BU211 Financial Accounting 2
Case #1
“Just the Terms, Madam! Just the Terms.”
This case study has two parts:
1. Definition of accounting terms
(Required by all students)
2. A paper expanding on the assigned accounting topic.
(Assigned by last name)
Part 1: The accounting terms which must be defined follow this general assignment. Your definitions should be concise, but through. You should also state what business groups would use or understand each term. These are accounting terms commonly used in the financial world for both evaluation and assessment of public financial statements. In a few cases, terms will overlap or be considered an “alias” or identical term.
Part 2: Each individual is assigned one of the following four discussion topics from Chapters 1 and 2 based on your last name. Your project and paper requirements follow.
1. Last Name O,P, U, V, W, X,Y,Z: Conceptual Framework of Accounting
2. Last Name J,K,L,M,N: Financial Business Activities
3. Last Name E,F,G,H,I: Accounting Standards
4. Last Name A,B,C,D: Accounting Qualitative Characteristics
EXPECTATIONS
For the selected discussion topic, identify the most important terms associated with this discussion topic from the accounting terms you have defined. The terms should relate to the common business environment, regulatory position or applied accounting for this topic. Definitions and illustrative information can be located in your textbook and other li
ary or online sources. Utilize examples when possible.
Your report must include:
1. A concise overview of the discussion topic which you selected. Include characteristics, formal regulatory concepts and recent changes, if any.
2. Identify which areas of accounting you would generally expect to find your topic. Who would be the most common users of your topic’s area?
3. Identify the accounting statements which your topic most impacts.
4. Your opinion of the business impact and significance of your topic with an example of where or who would use them.
PAPER REQUIREMENTS:
The case paper must be 2 pages long and no longer than 4 pages. Your report must be written in APA 6th edition in Times New Roman, 12 point font with one inch margins and single or single/half spacing . The source of the definitions and/or examples must be sourced.
Accounting Terms:
Account
Accounting cycle
Aging schedule
Allowance ratio
Asset
Authorized shares
Bad debt expense
Balance sheet
Capital expenditure
Capital structure
Cash flows provided (used) by financing activities
Cash flows provided (used) by investing activities
Cash flows provided (used) by operating activities
Common stock
Conceptual framework of accounting
Consistency
Contributed capital
Corporation
Cost method
Cost principle
Cu
ent asset
Cu
ent liability
Cu
ent ratio
Days-in-receivables ratio
Debt to assets ratio
Debt to equity ratio
Depreciation
Dividends
Earnings per share
Equity
Fixed asset
Going concern assumption
Income before taxes
Income statement
Internal control
Liability
Long-term liability
Matching principle
Materiality
Net book value
Net income
Note payable
Note receivable
Off-balance-sheet financing
Operating profit
Outstanding shares
Patent
Percentage-of-receivables approach
Percentage-of-sales approach
Profit margin ratio
Reliability
Retained earnings
Return on assets ratio
Revenue
Risk assessment
Sales
Solvency
Statement of cash flows
Statement of retained earnings
Statement of stockholders' equity
Treasury stock