- Review the Weekly Activities for Week 4.
- Write a brief report with at least two paragraphs.
- Submit this as a Word document.
The report should address:
- What areas did I have difficulty with and what areas did I find easy to understand?
- Was I successful in my time management or did I run out of time to complete my work to a high-quality level?
- Are there any changes I should make in my approach to the class for future weeks?
- Questions remaining after reading discussions related to weekly learning activities.
This week we will continue our exploration of current assets with a focus on cash, accounts receivable, and current liabilities such as accounts payable and payroll liabilities. Protection of assets by use of internal control processes will also be reviewed.
Week 4 Outcomes
After completing this week, you should be able to
- Analyze Fraud in the Accounting Workplace
- Define and Explain Internal Controls and Their Purpose within an Organization
- Describe Internal Controls within an Organization
- Define the Purpose and Use of a Petty Cash Fund, and Prepare Petty Cash Journal Entries
- Discuss Management Responsibilities for Maintaining Internal Controls within an Organization
- Define the Purpose of a Bank Reconciliation, and Prepare a Bank Reconciliation and Its Associated Journal Entries
- Describe Fraud in Financial Statements and Sarbanes-Oxley Act Requirements
- Explain the Revenue Recognition Principle and How It Relates to Current and Future Sales and Purchase Transactions
- Account for Uncollectible Accounts Using the Balance Sheet and Income Statement Approaches
- Determine the Efficiency of Receivables Management Using Financial Ratios
- Discuss the Role of Accounting for Receivables in Earnings Management
- Apply Revenue Recognition Principles to Long-Term Projects
- Explain How Notes Receivable and Accounts Receivable Differ
The primary source for course reading material each week is Principles of Accounting and located at https://www.principlesofaccounting.com/. This source is in webpage format and includes videos. The Open Stax text is supplemental reference material. Additional reference materials are also provided in the learning resources.