12299 - 4 Days Deadline

ACCT 301 – Weekly Homework

The primary reading material source is  http://www.principlesofaccounting.com/    

(For additional information, use the OpenStax textbook available within LEO as a secondary resource.)

SCENARIO:  You are a new hire for a major corporation completing your eight-week rotation related to accounting, financial reporting, budgeting, cost control, and profit maximization. As part of your rotation you are learning about the accounting process and how to use accounting information to make managerial decisions.

Read the assigned chapters to learn the accounting concepts, then submit a written report in the LEO assignment folder summarizing your knowledge of the week’s concepts. You should create this report to provide documentation/evidence of your assigned chapter readings and self-assessment exercises (Fill in the Blanks, and Multiple Choice questions at end of each chapter).  (A series of projects focused on your SEC10K corporation will be completed and submitted separately.)

REQUIREMENT:  As described above, upon completion of the readings and quizzes (the week’s assigned chapters are detailed below) write a report as a Word document and upload it to this week's Homework assignment folder.   Summarize what you learned through your readings and practice quizzes.  Demonstrate an understanding of the week’s concepts.  The more detailed writeups documenting a solid understanding of the material will earn the highest homework points. 

Week 6:

A. Read and complete the self-graded questions for ch 17, 18, 19, and 20 at  http://www.principlesofaccounting.com/  .

B. At this point you can complete your SEC 10-K project as we have completed our studies of financial accounting related to the financials.  This we week begin studying another area of accounting:  managerial accounting. Managerial accounting uses accounting and financial information for decision making.

What key concepts do you learn from the use of accounting and financial information for managerial decision making as described in PoA chapters 17 18 19 and 20?

Have you previously studied break-even analysis in an economics course?  What does break even analysis indicate to managers?  How can managers use break even analysis for decision making?  Can this be used for pricing decisions?  What types of managerial decisions are supported by break even analysis?

Additionally, provide a summary of the accounting concepts learned through the readings and practice quizzes for this week.  Demonstrate your understanding of the week's concepts.  If you need ideas regarding topics to discuss, see ideas below.  The more detailed your write-up documenting your understanding the higher it will be graded.  (See Rubric for details.)

Complete the report below as a Word document and submit in the Assignment Folder for week 1 Homework.

Additionally, here are some topics to consider:

· What is the difference between financial accounting and managerial accounting?  Who are the intended users?

· How does viewing costs from different perspectives (product versus period; variable versus fixed) help in managerial decision making?

· Discuss the differences between product and period costing systems.

· When do costs of producing a product become an expense, impacting profits?

· What topic(s) gave you trouble this week (if any)?/What topic(s) do you feel you were able to grasp?  Post questions in the homework discussion thread!

 The most important aspect of this write-up is to document your understanding of the week's concepts!

Remember all submissions and postings in our class must be in your own words. Deliverables are to be single spaced with double spacing between paragraphs. These are business reports, thus proper spelling, grammar, and professional writing is expected.  Your report submission serves as your new hire eight-week rotation report to your supervisor regarding the knowledge learned for this week’s material related to accounting and financial reporting.