ACC201 Module 1 - Case
Financial Statements
Assignment Overview
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There are three main parts to this case that require you to prepare and submit a 3- to 5-page paper. Please make sure this paper is well organized and covers all of the items below.
Part I
Search the course background information, the Internet and/or the Cyber Library. Discuss the terms listed below. Your discussion should expand on the definition as given in the module background. Explain why these concepts are important to financial statements.
•Generally Accepted Accounting Principles (US GAAP);
•International Accounting Standards (IFRS);
•Securities and Exchange Commission (SEC);
•Annual report; and
•10-K, 10-Q, and 8-K
Part II
Explain the basic formats of financial statements such as income statement, balance sheet, statement of cash flows, and statement for retained earnings.
Part III
1.Everything in Accounting typically falls into one of three categories, as illustrated by the Accounting Equation. State the Accounting Equation: Assets = _______________ + _______________
2.You will note that the Accounting Equation comprises 3 "categories," each of which can be broken down further into accounts. For each of the three main categories of the Accounting Equation, list 5 or more accounts with actual amounts that would typically be classified into each. For instance, Land & Equipment would typically be categorized as Assets.
3.To simplify your answers, complete the assignment using a basic table or diagram.
Module 1 - SLP
Financial Statements
Below, find the trial balance for Nybrostrand Company. Prepare an income statement and balance sheet, in good format, based on Formats of Financial Statements(Presentations). After you have completed the two statements, comment on the success of the company. Support your answer with information from the financial statements you just prepared....