Acct 567 Week 1 Assignment

There are a number of different reporting requirements that are needed to comply with the SEC. These include the provision of financial statements on a quarterly basis (10-Q) along with an annual report (10-K). These statements must adhere to a specific format that governs how financial statements are prepared, and how the information is presented. There are many sections to these forms that must be included. Moreover, the information must be accurate, and prepared to guidelines laid out in the Generally Accepted

Below are financial statement captions and related amounts that will appear on the balance sheet and income statement for property and equipment and intangible assets:

I hope you are having a great summer. I’m ready for the fall semester and working on getting all of my classes in order for this upcoming semester. My goal is get admitted at the W.P. Caret school of business, to do so I need to submit a transferred student portfolio, a resume and two recommendation letters .in the portfolio I will need to have taken specific classes I was able to finish all the needed classes with grades B and better. However, I still need to take ACC 230 OR ACC211 AND ALSO ACC 240 OR 212. They don’t have to be in succession so I enrolled in ACC 230 like I did with you last semester and would like you to approve my enrollment in ACC 212 with Rhonda Culver class number 24233 as my first preference or Andrew Hamilton ACC 240

(Refer to the Personal Learning Profile you developed for your Week Two assignment and any feedback provided by your instructor to determine if you need to refine your responses as you complete this section.)

You have done a very good progress this week. Your grades are good and improving. You have not missed any assignment or class. I am very proud of what you are doing. Keep doing such a good job. Your grades have been updated. Check them in the Excel document I attached to my email.

Additionally, the implementation guidance provided in IAS 1 BC56 states, “The Board recognizes that an entity may elect to disclose the results of operating activities, or a similar line item, even though this term is not defined. In such cases, the Board notes that the entity should ensure that the amount disclosed is representative of activities that would normally be regarded as ‘operating’. In the Board’s view, it would be misleading and would impair the comparability of financial statements if items of an operating

Identify the financial statement(s) where each of the following items appears. Use I for income statement, E for statement of retained earnings, and B for balance sheet.

Just for clarity, according to "Governmental Accounting Standards Board" (2013), the financial reporting entity consists of (a) the primary government; (b) organizations for which the primary government is financially accountable; and (c) other organizations for which the nature and significance of their relationship with the primary government are such that exclusion would cause the reporting entity 's financial statements to be misleading or incomplete (Summary of Statement No. 14 The Financial Reporting Entity (Issued 6/91)).

For each of the following definitions, indicate the key term from the list above that best matches by placing the appropriate letter in the blank space next to the definition.

For each of the items listed below, indicate how it should be treated in the financial statements.  Use the following letter code for your selections:

The city’s basic financial statements consist of two government-wide statements, eleven fund financial statements (including information related to governmental, proprietary, and fiduciary funds), and statements related to component units. Governmental fund statements include a balance sheet and reconciliation, and statement/reconciliation of revenues, expenditures, and changes in fund balances. Proprietary fund statements for the following: net position; revenues, expenses, and changes in fund net position; and cash flows. Information on

Account groups : assets, liabilities, owners equity, revenue and expenses makes up all of the statement of financial position and statement of financial performance. They show us the budgets and also the profit/ loss.

The “financial statements are formal reports providing information on a company's financial position, cash inflows and outflows, and the results of operations” (Hermanson, p.22). There are four main components that make up a financial statement. The four parts are, balance sheet, income statements, cash flow and, statement of owner’s equity. The balance sheets role is to define the company’s assets liabilities and revenue of the business. The income statement shows the income within the company. Cash flow reviews the position of the company by cash payments and receipts. Lastly, the statement of owner’s equity shows the amount of earnings, stock and other capitals of people in the company. (Hermanson, p.34-35).

General purpose financial statements provides information on the financial position of an entity. Thus it includes information on economic resources and claims against them.

Financial statements mainly include profit and loss account and balance sheet. Profit and loss account lists out all the expenses made by the firm and revenue earned over a period of time. Balance sheet depicts the financial position of the firm at a particular point of time. While fund flow statement is complimentary to both balance sheet and profit and loss account, it brings a clear idea about