PRINCIPLES OF FINANCIAL ACCOUNTING

PRINCIPLE OF FINANCIAL ACCOUNTING FEEDBACK

Thank you for the submission and the solid work that you have put into it.  However, there are some items needing to be addressed to achieve Mastery; please see the Rubric for specific feedback.

Looking forward to your next submission.

1) Applies the most relevant accounting principle for each business transaction. NOT MASTERED!!!!!

Thanks for the submission - I am going to echo what Jim stated: what you submitted is on track just that you are missing half of the Project. I am going to 'consolidate' the feedback on the first five points of the Rubric here, in hopes it makes it easier to track. $5000 Contribution/ Parents - should be included, Principle is incorrect, but the Accounts are correct. Computer - Principle is incorrect and Assets were not impacted (it was bought on credit). (Refer to Rent as it was correct & similar) 2months Rent - should be included, Principle is incorrect, but the accounts are correct. Interview - should be excluded - so the accounts should be blank -and the Principe is incorrect. $3k Revenue - missing 2nd account. And then you have omitted almost half of the Project. *Here are some good aids to assist you as well. Accounting principles are discussed in the Unit resources Reading: How to Read and Interpret Financial Statements: A Guide to Understanding What the Numbers Really Mean, Chapter 1. Beginning on page 7. Discussion of different types of accounts is in the Accounting principles unit resources: Resource: Financial Accounting, Section 2.4. In the Business Transactions unit. Accounting Principles: A Business Perspective Chapter 2 provides examples of when to increase and when to decrease an account. Go to the Support tab at the top of the comp and click as follows: Support > Online Student Services > Academic Support Center > Business Undergrad > Additional Resources > Accounting Resources or Schedule a Workshop or 1:1 Appointment (these are on the left). These are resources available to our students in BS. You might consider referring them to it or the PQA sessions (used to be called Office Hours). I hold one each week. The link to send them to for the dates is: http://bit.ly/2D4HS3O Tutor.com/cfa

2) Explains rationale for applying each accounting principle. NOT MASTERED!!!!!

Revisions will be needed once adjustments are made as well as for the missing scenarios.

3) Decides to include or omit each business transaction. NOT MASTERED!!!!!

You did a very good job on this initial submission and many of the scenarios are already correct, however many of the scenarios are missing. Each of the scenarios will need to also have a principle stated from the principles referred to in the resources. Not all will be used but there are some that are specific to expenses and some that are specific to the revenues. Those are going to be utilized the most often. There are certainly a couple of common expense focused scenarios (accrual and matching) and the same holds true for revenue focused scenarios (accrual and recognition). In addition, there are principles for non-business events (accounting entity), non-monetary events (monetary unit) and even small amount type principles. Here are the comments for this submission. I will comment on the ones that need revision if necessary. Parents $5000—Principle needs revision for this transaction. Ancient cost is not a principle though. Would we include this business transaction? Accounts are both correct though. 2 future rents paid—Principle needs revision for this business transaction. Would we include this business transaction? Both accounts are correct though. Personal $1000 withdrawal—This scenario is missing. Business seminar— This scenario is missing. Supplies purchased— This scenario is missing. Work $4000 completed, paid in cash and bill— This scenario is missing. Paid health insurance— This scenario is missing. Pre paid insurance-- This scenario is missing. Mileage reimbursement— This scenario is missing. Side business— This scenario is missing. Petty cash replenishment— This scenario is missing. Received bill for future seminar— This scenario is missing. Here are some good aids to assist you as well. Accounting principles are discussed in the Unit resources Reading: How to Read and Interpret Financial Statements: A Guide to Understanding What the Numbers Really Mean, Chapter 1. Beginning on page 7. Discussion of different types of accounts is in the Accounting principles unit resources: Resource: Financial Accounting, Section 2.4. In the Business Transactions unit. Accounting Principles: A Business Perspective Chapter 2 provides examples of when to increase and when to decrease an account. Go to the Support tab at the top of the comp and click as follows: Support > Online Student Services > Academic Support Center > Business Undergrad > Additional Resources > Accounting Resources or Schedule a Workshop or 1:1 Appointment (these are on the left). These are resources available to our students in BS. You might consider referring them to it or the PQA sessions (used to be called Office Hours). I hold one each week. The link to send them to for the dates is: http://bit.ly/2D4HS3O Tutor.com/cfa

4) Determines the appropriate account type for each business transaction. NOT MASTERED!!!!!

Jim Monroe You did a very good job on this initial submission and many of the scenarios are already correct, however many of the scenarios are missing. Each of the scenarios will need to also have a principle stated from the principles referred to in the resources. Not all will be used but there are some that are specific to expenses and some that are specific to the revenues. Those are going to be utilized the most often. There are certainly a couple of common expense focused scenarios (accrual and matching) and the same holds true for revenue focused scenarios (accrual and recognition). In addition, there are principles for non-business events (accounting entity), non-monetary events (monetary unit) and even small amount type principles. Here are the comments for this submission. I will comment on the ones that need revision if necessary. Parents $5000—Principle needs revision for this transaction. Ancient cost is not a principle though. Would we include this business transaction? Accounts are both correct though. Computer purchase—Assets do increase but there are no expenses. We actually owe for the computer. 2 future rents paid—Principle needs revision for this business transaction. Would we include this business transaction? Both accounts are correct though. Interview—Principle needs revision for this non-monetary event. No accounts are needed as well. Completed $3000 work and sent bill—Revenues do increase so we just need the other account for the receipt. Personal $1000 withdrawal—This scenario is missing. Business seminar— This scenario is missing. Supplies purchased— This scenario is missing. Work $4000 completed, paid in cash and bill— This scenario is missing. Paid health insurance— This scenario is missing. Pre paid insurance-- This scenario is missing. Mileage reimbursement— This scenario is missing. Side business— This scenario is missing. Petty cash replenishment— This scenario is missing. Received bill for future seminar— This scenario is missing. Here are some good aids to assist you as well. Accounting principles are discussed in the Unit resources Reading: How to Read and Interpret Financial Statements: A Guide to Understanding What the Numbers Really Mean, Chapter 1. Beginning on page 7. Discussion of different types of accounts is in the Accounting principles unit resources: Resource: Financial Accounting, Section 2.4. In the Business Transactions unit. Accounting Principles: A Business Perspective Chapter 2 provides examples of when to increase and when to decrease an account.

5) Determines whether each account type results in an increase or decrease of the account. NOT MASTERED!!!!!

You did a very good job on this initial submission and many of the scenarios are already correct, however many of the scenarios are missing. Each of the scenarios will need to also have a principle stated from the principles referred to in the resources. Not all will be used but there are some that are specific to expenses and some that are specific to the revenues. Those are going to be utilized the most often. There are certainly a couple of common expense focused scenarios (accrual and matching) and the same holds true for revenue focused scenarios (accrual and recognition). In addition, there are principles for non-business events (accounting entity), non-monetary events (monetary unit) and even small amount type principles. Here are the comments for this submission. I will comment on the ones that need revision if necessary. Parents $5000—Principle needs revision for this transaction. Ancient cost is not a principle though. Would we include this business transaction? Accounts are both correct though. Computer purchase—Assets do increase but there are no expenses. We actually owe for the computer. 2 future rents paid—Principle needs revision for this business transaction. Would we include this business transaction? Both accounts are correct though. Interview—Principle needs revision for this non-monetary event. No accounts are needed as well. Completed $3000 work and sent bill—Revenues do increase so we just need the other account for the receipt. Personal $1000 withdrawal—This scenario is missing. Business seminar— This scenario is missing. Supplies purchased— This scenario is missing. Work $4000 completed, paid in cash and bill— This scenario is missing. Paid health insurance— This scenario is missing. Pre paid insurance-- This scenario is missing. Mileage reimbursement— This scenario is missing. Side business— This scenario is missing. Petty cash replenishment— This scenario is missing. Received bill for future seminar— This scenario is missing. Here are some good aids to assist you as well. Accounting principles are discussed in the Unit resources Reading: How to Read and Interpret Financial Statements: A Guide to Understanding What the Numbers Really Mean, Chapter 1. Beginning on page 7. Discussion of different types of accounts is in the Accounting principles unit resources: Resource: Financial Accounting, Section 2.4. In the Business Transactions unit. Accounting Principles: A Business Perspective Chapter 2 provides examples of when to increase and when to decrease an account.