Solved by verified expert:I have 3 short assignments that I am not able to finish because of work. I have them all on Word document.
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Discussion 2: Analyzing Relationships
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Last week, you examined Coca-Cola’s financial statements. According to FASB
standards, financial statements are made up of ten elements. This week, you will
analyze the relationships between these elements, and compare your analyses with
your colleagues.
Refer to pages 42 and 58–59 of Intermediate Accounting, as well as the FASB website.
On the FASB website, locate the list of financial statement elements by clicking the
“Standards” tab, then “Concepts Statements,” and finally “Concepts Statement No. 6.”
By Day 5
Post at least 200 words answering the following questions:
How are the 10 financial statement elements related to one another? How do they
differ?
Identify where each of these elements are reported in the financial statements.
Assignment 1: Methods of Reporting
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In last week’s first Discussion, you located a public company’s financial statements and
discussed its accounting standards. For this Application, return to those financial
statements and use what you have learned in your readings this week to analyze the
company’s method of reporting. Does it provide enough information for the reader?
Refer to the diagram on page 57 of Intermediate Accounting, Concepts Statement No.
5, and the AICPA website. On the FASB website, locate Concepts Statement No. 5 by
clicking the “Standards” tab, then “Concepts Statements,” and finally “Concepts
Statement No. 5.”
In an essay (of at least 250 words), address the following questions:
What method of reporting is prescribed in Concept Statement No. 5?
What additional information for users do the notes to the financial statements provide,
that is not provided in the financial statements?
Assignment 2: Qualitative Characteristics
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This week’s readings covered the qualitative characteristics of useful accounting
information, along with some accounting assumptions and principles. These exercises
will test your knowledge of these concepts, as well as introduce some ethical
considerations in income reporting.
Complete the following cases in the Intermediate Accounting textbook:
C1-10, “The Codification: Recording Costs” (Supplemental Booklet)
C2-1, “Qualitative Characteristics”
C2-2, “Accounting Assumptions and Principles”
C2-18, “Ethics and Income Reporting”
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