BUS3061 week 4 assignments
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supplement_information.docxSupplement information
Welcome to week #4 of BUS3061. Begin each week’s work by completing the specific unit’s Learning Activities. Included in the unit four studies, you are to read and study Chapters 6 and 7 of the Accounting Principles: A Business Perspective, Financial Accounting, (Chapters 1-8 edition) text by Hermanson, Edwards, and Maher. The link for the PDF copy of this text is located in the Resources section of each unit's study. You may also purchase a hard-copy through Capella's bookstore. Also, make sure you review the multimedia presentations included in each unit's studies.
Information relating to the Unit 4 Discussion Topic: Be advised to address this week's Discussion topic you need to rely on information presented in previous units of study. Discussions of the accounting cycle are found in unit two and unit three studies; specifically at: Chapter 3, section 3.5 and at Chapter 5, section 5.3 and Chapter 5 Exhibit 19.
Information relating to both Unit 4 Assignments:
You will observe that a Proficient-level question is asked ... and is then followed by a Distinguished-level question. These two questions are companion questions. After responding to the Proficient-level and Distinguished-level for the first question, respond to the next set of Proficient-level and Distinguished-level questions. Repeat this process until all questions have been responded at both the Proficient-level and Distinguished-level.
Answering an assignment question completely and correctly only at the Proficient-level generally results in a ranking of Proficient on the Scoring Guide Rubric and will result in a grade of 85% for the entire assignment if each question is graded as Proficient. Answering each question completely and correctly ... AND ... correctly responding to the EXTRA REQUIREMENT contained in the Distinguished-level question for each question ... will result in a Scoring Guide Rubric ranking of Distinguished and will result in a grade of 100% for the entire assignment if each question is answered Proficiently (completely and correctly) AND the correct Distinguished-level response is also given for each question.
u04a1 Assignment Hints/Suggestions: The u04a1 assignment will familiarize you with accounting assumptions, concepts, principles, modifying conventions, objectives, qualitative characteristics, and accounting policies. Here are some hints and suggestions for certain questions in this assignment:
u04a1 Question 1: In this question, you are asked to discuss the effects of the major accounting assumptions on the accounting process. What is meant by "discuss the effects" is to provide a description as is reviewed in Section 6.4 of the text.
(Provide 3 correct responses for a Basic-level work. Provide 4 correct responses for Proficient-level work. Provide all 5 correct responses for Distinguished-level work.)
u04a1 Question 2: Reference Section 6.5 of the text for the other basic concepts.
u04a1 Question 5: Here is the correct response to the first two items, that serves as an example of an acceptable response (feel free to use these 2 responses and respond to the remaining 6 listed items in the same format):
Acctg. Procedures Principle(s) Assumption(s) or Concept(s)
1) Inventory recorded at lower of cost or market C: Conservatism (P. 268)
2) Truck purchased: reported at 80% of its cost GC/C: Going Concern/ Continuity (P. 255)
(Provide 4 or 5 correct responses for a Basic-level work. Provide 6 or 7 correct responses for Proficient-level work. Provide all 8 correct responses for Distinguished-level work.)
u04a2 Assignment Hints/Suggestions: The u04a2 assignment will familiarize you with an introduction to inventories and the classified income statement. Here are some hints and suggestions for certain questions in this assignment:
u04a2 Question 1: In the Distinguished-level question, you are asked to describe how the gross margin for a merchandising company is determined. To respond to this, you may simply provide the formula to compute gross margin and provide the formula to compute cost of goods sold.
u04a2 Question 2: This question is asking for information concerning determining the quantity of inventory on hand: Accordingly, respond to this question identifying and describing the Perpetual and Periodic inventory procedures.
u04a2 Question 3: In the Distinguished-level question, you are asked to supply the missing term(s). Here is the correct response to the first of the five items. Feel free to use this response and then respond to the remaining items in a similar format:
Net Sales = Gross Sales - ([ Sales Discounts ] + Sales Returns and Allowances)
u04a2 Question 4: In the Proficient-level question, it is acceptable to use section 7.10 Key Terms ... for discussing Gross Margin.
In the Distinguished-level question, you might access Wikipedia and enter the term "Gross Margin." Within this information, you will find a section called "Differences Between Industries." Also, feel free to use any source of information you prefer.
(More) Information relating to both Unit 4 Assignments:
Write your responses in a Microsoft Word document and submit it as an attachment in the assignment area.
It is VERY IMPORTANT THAT YOU CONTINUE ON A STRONG FOOTING in our study of the fundamentals of accounting. Do be prepared to re-read and re-study many of the concepts of this course so as to form a strong base. Students need a strong understanding of the material throughout the course because concepts learned throughout are required to be solidly understood so as to master concepts to be developed later in the course.
Remember, when submitting assignments; this is your chance to make an initial favorable impression. Learners are not given the opportunity to redo average, below average, or incomplete work. Also, please submit your assignments on time so as to receive full credit for your work. Assignments submitted late incur substantial point deductions as discussed in faculty expectations. In addition, please name your assignment attachment document preceded with your last name and then the assignment number (e.g., Smith u01a1).
Again, be reminded that you respond the Scoring Guide's Grading Rubric at the Distinguished level in order to obtain maximum point value for each question. The grading for this course's assignments relies heavily on the various Scoring Guide Grading Rubric categories. The Scoring Guide Grading Rubric for each assignment is contained in the RESOURCES section of the assignment, at the "Scoring Guide" tab. Learners should access and review this scoring guide grading rubric for each question of each assignment as your work is being prepared; and it is recommended you review it again prior to assignment submission as a double check.
Good luck to you on both unit 4 assignments … and in all aspects of this Fundamentals of Accounting course.
