of Phoenix 2/9/2015 Brian Lichau The Accounting Equation The accounting equation consists of three different entities within an organization; assets, liabilities, and stockholders’/owner’s equity. With these three principles, a company can measure their financial position. The main purpose behind the accounting equation is to figure out what assets the company has. In doing so, they must take into account the liabilities and owner/stockholder equity. The equation is simple: Assets = Liabilities + Owner/Stockholder Equity. The equation is able to illustrate what the company owns versus what it owes. The difference will either be a positive or negative based on how much money the company is making. Broken down, the assets are the company’s resources (what the company owns), liabilities are a company’s obligations (what the company owes), and owner/stockholder equity illustrates the amount of money invested in the company by the owners along with the net income that has not been paid out through dividends yet. The balance sheet is what reports the company’s assets, liabilities, and owner/stockholder equity at any given time. Entries are made on the balance sheet that correlates with each category of the assets, liabilities, equity. Debits and credits are made based on whether money is coming in or going out; debits on the left and credits on the right. The balance sheet should show that the total amount...
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...The accounting equation Kenneth Myers Sr. ACC/300 March 19,2014 Harri Elornta The accounting equation The Accounting Equation What is the accounting equation ? The accounting equation is, Assets = liabilities + owners’ equity. Each of these element assets, liabilities, owners equity has their own exclusive purpose within the accounting equation. Each side of the accounting equation should balance at all times. The balance sheet is where this equation is normally used. Assets Anything of value that a company owns including material goods property cash are considered to be an asset. More than a few types of assets exist, such assets are as follows: present, investments, capital, and intangible. The merging of a company's property and their cash will give you a company's total belongings. Current assets are assets with dollar amounts that frequently changing. Such possessions may consist of cash, inventory, raw materials, and raw resources. Investments can be owned by companies which may include securities such as stocks and bonds. Permanent thing are the company's capital assets that they may own. This also includes property, buildings, vehicles, and equipment. Additional Capital assets are items such as personal computers, televisions, appliances, and furnishings as long as they are being used and not being sold. Things that you can't tough are considered to be Intangible assets, and they consist of patents, copyrights, trademarks and other non-material assets...
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...ACCOUNTING METHODS Presentation of the course Introductory course 4 “intensive” days Theory, terminology, practical examples Suggested readings: Elliott, Barry; Elliott, Jamie: "Financial Accounting and Reporting", Prentice Hall 2012, 15th edition. Horngren, Bhimani, Datar and Foster: "Management and Cost Accounting." Prentice Hall, 2007, 4th edition. Info What to expect from this course: An introduction to the discipline to prepare you for the proceedings of your Master To learn the “language” of the Business An overview of the topics in FA, MA and FSA “Course Limitations” Key questions What is the role of accounting? Accounting provides information. It measures business transactions and operations, “translating” them into numbers, in order to provide information. Why do we need to study accounting? Who are the user of this information? Why do we study accounting? To understand the world of business (and its language) To make better investment choices (resource allocation) To become advanced users To become advanced preparers … The “users” of accounting information Primarily “external” oriented Financial Accounting Managerial Accounting Primarily “internal” oriented Tax Accounting Primarily “external” oriented Financial Accounting and Reporting Generally Accepted Accounting Principles (GAAP), International Accounting Standards (IAS), International Financial Reporting Standards (IFRS)...
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