ACC 220 ACC220 ACC/220 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

CheckPoint: Career Opportunities

Visit the U.S. Department of Labor, Bureau of Labor Statistics at http://www.bls.gov/oco/ocos001.htm for an overview of the accounting field.

Visitwww.careers-in-accounting.com for additional details such as salary expectations and general job expectations.

Locatethree job postings within your state for positions in the field of accounting.

Writea 200- to 300-word summary of the educational requirements for each position, the starting salary (if listed), and a brief description of the responsibilities of the position.

ACC 220 ACC220 ACC/220 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

Discussion Questions

Based on what you know about accounting, what role do you see it playing in business operations? How dependent do you think a business is on its accounting department? Explain why.

Why are ethics so important in the field of accounting?

ACC 220 ACC220 ACC/220 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

CheckPoint: Proprietorships, Partnerships, & Corporations

Explain the differences between a proprietorship, a partnership, and a corporation in 200 to 300 words. Why would an entrepreneur want to choose one over the other? If you were starting a new business, which would you choose? Explain why.

ACC 220 ACC220 ACC/220 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

Assignment: Financial Statements

Writea 350- to 700-word paper describing a balance sheet, an income statement, a retained earnings statement, and a statement of cash flows. How does a company use these financial statements to make future business decisions? Use and define the following terms in your paper when explaining how a company uses the information on the statements:

Assets

Comparative statements

Liabilities

Stockholder’s equity

Format your paper according to APA standards.

Post your paper as an attachment

ACC 220 ACC220 ACC/220 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

CheckPoint: Classified Balance Sheets

Write a 200- to 300-word response explaining what information would be found in each of the following groupings on a classified balance sheet and how that data might indicate the future success or failure of a business:

Current assets

Long-term investments

Property, plant, and equipment

Intangible assets

ACC 220 ACC220 ACC/220 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

Discussion Questions

When reviewing a financial report, why must information be reliable, relevant, consistent, and comparable? Why are these accounting characteristics important? What kinds of problems might result if a financial report is not reliable, relevant, consistent, or comparable?

How does information from financial reports influence business decisions? Why is it important for business managers to understand the information found on financial reports?

ACC 220 ACC220 ACC/220 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

CheckPoint: Cash Management Matrix

Use Appendix B. For each principle in the matrix, describe how the principle ensures the reliability of a company’s financial statements and provide at least one example of how the principle might work in a real company. Do not use examples from your text.

Post Appendix B as an attachment.

ACC 220 ACC220 ACC/220 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

Assignment: Internal Cash Control

Write a 700- to 1,000-word paper that addresses which internal controls are not being followed in these listed situations:

The accounting department receives from sales invoices once a month.  Most of the information is missing on the invoices.

Rob, Sue, and Bob use the same cash register at the donut shop.

Sam does the ordering of materials at the beginning of every month and pays the bill.

Bank reconciliations are done by the person who is responsible for all cash responsibilities.

New checks came in and are left on the shelf with other supplies.

Everyone has access to the computer system and the last audit was seven years ago by the former accountant.`

Include how a company might use the five basic principles of cash management to increase accuracy for a business.  Please explain all of the internal controls substantively.

Format your paper according to APA standards.

Post your paper as an attachment.

ACC 220 ACC220 ACC/220 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

CheckPoint: Financial Reporting

Write a 200- to 300-word response to the following: Describe how the following financial reports are used internally in a business:  income statement, balance sheet, CVP income statement, statement of cash flows, and retained earnings statement.  Give real world applications by using examples to demonstrate the type of business decisions that are made using these statements.

ACC 220 ACC220 ACC/220 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

Discussion Questions

How would you describe the difference between financial and managerial accounting? What are the distinguishing features of managerial accounting?

Select a management function— planning, directing and motivating, or controlling—and explain how that function relates to business as a whole. Next, select a different function listed by a classmate. Discuss with your classmate how the functions you each selected complement each other.

ACC 220 ACC220 ACC/220 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

CheckPoint: Cost, Volume, and Profit Questions

Writea 200- to 300-word response that addresses questions 7, 9, & 14 in the Questions section on p. 284–285 of the text.

ACC 220 ACC220 ACC/220 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

Assignment: Cost, Volume, and Profit Formulas

Review the following illustrations found in Ch. 6 of your text: 6-12, 6-15, 6-17, 6-18, 6-19, & 6-20.

Write a 350- to 700-word paper that addresses the following:

Explain the components of cost-volume-profit analysis.

What does each of the components mean?

Based on the formulas you have reviewed, what happens to contribution margin per unit when unit selling prices increase? Illustrate your explanation with an example from a fictitious company of how an increase in unit selling prices might affect contribution margin.

When fixed costs decrease, what does this do for sales? Illustrate your explanation with an example from a fictitious company.

Define contribution ratios.

What happens to contribution ratios as one of the components changes?

Format your paper according to APA standards.

ACC 220 ACC220 ACC/220 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

CheckPoint: Budgets Matrix

Use Appendix C to define each of the types of budgets listed and describe their uses.

Post Appendix C as an attachment.

ACC 220 ACC220 ACC/220 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

Discussion Questions

How does budgeting help management make good business decisions?

What are some of the different types of budgets? Describe in detail one type of budget covered in the text. Describe what the budget is used for and what information it provides a business. As you respond to your classmates, discuss how the budget you described relates to the budgets they described. Discuss how a business benefits from each of the budgets.

ACC 220 ACC220 ACC/220 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

CheckPoint: Flexible Budgets

Respond in200 to 300 words, to the following:

What is a flexible budget?

What are the steps to developing a flexible budget?

What information is found on a flexible budget report?

How is that information used to evaluate performance?

ACC 220 ACC220 ACC/220 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

Assignment: Responsibility Center Presentation

Imagine you have been selected by your manager to present a training session to a group of new employees. The new hires do not have accounting backgrounds and have little or no work history in a responsibility center. The purpose of this training session is to explain the functions of each of the different responsibility centers.

Develop a 10- to 12-slide Microsoft^® PowerPoint^® presentation that you may use as part of this training session.

Explain what each of the different responsibility centers is and what each is accountable for and why each center has its own budget.

Provide an example of the kinds of decisions where incremental analysis would be used in each center.

Include speaker notes for your presentation.

ACC 220 ACC220 ACC/220 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

Final Project: Business Plan

You want to start your own business. You found an investment group that is willing to give you the capital needed for the first year of your business, but onlyif you can convince them you have a solid plan for the success of this business. Your investor is very concerned with how the accounting functions of this business will be handled.

Write a 700- to 1,050-word paper based on the scenario above.

Persuade your investor to put up the capital by addressing the following questions in your business plan:

What is the name of your business?

What type of business structure is it—sole proprietorship, partnership, or corporation? Why did you choose that structure?

What type of services or products does your business provide?

What role will accounting play in the start up of your business?

What type of work characteristics will you look for when hiring your accounting staff?

What education should a person have in budgeting, internal controls, and cash management before going into business?

What kinds of internal controls will you put in place for the business?

How will your managers use financial information to predict outcomes for your business?

Format your paper according to APA standards.

Post your paper as an attachment.

ACC 220 ACC220 ACC/220 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

Capstone Discussion Question

Think back over what you have studied and learned in this course. Do you have a new perception of or appreciation for the field of accounting and how it contributes to business? Explain.