Creation of An Accounting Portfolio Project
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Creation of An Accounting Portfolio Project
The final project for this course is the creation of an accounting portfolio. The project is divided into three milestones, which will be submitted at various points throughout the course to scaffold learning and ensure quality final submissions. These milestones will be submitted in Modules Three, Five, and Seven. The final product will be submitted in Module Nine.
According to the AICPA (American Institute of Certified Public Accountants), a CPA in today’s environment must not only have a high level of technical competence and a sense of commitment to service, but must also have good communications and analytical skills and the ability to work well with people. Employers are looking for individuals who have the ability to analyze and evaluate complex business problems combined with the interpersonal skills and maturity to make decisions in a client and customer service environment.
By adopting a real-life company in this course, you will apply the technical competence and other skills required by today’s CPA. Through case study analysis, you will develop skills such as communication, presentation, and interpersonal relations, in conjunction with technical accounting knowledge.
In ACC 610, Financial Reporting I, your focus will be on developing skills in critical thinking and applying accounting theories and practices in accordance with Generally Accepted Accounting Principles (GAAP). You will analyze situations in your case studies and communicate results to decision makers with an emphasis on assets and liabilities, measurement, and reporting.
In this assignment, you will demonstrate your mastery of the following course outcomes:
– Analyze the conceptual framework, standards, standard setting, and presentation of financial statements for ensuring compliance with Generally Accepted Accounting Principles.
– Differentiate between the Generally Accepted Accounting Principles and the International Financial Reporting Standards for their impact on financial statements.
– Analyze results of consolidated financial statements for informing internal and external users of financial statements.
– Analyze financial statement accounts using assertions related to the recognition, measurement, valuation, calculation, presentation, and disclosure of financial information for their accuracy and reliability.
– Determine appropriate accounting treatments of business transactions, including adjusting entries, for their impact on the results of financial statements.
Prompt:
This course, ACC 610, is the first course in a Financial Reporting Series that includes ACC 610 and ACC 620. Throughout this series, you will apply the concepts you are learning using the financial data and business scenarios of a prominent retail company to develop a portfolio. You may choose from Walmart, Kroger, Amazon, Costco, The Home Depot, CVS Health Corporation and Target. It is recommended you use the same company for both courses in the series.
The portfolio deliverables for this course include a financial analysis paper, spreadsheets to address the questions posed in the paper, memorandums illustrating company communication, and a financial report.
Specifically, the following critical elements must be addressed:
- Conceptual Framework: For this part of the assessment, you will prepare a financial analysis paper addressing various topics about your chosen company, supporting your answers and claims with quantitative data where applicable. You will need to research your chosen company and obtain its latest audited financial statements (information that is available to the public online) in order to answer the following:
- Explain how the conceptual framework and accounting standards apply to your company.
- Analyze the information within the disclosure statements for information that would interest the creditors of your company. What information would be important for someone in this role? Why is this information important to them?
- Analyze the information within the disclosure statements for information that would interest the investors of your company. What information would be important for someone in this role? Why is this information important to them?
- Analysis of Financial Statements: For this part of the assessment, you will continue your financial analysis paper. You will need to research your chosen company and obtain the last few years (at least two) of financial statements (information that is available to the public online) in order to answer the following questions:
- Based on the information you have gathered, explain the changes in financial ratios. Has anything changed in the few years of financial statements that you have obtained? What are the reasons for these changes?
- Based on the information you have gathered, analyze the changes in the financial reports regarding cash. Be sure to examine the statement of cash flows. What are the reasons for these changes?
- Based on the information you have gathered, analyze the changes in the financial reports regarding the accounts receivable account balance. What are the reasons for these changes?
- Describe the type of inventory valuation method that your company uses and explain why it uses this method. What are the benefits of this method? E. Based on industry trends, future plans of your company, and the information you have gathered, predict how your company will perform in the following year compared to competitors.
III. GAAP vs. IFRS: For this part of the assessment, you will continue your financial analysis paper.
- Explain the steps that would be needed for your company to transition from GAAP to IFRS. For example, what would this transition entail? What would your chosen company need to do?
- Explain how a financial statement would differ under IFRS as opposed to GAAP.
- How is a financial statement under IFRS different from GAAP? How is it the same?
- What would the statements for your chosen company look like?
- Adjusting Entries: For this part of the assessment, you will continue your financial analysis paper.
- Explain the type of depreciation method your company uses and why it uses this method.
- Identify an example of an adjusting entry (other than depreciation) such as prepaid expenses, supplies, or unearned revenue and whether or not your company has this account listed on the balance sheet. You could consider why this might not be listed.
- Financial Analysis: For this part of the assessment, you will prepare spreadsheets and analysis to be included in your financial analysis paper.
- Prepare an Excel spreadsheet to compare financial ratios for your company to the industry averages.
- Compose a summation as to how your company is performing in relation to its competitors. Be sure to base your answer on the spreadsheet you previously prepared.
- Communication: For this part of the assessment, you will prepare memorandums to upper management addressing certain scenarios or situations.
- As the controller of your chosen company, compose a memo to the CEO addressing the advantages and disadvantages of transitioning from GAAP to IFRS.
- As the controller of your chosen company, compose a memo to the CEO addressing the following scenario: Your largest customer has just gone bankrupt, and you must inform the CEO how this will affect your accounts receivable. Assume that the accounts receivable balance is at least $100,000.
VII. Financial Report: For this part of the assessment, you will prepare a financial report in response to a hypothetical scenario: A major global disaster (in this case an oil spill) has caused environmental damage and has affected global transportation as well. As the controller of your chosen company, you are tasked with providing a financial report to the board of directors addressing how this event will affect your company.
- Analyze the effects of the global disaster on the financial statements of your chosen company using the financial information from your company.
- Recommend strategies to address the effects of the disaster on your chosen company based on your analysis.
Final Submission:
Accounting Portfolio In Module Nine, you will submit your accounting portfolio. It should be a complete, polished artifact containing all of the critical elements of the final product. It should reflect the incorporation of feedback gained throughout the course.
Your final course project consists of seven critical elements. They follow a logical flow for financial reporting. In this module, place all elements into their correct sequence. Include the elements from Milestones One, Two, and Three, revised based on your instructor’s feedback. Then, add the remaining elements.
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. GET THIS PROJECT NOW BY CLICKING ON THIS LINK TO PLACE THE ORDER
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