The assignments in this course are openly licensed, and are available as-is, or can be modified to suit your students’ needs. Answer keys are available to faculty who adopt Lumen Learning courses with paid support. This approach helps us protect the academic integrity of these materials by ensuring they are shared only with authorized and institution-affiliated faculty and staff.
If you import this course into your learning management system (Blackboard, Canvas, etc.), the assignments will automatically be loaded into the assignment tool.
You can view them below or throughout the course.
- Module 0: Personal Accounting— Assignment: Creating a Budget
- Module 1: The Role of Accounting in Business— Assignment: Lopez Consulting
- Module 2: Accounting Principles— Assignment: Accounting Principles
- Module 3: Recording Business Transactions— Assignment: Recording Business Transactions
- Module 4: Completing the Accounting Cycle— Assignment: Completing the Accounting Cycle
- Module 5: Accounting for Cash— Assignment: Accounting for Cash
- Module 6: Receivables and Revenue— Assignment: Manilow Aging Analysis
- Module 7: Merchandising Operations— Assignment: Merchandising Operations
- Module 8: Inventory Valuation Methods— Assignment: Inventory Valuation Methods
- Module 9: Property, Plant, and Equipment— Assignment: Property, Plant, and Equipment
- Module 10: Other Assets— Assignment: Other Current and Noncurrent Assets
- Module 11: Current Liabilities— Assignment: Calculating Payroll at Kipley Co
- Module 12: Non-Current Liabilities— Assignment: Non-Current Liabilities
- Module 13: Accounting for Corporations— Assignment: Collins Mfg Stockholders’ Equity
- Module 14: Statement of Cash Flows— Assignment: Kachina Sports Company Cash Flows
- Module 15: Financial Statement Analysis— Assignment: Coca Cola FSA
The following discussion assignments will also be preloaded (into the discussion-board tool) in your learning management system if you import the course. They can be used as is, modified, or removed. You can view them below or throughout the course.
- Module 0: Personal Accounting— Discussion: Winning the Lottery
- Module 1: The Role of Accounting in Business— Discussion: The Crafty Coffee Crook
- Module 2: Accounting Principles— Discussion: SoftSheets
- Module 3: Recording Business Transactions— Discussion: Baker’s Breakfast Bars
- Module 4: Completing the Accounting Cycle— Discussion: Closing the Books in QuickBooks
- Module 5: Accounting for Cash— Discussion: Counter Culture Cafe
- Module 6: Receivables and Revenue— Discussion: Maximizing Revenue
- Module 7: Merchandising Operations— Discussion: Inventory Controls
- Module 8: Inventory Valuation Methods— Discussion: LIFO, FIFO, Specific Identification, and Weighted Average
- Module 9: Property, Plant, and Equipment— Discussion: Cooking the Books
- Module 10: Other Assets— Discussion: Other Assets
- Module 11: Current Liabilities— Discussion: Current Liabilities
- Module 12: Non-Current Liabilities— Discussion: Off-Balance Sheet Financing
- Module 13: Accounting for Corporations— Discussion: Home Depot
- Module 14: Statement of Cash Flows— Discussion: Facebook, Inc.
- Module 15: Financial Statement Analysis— Discussion: Financial Statement Analysis
Alternative Excel-Based Assignments
For Modules 3–15, additional excel-based assignments are available below.
Module 3: Recording Business Transactions
- Module 3 Excel Assignment A
- Module 3 Excel Assignment B
Module 4: The Accounting Cycle
- Module 4 Excel Assignment A
- Module 4 Excel Assignment B
- Module 4 Excel Assignment C
- Module 4 Excel Assignment D
Module 5: Accounting for Cash
- Module 5 Excel Assignment
Module 6: Receivables and Revenue
- Module 6 Excel Assignment A
- Module 6 Excel Assignment B
Module 7: Merchandising Operations
- Module 7 Excel Assignment
Module 8: Inventory Valuation Methods
- Module 8 Excel Assignment A
- Module 8 Excel Assignment B
- Module 8 Excel Assignment C
Module 9: Property, Plant, and Equipment
- Module 9 Excel Assignment A
- Module 9 Excel Assignment B
Module 10: Other Assets
- Module 10 Excel Assignment
Module 11: Current Liabilities
- Module 11 Excel Assignment
Module 12: Non-Current Liabilities
- Module 12 Excel Assignment A
- Module 12 Excel Assignment B
Module 13: Accounting for Corporations
- Module 13 Excel Assignment A
- Module 13 Excel Assignment B
- Module 13 Excel Assignment C
Module 14: Statement of Cash Flows
- Module 14 Excel Assignment A
- Module 14 Excel Assignment B
Module 15: Financial Statement Analysis
- Module 15 Excel Assignment
There are also three unit review assignments and a final review. These reviews include a document which sets up the problems and an excel worksheet.
Unit 1 Review Problem (After Module 6)
- Review Problem Document
Unit 2 Review Problem (After Module 8)
Unit 3 review problem (after module 9), final review (after module 15).
- Assignments. Authored by : Cindy Moore and Joe Cooke. Provided by : Lumen Learning. License : CC BY: Attribution
Financial Accounting and Reporting Classroom Materials
Financial Accounting and Reporting is an important part of the accounting curriculum. The skills students learn in your classroom will not only prepare them for more advanced courses, but to one day succeed in a career. The below are supplemental curriculum resources that the AICPA Academics team have reviewed and think can be used in the classroom.
The Academics team is proud to offer award-winning curricula designed to encourage faculty and expand the knowledge of accounting students. The curricula below is from the Accounting Professors Curriculum Resource tool and has been recognized for excellence with the Bea Sanders/AICPA Innovation and Teaching Award , the George Krull/Grant Thornton AAA Innovation in Junior and Senior-Level Teaching Award, or the Mark Chain/FSA Innovation in Graduate Teaching Award .
- A Better Way to Teach Effective Interest Method Related Problems in Accounting This resource presents a simpler method of teach accounting problems involving the use of the effective interest method. The method stimulates student interest by focusing on the economics of the transaction and relating it to real-life examples.
- Accounting in the Headlines: A News Blog for the Introductory Accounting Classroom This resource shares Wendy Tietz's "Accounting in the Headlines" blog in which she writes stories about real-life companies and events that can be used in the accounting classroom to illustrate introductory financial and managerial accounting concepts.
- Accounting Challenge (ACE): Mobile-Gaming App for Learning Accounting Accounting Challenge is the first mobile-gaming app for teaching financial accounting. ACE aims to enhance learning of accounting outside the classroom by engaging students to play and learn accounting on the go.
- A FASB Accounting Standards Codification Project for Introductory Financial Accounting This exercise is designed as a team project in which introductory accounting students act as a consultants to a client seeking guidance on issues surrounding a start-up venture. Students must access and cite the Codification as the basis for the materials they submit in fulfillment of the project requirements.
- Attracting the Best and Brightest to Accounting: Establishing an Honors Accounting Course This resource presents one school's approach to attracting and recruiting the best and brightest students toward accounting by offering an honors accounting course.
- Beyond Debits and Credits... Service Learning in Accounting This resource presents a service learning project implemented in two accounting courses to enhance student skills in communication and teamwork.
- Business From the Idea to the Seasoned Offering: Accounting and Financial Statements Reflecting Business Activities This project takes accounting education from bookkeeping to holistic active business learning including how financial statements build to reflect the business.
- Chocolate: Accounting as a First year Seminar This resource provides a thematic approach at combining first year seminars and accounting programs using student activities that are simultaneously engaging and assessable.
- Creative Strategies for Teaching MBA Level Accounting This resource presents a new concept for teaching accounting to MBA level students. At its heart, accounting centers on measurement of historical transactions or the measurement of future opportunities. this course turns the focus from rules, to the tools leaders need to manage a complex organization.
- Cultivating Deep Learning in the Principles of Accounting Classes through Philanthropy-Based Education This philanthropy project goes beyond service learning or volunteerism. Students make real decisions that have immediate impacts on their community. Students award funding to not-for-profit agencies based on a competitive proposal process.
- Digital Storytelling for Engaged Student Learning This resource uses digital story telling, a movie, to enhance students' technical competence in accounting. The story uses 12 episodes to follow three young business graduates who started their own business and discover along the way the role of financial information in managing a business venture.
- FASB Accounting Standards Codification: Student-Authored Research Exercises This resource is based on the notion that the best way to learn something is to teach it. Students in a financial accounting graduate class demonstrate their master of GAAP research skills by creating research assignments using the FASB Accounting Standards Codification.
- Forming Groups in the Age of YouTube This resource uses a variation of speed dating as a means for forming groups in an introductory accounting class. By learning more about their classmates prior to self-selecting a group this method allows students to choose better groups.
- Getting Started in the Throughbred Horse Business: A Review of Some Basic Accounting Principles This resource provides reinforcement of common accrual accounting concepts centered on the breeding and racing operations of a small thoroughbred horse business. This curriculum is appropriate to use after students have been exposed to fixed assets, inventory, profit and loss and cash flow reporting.
- IFRS Immersion This resource provides instructions for teaching an IFRS course from the standpoint of foreign companies that have already dealt with the problems and issues associated with converting from local GAAP to international GAAP.
- IFRS Projects Using Dual Reporting of IFRS and U.S. GAAP This resource illustrates integrating IFRS learning into financial accounting curricula by incorporating valuable contrasting information from the dual reporting.
- Integrated Accounting Principles: A New Approach to Traditional Accounting Principles Courses This resource describes an integrated accounting principles course that combines traditional financial and managerial accounting courses into a single six hour course.
- Introducing Freshmen Students in the Accounting/Finance Course to the Library This resource describes a series of online, interactive tutorials and quizzes to help students learn fundamental concepts and skills of company and industry related research.
- Introduction to Financial Accounting Case Project: Arctic Blast Ice Cream Store This case provides an opportunity for students to apply accounting concepts to a simple business venture. The project lasts 4-6 weeks and covers three distinct phases of the management process: business decision making, performance and evaluation.
- Let's Go to the Movies: Using Movies as an Ethics Assignment This project involves students watching a series of predetermined movies and noting the ethical dilemma. At the end of the semester each student must defend one of the movies as a nominee for "A Must See Ethics Movie" for accounting/business students.
- Mini-responsibility Centers: A Strategy for Learning by Leading This resource explains the concept of using mini-responsibility centers (MRCs) to decentralize large financial, managerial and cost accounting courses. In return the students are more focused and engaged.
- Modeling Uncertainty in C-V-P Assignments: Going Beyond the Basics! This resource provides an outline for using the Monte Carlo Simulation to offer graduate students an opportunity to rapidly come to insights about probabilistic model building and interpretation. The simulation combines quantitative skills and qualitative skills along with reports and presentations.
- Northwind Data Query Exercise This project encourages students to consider the evolution of data sources for financial reporting and evaluate how to acquire and manipulate information in this emerging business reality; by actually practicing queries and exporting information to worksheets.
- Reinventing Student Engagement and Collaboration within Introductory Accounting Courses This resource provides ideas for increasing engagement and collaboration in the introductory accounting class. Examples include student projects, flipped classroom applications and in-class problems.
- Responsibilities and Choices: An Active Engagement Exercise for Introductory Accounting Courses This exercise provides students with an opportunity to perform a basic due diligence task, complete a relatively simple working paper to document their work and make a decision. The exercise has embedded moral temptation and ethical issues and examines ethical choices that students make in the presence of time pressure and reward structures that encourage aggressive performance.
- TeachingIFRS.com This document provides information on TeachingIFRS.com which was created in response to the rapid growth of IFRS and lack of high quality and effective teaching resources. The site consolidates and provides links to numerous freely available IFRS pedagogical materials.
- Testing Critical Thinking Skills in Accounting Principles This resource describes a method for testing critical thinking skills in an accounting principles course. Using this method, each testing period is divided into two parts. First, students complete an individual traditional test. The second part is a critical thinking exercise called "the challenge problem".
- The Accounting Profession Post Sarbanes-Oxley: An Approach to Impart Knowledge About the Conceptual Framework and Attract Students to the Accounting Major This document provides the description of a program entitled "The Accounting Profession Post Sarbanes-Oxley". The program provides students with an opportunity to better understand important elements of the conceptual framework. It also provides an overview of the career opportunities in accounting.
- The Accounting Tournament - March Madness in Financial Accounting This resource describes implementation of an end of year comprehensive review using brackets as a model. Students are randomly placed in the bracket and compete against each other for extra credit points.
- The Amazing Accounting Race: An Introductory Accounting Semester Project This project engages students with an exciting internet race around the professional world of accounting. Students obtain clues to complete tasks, encounter detours, road blocks and fast forwards. The assignments utilize students' synthesis skills and computer application skills as they collect facts about accounting careers from the internet and assemble data in an organized format.
- The College to Professional Experience This resource outlines a program that serves to better prepare students for the "real world" by changing the perception of education from "learning by doing" to "doing and making to learn with technology". The project aims to move beyond traditional models of education to leverage technology to facilitate new methods of delivery and understanding.
- The Farming Game and the Introductory Financial Accounting Course: An Accounting Simulation The Farming Game enables students to develop many of the skill-based competencies needed by students entering the accounting profession, regardless of career path. The Game provides experiential learning of various accounting principles. It is a learning opportunity that offers students a degree of reality and a larger view of the system.
- Understand FX Risk by Playing Monopoly This resource uses a short version of Monopoly to understand the FX risk impact on net income.
- Back to the Future: Using Accounting History to Explore Professional Opportunities In this project students read an article about a period of time in accounting history and present their findings to the class in a video format. Students then tie what they have learned in the presentations to the field of accounting today as well as the future.
- From Pacioli to Picasso: Using Art to Enhance Critical Thinking in Accounting Capstone Courses This resource outlines using name cards, picture drawings and classic artwork to help students enhance their critical thinking skills. The exercise sets the tone for a course that requires them to think about more than rules and regulations and instead delve into the "why" and "what could be."
- Digging Deep: Using Forensic Analytics as a Context to Teach Microsoft Excel and Access This resource describes a graduate level case that focuses on the development of technology skills through the lens of forensic analysis.
- Who Moved My Classroom? Community Linked Learning and Assessment This resource describes three exercises that expand learning beyond the classroom. The first exercise allows students to discover the linkage between classroom studies and what practitioners do in the "real world". The second allows students to apply the COSO model to internal controls. The third requires students to interpret financial statements for a friend.
Here are additional materials we reviewed and think are useful to incorporate into the classroom.
- IIRC Database of Research on Integrated Reporting The International Integrated Reporting Council (IIRC) launched the <IR> Academic Database, a searchable collection of more than 200 articles, books, chapters, dissertations, and other pieces of scholarly research on the advancement, adoption, and practice of integrated reporting.
- A destination is only as good as its compass. The new My 360 is here to help you create a free plan personalized to your financial needs by helping guide you through all the resources 360 Degrees of Financial Literacy has to offer.
We are the American Institute of CPAs, the world’s largest member association representing the accounting profession. Our history of serving the public interest stretches back to 1887. Today, you'll find our 431,000+ members in 130 countries and territories, representing many areas of practice, including business and industry, public practice, government, education and consulting.
- Mission and History
- Annual Reports
- AICPA Media Center
- AICPA Research
- Jobs at AICPA
- Order questions
- Forgot Password
- Store policies
Association of International Certified Professional Accountants. All rights reserved.
- Terms & Conditions
- Why It Matters
- 1.1 Explain the Importance of Accounting and Distinguish between Financial and Managerial Accounting
- 1.2 Identify Users of Accounting Information and How They Apply Information
- 1.3 Describe Typical Accounting Activities and the Role Accountants Play in Identifying, Recording, and Reporting Financial Activities
- 1.4 Explain Why Accounting Is Important to Business Stakeholders
- 1.5 Describe the Varied Career Paths Open to Individuals with an Accounting Education
- 2.1 Describe the Income Statement, Statement of Owner’s Equity, Balance Sheet, and Statement of Cash Flows, and How They Interrelate
- 2.2 Define, Explain, and Provide Examples of Current and Noncurrent Assets, Current and Noncurrent Liabilities, Equity, Revenues, and Expenses
- 2.3 Prepare an Income Statement, Statement of Owner’s Equity, and Balance Sheet
- Exercise Set A
- Exercise Set B
- Problem Set A
- Problem Set B
- Thought Provokers
- 3.1 Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements
- 3.2 Define and Describe the Expanded Accounting Equation and Its Relationship to Analyzing Transactions
- 3.3 Define and Describe the Initial Steps in the Accounting Cycle
- 3.4 Analyze Business Transactions Using the Accounting Equation and Show the Impact of Business Transactions on Financial Statements
- 3.5 Use Journal Entries to Record Transactions and Post to T-Accounts
- 3.6 Prepare a Trial Balance
- 4.1 Explain the Concepts and Guidelines Affecting Adjusting Entries
- 4.2 Discuss the Adjustment Process and Illustrate Common Types of Adjusting Entries
- 4.3 Record and Post the Common Types of Adjusting Entries
- 4.4 Use the Ledger Balances to Prepare an Adjusted Trial Balance
- 4.5 Prepare Financial Statements Using the Adjusted Trial Balance
- 5.1 Describe and Prepare Closing Entries for a Business
- 5.2 Prepare a Post-Closing Trial Balance
- 5.3 Apply the Results from the Adjusted Trial Balance to Compute Current Ratio and Working Capital Balance, and Explain How These Measures Represent Liquidity
- 5.4 Appendix: Complete a Comprehensive Accounting Cycle for a Business
- 6.1 Compare and Contrast Merchandising versus Service Activities and Transactions
- 6.2 Compare and Contrast Perpetual versus Periodic Inventory Systems
- 6.3 Analyze and Record Transactions for Merchandise Purchases Using the Perpetual Inventory System
- 6.4 Analyze and Record Transactions for the Sale of Merchandise Using the Perpetual Inventory System
- 6.5 Discuss and Record Transactions Applying the Two Commonly Used Freight-In Methods
- 6.6 Describe and Prepare Multi-Step and Simple Income Statements for Merchandising Companies
- 6.7 Appendix: Analyze and Record Transactions for Merchandise Purchases and Sales Using the Periodic Inventory System
- 7.1 Define and Describe the Components of an Accounting Information System
- 7.2 Describe and Explain the Purpose of Special Journals and Their Importance to Stakeholders
- 7.3 Analyze and Journalize Transactions Using Special Journals
- 7.4 Prepare a Subsidiary Ledger
- 7.5 Describe Career Paths Open to Individuals with a Joint Education in Accounting and Information Systems
- 8.1 Analyze Fraud in the Accounting Workplace
- 8.2 Define and Explain Internal Controls and Their Purpose within an Organization
- 8.3 Describe Internal Controls within an Organization
- 8.4 Define the Purpose and Use of a Petty Cash Fund, and Prepare Petty Cash Journal Entries
- 8.5 Discuss Management Responsibilities for Maintaining Internal Controls within an Organization
- 8.6 Define the Purpose of a Bank Reconciliation, and Prepare a Bank Reconciliation and Its Associated Journal Entries
- 8.7 Describe Fraud in Financial Statements and Sarbanes-Oxley Act Requirements
- 9.1 Explain the Revenue Recognition Principle and How It Relates to Current and Future Sales and Purchase Transactions
- 9.2 Account for Uncollectible Accounts Using the Balance Sheet and Income Statement Approaches
- 9.3 Determine the Efficiency of Receivables Management Using Financial Ratios
- 9.4 Discuss the Role of Accounting for Receivables in Earnings Management
- 9.5 Apply Revenue Recognition Principles to Long-Term Projects
- 9.6 Explain How Notes Receivable and Accounts Receivable Differ
- 9.7 Appendix: Comprehensive Example of Bad Debt Estimation
- 10.1 Describe and Demonstrate the Basic Inventory Valuation Methods and Their Cost Flow Assumptions
- 10.2 Calculate the Cost of Goods Sold and Ending Inventory Using the Periodic Method
- 10.3 Calculate the Cost of Goods Sold and Ending Inventory Using the Perpetual Method
- 10.4 Explain and Demonstrate the Impact of Inventory Valuation Errors on the Income Statement and Balance Sheet
- 10.5 Examine the Efficiency of Inventory Management Using Financial Ratios
- 11.1 Distinguish between Tangible and Intangible Assets
- 11.2 Analyze and Classify Capitalized Costs versus Expenses
- 11.3 Explain and Apply Depreciation Methods to Allocate Capitalized Costs
- 11.4 Describe Accounting for Intangible Assets and Record Related Transactions
- 11.5 Describe Some Special Issues in Accounting for Long-Term Assets
- 12.1 Identify and Describe Current Liabilities
- 12.2 Analyze, Journalize, and Report Current Liabilities
- 12.3 Define and Apply Accounting Treatment for Contingent Liabilities
- 12.4 Prepare Journal Entries to Record Short-Term Notes Payable
- 12.5 Record Transactions Incurred in Preparing Payroll
- 13.1 Explain the Pricing of Long-Term Liabilities
- 13.2 Compute Amortization of Long-Term Liabilities Using the Effective-Interest Method
- 13.3 Prepare Journal Entries to Reflect the Life Cycle of Bonds
- 13.4 Appendix: Special Topics Related to Long-Term Liabilities
- 14.1 Explain the Process of Securing Equity Financing through the Issuance of Stock
- 14.2 Analyze and Record Transactions for the Issuance and Repurchase of Stock
- 14.3 Record Transactions and the Effects on Financial Statements for Cash Dividends, Property Dividends, Stock Dividends, and Stock Splits
- 14.4 Compare and Contrast Owners’ Equity versus Retained Earnings
- 14.5 Discuss the Applicability of Earnings per Share as a Method to Measure Performance
- 15.1 Describe the Advantages and Disadvantages of Organizing as a Partnership
- 15.2 Describe How a Partnership Is Created, Including the Associated Journal Entries
- 15.3 Compute and Allocate Partners’ Share of Income and Loss
- 15.4 Prepare Journal Entries to Record the Admission and Withdrawal of a Partner
- 15.5 Discuss and Record Entries for the Dissolution of a Partnership
- 16.1 Explain the Purpose of the Statement of Cash Flows
- 16.2 Differentiate between Operating, Investing, and Financing Activities
- 16.3 Prepare the Statement of Cash Flows Using the Indirect Method
- 16.4 Prepare the Completed Statement of Cash Flows Using the Indirect Method
- 16.5 Use Information from the Statement of Cash Flows to Prepare Ratios to Assess Liquidity and Solvency
- 16.6 Appendix: Prepare a Completed Statement of Cash Flows Using the Direct Method
- A | Financial Statement Analysis
- B | Time Value of Money
- C | Suggested Resources
Answers will vary but should include factors such as starting salaries, value of fringe benefits, cost of living, and other monetary factors.
Answers will vary but should include considerations such as price, convenience, features, ease of purchase, availability, and other decision-making factors.
Responses should comment on the growth Netflix has experienced. Although this may have been due to subscription price increases, the biggest driver of these increases is the number of subscriptions. While this is only a few data points, it does appear likely that Netflix will continue to grow sales in the next year or so. Factors influencing this prediction would be competition, changes in the streaming market, and economic considerations.
Answers will vary, but responses should state, in a sentence or two, the primary purpose of the entity. The goal of this exercise is to have students clearly communicate why the entity exists, the stakeholders served by the entity, and the role accounting plays in the organization.
Answers will vary but should highlight aspects of each model: Brick-and-mortar : higher investment in physical storefront, interior, etc., to attain visual appeal; insurance and regulatory requirements; space/storage considerations; lower delivery costs; no delivery time. Online : less overhead costs, higher delivery costs, higher website and technology costs, competition.
Manufacturer: movies; service: hotels, restaurants, waste removal, entertainment; retail: shopDisney, clothes and apparel.
Answers will vary but should include the key services of the SEC related to regulation and enforcement. You may be particularly interested to explore the SEC’s whistle-blowing initiatives. Responses regarding required filings for publicly traded companies should include a discussion about the relationship between transparency and protecting the public interest. The significant amount of invested capital by the investing public is also relevant to the discussion.
Answers will vary but should include the increase in popularity of energy drinks and Monster’s partnership with the Coca-Cola Company (which now owns close to a 17% stake in Monster). Considerations as to whether or not to purchase Monster shares today would include the estimated future performance of the company, the energy drink market, purchasing at a high point, etc.
Answers will vary but should include a discussion of the importance for accountants to provide information that is unbiased. Accountants have an obligation to protect the public interest by reporting information that is useful for decision-making but does not sway the user in a particular way. Accountants are in a unique position where they serve many stakeholders, including their employer, clients, and the public. The interests of all stakeholders must be considered while maintaining the highest level of integrity.
Answers will vary and may include certifications/licensing in nursing, information technology, engineering, human resources management, counseling, medicine, and many other occupations.
As an Amazon Associate we earn from qualifying purchases.
Want to cite, share, or modify this book? This book uses the Creative Commons Attribution-NonCommercial-ShareAlike License and you must attribute OpenStax.
Access for free at https://openstax.org/books/principles-financial-accounting/pages/1-why-it-matters
- Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper
- Publisher/website: OpenStax
- Book title: Principles of Accounting, Volume 1: Financial Accounting
- Publication date: Apr 11, 2019
- Location: Houston, Texas
- Book URL: https://openstax.org/books/principles-financial-accounting/pages/1-why-it-matters
- Section URL: https://openstax.org/books/principles-financial-accounting/pages/chapter-1
© Jun 8, 2023 OpenStax. Textbook content produced by OpenStax is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike License . The OpenStax name, OpenStax logo, OpenStax book covers, OpenStax CNX name, and OpenStax CNX logo are not subject to the Creative Commons license and may not be reproduced without the prior and express written consent of Rice University.
Principles of Accounting Volume 1 Financial Accounting
Copyright Year: 2019
ISBN 13: 9781947172678
Conditions of use.
Learn more about reviews.
Reviewed by Dave Jordan, Instructor, Northeastern Illinois University on 4/29/23
Principles of Accounting Volume 1 is comprehensive and covers all elements of a typical introductory accounting course. The text goes deep into certain areas and only touches the surface on others. The text sometimes takes a multi-pass approach... read more
Comprehensiveness rating: 4 see less
Principles of Accounting Volume 1 is comprehensive and covers all elements of a typical introductory accounting course. The text goes deep into certain areas and only touches the surface on others. The text sometimes takes a multi-pass approach to explain a topic. In Chapter 2 - the text provides an introduction to the financial statements and then builds on it in Chapter 3. I have seen this in other textbooks. My desired approach is show an income statement with operating income / other / tax / EPS; show a statement of owners equity with dividends. Chapter 3 is great. I love that expenses are explained using the house of GAAP. Nice touch. I would have introduced a compare and contrast of expenses to assets in Chapter 3. In recording JEs in Chapter 3; I would have preferred less transactions and the T-Account to be illustrated earlier. JE, A=L+E; T-account, then end with TB and F/S.
So as it relates to comprehensiveness - It's there; sometimes over-explained with words (like trying to show both perpetual and periodic inventory methods simultaneously (why??)) / underexplained (like in Chapter 2) / but mostly topics are explained, and are sufficiently covered
Some chapters are not organized naturally (e.g. AIS.) The student is learning about inventory and then immediately accounting information systems in the next chapter. I like the content in the chapter but either early on as a basis for understanding tools that accountants use or at the end. In teaching from this book - I would be forced to skip chapters and introduce chapters out of order. There are too many chapters (provides options for instruction who emphasize certain chapters over others) but a concern is the way the text is constructed.
In Summary - the book is comprehensive. I rate it a 4 out of 5 as in very good.
Content Accuracy rating: 4
Principles of Accounting Volume 1 is highly accurate. I do think there are some issues with immaterial items like re-naming titles of sections (e.g. 1.3 Describes Typical Accounting Activities and the Role Accountants Play in Identifying, Recording, and Reporting Financial Activities to "Types of Organizations: as it appears to me as this section is mis-titled), but more importantly when the text defines elements of revenues and expenses it defines these elements over multiple chapters; and the earlier chapters (Chapter 2) is actually materially incomplete. The text provides an introductory definition and then provides a better definition in later chapters. Just define it correctly, once? When the text simplifies a definition - the text approaches misleading the student into an understanding of an element that is incorrect. Another example of this is the first pass (introduction) of the statement of cash flows. It is not wrong but it does not show a statement of cash flows, it's elements, or its purpose. I would show a more complete statement and let the instructor simplify the illustration.
The text is accurate and comprehensive. I gave it a 4/5 as in very accurate. Many items, I can teach directly from the text by only using the text. Accurate and clearly presented.
Relevance/Longevity rating: 5
Principles of Accounting Volume 1 is mostly an outline of accounting rules that have been around for a long time; won't change; and will be relevant for the foreseeable future. There are some changes (e.g. analytics) that changing the way accountants work. The text does have material in Chapter 7 (e.g. 7.1 storing data) that may need to be addressed as technology changes and/or might make it obsolete, but I don't see a way around this. AIS is an important topic and is a basic tool. It needs to be explain now even though the tools are evolving quickly to be cloud based and app based.
Overall the relevance of this text is up to date that will not quickly become obsolete (depending in part on technology changes in the near future).
Clarity rating: 3
Principles of Accounting Volume 1 could be presented much more concisely, more simply; and with better clarity. Certain chapters could be explained with less words, although I love the picture selections (e.g. Capone); certain chapters could be partially eliminated (i.e. Chapter 2 and explanation of periodic and perpetual inventory methods at the same time; certain chapters break continuity (e.g.AIS); and certain chapters could be completely eliminated (e.g. Chapter 14 accounting for corporations, which is outlined in each chapter before). These suggestions would improve clarity from the student learning perspective and process.
The text could provide a general introduction to accounting (tasks, profession, and regulation) in a more clear approach.
I gave the text 3/5 as being both accessible prose and inaccessible (confusing) prose, adequate content and inadequate content. It is a sold text book that would require significant modification and adaptation to work for me.
Consistency rating: 4
The text is consistent in terms of terminology and framework. The approach used by the authors through each chapter is consistent.
Modularity rating: 3
The text is divisible into smaller reading sections but not easily. Some content as presented is confusion so my approach would be to reframe it and not use it. Some content is too wordy but that is easily remedied by paraphrasing and summarizing (making it fine for modularity)
Overall the text is fine (3/5) but not great.
Organization/Structure/Flow rating: 4
The chapters could be more progressive building off of each other better. As a storyboard - the profession / the users / the systems (AIS) / The tasks (journal entries from start to finish (adjusting and closing) /Trial Balance / Financial Statements.
The text, however, took a curvy approach to the explanation of the topic, but not unlike other textbooks. Overall it wasn't great but it was typical and above average. I could use this textbook with modifications and content selectiveness (some content needs expounding / some needs modification / some needs elimination) and chapters don't work as presented for me.
Interface rating: 5
The text navigation was straight forward. The chapters might be distracting or require modification but the interface was straight-forward. The pictures (images and graphs) were great! Really brings the student into the objective of the chapter/unit.
Grammatical Errors rating: 5
I am not the best judge - but to me the book was overly wordy in some sections - did not have any grammatical issues.
Cultural Relevance rating: 5
The text is professional and inclusive.
Overall the text is usable, informative, and complete. I would rate it a 3.8/5 rounding to a 4 as better than average but the text could use some work for my preferences. Accounting is difficult enough on its own - and no book is a complete instruction manual; so my preference would be to create an environment that outlines in a clear simple approach the profession / tasks (recording and reporting) / and the governance (regulations) of the profession.
Reviewed by Jennifer Sherman, Associate Professor, Bunker Hill Community College on 3/15/23
The book covers all the basics and starts with the foundations, what is accounting, the steps of accounting and thru the various parts of the balance sheet. Each chapter includes a section with the appropriate ratio, an important part of linking... read more
Comprehensiveness rating: 5 see less
The book covers all the basics and starts with the foundations, what is accounting, the steps of accounting and thru the various parts of the balance sheet. Each chapter includes a section with the appropriate ratio, an important part of linking financial accounting to managerial accounting to finance
Content Accuracy rating: 5
I did not find any glaring errors
The accounting field changes almost annually so it's difficult to say all content is 'up to date'. It is current up to it's publishing date (2019) so it will need to be updated soon
Clarity rating: 4
It flows as much as possible given that many of the terms are so particular to the industry
Consistency rating: 5
Modularity rating: 4
As it's laid out, it can be subdivided. I do think the first 2 chapters could be combined but overall it looks easy to divide up
It flows well - or at least how I organize my classes.
Interface rating: 1
There seems to be no interface with Moodle or any online homework/testing that competitors (e.g. McGraw Hill) has. Also seems limited in student resources (e.g. videos) and the instructor resources are pathetic compared to other cometitors
I didn't see any grammar issues but I'm also not an English teacher!
Given the topic, there is little cultural impact/sensitivity. Given that this is for US based accounting for business, including international perspectives in any kind of great detail would just add to confusion and dilute the learning. Mention it yes, go into detail , no.
While I think this book is quite adequate, the lack of instructor and student resources makes it less desirable. The lack of an online homework/testing component would also prevent me from using the book.
Reviewed by Michael Griffin, Associate Teaching Professor, University of Massachusetts Dartmouth on 11/8/22
This book covers all the same topics that I would cover in an Accounting I course. read more
This book covers all the same topics that I would cover in an Accounting I course.
As an OpenStax book, it has gone through QA procedures and reviews and it also appears to me to be accurate and error-free.
Relevance/Longevity rating: 4
It has a 2019 copyright and is up-to-date with current financial accounting fundamentals. I do think that in its next update, some consideration should be given to the evolution of the CPA exam and the emphasis on data analytics. Also, some problem-solving with MS Excel would be a nice addition to the text.
Clarity rating: 5
The writing is clear and concise. Accounting does have a lot of specialize language/vocabulary and the book does a nice job with that.
The book is consistent throughout.
Modularity rating: 5
The sections of the text make it possible to assign various modules and to stop and lecture and problem solve based on those sections.
Organization/Structure/Flow rating: 5
The topics are organized along the same lines as best-selling financial accounting textbooks.
This interface is effective, navigation of the ebook is easy and intuitive, and all tables and figures seem to load correctly and make sense.
I see now grammatical errors in the text.
OpenStax does a good job of working an editorial process that eliminates any culturally insensitive content.
One concern that I have with any accounting textbook is whether there will be a homework system that the students can benefit from and that makes grading homework an easy process. With the books that I use in my courses (McGraw-Hill, Wiley, and Pearson), I rely heavily on the LMS platforms that the publisher provides. I could be wrong, but I did not see evidence of that in this text. Of course, I could create such a homework system with our university's blackboard system but it would be a great deal of work, especially if a robust and comprehensive (content) system was created. Again, if I missed that type of technology and content, I apologize. I do know that Blackboard cartridges are available but those do not usually offer the same kind of homework that I am looking for whereby students complete worksheets, journal entries, ledgers, financial statements, and even MS Excel-like work and it is all graded by the system. Students in a financial course need lots of hands-on work - learning by doing and grading all that manually, is an impossible task because of other demands on faculty time.
Reviewed by Sayan Sarkar, Assistant Professor, University of Mary Washington on 7/8/22
With respect to comprehensiveness- the text book is very comprehensive. It also includes a section on Time value of Money which is a very important section in financial accounting. read more
With respect to comprehensiveness- the text book is very comprehensive. It also includes a section on Time value of Money which is a very important section in financial accounting.
The text-book is accurate and I did not find any error. As per my understanding, I did not find any bias.
The test is consistent. Updating the book should not be a difficult. Just by revising the examples, the book can be easily updated. I do see the book to be relevant for a long time.
For the most most part the book is clear. Though combining a few chapters can really help. This is a one semester class and covering 16 chapters can be a lot. Combing chapter 1 and 2 and combining chapter 12 and 13 can reduce the number of chapters from 16 to 14. Also financial statement analysis is an integral part of financial accounting, I suggest introducing ratios to respective chapter where they are more relevant. For examples introduce inventory management ratios in the chapters that deals with inventory.
The textbook is consistent with respect to terminology.
Overall the chapters can be easily divided into smaller parts.
Organization/Structure/Flow rating: 3
For the most part the text are presented in a logical, clear fashion. Though I suggest, moving Chapter 10 Inventory after Chapter 6 Merchandising Transactions makes more sense. Chapter 6 and Chapter 10 are both related to inventory management and moving chapter 10 to chapter 7 makes the flow much better.
Interface rating: 3
This is a place where the book can use some some help. For examples creating some more images/charts to explain the accounting equation and transactional analysis can really help with the understanding,
Grammatical Errors rating: 1
I did not find any grammatical errors.
Cultural Relevance rating: 1
As this is mostly a quantitative subject, issue of culture is not really relevant. But the examples that are used seemed very inclusive and there is no cultural in-sensitiveness.
Reviewed by Cheryl Kline, Online Faculty/Instructor, Trine University on 6/23/22
This textbook covers all areas that I would expect to see in an Accounting 1 course. There are many examples presented that make the material easier for accounting and non-accounting students to understand. The book contains an index. There are... read more
This textbook covers all areas that I would expect to see in an Accounting 1 course. There are many examples presented that make the material easier for accounting and non-accounting students to understand. The book contains an index. There are also PowerPoint slides that include selected graphics from the text, key concepts and definitions, examples, and discussion questions. The index is an in-depth glossary of terms used throughout the book,, and also states which chapter and subsection the term is used.
The book is accurate, error-free and unbiased. The book complies with the current accounting rules and regulations. OpenStax updates these textbooks on a regular basis, so there is no worry about using an outdated textbook for your classes. The principles of GAAP which pertain to accounting consistency, transparency and ethics are followed. There were no errors found during my review. I did not note or sense any bias throughout the book.
The students love not having to purchase a book. Instructors can rely on up-to-date accounting information, but unlike purchased publisher textbooks, these are not replaced every other year. Any significant accounting changes will be updated and the examples will not be outdated.
This book is specifically designed for both accounting and non-accounting majors, explaining the core concepts of accounting in familiar ways to students. Each chapter opens with a relatable real-life scenario for today’s college student to build a strong foundation that is applicable across many aspects of business.
Consistency in the terminology and framework was prevalent throughout the textbook. The accounting framework is used consistently to measure, recognize, present, and disclose the information appearing in financial statements.
The modularity is consistent throughout the book. Each chapter is divided into subsections that may be individually assigned if that is more appropriate for a class than assigning the entire chapter. For example, a chapter on Fraud, Internal Controls, and Cash has seven subsections; one on Petty Cash and another one on Bank Reconciliations. If you want to concentrate on one or more of these topics rather than the entire chapter, it is very easy to do. This also makes the reading more comprehensive and easier for the students who cannot finish the reading assignment at one time.
The topics are presented in a logical and clear fashion. The chapters build on one another and flow from one to the other effortlessly.
Interface rating: 4
The book's is basically free of interface issues. The book has a detailed chapter of contents and an index with an alphabetized glossary. The images and charts are simple and easy to read and understand. There didn't seem to be any display features that would distract the normal reader. There was an issue with the embedded charts and graphs. These are not acceptable for the reading impaired, and it was necessary to retype them when using them for assignments. It would also be great to have page numbers included for students using the online version of the book. Page numbers are sometimes used in OER classes to direct students to the correct assignment.
There were no grammatical errors found in my review.
There were no culturally insensitive or offensive words, phrases, or references observed. It would be advisable to include examples for races, ethnicities', and inclusive backgrounds.
I would recommend this book for use in accounting classrooms. There is also a second book, Principles of Accounting 2, which concentrates on management accounting.
Reviewed by Dianne Poulos, Adjunct Professor, Bunker Hill Community College on 6/30/20
The textbook provides a thorough overview of the accounting system. It delves quite a bit into the "why" of accounting which is sometimes glossed over in favor of mechanics in other texts. read more
The textbook provides a thorough overview of the accounting system. It delves quite a bit into the "why" of accounting which is sometimes glossed over in favor of mechanics in other texts.
No errors were encountered in my review.
The life examples are drawn from companies which are relevant and understandable to students today.
Looking at this from the context of a non-native English speaker, some of the language or vocabulary would be difficult to comprehend. Words such as ancillary even though explained later, might turn off a reader who already struggles with the language.
There is much consistency between the chapters in terms of how they are structured. Terminology is consistent as well.
Each chapter is broken into smaller, easily digested sections. Although chapters 1-5 must be presented in sequential order since we are discussing a sequence of events in an accounting cycle, the others can easily be moved around in terms of order presented.
The illustrations are particularly helpful. Also, really liked how debits and credits are brought into the discussion of the accounting equation early. Other texts have the instructor teaching to the equation and then introducing the concept of debits and credits. This creates a lot of confusion in some of the students.
Interface was great.
No grammatical errors detected.
I did not detect any. However, as a straight, white woman, I might not be as sensitive to the issues.
This is a good, solid textbook. There are many exercises and problems for students to use in the application of the material. The "Think it Through" sections in the chapter will provide some good fodder for discussion. I'm always looking for a way to not be lecturing but discussing. These open framework hypotheticals do the trick. Real life examples are presented in a way that most students have encountered in their life. This has been the way I've been teaching and this book will be a good resource to further enhance my lectures.
Reviewed by William Holmes, Instructor, LSUE on 4/15/20
The text covers all the important aspects that should be covered in the introduction to financial accounting. The text covers an overview of accounting information systems which I have not seen in textbooks I've used. It looks like the content... read more
The text covers all the important aspects that should be covered in the introduction to financial accounting. The text covers an overview of accounting information systems which I have not seen in textbooks I've used. It looks like the content is solid and comprehensive.
The information contained in the book is accurate and inline with what would be expected from an introduction to financial accounting textbook.
The topics covered in the book are relevant. I've used two textbooks for my course in the last five years and the information is comparable.
The book is clearly written.
The book is consistent.
The book is split into appropriate parts. This book did introduce financial statements and how to prepare them early than other books I've reviewed; however, I see how this can assist the student in understanding how financial statements are useful in business and how they can be used before getting into the weeds of details on analyzing accounts. As noted, I like the fact they are introducing accounting information systems which is an important topic.
Please refer to the previous comment, the book is well organized and consistent with other books that I have reviewed on the subject matter.
The book interfaced well. There did not appear to be any problem with navigation or other displays such as charts and graphs.
No grammatical errors were noted.
This text is straight forward and focused on the subject of financial accounting. It was no insensitive in any way.
After reviewing the book, and the accompanying resources I will consider adopting it for use in my classes. If not as a primary resource, I will recommend the source as an additional reading option for my students.
Reviewed by Darin Bell, Business Instructor, Treasure Valley Community College on 1/4/20
This textbook has all of the content that I cover with the publisher textbook that I have used for the past 6 years. read more
This textbook has all of the content that I cover with the publisher textbook that I have used for the past 6 years.
I have not used this test yet for an actual course but in my initial review I did not find any errors in the text.
This text includes some very relevant information about careers in accounting. I did not see a tie-in with data analysis which would have been nice but there are other ways to integrate this in to a course.
This textbook uses of T-accounts and diagrams to make the concepts become clearer for students. For a fee there are also videos through the OpenStax app.
This text is written in a single voice and allows for consistency through out the entire textbook. The types of graphics and the language that provides structure is also the same throughout the entire book.
Each chapter has subunits and it would be possible to remove or skip some of the units and there learning objectives because they are all numbered and ordered.
This text lays out the basic accounting foundation in the first five chapters. The publisher book I have used does it in 4 chapters. Having more chapters is a plus especially if your student struggle with the basic concepts. I wish that the chapters on merchandising and inventory were back-to-back. I will flip these when I use the book in my class to provide more continuity for these concepts. All of the other chapters are in a logical order.
There are many format options that are common to OpenStax textbooks that make this book a very accessible and usable book.
In my limited review I did not find any grammatical errors. I have not used this text yet in a course. Upon using it in a course I suspect any errors will surface.
I did not find any culturally insensitive or offensive content in this textbook.
I am excited to use this textbook in my courses this next year. I plan on creating my own videos and exam problems to expand the course. I will also create a Canvas course that I am will to share.
Reviewed by Andrew Hartzler, Professor of Accounting, Goshen College on 7/15/19
This book is perhaps the most comprehensive text I have seen for financial accounting. For those who are familiar with Financial Accounting, the index and glossary are sufficiently detailed. The fact that the text is so comprehensive is both a... read more
This book is perhaps the most comprehensive text I have seen for financial accounting. For those who are familiar with Financial Accounting, the index and glossary are sufficiently detailed. The fact that the text is so comprehensive is both a positive and a negative. It is positive in the sense that it has essentially every topic that you may want to cover in an introductory course. For newer instructors however it may be a bit daunting to distill the content down to what is most essential to cover in an introductory course. The text has some content that is more relevant to courses such as Accounting Information Systems, Financial Management, and Intermediate Accounting. An experienced instructor can recognize this and use the necessary elements for a principles course whereas for a new instructor the content is too extensive to cover in a single semester long course and would potentially overwhelm them. If an instructor's principles course contained only students who quickly and easily understood accounting concepts, then it would be possible to touch on such a wide variety of concepts in an introductory course. However, most principles courses contain business majors and other non-accounting majors who would struggle with the pace required to cover so much material.
I noticed a few typo-graphical errors but overall the text is well-written and accurate. I noticed no specific bias in the writing or examples.
Basic accounting concepts have not changed for a long time. For that reason, open source texts such as this one should be more widely used. The small incremental changes made in the basic structure of accounting do not warrant the frequent new editions that publishers try to push through. The only elements that would need to be updated may be the dates after a period of time so that they are more current and perhaps a few of the examples. The basic accounting elements however will not become obsolete and will remain relevant for the foreseeable future.
This text is very well-written. It contains excellent explanations of concepts such as the differences/similarities between revenue and gains. The primary issue I see with the text (as with other financial accounting texts) is how quickly it assumes students understand concepts of revenues/expenses, the function of accounts, and cash vs. accrual accounting. For those very familiar with accounting, the ordering of the concepts in financial accounting textbooks seems to make sense. However, if one takes a step back and thinks about what students might be struggling with, one can quickly see how fast these texts expect students to make leaps in their understanding. An example of this (which is common to most financial accounting texts) is the introduction of financial statements in chapter two before students fully grasp what the elements reflected on the financial statements represent. It is critical to spend enough time with students making sure that they understand how the basic accounting system works (revenues, expenses, accounts, cash and accrual basis) before they can make full use of the subsequent accounting concepts that are presented.
The structure of the book is consistent throughout.
The text is sufficiently modular in format to be easily reorganized and realigned.
The topics follow a clear, logical order. The only exceptions are chapters 1 and 2. Chapter 1 presents a broad overview of accounting which is common in financial accounting texts. What is included is fairly logical, but I find that topics such as retail businesses vs. service businesses and the difference between lenders/creditors/stockholders are more meaningfully included later in the text when the instructor is dealing directly with the accounting elements that illustrate the differences between these topics. As I mentioned previously, chapter 2 makes the assumption that students already grasp at this early stage what revenues and expenses are and the differences between cash and accrual accounting.
The interface is clean and easy to follow.
I noticed a few typo-graphical errors but overall the text is well-written grammatically.
I did not notice any cultural insensitivity. I noted a variety of inclusive examples.
Table of Contents
- 1. Role of Accounting in Society
- 2. Introduction to Financial Statements
- 3. Analyzing and Recording Transactions
- 4. The Adjustment Process
- 5. Completing the Accounting Cycle
- 6. Merchandising Transactions
- 7. Accounting Information Systems
- 8. Fraud, Internal Controls, and Cash
- 9. Accounting for Receivables
- 10. Inventory
- 11. Long-Term Assets
- 12. Current Liabilities
- 13. Long-Term Liabilities
- 14. Corporation Accounting
- 15. Partnership Accounting
- 16. Statement of Cash Flows
- 17. Answer Key
About the book.
Principles of Accounting is designed to meet the scope and sequence requirements of a two-semester accounting course that covers the fundamentals of financial and managerial accounting. Due to the comprehensive nature of the material, we are offering the book in two volumes. This book is specifically designed to appeal to both accounting and non-accounting majors, exposing students to the core concepts of accounting in familiar ways to build a strong foundation that can be applied across business fields. Each chapter opens with a relatable real-life scenario for today’s college student. Thoughtfully designed examples are presented throughout each chapter, allowing students to build on emerging accounting knowledge. Concepts are further reinforced through applicable connections to more detailed business processes. Students are immersed in the “why” as well as the “how” aspects of accounting in order to reinforce concepts and promote comprehension over rote memorization.
About the Contributors
Senior Contributing Authors Mitchell Franklin, LeMoyne College (Financial Accounting) Patty Graybeal, University of Michigan-Dearborn (Managerial Accounting) Dixon Cooper, Ouachita Baptist University
Contribute to this Page
You are here.
Assignments for Principles of Accounting I
The trial balance of Kirk Used Auto Company, on March 31, 20X8, follows: Account Title Debit Credit Cash $10,000 Accounts Receivable 20,000 Automobile Inventory 100,000 Accounts Payable $3,000 Notes Payable 70,000 Kirk, owner's equity 57,000 Total $130,000 $130,000 This business is a sole proprietorship, thus the equity account used here is Kirk, Owner's Equity. In practice, it is often called Kirk, Capital. Kirk rented operating space and equipment on a month-to month basis. During April, the business had the following summarized transactions: a. Invested additional $20,000 cash in the business. b. Collected $10,000 on accounts receivable. c. Paid $2,000 on accounts payable. d. Sold autos for $120,000 cash. e. Cost of autos sold was $70,000 f. Replenished inventory for $60,000 cash g. Paid rent expense in cash, $14,000 h. Paid utilities in cash, $1,000 i. Paid selling expense in cash, $30,000 j. Paid interest expense in cash, $1,000
- Journalize transactions a to j above and post the entries to the ledger.
- Open T-accounts for the accounts in the trial balance and the following to it: sales, cost of goods sold, rent expense, utilities expense, selling expense, and interest expense. Enter the March 31st balances in the appropriate accounts.
- Prepare the trial balance as of April 30, 20X8.
- Prepare an income statement for April. Ignore income taxes.
- Provide the closing entries.
- Front Matter
- Accounting Fields
- Basic Accounting Principles & Concepts
- The Accounting Equation & Transactions
- Accounting Statements
- Corporate Accounting Statements
- Income Statements
- Statement of Owner's Equity
- Balance Sheet
- Business Transaction & the Balance Sheet
- Review Questions
- Assignments for Principles of Accounting I Assignment A-1.1 Assignment A-1.2
- Introduction to an Account
- Rules for Increasing & Decreasing Accounts
- Income Statement Accounts
- Normal Account Balances
- Balance Sheet Accounts
- Classifying Balance Sheet Accounts
- Classifying Income Statement Accounts
- Chart of Accounts
- The Flow of Data
- The Two Column Journal
- Three-Column & Four-Column Accounts
- The Trial Balance & Errors What can be done if a trial balance does not prove?
- Assignments for Principles of Accounting I Assignment A-2.1
- Matching Revenues & Expenses
- Introduction to the Adjustment Process
- Prepaid Expenses - Adjustments The amount of a prepaid asset to be expensed over its expected life can be expressed:
- Plant Assets - Adjustments Example:
- Liabilities - Adjustments Example:
- Work Sheets and Financial Statements
- Preparing Financial Statements
- Journalizing & Posting Closing Entries PROCEDURES TO CLOSE TEMPORARY ACCOUNTS
- The Accounting Cycle
- Assignments for Principles of Accounting I Assignment A-3.1 Assignment A-3.2
- Entries for Purchases Transactions Accounting Entries Used to Record the Purchase And Payment of Goods
- Purchases Discounts
- Purchases Returns and Allowances Rules
- Sales Accounting
- Sales Accounting - Rules for Recording Sales Transactions
- Sales Accounting - Recording Sales Discounts
- Sales Accounting - Recording Sales Returns and Allowances
- Transportation Costs
- Sales Taxes
- Interim Reporting for Merchandising Enterprises
- Accounting for Merchandise Inventory
- Determining the Cost of Goods Sold
- Adjustments for Merchandise Inventory
- Adjustments on the Work Sheet
- Assignments for Principles of Accounting I Assignment A-4.1 Assignment A-4.2 Assignment A-4.3
- Retained Earnings Statement
- Balance Sheets
- Adjusting and Closing Entries
- Reversing Entries
- Interim Statements
- Correcting Errors
- Assignments for Principles of Accounting I Assignment A-5.1 Assignment A-5.2 Assignment A-5.3
- Introduction to Deferrals & Accruals
- Deferrals - Prepaid Expenses
- Deferrals - Unearned Revenues
- Accruals - Liabilities or Expenses
- Accruals - Assets or Revenues
- Reviewing Accruals and Deferrals
- Assignments for Principles of Accounting I Assignment A-6.1 Assignment A-6.2
- Principles of Accounting Systems
- Installing & Revising Accounting Systems
- Internal Controls
- Subsidiary Ledgers
- Special Journals
- Purchases Journal
- Cash Payments Journal
- Sales Journal
- Cash Receipts Journal
- Assignments for Principles of Accounting I Assignment A-7.1 Assignment A-7.2 Assignment A-7.3
- Bank Accounts
- Bank Statements
- Bank Reconciliations
- Cash Accounts
- Internal Control of Cash Accounts
- The Voucher System: Important Facts Concerning Vouchers
- The Voucher System: Facts Concerning the Voucher Register
- The Voucher System: Voucher Files Procedures
- The Voucher System: Using the Check Register
- Electronic Funds Transfer
- Assignments for Principles of Accounting I Assignment A-8.1 Assignment A-8.2
- Introduction to Receivables
- Receivable Controls
- Calculating Interest
- Accounting for Notes Receivable
- Discounting a Note Receivable
- Dishonored Notes Receivable
- Receivables which Become Uncollectible
- The Allowance Method Example:
- Methods Used to Estimate Uncollectibles
- The Direct Write-Off Method
- Assignments for Principles of Accounting I Assignment A-9.1 Assignment A-9.2 Assignment A-9.3
- Inventories and Financial Statements
- Inventory Accounting Systems
- Determining Inventory Quantities
- Inventory Costing Methods - Periodic
- Comparing Inventory Costing Methods
- Using Non-Cost Methods to Value Inventory
- Periodic Vs. Perpetual Inventory Systems
- Inventory Costing Methods - Perpetual
- Methods Used to Estimate Inventory Cost
- Assignments for Principles of Accounting I Assignment A-10.1 Assignment A-10.2 Assignment A-10.3
- Introduction to Plant Assets
- Determining Depreciation
- Straight-Line Method Example:
- Units-of-Production Method Example:
- Declining-Balance Method Example:
- Sum-of-the-Years-Digits Method Example:
- Comparing Depreciation Methods
- Depreciation & Income Taxes
- Revising Depreciation Estimates
- Recording Depreciation Expenses
- Capital and Revenue Expenditures
- Disposing Plant Assets
- Subsidiary Ledgers for Plant Assets
- Composite-Rate Depreciation Method
- Leasing Plant Assets
- Intangible Assets
- Assignments for Principles of Accounting I Assignment A-11.1 Assignment A-11.2 Assignment A-11.3 Assignment A-11.4 Assignment A-11.5
- Introduction to Payrolls DETERMINING EMPLOYEE EARNINGS
- Introduction to Payrolls
- Profit-Sharing Bonuses CALCULATING A BONUS BASED ON INCOME BEFORE DEDUCTING A BONUS OR TAXES
- Employee Earnings Deductions FICA TAXES
- Employer's Payroll Tax Liabilities INCOME TAXES
- Payroll Accounting Systems PAYROLL REGISTER
- Components of the Payroll System
- Payroll System Controls
- Liabilities for Employee Fringe Benefits
- Liabilities for Employee Fringe Benefits
- Notes Payable & Interest Expense
- Product Warranty Liabilities
- Assignments for Principles of Accounting I Assignment A-12.1 Assignment A-12.2 Assignment A-12.3
- Back Matter
This action cannot be undo.
Choose a delete action Empty this page Remove this page and its subpages
Content is out of sync. You must reload the page to continue.
New page type Book Topic Interactive Learning Content
- Config Page
- Add Page Before
- Add Page After
- Delete Page
How To Write An Accounting Assignment?
Most of the students are found struggling to complete the accounting assignment and homework. With the help of professionals and writers, the students can expect to get good grades in the examination. It is the ultimate solution for the students to check with the writers on due time.
The students for their accounting assignment homework need to complete the accounting case study assignment. It is known to be the process of summarizing, recording, and analyzing financial transactions. It plays an important role in our business and organizations.
To write an accounting assignment PDF, there are tips that the students need to follow. The best way to deal with the problem of basic accounting assignment is to give self number professional accounting management experts. These writers are available online and the students can easily hire their services for the best assignment.
The students can also check out the review of other students who have submitted the financial accounting assignment PDF. It will help them to have a good understanding of the topic and they will be able to deliver excellent results. MYOB Perdisco Assignment Help can come to getting good quality assignment work.
Accounting can be found in every type of organization. It helps the organization to analyze its financial position to prepare the annual reports or financial reports. The students look for financial management assignment help services in order to gain knowledge and get a better understanding.
7 Easy Tips to Frame your Accounting Assignment Rapidly
Framing a Theory
To write an example of accounting assignment it needs to discuss the importance of the elements that will help to understand the construction and implementation of the topic. It also needs to develop a strategy that is used to support the thesis statement.
Learn About Accounting Applications
While writing an accounting assignment solution, the students can learn about accounting and its applications. In this way, it helps them to develop an understanding of the financial accounting assignment questions and answers .
Understanding The Topic
There are assignments that require accounting assignment help . If you have any difficulties or you are unable to complete the example of introduction for accounting assignment on time you need to understand the topic and hire services. They are always available to provide you with the best guidance.
Writing accounting assignments might not be as easy as it might appear. One needs a lot of practice and should go through the books of accounting and finance.
You need to create a perfect outline for the accounting assignment. A structure and outline of the assignment make it easy for a writer to complete the assignment. You need to present all the information and the facts effectively in the assignment to give it a proper read.
Good discussion and analysis are really important when it comes to concluding the assignment.
You need to spend some time to prove its assignment after completing it. If there are any spelling, grammatical or punctuation mistakes, and assignments, you need to rectify them while proofreading.
If this information is in-off, then okay, but still you have to need Experts help? So Get in touch with us at our official site and Connect with our Professional Accounting Experts .
Important Topics That Is Covered By Our Qualified Professionals
As accounting is a vast academic discipline of commerce, different areas which required to be covered.
Financial Accounting Theory
In this includes the history of the study and its description of how it has evolved with time.
In order to achieve an objective of the business management accounting, the method of analyzing is the cost of Business and operations.
Cost accounting can be used to study the cause of the organization to improve the management of cost. It also examines the overall cost of the company.
In this, it is used to investigate different methods to know the financial faults in an organization.
Some Special Features of Assignment help Service
A team of expert accounting professionals has a lot of expertise and experience in writing assignments. It believes in giving the best quality service to the students. Some of the features of the service provider are-
- The portfolio management assignment help make sure that they exactly produce assignment according to the instructions that are given. They submit the details regarding the assignment so you can get exactly what you are willing for.
- The professionals in each field make sure that they provide unique content and make sure it is delivered on time.
- Most of the students had their service so that they can get the best service which is also insured by the writers.
- There are subject experts who exactly know what they are doing and provide proper guidance and help the students with the assigned homework.
I hope you will like this informative Blog Post! It will be helpful for your Accounting Assignment Writing Help. In this blog, we have included all informative thing that will be useful to frame a Perfect Accounting Assignment So that Students impress their Professors with a unique Accounting Assignment.
Why Should You Choose Us For the best Accounting Assignment Help?
The team of writers on always assists the students with the academic papers and assignments of the University. They have years of experience that can help in dealing with accounting assignments at the university or school level. They have the complete ability to understand the topic and provide content that is unique in nature.
Students can always clarify his or her doubts while taking cash flow statement assignment help from the accounting case study assignment . These experts always help and guide the students in the best possible way to tackle the problems of writing assignments.
- Our expert team always helps (24*7) to make sure that students can enjoy their services.
- Students can avail of these services at pocket-friendly rates which becomes suitable for them.
- There is complete assurance of quality so one need not worry regarding the unique content of the assignments.
- Students can expect on-time delivery and there is no delay in submission.
- The student can also get in touch with the team of writers if there is any problem or issue regarding writing the assignment.
The Final Note From Our Qualified Tutors
We at casestudyhelp.com try our best to provide help to the students. We believe in good quality customer service on a regular basis. It is known to be one of the best features of our services. We try to complete the assignment on time and make sure that we fulfill all the requirements of the student. We believe in making the students happy and resolve all the queries related to payment, subject, and writers.
Related Blogs It Might Be Helpful For Your University Assignments
Financial accounting assignment help online by top australian writers, top tips for solving managerial accounting assignment for mba students, casestudyhelp.com provides the best managerial accounting assignment help services, why need managerial accounting assignment writing help for mba students, top managerial accounting assignment help & writing service australia.
- University Admission
- School Admission
- NU Admission Result 2023
- xiclassadmission gov bd result 2023
- Admission Result
- Honours 3rd Year Result 2023
- NU Degree Admission Result 1st Merit List 2023
- Govt School Admission Circular
HSC Accounting 1st Paper Assignment Answer 2021
HSC Accounting 1st Paper Assignment 2021 has been published. The Directorate of Secondary and Higher Education DSHE have included ACCOUNTING 1st Paper Assignment as a 1st week assignment for HSC students. This is Assignment has been Published based on the Short Syllabus for HSC Examination 2022.
HSC Students will complete the HSC Assignment 2021 for Accounting 1st Paper assignment within the stipulated time and submit it to their school. Accounting 1st Paper Teacher will be evaluate the assignment and provide feedback. Besides, he/she will identify the weak points of the student and give instructions to solve them.
Accounting 1st Paper Assignment 2021
Inter 1st week Assignment 2021 has already been published. In the 1st Accounting 1st Paper Subject Assignment, the students have been given the --- chapter of their text book as assigned work. The --- chapter of the --- chapter should be well read and practiced by the students. At the end of the exercise you have to write the answer to the assigned task or assignment. Detailed instructions about this are mentioned in the Inter Assignment 2021.
Along with the publication of HSC Accounting 1st Paper Assignment, evaluation guidelines or rubrics have also been published. There are detailed instructions on how to evaluate teachers.
Accounting 1st Paper Assignment Download
Accounting 1st Paper Assignment should be downloaded from the website of the Directorate of Secondary and Higher Education. The assignment has already been uploaded in PDF format on the dshe.gov.bd website. If you want, you can also download the Accounting 1st Paper Assignment from the following options.
1st Week Assignment
HSC Accounting 1st Paper Assignment Answer Solution
The content of HSC Accounting 1st Paper Assignment has been selected from your text book. The ---- chapter of your textbook is scheduled for the 1st week. So you will read the scheduled chapter of your text book well. At the end of the reading and practice will create assignments for the topics assigned to your assignment. In this case, you will create the assignment the way you have learned without copying the assignment of others.
Your Accounting 1st Paper teacher will evaluate your assignment and give his/her opinion. If you copy your assignment from someone else, your teacher will not evaluate your assignment and will instruct you to prepare a new assignment. You are also likely to get low marks in Accounting 1st Paper Subject.
But if you want, you can take the help of any of your teachers, classmates or family members. Make your assignment neatly, submit it to the school with the cover page and accept the next assignment.
Trump fraud trial: 'I wasn't involved' preparing financial statements, Trump Jr. says
Donald Trump and Trump Organization execs are accused of defrauding lenders.
Former President Donald Trump is on trial in New York in a $250 million lawsuit that could alter the personal fortune and real estate empire that helped propel Trump to the White House.
Trump, his sons Eric and Don Jr. , and Trump Organization executives are accused by New York Attorney General Letitia James of engaging in a decade-long scheme in which they used "numerous acts of fraud and misrepresentation" to inflate Trump's net worth in order get more favorable loan terms. The trial comes after the judge in the case ruled in a partial summary judgment that Trump had submitted "fraudulent valuations" for his assets, leaving the trial to determine additional actions and what penalty, if any, the defendants should receive.
The former president has denied all wrongdoing and his attorneys have argued that Trump's alleged inflated valuations were a product of his business skill.
- 'I leave it to my CPAs,' Trump Jr. says of accounting standards
- Trump's misrepresentations cost banks $168M, expert testifies
- Trump, after testifying, fined $10,000 for violating gag order
- 'You lied yesterday,' Trump attorney accuses witness
- Controller valued Mar-a-Lago at $500M despite deed restriction
'I wasn't involved' preparing financial statements, Trump Jr. says
Before stepping down from the witness stand at the end of the afternoon, Donald Trump Jr. was asked repeatedly about his involvement in the Trump Organization's statements of financial condition -- the allegedly fraudulent documents that underpin the attorney general's case.
Trump Jr., who signed and certified the accuracy of the statements while his father was president between 2016 and 2021, said that he was not involved in preparing the filings.
"I wasn't involved in the compilation of this statement of financial condition," Trump Jr. said, placing the responsibility on his accountants.
"Did you work on the statement of financial condition for June 30, 2017?" state attorney Colleen Faherty asked.
"I did not. The accountants worked on it. That's what we paid them to do," Trump Jr. said.
Throughout the afternoon, the tone of the proceedings alternated rapidly between lighthearted and heated, varying from playful interactions between Trump Jr. and Judge Engoron, to bitter spats between some of the lawyers.
"I know you don't like it when good evidence comes in," Faherty told the defense lawyers during one particularly heated exchange.
"There's no reason to raise your voice," Donald Trump Jr.'s lawyer, Clifford Robert, responded.
Trump Jr. is scheduled to return to the stand tomorrow morning.
Trump Jr. to resume testimony tomorrow
Donald Trump Jr. has stepped down from the witness stand.
He is due to return to the courtroom tomorrow morning to resume his direct examination.
Court is now adjourned for the day.
"Move it along," judge tells lawyer questioning Trump Jr.
Donald Trump Jr. and state attorney Colleen Faherty got into a rhythm of quick questions and answers during the first hour of direct examination.
"I moved to Florida, but kept the New York pace," Trump Jr. joked at one point when asked by the judge to speak slower.
So far the state attorney has focused most of her questions on Trump Jr.'s broader roles and responsibilities at his family's firm, rather than any specific allegations in the attorney general's complaint.
"I don't see where we are going at all with this," Trump attorney Chris Kise said at one point regarding the questioning.
"Move it along as fast as you can," Judge Engoron told Faherty.
Trump Jr. pressed about departure of ex-CFO
Donald Trump Jr. struggled to answer questions when pressed about why former Trump Organization CFO Allen Weisselberg departed the family's firm.
"Because some legal issues he got himself into," Trump Jr. said, declining to offer specifics about Weisselberg's guilty plea on tax evasion charges last year.
Previously giving lengthy answers to questions about his background and even smiling with the judge, Trump Jr. appeared tense on the witness stand as he answered questions about Weisselberg.
"The specific event was he was indicted," Trump Jr. said.
He added that when began working for the Trump Organization as an executive vice president in the 2010s, Weisselberg outranked him. Trump Jr. would seek Weisselberg's approval for certain business decisions such as refinancing loans.
"Who is above you in your role as an executive vice president in the Trump Organization?" state attorney Colleen Faherty asked.
"Obviously I would have reported to my father in that period of time … people like Allen Weisselberg would have still been senior to me," Trump Jr. said of that time period.
Trump Jr. said he gained more responsibility in 2016 when his father became president and he was named a trustee of his father's revocable trust. He said that he, Weisselberg and his brother Eric Trump became a kind of triumvirate running the Trump Organization.
"We stopped reporting to my father on decisions involving the business," Trump Jr. said.
That relationship broke down once Weisselberg got himself into "legal issues," Trump Jr. said. He testified that he could not recall the circumstances of Weisselberg's exit, including the multimillion-dollar severance deal that Weisselberg received, which Weisselberg faced questions about during his own testimony earlier this month.
"I have no knowledge of the specifics of how it happened. He is no longer working at the Trump Organization," Trump Jr. said of the former CFO.
Expert witness may take the stand Wednesday before Don Jr.
Day 20 of the trial wrapped up with testimony from former Trump Organization vice president David Orowitz, who testified about what he said was Ivanka Trump's significant involvement in loan negotiations related to Trump's Doral Golf Club in Miami and the Trump International Hotel in Chicago over a decade ago.
Ivanka Trump, who at the time was a vice president in the Trump Organization, was dismissed from the AG's lawsuit in June because she was no longer with the firm by 2016 -- though she is still scheduled to testify next week as the final witness for the state's case.
State attorneys had initially planned to complete the testimony of Orowitz, as well as that of expert witness Michiel McCarty, by the end of today -- but Orovitz's lengthy testimony kept that from happening.
As a result, their remaining testimony will either delay tomorrow's much-anticipated testimony from Donald Trump Jr. -- or it will be pushed to a different day.
Trump fraud trial: 'i wasn't involved' preparing financial statements, trump jr. says, watch heidi klum transform into a peacock for halloween 2023, baby boy born over 14 pounds returns home to family, house kills move to censure democrat rep. rashida tlaib over israel criticism, virginia teen honored for inventing potential skin cancer-treating soap.
- Putin's war in Ukraine
- Business & Economy
- Media Spotlight
- Waste, Fraud & Abuse
- Inside the Beltway
- Inside the Ring
- Higher Ground
- Just the Headlines
- Photo Galleries
- Dive Deeper
- 40 years of The Washington Times
- Energy & Environment
- Banking & Finance
- Health Care Reform
- Second Amendment
- Immigration Reform
- Homeland & Cybersecurity
- Aerospace & Defense
- Taxes & Budget
- Law Enforcement & Intelligence
- Transportation & Infrastructure
- Commentary Main
- Charles Hurt
- Cheryl K. Chumley
- Kelly Sadler
- Jennifer Harper
- Tim Constantine
- Joseph Curl
- Billy Hallowell
- Daniel N. Hoffman
- David Keene
- Robert Knight
- Clifford D. May
- Michael McKenna
- Stephen Moore
- Tim Murtaugh
- Peter Navarro
- Everett Piper
- Scott Walker
- Black Voices
- U.S.-Russia Crosstalk
- To the Republic
- Sports Main
- Washington Commanders
- Thom Loverro
- Horse Racing
- NASCAR & Racing
- District of Sports Podcast
- Sports Photos
- Health Care on the Hill
- Invest in Portugal
- Health Care 2022
- Africa FDI Edition
- Immigration 2022
- Future of Clean Energy
- The Baltic States 2022
- Invest in Ireland
- ESG Investments
- Energy & Environment 2023
- U.S. & South Korea Alliance
- Infrastructure 2023
- Transportation 2023
- Invest in Malta
- National Clean Energy Week
- Reinventing after Globalization
- The Chiefs Forum: The Next 100 Days
- Harm Reduction and Public Health
- Subscriber Only Events
- Higher Ground Events
- Podcasts Main
- Front Page Podcast
- Politically Unstable
- Bold & Blunt
- History As It Happens
- The Unregulated Podcast
- Capitol Hill Show
- The Rebellion
- District of Sports
- Court Watch
- The Higher Ground
- Play Sudoku
- Crossword Puzzle
- Word Search
LISTEN: Fired for refusing the COVID shot? Mike Donio joins Cheryl Chumley
NEW TODAY: A ‘rivalry’ that’s not really a rivalry Maryland, Penn State renew acquaintances
LATEST: ‘Trump too small’ dispute Trademarks, social media & gun rights in Supreme Court
Orioles claim of sam hilliard off waivers from atlanta, designate rhp joey krehbiel for assignment.
BALTIMORE — The Baltimore Orioles have claimed outfielder Sam Hilliard off waivers from the Atlanta Braves.
The Orioles announced the move Wednesday. They also designated right-hander Joey Krehbiel for assignment.
The 29-year-old Hilliard was limited to 40 games for Atlanta this season because of a right heel injury. He hit .236 with three home runs. He spent his first four big league seasons with Colorado and hit a career-high 14 homers in 2021 for the Rockies.
Copyright © 2023 The Washington Times, LLC.
Please read our comment policy before commenting.
Click to Read More and View Comments
Click to Hide
Top of the Times
We've detected unusual activity from your computer network
To continue, please click the box below to let us know you're not a robot.
Why did this happen?
For inquiries related to this message please contact our support team and provide the reference ID below.