Principles of Accounting II week 2 assignment
Principles of Accounting II week 2 assignment
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WEEK TWO: The assignments and exams for Chapters Fifteen and Sixteen should be completed this week.
Chapter Fifteen will explain how investments are reported on the Balance Sheet, and the accounting issues involved in determining what amounts should be reported. These investments are separated into five categories: Trading Investments; Held-to-Maturity Investments; Available-for-Sale Investments; Significant Interest Investments; and Controlling Interest Investments. Because of the complicated nature of Controlling Interest Investments, the accounting treatment for these items is not shown. For the other investments, pay careful attention to the accounting method used in reporting (Fair Value, Amortized Cost or Equity) and whether and how that affects the reporting on the Income Statement and Balance Sheet.
Chapter Sixteen covers the Statement of Cash Flows, which is the fourth major financial statement. The Statement of Cash Flows is briefly covered in the early part of Principles of Accounting I, but is left to a much fuller discussion until this chapter. The statement can be prepared using either the Direct or the Indirect method, and we will primarily use the Indirect method. Cash flows for the statement are broken down into three categories or activities. Operating Activities concern those inflows and outflows of cash from day-to-day operational items. Investing Activities concern the inflows and outflows of cash from buying and selling long-term assets. Financing Activities are those items that bring in or track the outflow of cash for financing purposes, such as acquiring or paying off long-term debt, selling stock and paying dividends.
I strongly encourage you to view the DemoDocs available on MAL for these chapters. The DemoDocs help to explain some of the difficult steps in these chapters.
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