Article Writing

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Each student can earn up to nine (9) extra points by finding a total of (3) articles of a current event from The Wall Street Journal or another nationally circulated periodical. To receive credit, you must turn in a printed copy of the article or provide the URL link, state the name and date of the newspaper or magazine, an indication of the chapter/topic in our class to which the item or story pertains and a one or two paragraph printed summary of the article. Each item that is accepted by the instructor will be worth up to three (3) points. A maximum of three (3) articles can be submitted for extra credit. Remember, the item or story must pertain to Financial Accounting subject matter to be acceptable (ask when in doubt).

Chapter 1 – Financial Accounting & Accounting Standards

This chapter discusses how GAAP is established, why GAAP is necessary, and the challenges facing FASB and IFRS in working towards one global set of accounting standards. This chapter also introduces you to the FASB Codification Research System.

Chapter 2 – The Conceptual Framework

FASB’s Conceptual Framework serves as a foundation for insights into the “what,” “why,” and ”how” of financial statements and disclosures.

Chapter 3 – The Accounting Information System: Review of Accounting Basics

· Financial statements and their interrelationships

· Debits and Credits

· The Accounting Cycle

· Adjusting Entries

· The Closing Process

· Conversion from Accrual Basis to Cash Basis

Chapter 4 – Income Statement and Related Information

· Income Statement Contents and Format

· Discontinued Operations

· Earnings per Share

· Reporting Accounting Principle Changes, Changes in Estimates, and Correction of Prior Period Errors

· Comprehensive Income and AOCI

Chapter 5 – The Balance Sheet and the Statement of Cash Flows

· This chapter covers the Balance Sheet, including major classifications and supplemental disclosure; and the Statement of Cash Flows, including understanding the statement, and preparation using the Indirect and Direct Methods.

Chapter 6 –Accounting and the Time Value of Money

· This chapter presents TVM calculations, and shows how they are used in both accounting and personal applications.

Chapter 7 – Cash and Receivables

· This chapter covers Cash and Cash Equivalents, Bank Reconciliations, and the Recording, Valuation and Disposition of Accounts and Notes Receivable

Chapter 8 – Inventories

· Inventory Control Systems: Periodic vs. Perpetual

· What is included in Inventory?

· Cost Flow Assumptions: Specific Identification; Weighted Average; FIFO; and LIFO

· LIFO Reserve

· LIFO Liquidation

· Dollar Value LIFO

Chapter 9 – Additional Inventory Valuation Issues

· Lower of Cost or Net Realizable Value

· Lower of Cost of Market

· Valuation at Net Realizable Value

· Valuation using Relative Sales Value

· Purchase Commitments

· Presentation and Analysis of Inventories

Chapter 10 – Property, Plant and Equipment

· Determining Original Cost

· Self-Constructed Assets and Interest Capitalization

· Valuation of Long-Lived Fixed Assets

· Lump Sum (Group) Purchases

· Sale and Exchange of Fixed Assets

· Expenditures After Acquisition

Chapter 11 – Depreciation, Impairments, and Depletion of Long-Lived Assets

· Depreciation, Amortization and Depletion as Cost Allocation

· Methods of Depreciation for Financial Accounting Purposes

· Depreciation for Tax Purposes

· Changes in Estimates

· Impairment of Fixed Assets

· Depletion

Chapter 12 – Intangible Assets

· Types of Intangibles

· Valuation of Intangibles

· Amortization of Intangible Assets

· Goodwill: A Special Intangible Asset

· Research & Development

· Impairment of Intangibles

Chapter 13 – Current Liabilities and Contingencies

· Liabilities

· Current Liabilities

· Examples of Current Liabilities

· Contingent Liabilities

· Current Maturities of Long-Term Debt

Chapter 14 – Bonds and Long-Term Notes

· Bonds: Issuing, valuation and accounting, and extinguishment of debt

· Long-Term Notes Payable: Exactly the same as Chapter 6 and 7… no new coverage

· Fair Value Option for Bonds, Notes, and most other financial assets and liabilities

Chapter 18 – Revenue Recognition

· New FASB Revenue Recognition Standard

Chapter 22 – Accounting Changes and Error Analysis

· Accounting Changes

· Changes in Accounting Principles

· Report using retrospective restatement of affected financial statements

· Changes in Accounting Estimates

· Report using prospective adjustment of affected financial statements

· Changes in Reporting Entity

· Restate presented financial statements

· Correction of Accounting Errors

· Not considered an accounting change

· Restate affected financial statements to correct error