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Resource: Fundamental Accounting Principles, pp. 156 and 159

Complete Quick Study question QS 4-2 on p. 156 and Exercises 4-4 and 4-5 on p. 159.

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Resource: Fundamental Accounting Principles, pp. 206, 208, and 209.

Complete Quick Study question QS 5-8 on p. 206 and Exercises 5-9 and 5-13 on pp. 208-209.

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BTN 5-3 Amy Martinez is a student who plans to attend approximately four professional events

a year at her college. Each event necessitates a financial outlay of $100-$200 for a new suit and accessories. After incurring a major hit to her savings for the first event, Amy developed a different approach. She buys the suit on credit the week before the event, wears it to the event, and returns it the next week to the store for a full refund on her charge card.

Required

i. Comment on the ethics exhibited by Amy and possible consequences of her actions.

ii. How does the merchandising company account for the suits that Amy returns?

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Find the financial statements of a service company and of a merchandising company. What items appear on the merchandising company statements that don't appear on the service company statements? Why is there a difference?

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Complete Problems 5-4A on p. 212, 6-1A on p. 251, and 6-6B and 6-7B on p. 256.

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Resource: Fundamental Accounting Principles, pp. 247-249

Complete Quick Study question QS 6-1 on p. 247 and Exercises 6-1 and 6-5 on pp. 248 and 249.

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Resource: Fundamental Accounting Principles, pp. 289, 290, and 291

Complete Quick Study questions QS 7-1 and QS 7-3 on p. 289, and Exercises 7-1, 7-4, 7-7, and 7-10 on pp. 290-291.

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Megagrocer is a grocery chain that operates five stores. The stores are supplied with produce, meat, dairy, and dry goods by six separate vendors. In addition to the stores, Megagrocer maintains an ecommerce site through which customers can order and pay for groceries. The groceries are packed and delivered to customers from one of the five stores in a Megagrocer van by that store's personnel. Think about the accounting information systems that Megagrocer might use.

What types of source documents might be collected by Megagrocer to be processed by its accounting information systems?

Why are those documents important?

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Choose a popular merchandise or service company. How might the company use the accounting information systems? In what ways do these systems benefit the company? In what ways might the systems be challenging for the company?

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Resource: Fundamental Accounting Principles, pp. 338 and 339

Complete Problems 8-1A, 8-3A, and 8-4A (including the Analysis Component) on pp. 338-339. When responding to the cases in 8-1A, be sure to think critically about each case. Identify the principles of internal control that has been violated, and give an explanation of why you think that principle has been violated. Identify the consequences of the actions described in the cases. Make a recommendation for what the business should do to ensure adherence to principles of internal control.

Use the spreadsheet in Appendix B available on aXcess to complete Problem 8-4A. Be sure to use the tabs labeled SP08-04A and Given P08-04A

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Resource: Fundamental Accounting Principles, pp. 335 and 336

Complete Quick Study question QS 8-6 on p. 335, and Exercises 8-3 and 8-4 on p. 336.

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A major network is launching a reality program called The Accountant. A group of recent accounting graduates will be competing for a spot in a national accounting firm. What would make someone a good candidate for The Accountant? Describe three challenges the candidates should complete on the program, using as much detail as you can.

The challenges should test contestants' skill in challenges related to topics covered in this course. Be creative. Describe how the challenge will test the contestant's accounting skills as well as the skills the contestant should have to complete each challenge successfully.

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Resources: Appendix A, Fundamental Accounting Principles, p. 301, and Appendix C

Complete the Comprehensive Problem-Perpetual. In this project, follow the steps of the accounting cycle to process given transactions in a business environment. Then, synthesize special journals, a trial balance, financial statements, and a post-closing trial balance.

Use the spreadsheet in Appendix C available on aXcess to complete the problems. Be sure to use the tabs labeled P07C and Given P07C.

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Based on what you know about accounting, what role do you see it playing in business operations? How dependent do you think a business is on its accounting department? Why?

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Why are ethics so important in the field of accounting?

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CheckPoint: Career Opportunities

Visit the U.S. Department of Labor, Bureau of Labor Statistics at http://www.bls.gov/oco/ocos001.htm for an overview of the accounting field.

Visitwww.careers-in-accounting.com for additional details such as salary expectations and general job expectations.

Locatethree job postings within your state for positions in the field of accounting.

Writea 200- to 300-word summary of the educational requirements for each position, the starting salary (if listed), and a brief description of the responsibilities of the position.

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Writea 350- to 700-word paper describing a balance sheet, an income statement, a retained earnings statement, and a statement of cash flows. How does a company use these financial statements to make future business decisions? Use and define the following terms in your paper when explaining how a company uses the information on the statements:

Assets
Comparative statements
Liabilities
Stockholder's equity
Format your paper according to APA standards.

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Explain the differences between a proprietorship, a partnership, and a corporation in 200 to 300 words. Why would an entrepreneur want to choose one over the other? If you were starting a new business, which would you choose? Explain why.

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Write a 200- to 300-word response explaining what information would be found in each of the following groupings on a classified balance sheet and how that data might indicate the future success or failure of a business:

Current assets
Long-term investments
Property, plant, and equipment
Intangible assets
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When reviewing a financial report, why must information be reliable, relevant, consistent, and comparable? Why are these accounting characteristics important? What kinds of problems might result if a financial report is not reliable, relevant, consistent, or comparable?

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