ACCT 550 Course Project Balance Sheet and Single-Step Income Statement
Course Project Title: Balance Sheet and Single-Step Income Statement
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).
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
Making proper selection of accounts relative to the balance sheet or the income statement
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
Each account belongs to a particular subgroup. The student is to determine which subgroup the account belongs. This should be done according to functionality.
Preparing the balance sheet in good form
Proper form is important in the preparation of the balance sheet. Examples can be found in the text.
Preparing the income statement in good form
Proper form is important in the preparation of the income statement. Examples can be found in the text.
Ensuring that the Balance Sheet and the Income Statement have been computed correctly
It is important that the balance sheet and income statement are computed correctly and have the correct totals. An incorrect total in any part of the financials can invalidate the entire project.
A quality project will meet or exceed all of the above requirements.