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Complete a 3-part assessment that requires you to think critically to categorize business transactions, apply knowledge about the accounting equation, and identify accounting conventions for business scenarios.
This assessment was designed to enhance your understanding of the foundation of accounting procedures and processes.
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:
Accounting is often called the language of business, and rightfully so, because all business organizations set up an accounting information system to communicate data to help individuals make better decisions. These individuals are members of two important groups: external users and internal users.
External users represent a group that is not directly involved in running an organization. However, they are invaluable to the smooth running of the organization’s moving parts. They are shareholders, lenders, customers, suppliers, regulators, brokers, and the media. This group is characterized by its need for financial accounting data.
Internal users of accounting information are those directly involved in managing and operating an organization. This group is characterized by its need for managerial accounting data.
To deepen your understanding, you are encouraged to consider the questions below and discuss them with a fellow learner, a work associate, an interested friend, or a member of the business community.
The following resources are required to complete the assessment.
Click the links provided to view the following resources:
The following optional resources are provided to support you in completing the assessment or to provide a helpful context. For additional resources, refer to the Research Resources and Supplemental Resources in the left navigation menu of your courseroom.
Click the links provided below to view the following multimedia pieces:
Click the following link to view a video purchased through Films Media Group for use in this Capella course. Any distribution of video content or associated links is prohibited.
The following e-books or articles from the Capella University Library are linked directly in this course:
A Capella University library guide has been created specifically for your use in this course. You are encouraged to refer to the resources in the BUS-FP3061 – Fundamentals of Accounting Library Guide to help direct your research.
Access the following resources by clicking the links provided. Please note that URLs change frequently. Permissions for the following links have been either granted or deemed appropriate for educational use at the time of course publication.
The resources listed below are relevant to the topics and assessments in this course and are not required. Unless noted otherwise, these materials are available for purchase from the Capella University Bookstore. When searching the bookstore, be sure to look for the Course ID with the specific –FP (FlexPath) course designation.
This assessment includes three parts. Use the Assessment 1 Template, which is an Excel workbook and is linked in the Resources under the Required Resources heading, to complete all three parts. You will find each of the three assessment parts under a separate worksheet in the template.
Count everything, or almost everything. Just about every event that happens in a business results in changes to the assets, liabilities, or equities. For this reason, it is critical for the accountant to analyze how every business event affects the basic accounting equation, and how every event must be managed. Part 1 of the assessment is a good test of your critical thinking skills as you apply them to the components of the accounting cycle, in particular the basic accounting equation for the balance sheet.
Given below is a list of 15 business transactions. Using Part 1 of the Assessment 1 Template, indicate whether each transaction increased (+), decreased (–), or had no effect (NE) on assets, liabilities, and owner’s equity.
The accounting equation requires that it always be kept in balance after a business transaction has been processed. This requires the accountant to have applied knowledge of all parts of the equation and to be able to critically analyze when the equation is not in balance. Part 2 of the assessment provides you an opportunity to apply your accounting equation intelligence quotient.
Using your knowledge about the accounting equation, answer the following questions in Part 2 of the Assessment 1 Template. Be sure to show your calculations.
Accounting conventions represent the principles, assumptions, and rules that guide an accountant as he or she analyzes the effects of business events on the accounting cycle and applies them to various cycle procedures. Part 3 of the assessment requires you to determine which of these conventions apply to a given business scenario to enhance your understanding of the foundation of accounting procedures and processes.
Using Part 3 of the Assessment 1 Template, identify the applicable accounting convention for each of the following business scenarios. More than one convention may apply to each scenario. Explain your choices for each scenario.
Before completing the scenarios consider and describe what role ethics has throughout the accounting process and reporting to internal and external customers. Throughout your assessments ensure that you apply ethics to your decision making and reporting.
Submit the Assessment 1 Template with all three parts completed.
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