Posted: October 3rd, 2022

Evaluate financial statement components for adherence to accounting principles and methods

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Competency
In this project, you will demonstrate your mastery of the following competency:
Evaluate financial statement components for adherence to accounting principles and methods
Apply accounting principles and methods to current assets and liabilities
Overview
As a professional accountant, you are responsible for adherence to accounting principles and methods when working with clients. Depending on your specific market that you will work in, it is important to know how large to small businesses should organize their finances. This project gives you the opportunity to put that skill set into practice by reviewing transactions of a small business just starting up. Remember, you will more than likely work with a range of clients over your professional career and may need to explain the process and provide rationale for the financial processes and procedures to ensure they are successful in maintaining their financial records.
As with any financial records, accuracy is key. It is imperative to keep accurate and complete records. You will have the opportunity to correct any errors in the previous Milestone Journal Entries and Milestone Inventory tabs.
You will notice as your work through both projects, that you will need to provide more than just the numbers. You will need to explain the financial data and provide evidence of your calculations. This will prepare you with a solid foundation as a future accountant.
Scenario
You are a professional accountant who is working with a small sporting goods store, Batter Up, to prepare their financial statements for the current fiscal year. Because the company is a start-up and small, the accounting is done manually in Microsoft Excel. You have been given the accounts and information you need to prepare their financial statements. You will need to use your understanding of the balance sheet accounts for current assets and liabilities to report accurate information to the finance department.
Directions
Using the scenario provided, complete the following in the same file, Project One Workbook Template, that includes your original work from Project One Milestone and the feedback from your instructor. All work should be completed in the VDI.
Project One Workbook: Correct Journal Entries, Inventory Tabs, Ledger Accounts, Income Statement and Balance Sheet
Correct all Journal Entries from Project One Milestone by using the Corrected Journal Entries and Corrected Inventory tabs.
Highlight the corrected errors in green.
Complete the Ledger Accounts, Income Statement, and Balance Sheet tabs in the same Workbook based on the Corrected Journal Entries and Corrected Inventory tabs.
Upload the completed Project One Workbook Template for submission.
Note if you received a perfect score on the Project One Milestone and do not need to correct any errors, simply note it in the designated section within the Corrected Journal Entries tab. You will receive full points for that specific criteria for this assignment.
Project One Analysis Paper
Complete an analysis of the information contained in the completed Project One Workbook Template including your revisions.
It will need to be formatted in APA style; specific formatting can be found in the What to Submit section.
It will need to address all of the rubric criteria for the Project One Analysis Paper below.
Specifically, you must address the following rubric criteria:
Project One Workbook
Correct all errors for the Journal Entries and Inventory tabs of the workbook. Highlight corrections in green.
Prepare the current assets and liabilities accounts accurately and completely on the Ledger Accounts tab in the workbook.
Prepare the current assets and liabilities components accurately and completely on the Income Statement and Balance Sheet tabs in the workbook.
Project One Analysis Paper
Summarize the financial components included in the current assets and liabilities section of the Balance Sheet for the given company.
Justify the difference between current assets and liabilities. Include the following details in your response:
Explain why the balance sheet is arranged the way it is.
Determine if the same asset or liability can have both short-term and long-term components and provide your rationale.
Explain how variances in data can be detected for current assets and liabilities using relevant tools.
Justify why footnotes for current assets and liabilities are important in decision making for the company. Include the following details in your response:
Explain why the balance sheet amounts alone are not sufficient in providing the information needed in decision making.
Explain why FIFO is the best choice for this given company.
Cite the applicable FASB codification section for the following items as a list: cash and cash equivalents, inventory, and receivables.
If you need writing support, access the Academic Support module of your course.
What to Submit
To complete this project, you must submit the following:
Completed Project One Workbook Template
Submit the same file submitted for the Project One Milestone with your instructor feedback the following tabs completed: Corrected Journal Entries, Corrected Inventory, Ledger Accounts, Income Statement, and Balance Sheet. The Ledger Accounts, Income Statement, and Balance Sheet tabs should be based on the Corrected Journal Entries and Corrected Inventory tabs. This work should be completed using Microsoft Excel in the VDI. Remember to save your file on your OneDrive before exiting the VDI.
Project One Analysis Paper
Submit your APA style 3- to 4-page Microsoft Word document with double spacing, 12-point Times New Roman font, and one-inch margins. Sources should be cited according to APA style.

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