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Acct 550 Course Project Balance Sheet and Single-Step Income Statement

  • Date Submitted: 09/17/2016 10:13 PM
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ACCT 550 Course Project Balance Sheet and Single-Step Income Statement
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Course Project Title: Balance Sheet and Single-Step Income Statement

Objective

To prepare a comprehensive balance sheet and Single-Step Income Statement presented in good form and derived from a list of various accounts. The amounts relative to each account will be given and the student will learn to determine whether an account is a balance sheet account or a temporary account that belongs to the income statement. The accounts will be comprised of all the various subgroupings in the balance sheet (Current Assets, Investment, Fixed Assets, Intangibles, and Other Assets, as well as Current Liabilities, Long-term Liabilities, and the Equity sections).

Guidelines

• Obtain the list of accounts under the title of Course Project in Doc Sharing
• Determine which accounts belong to the Balance Sheet and which accounts belong to the Income Statement
• Determine to which subgroup each account belongs
• Arrange the accounts in proper order and functionality
• Prepare a Comprehensive Balance Sheet in good form
• Prepare a Single-step Income Statement in good form
• Put the Course Project in the Dropbox for the project in Week 8

Grading Rubrics
Category Points % Description
Making proper selection of accounts relative to the balance sheet or the income statement 30 20 From the provided listing of accounts determine which accounts are Balance Sheet accounts and which accounts are Income Statement accounts.
Putting the accounts into the proper subgroup according to functionality 15 10 Each account belongs to a particular subgroup. The student is to determine which subgroup the account...

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