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BUS-FP3061 Fundamentals of Accounting

Question

Answered

Task:

Many who take this course do not plan to be accountants. If you happen to be in this group, you might be thinking, "If I am not going to be an accountant, why do I need to know accounting?" The former chairman of a large international company probably said it best when he told a group of undergraduate students, "To be good at your business, you have to know the numbers cold." Accounting and financial statements are the language of business used to communicate the numbers. If you do not know how to read financial statements, you cannot really know your business.

Successful completion of this course will demonstrate your financial literacy in reading and preparing financial statements and using basic tools to evaluate financial results.

The balance sheet and income statement do not necessarily show a complete picture of the financial condition of an organization. In most organizations cash is king, and without a sizable amount of cash, an organization can become insolvent (that is, not having enough ready cash to meet its current obligations or purchase merchandise or materials). When this happens, creditors, bankers, and other external stakeholders (people and organizations that have a vested interest in the survival of a business) might become impatient and force the business into bankruptcy.

By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:

Competency 1: Define accounting and its application to accounting principles.

Analyze accounting data to classify cash inflow and outflows.

Competency 2: Apply accounting cycle strategies to manage business financial events.

Apply the appropriate activity for each business transaction.

Competency 3: Prepare financial statements from accounting system data.

Prepare a cash flow statement using appropriate financial data.

BUS-FP3061 Fundamentals of Accounting

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BUS285 Technology and Accounting Processes

Required:A)Prepare a chart of accounts for the business using the following format. Classify the elements as current or non-current – where applicable Number    Account    Element    Current/NC101    Cash    Asset  ...

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ACC355- Week 2 Discussion 1

Prompt Lydia has been struggling with how to present the data that shows decreased sales for over 20% of the teams in the fourth quarter. She has an idea that she could consider the loss as an extraordinary loss and report it as a supplemental disclosure. How would this work to offset a loss? If you ...

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BUSI2093 Managerial Finance

Objectives The objective of assignment 2 is to have students act as financial managers in order to make critical management decisions, including performance measurement, valuation, and financing. Students will employ several key learnings from the course in a practical setting. Description Excel Hyd ...

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MPA14 Professional Accounting

Task The Influence of Carbon Management on the Financial Performance of Australian Companies" with Dependent Variable: Financial Performance and Independent Variable: Carbon Management Measures. Control variable: Firm Size Australian Companies: Consumer Staples Sector: Woolworths Group Ltd, Treasu ...

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