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Case Study Open Doors Assignment
Case Study Open Doors Assignment
For each Case Study Assignment, you will read the assigned case study and analyze the case scenario/research through a series of questions. The overall structure of each case is similar in that each case begins with an abstract followed by a description of the scenario/research and concludes with a discussion about the situation. The discussion is simply a series of unique questions about the case scenario that you will answer as your Case Study Assignment.
No abstract is required for the Case Study Assignment nor are an introduction or conclusion; simply type the questions as an APA style heading and respond. Ensure the following are met:
- Must be supported with at least 4 scholarly (peer reviewed) research articles in your response.
- Must be at least 900 words (the word count does not include the question text, cover page, or reference page)
- Use proper grammar, current APA format and submit in MS Word format
The cases can be found in McGraw Hill Connect or as documents in the Resources section.
The questions for each Case Study Assignment can be found in McGraw Hill Connect as follows:
- Hero Builder’s Case Study Assignment: see case page 2
- Open Door’s Extending Hospitality to Travelers with Disabilities Case Study Assignment: see case page 6
- Donatos Finding the New Pizza Case Study Assignment: see case page 3
View the Case Study Resources section under each Case Study page.
Completing the Accounting Cycle
Completing the Accounting Cycle
Answer questions related to the accounting cycle.
Introduction
A company may be profitable but cash poor, or generating millions of dollars in revenue but still not profitable. How the business transactions are reported in books is very important for regulators as well as investors. Accurate reporting of business transactions is essential for transparency.
This course has introduced the accounting process of analyzing, classifying, and summarizing business transactions into accounts. Now, you begin to examine things in more detail, including:
- The difference between the cash basis and accrual basis of accounting.
- The classes and types of adjusting entries (prepared at the end of an accounting time frame).
- Use of a worksheet to summarize the work completed during the accounting period.
- The preparation of an organization\’s closing entries.
- How to report financial data using a classified balance sheet.
Overview
This assessment focuses on the need for adjusting entries, including:
- The difference between the cash and accrual bases of accounting.
- The concept of adjusting entries and how they are prepared.
- How to classify adjusting entries.
- The concept of asset depreciation and its effect on book values.
Preparation
- Complete the Assessment 3 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 courseroom.
Step 1: Compare and contrast how revenues and expenses are reported under the cash basis of accounting and the accrual basis of accounting.
Step 2: Explain why adjusting entries are necessary at the end of an accounting period.
Step 3: Identify examples of an adjusting journal entry for various types of transactions.
Step 4: Explain accumulated depreciation.
Step 5: Identify which account balances are extended to the Income Statement columns, the Statement of Retained Earnings columns, and the Balance Sheet columns.
Step 6: Determine the current ratio between assets and liabilities for a given year.
Step 7: List the accounting cycle steps in proper order.
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.
- Compare and contrast how revenues and expenses are reported under the cash basis of accounting and the accrual basis of accounting.
- Explain accumulated depreciation.
- List the accounting cycle steps in proper order.
- Competency 2: Apply accounting cycle strategies to manage business financial events.
- Explain why adjusting entries are necessary at the end of an accounting period.
- Identify examples of an adjusting journal entry for various types of transactions.
- Identify which account balances are extended to the Income Statement columns, the Statement of Retained Earnings columns, and the Balance Sheet columns.
- Determine the current ratio between assets and liabilities for a given year.
- 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.
Accounting Cycle and Journal Entries
Accounting Cycle and Journal Entries
You will answer questions about the accounting cycle and prepare general journal entries.
Introduction
Have you looked at the balance sheet or income statement of companies like Apple, Microsoft, Google, Amazon, or Facebook? What is their cash situation? How much profit are they making? What is their stock price? Investors and market participants examine such information on regular basis through a company’s financial statements.
When an organization reports its financial results to the world, the external users look to see if the organization made any money during its most recent year. Will the assets the organization owns, minus the debts it owes, result in any leftovers that can be put back into the organization to make more money, or reward the shareholders for their investment in the organization?
You have studied the business language of accounting and financial statements, and now you will explore the accounting cycle and its first few steps, including:
- Recording of business transactions.
- Using general journal entries.
- Learning how a trial balance is used to prove the work completed in the first few steps in the accounting cycle.
Overview
In this assessment, you are required to answer questions about the accounting cycle and prepare general journal entries.
Preparation
- Use the Assessment 2 Template [XLSX] to complete this assessment.
- Review all suggested readings.
Note: Accuracy in accounting is paramount. Take your time and double-check your work for errors or omissions.
Instructions?
Step 1: Describe the accounting cycle with specified details.
Step 2: Create required journal entries.
Complete both parts using the Assessment 2 Template.
Part 1: Accounting Cycle
Respond to the short-answer questions found in the template on the Accounting Cycle tab using proper grammar and language.
Part 2: Journal Entries
Prepare specified journal entries.
Save and submit your completed template in the courseroom.
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.
- Describe the accounting cycle with specified details.
- Competency 3: Prepare financial statements from accounting system data.
- Create required journal entries.
- 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.