Individual Assignment: Accounting Methods

Accounting Methods Grading GuideAccountingIndividual Assignment: Accounting MethodsPurpose of AssignmentThis week’s activity illustrates the role a company’s accounting method plays in financial statement reporting. In this assignment, students evaluate the events that occur in a business setting and determine how to properly analyze those events to identify the impact on both cash and accrual accounting methods.Resources RequiredGenerally Accepted Accounting Principles (GAAP)U.S. Securities and Exchange Commission (SEC)Tutorial help on Excel® and Word functions can be found on the Microsoft® Office website. There are also additional tutorials via the web offering support for Office products.Grading GuideContentMetPartially MetNot MetComments:Explained how cash and accrual accounting differs for each of the events listed in the scenario and describe the proper accrual accounting. Assessed how at the end of the year, BizCon reported a favorable net income, yet the company’s management is concerned because the company is very short of cash. Explained to management how BizCon