ACC 620: Financial Reporting II is a continuation of ACC 610. In ACC 620, your focus in the final project will be on developing skills in critical thinking and applying accounting theories and practices according to generally accepted accounting principles (GAAP).
By continuing to use the company that you adopted in ACC 610, you will apply the technical competence and other skills required by today’s CPAs. Through casestudy analysis, you will develop skills such as communication, presentation, and interpersonal relations in conjunction with technical accounting knowledge. If you have transferred directly into ACC 620 and have not had the opportunity to choose a company, you will do so at this time. You will also use this company in ACC 630. Throughout ACC 620 and ACC 630, you will apply the concepts you are learning using the financial data and business scenarios of a prominent retail company. You may choose from Wal-Mart, Target, Sears, Kroger, or Amazon.
ACC 620: Financial Reporting II is a continuation of ACC 610. In ACC 620, your focus in the final project will be on developing skills in critical thinking and applying accounting theories and practices according to generally accepted accounting principles (GAAP). You will be analyzing situations and communicating results to decision makers with an emphasis on stockholders’ equity, income measurement, income taxes, pensions, leases, and statements of changes in financial positions.
Complete critical elements I and II of the final project.
I. Stockholders’ Equity A. Determine how your company got its initial financial start in terms of debt (liabilities) or equity (capital). Support your response. B. Analyze the equity section of your company’s balance sheet as compared to your company’s industry average. Rate the company’s performance against its competitors. C. Review your company’s dividend policy and its history. Based on the information, discuss the trends over the past year.
II. Income Measurement/Revenue Recognition A. Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) came together on a unified project to outline the accounting principles for recognizing revenue and to develop a common revenue standard for U.S. GAAP and IFRS. Research IAS-18