Recent orders
Accounting assumptions concepts principles modifying conventions objectives qualitative characteristics accounting policies and the income statements for service and merchandising organizations
Accounting assumptions concepts principles modifying conventions objectives qualitative characteristics accounting policies and the income statements for service and merchandising organizations
Answer questions about accounting theory and merchandising accounting.
Introduction
A legal firm\’s operations are different than Ford or GM operations. Lawyers provide a service whereas Ford is a manufacturing business that needs to maintain an inventory of various parts used in their vehicles. Each requires its own accounting approach.
We now delve into accounting theory in greater depth. Now that you have learned some accounting procedures, you are better able to relate these theoretical concepts to accounting practice. Accounting theory is a set of basic concepts, assumptions, and related principles that explain and guide the accountant\’s actions in identifying, measuring, and communicating financial information.
Your study of accounting began with service companies as examples because they are the least complicated type of business. You are now ready to apply the accounting process to a more complex business type: a merchandising company. This type of company is represented by manufacturers, wholesalers, and retailers.
Overview
This assessment focuses on accounting assumptions, concepts, principles, modifying conventions, objectives, qualitative characteristics, accounting policies, and the income statements for service and merchandising organizations. It requires knowledge of the following:
- The effects of accounting assumptions on the accounting process.
- The effects of accounting concepts on the accounting process.
- How generally accepted accounting principles (GAAP) affect financial reporting.
- The impact of modifying conventions on the accounting process.
- How accounting objectives, qualitative characteristics, and policies affect financial reporting.
- The differences and similarities between income statements for service and merchandising organizations.
- The methods used to determine the amount of merchandise inventory on hand.
- How to use the gross margin percentage as a tool for financial analysis.
Preparation
- Complete the Assessment 4 Template [DOCX].
- Review all suggested readings.
Note: Accuracy in accounting is paramount so take your time and double-check your work for errors or omissions.?
Instructions?
Answer questions correctly. When you are satisfied with your responses, save and submit your template in the classroom.
Step 1: Discuss the effects of the five major accounting assumptions on the accounting process.
Step 2: Describe the five concepts\’ impact on the accounting process.
Step 3: Describe the five major accounting principles.
Step 4: Describe the impact on the accounting process of the three modifying conventions.
Step 5: Identify the accounting procedures of Principles, Assumptions, Concepts.
Step 6: Complete the equations of merchandising accounting.
Step 7: Describe the two methods used to determine merchandise inventory.
Three methods of costing alternative methods of calculating inventory cost
Three methods of costing alternative methods of calculating inventory cost
Answer questions regarding inventory management.
Introduction
Inventories are the least liquid form of any assets. In other words, they cannot be converted into cash easily. Inventories can be in the form of raw material, goods under process, or finished goods, but unless the finished goods are sold, cash is tied up into inventories. Similarly, if the raw material is not converted into final goods, then cash is blocked in raw material. Therefore, managing inventories and supply chains is very important for merchandising businesses.
Have you ever taken advantage of a preinventory sale at your favorite retail store? Many stores offer bargain prices to reduce the merchandise on hand and to minimize the time and expense of taking the inventory. A smaller inventory also enhances the probability of taking an accurate inventory since the store has less merchandise to count.
From your studies you know that companies use inventory amounts to determine the cost of goods sold. This major expense affects a merchandising company\’s net income. Now, you examine the importance and role of inventories in preparing an accurate income statement and balance sheet. Your work will also stress the importance of having accurate inventory figures and the serious consequences of using inaccurate inventory figures. After more study, you should understand how taking inventory connects with the cost of goods sold figure on the store\’s income statement, the retained earnings amount on the statement of retained earnings, and both the inventory figure and the retained earnings amount on the store\’s balance sheet.
Overview
This assessment focuses on cost flow assumptions and inventory valuation. It requires an understanding of:
- The value of proper merchandise inventory valuation for an organization\’s financials.
- The concept of the physical flow of goods.
- The most commonly used inventory valuation methods.
- How to use alternative historical cost methods for valuing merchandise inventory.
- How to use the inventory turnover ratio as a tool for financial analysis.
Preparation
- Complete the Assessment 5 Template [DOCX].
- Review all of the suggested resources and readings.
Note: Accuracy in accounting is paramount so take your time and double-check your work for errors or omissions.
Instructions
Answer questions correctly. When you are satisfied with your responses, save and submit your template in the courseroom.
Step 1: Identify the costs to be included when calculating inventory cost.
Step 2: Explain ?the three methods of costing and which one will yield the highest tax net income where price level is declining.
Step 3: ?Describe alternative methods of calculating inventory cost.
Step 4: Calculate the inventory turnover for a company.
Step 5: Identify which methods to determine shrinkage or shortage in the physical inventory.?
Competencies Measured
?By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:
- Competency 1: Define accounting terminology and its application to accounting principles.
- Identify the costs to be included when calculating inventory cost.
- Explains the three methods of costing and which one will yield the highest tax net income where price level is declining.
- Explain methods to determine shrinkage or shortage in the physical inventory.
- Competency 2: Apply accounting cycle strategies to manage business financial events.
- Describe alternative methods of calculating inventory cost.
- Calculate the inventory turnover for a company.
- Competency 4: Convey purpose, in an appropriate tone and style, incorporating supporting evidence and adhering to organizational, professional, and scholarly writing standards.
- Convey clear meaning through appropriate word choice and usage.
Moral Theories Principles of Health Care Ethics and Professional Ethics Codes
Moral Theories Principles of Health Care Ethics and Professional Ethics Codes
Identify the professional code of ethics for your professional specialty or a specialty that you are interested in, describe the decision criteria, and analyze each theory using examples and the Ethical Theory Matrix Template.
Moral Theories, Principles of Health Care Ethics, and Professional Ethics Codes
Ethics is a branch of philosophy devoted to the study of morality. Ethics has a long history of theories about determining right from wrong and identifying the principles of living a good life. For this assessment, you will be asked to apply foundational principles in ethics, such as autonomy and justice, in a relevant health care setting.
Each profession within health care has its own code of ethical behavior designed to help individuals within that profession to make sound ethical choices in carrying out the tasks and practices particular to their professional role. It may be useful to locate one or more relevant codes of ethics for your current or desired career path. This research will be beneficial to your professional development, and you will have a chance to apply it to the Tonya\’s Case: Ethics and Professional Codes assessment in this course.
Autonomy, Truth-Telling, and Confidentiality
These are broad-ranging topics, which, if taken alone, seem almost comically simple. Of course, rational people of legal age should be able to make decisions concerning themselves and their minor children. Of course, medical professionals should be honest with patients, and, of course, patients should be honest with members of their health care teams. Of course, one\’s medical issues should be kept private. But rarely are things as simple as they seem. Take some time to scratch beneath the surface, and we encounter myriad ethical dilemmas.
Honesty tends to be a revered trait in many cultures. However, many people admit to lying occasionally, especially if the intent is to spare someone pain, embarrassment, or anguish. Is lying to someone because of love, concern, or reputation ever ethical?
Privacy and confidentiality are also important concepts. But are there limits? Can the greater good ever outweigh the rights of individuals?
And at what point can others, whether an individual or an entity such as a government body, ethically determine someone\’s actions, fate, or choices? Fluoridated water, smoking regulations, compulsory K–12 education, and speed limits are only a few examples of how we, as a society, agree to limited personal freedoms because these things are good for us.
Demonstration of Proficiency
By successfully completing this assessment, you will demonstrate your proficiency in the course competencies through the following assessment scoring guide criteria:
- Competency 1: Articulate ethical issues in health care.
- Articulate the time-tested theories of ethics.
- Describe the strengths and weaknesses of the time-tested theories of ethics.
- Competency 4: Explain the conceptual framework that health care leaders use to make ethical decisions.
- Identify the decision criteria of the time-tested theories of ethics.
Preparation
As you begin work on your Ethical Theories Matrix assessment, it may be helpful to review the suggested resources focused on moral and ethical considerations. For your own reference, you may want to briefly jot down your thoughts related to:
- An inventory of the basic principles of health care ethics. These principles are nonmaleficence, beneficence, utility, distributive justice, and autonomy.
- An explanation of each principle as well as your own example to illustrate the application of each.
Instructions
Drawing from the material covered in the resources as well as your own research, complete this assessment using the Ethical Theory Matrix Template [DOC].
- For each theory, first describe the decision criteria. The decision criteria are the instructions the theory gives for how to reach the morally correct choice in a situation that requires action.
- Then, provide your own example of how someone might act using the decision criteria of the theory.
- Finally, briefly describe the strengths and weaknesses of each theory using the last two columns of the Ethical Theory Matrix Template.
The suggested resources for this assessment could help you get a start on completing the matrix, but do not hesitate to use any outside resources that you can find online, the Capella library, or elsewhere.
This matrix is a tool you will use throughout the rest of the course. Submit your completed matrix as an attachment to this assessment.
Refer to the Matrix of Ethical Theories Scoring Guide for more information on how this assessment will be graded.