Accounting project

Initially Developed by Dr. Marian W. Boscia, C.P.A., Adapted by Mr. Richard A. Schwanger, MBA

February 7, 2018 Update Page 1 of 4

King’s College

ACCT 301: Intermediate Accounting I

Information Literacy Term Project for Spring 2018

As an accounting professional, students will engage in several forms of written and oral communications every workday. Frequently, professionals collaborate on a team basis, such as: (1) preparing a “consulting” report for an advisory services client, (2) working collaboratively with others on an audit team, (3) developing an analysis for the management of the business, or (4) researching an accounting issue for/with a team of colleagues. These are just a few examples of the types of activities one may expect to encounter. This assignment, based on the fourth scenario, requires research of an accounting issue. Assume the employer asked your team to investigate a specific financial reporting issue for a client. Your team requested that you gather all relevant information and communicate the results to your colleagues and the firm’s client.

This project is designed to help the student identify potential sources of information useful to accounting professionals and their clients. In researching an accounting topic, you will have the opportunity to develop and test the successfulness of your search strategies. You will use multiple methods to access sources of information, including using at least three different types of Internet search engines. Finally, you will evaluate the quality of the information provided. Your finished project should contain the following five parts/items: 1. A description of the specific issue addressed by your search. Students will be required to submit their

proposed project topic for approval by the instructor by completing a topic request form, in accordance with the separately provided project timeline. Project topics will be approved on a FIFO basis. Each student must choose a unique topic. Duplicate topics are not acceptable.

2. A categorized bibliography of relevant information sources. To receive at least a passing grade for the completed project, the bibliography must contain appropriately-formatted citations for a minimum of 15 sources, with at least one source from each of the following information providers, all of which are fully germane for the topic:

a) A publication sponsored by the FASB or the International Accounting Standards Board, b) A journal, newspaper, or book from the library or a credible detailed description of a book

available for sale online which includes evidence of relevant content (e.g. a screenshot of a webpage which includes images of the book and associated descriptive information,

c) A journal article from the Business Source Complete or Academic Source Premier databases, d) An EDGAR filing of an annual 10-K report, a quarterly 10-Q report, a foreign company’s 10-F

report, or a proxy statement, e) A newspaper or journal articles from the LexisNexis Academic database, f) An article from a public accounting firm’s Internet site or an investor education site with a “.com”

or “.net” address, g) Internet educational sources with an “.edu” address, h) A government source with a “.gov” address, and i) An article from https://www.wikipedia.org.

Use APA citation guidelines. See: http://kings.libguides.com/content.php?pid=293634&sid=2410929 3. Documentation of your search results listed in the Part 2 bibliography above:

a) For books and printed journals and newspapers, include a photocopy of the cover and of the book or journal or the headline of the newspaper cited.

b) For internet articles, include a print-out of the FIRST PAGE ONLY for the source cited. c) For database sources, include a print-out of the FIRST PAGE ONLY for the source cited and a

print-out of your computer screen showing the database reference to that source. See Item 3. on Page 3 of this document for more information about screen prints.

4. Answers to the following questions presented in well-written, complete sentences. Papers with complete and also well written content will earn higher grades. a) Which were your most and least successful information research strategies? Why? Please include

a complete, detailed description of how you selected keywords to search and how you refined your search terms to improve your results.

King’s College, ACCT 301: Intermediate Accounting I

Information Literacy Term Project for Spring 2018

Initially Developed by Dr. Marian W. Boscia, C.P.A., Adapted by Mr. Richard A. Schwanger, MBA February 7, 2018 Update Page 2 of 4

b) Which Internet search engines (e.g. Google, Bing, Yahoo!, AOL.com, DuckDuckGo, Excite, Lycos, Dogpile, Ask.com, GigaBlast, or others you may prefer) did you try? Which search

engines were the most effective for finding useful, credible sites? Which search engine was the

worst? Please include a description of the differences in search engines.

c) Which categories of resources provided the MOST and the LEAST useful information on your topic? Which information providers offered the largest quantity of useful information? Please

explain your answers by describing how the relevance, reliability, and volume of information

varied between categories and specific information providers.

d) Which type of sources provided the most interesting information on your topic? Did any information that you discovered concerning your topic surprise you? Did some types of sources

seem more professional than others?

5. Conclusions that discuss what you learned about your topic from your research. This section should

also include your thoughts concerning:

a) the ease of researching your topic on the Internet versus through the library, b) the variety, quality, and scope of resources you found, c) the ease of determining the reliability of the information, and d) what facts you learned about your topic that you did not already know.

The grade for the project will be based on the introduction of the research topic and its relevance to ACCT 301; the variety, quality, and quantity of sources cited; responses to the questions in Part 4; degree of compliance with project requirements; and conclusions and implications. A grading scheme is provided on Page 4. Following is a topic list taken from the FASB Accounting Standards Codification. You may select one topic from the list below or choose a subtopic from the Codification. Choose a topic or sub- topic for which the available resources are sufficient but not overwhelming.

General Principles Liabilities (continued) Industry

105 Generally Accepted Accounting Principles 450 Contingencies 905 Agriculture

Presentation 460 Guarantees 908 Airlines

205 Presentation of Financial Statements 470 Debt 910 Contractors—Construction

210 Balance Sheet 480 Distinguishing Liabilities from Equity 912 Contractors—Federal Government

215 Statement of Shareholder Equity Equity 915 Development Stage Entities

220 Comprehensive Income 505 Equity 920 Entertainment—Broadcasters

225 Income Statement Revenue 922 Entertainment—Cable T elevision

230 Statement of Cash Flows 605 Revenue Recognition 924 Entertainment—Casinos

235 Notes to Financial Statements 606 Revenue from Contracts with Customers 926 Entertainment—Films

250 Accounting Changes and Error Corrections 610 Other Income 928 Entertainment—Music

255 Changing Prices Expenses 930 Extractive Activities—Mining

260 Earnings Per Share 705 Cost of Sales and Services 932 Extractive Activities—Oil and Gas

270 Interim Reporting 710 Compensation—General 940 Financial Services—Broker and Dealers

272 Limited Liability Entities 712 Compensation—Nonretirement Postemployment Benefits 942 Financial Services—Depository and Lending

274 Personal Financial Statements 715 Compensation—Retirement Benefits 944 Financial Services—Insurance

275 Risks and Uncertainties 718 Compensation—Stock Compensation 946 Financial Services—Investment Companies

280 Segment Reporting 720 Other Expenses 948 Financial Services—Mortgage Banking

Assets 730 Research and Development 950 Financial Services—T itle Plant

305 Cash and Cash Equivalents 740 Income T axes 952 Franchisors

310 Receivables Broad T ransactions 954 Health Care Entities

320 Investments—Debt and Equity Securities 805 Business Combinations 958 Not-for-Profit Entities

323 Investments—Equity Method and Joint Ventures 808 Collaborative Arrangements 960 Plan Accounting—Defined Benefit Pension Plans

325 Investments—Other 810 Consolidation 962 Plan Accounting—Defined Contribution Pension Plans

330 Inventory 815 Derivatives and Hedging 965 Plan Accounting—Health and Welfare Benefit Plans

340 Other Assets and Deferred Costs 820 Fair Value Measurement 970 Real Estate—General

350 Intangibles—Goodwill and Other 825 Financial Instruments 972 Real Estate—Common Interest Realty Associations

360 Property, Plant, and Equipment 830 Foreign Currency Matters 974 Real Estate—Real Estate Investment T rusts

Liabilities 835 Interest 976 Real Estate—Retail Land

405 Liabilities 840 Leases 978 Real Estate—T ime-Sharing Activities

410 Asset Retirement and Environmental Obligations 845 Nonmonetary T ransactions 980 Regulated Operations

420 Exit or Disposal Cost Obligations 850 Related Party Disclosures 985 Software

430 Deferred Revenue 852 Reorganizations 995 U.S. Steamship Entities

440 Commitments 855 Subsequent Events

860 T ransfers and Servicing

King’s College, ACCT 301: Intermediate Accounting I

Information Literacy Term Project for Spring 2018

Initially Developed by Dr. Marian W. Boscia, C.P.A., Adapted by Mr. Richard A. Schwanger, MBA February 7, 2018 Update Page 3 of 4

Guidelines for Information Literacy Project Report STYLE: A helpful guide to usage and style is The Elements of Style, by William Strunk, Jr. and E.B. White,

Fourth Edition (Pearson, 1999, and subsequent updates). Also available in PDF.

CONTENTS: Every paper should have the following major sections, and subsections:

1. Title page

Include reference to the project assignment, i.e. Information Literacy Term Project, Spring 2018, and

the title for the topic, course number and name, name of student, and the date of the report.

2. Body of paper

a. The first section of the report body should be the Introduction. Reference Section 1 of this document, found on Page 1. Include a description of the topic, i.e. the specific issue addressed by

the project. The student can also include a brief overview of what was discovered from the

completion of the project.

b. The middle section should be the largest part of the report body and should address the four questions posed in Section 4 of this document (found on Pages 1 and 2). State the questions, in the

given order. After each of the questions, include the response/answer. c. The last section of the report body should be titled “Summary” or “Conclusions,” and include

content in response to the items listed in Section 5 of this document (see Page 2).

3. Printouts from findings (documentation of works cited; reference Section 3 on Page 1):

a. For books and printed journals and newspapers, include a photocopy of the cover and of the book or journal or the headline of the newspaper cited.

b. For internet articles, include a print-out of the FIRST PAGE ONLY for the source cited. c. For database sources, include a print-out of the FIRST PAGE ONLY for the source cited and

a print-out of your computer screen showing the database reference to that source. Operating

systems handle the print screen function in differing ways. Discover which way works for the

operating system used and then copy and paste the image into a Microsoft Word file and print

the image from Word.

4. Bibliography, with references organized by type of source, using the following subheadings. Reference

Section 2 of this document, Page 1.

a. FASB articles b. IASB articles c. Printed journal or newspaper articles from the library d. Book from the library or available for sale online e. Articles from library databases f. Articles from the LexisNexis Academic database g. Articles from a public accounting firms or investor education sites h. EDGAR filings i. Articles from Internet educational sources with a “.edu”, and j. Articles from government sources with a address “.gov” address, k. Articles from Wikipedia.

FORMAT:

a. All papers should be word-processed, printed on one side of 8.5 x 11 inch paper and be double- spaced, except for indented quotations.

b. All margins should be exactly 1½ inches. c. The answers to project questions should be between 6 and 10 pages in length. d. All parts of the project should be submitted in a portfolio or binder and be well organized.

King’s College, ACCT 301: Intermediate Accounting I

Information Literacy Term Project for Spring 2018

Initially Developed by Dr. Marian W. Boscia, C.P.A., Adapted by Mr. Richard A. Schwanger, MBA February 7, 2018 Update Page 4 of 4

Information Literacy Project Evaluation Criteria

5-point Evaluation Scale:

To a To a

Completely great extent satisfactory extent Inadequately Not at all

5 4 3 2 1 0

10-point Evaluation Scale:

To a To a

Completely great extent satisfactory extent Inadequately Not at all

10 9 8 7 6 5 4 3 2 1 0

Criteria Points

Topic introduction

 Descriptions of issues were comprehensive and accurate 5

 The research topic was relevant to FASB’s Accounting Standards Codification 5

Research results

 Quantity of sources cited met or exceeded the minimum required 5

 The sources cited covered the suggested spectrum of available information 10

 The bibliography was properly formatted and complete 10

 High-quality, unique and credible sources were used and cited 10

Answers to information literacy questions

 Responses were developed in a clear, logical manner 5

 Answers to the questions were comprehensive and fully developed 10

 Answers to the questions were thoughtful and insightful 10

Writing style, grammar, punctuation, and spelling

 The paper uses appropriate, relevant, and compelling content, grammar, punctuation and spelling to articulate the requirements of the project; also demonstrating

consistent use of business writing conventions (see important note below) 10

Conclusion

 The conclusions reflect an enriched understanding of the topic 5

 The conclusions reflect an extensive search of information on the topic 5

Presentation

 The project was submitted in an attractive and professional form 10

Total points 100 Important Notes (the fine print):

1. Students are strongly encouraged to take their projects to the King’s College Writing Center no later than two full business days prior to the date of submission for review and recommended modifications prior to submitting the project for grading. The project must include evidence of the Writing Center’s review (including date and time) and be properly updated to include the Writing Center’s suggested modifications. Projects that successfully meet these requirements will be eligible to be awarded the full 10 points for the writing style, grammar, punctuation, and spelling component of the grading rubric, provided the content is appropriate, relevant and compelling.

2. A penalty of 5 points per day will be deducted from the project score for each day the project is submitted after the stated due date and time. A partial day counts as a whole day. The project due date and time is specified in the course syllabus.

3. The instructor may also deduct an appropriate penalty for projects that do not properly relate to the topic submitted to and approved by the instructor and/or fail to fully comply with the requirements detailed in this document, unless such deduction is already reflected in the evaluation of specific project criteria.

4. The quality of a project’s content and appearance impacts the final grade for the project. A timely start of work on the project and the development of an effective action plan, adherence to the plan, and timely completion of project components enables students to learn more and more likely earn a higher grade.

5. Again, be careful to choose a topic or sub-topic for which the available resources are sufficient but not overwhelming.