acc/291 team paper
Week Three Weekly Reflection
ACC/291 PRINCIPLES OF ACCOUNTING II
Weekly Reflection
Week Three
There are many topics that are covered in week three and with the Christmas and New Year’s break the team would find it beneficial to cover all the topics. These topics include:
Chapter 11
1. Identify the major characteristics of a corporation.
2. Record the issuance of common stock.
3. Explain the accounting for treasury stock.
4. Differentiate preferred stock from common stock.
5. Prepare the entries for cash dividends and stock dividends.
6. Identify the items that are reported in a retained earnings statement.
7. Prepare and analyze a comprehensive stockholders’ equity section.
Chapter 12
1. Discuss why corporations invest in debt and stock securities.
2. Explain the accounting for debt investments.
3. Explain the accounting for stock investments.
4. Describe the use of consolidated financial statements.
5. Indicate how debt and stock investments are reported in financial statements.
6. Distinguish between short-term and long-term investments.
Although the team has individually read the weekly overview “Equity and Investments” found in the material section online and the power points on chapter 11 and 12, but are still not clear on all the material. It is kind of confusing to remember all of the different types of stock a company issues and how to annotate them in the books. Also par and non-par issued stocks are somewhat difficult to grasp, especially when it comes to the company selling the two different stocks at a different price than they were assayed. Annotation of those transactions is a little difficult to understand as far as whether they are annotated as either debts or credits. Calculating and recording interest revenue from the value of bonds times the interest rate times the portion of the year the bond is outstanding is another area that would be very helpful to cover and reinforce our understanding. Trading
ACC/291 PRINCIPLES OF ACCOUNTING II
Weekly Reflection
Week Three
There are many topics that are covered in week three and with the Christmas and New Year’s break the team would find it beneficial to cover all the topics. These topics include:
Chapter 11
1. Identify the major characteristics of a corporation.
2. Record the issuance of common stock.
3. Explain the accounting for treasury stock.
4. Differentiate preferred stock from common stock.
5. Prepare the entries for cash dividends and stock dividends.
6. Identify the items that are reported in a retained earnings statement.
7. Prepare and analyze a comprehensive stockholders’ equity section.
Chapter 12
1. Discuss why corporations invest in debt and stock securities.
2. Explain the accounting for debt investments.
3. Explain the accounting for stock investments.
4. Describe the use of consolidated financial statements.
5. Indicate how debt and stock investments are reported in financial statements.
6. Distinguish between short-term and long-term investments.
Although the team has individually read the weekly overview “Equity and Investments” found in the material section online and the power points on chapter 11 and 12, but are still not clear on all the material. It is kind of confusing to remember all of the different types of stock a company issues and how to annotate them in the books. Also par and non-par issued stocks are somewhat difficult to grasp, especially when it comes to the company selling the two different stocks at a different price than they were assayed. Annotation of those transactions is a little difficult to understand as far as whether they are annotated as either debts or credits. Calculating and recording interest revenue from the value of bonds times the interest rate times the portion of the year the bond is outstanding is another area that would be very helpful to cover and reinforce our understanding. Trading
Citations: Kimmel, P. D., Wetgandt, J. L., & Kieso, D. E. (2009). Financial Accounting 5 Tools for Business Decision Making. Retrieved from https://portal.phoenix.edu/classroom/coursematerials/acc_290/20131106/OSIRIS:44348065.