Assignements ACCT 220

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Liberty University *

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220

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Accounting

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Jan 9, 2024

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lWEEK 1: Introductions DB Hi classmate, I'm Jean-Joseph Boni and this is my first class with UMGC. I'm currently working as a Data Center Engineer. My educational background is B.A in Public Policy and B.S in Data and Network Security from Liberty University. I am pursuing a Business Administration B.A in order to move to a managerial position at my job. I have transferred a good amount of credit so I should in done in about 1 year and half. Hope you all learn something in this class! Scavenger Hunt I think the Turninit Draft Coach is great tool for all classes to be honestly. It will help us students/learner to double check on our work before we submit them and to avoid being penalize for unintentional plagiarism. The tool also helps with grammar check which is a plus. SEC 10-K Project: Request a Corporation to Study – 9/27 UPS on NYSE I chose UPS because it is the world leader in shipping merchandises to customer and it has been a major player during the COVID19 pandemic by continuing to deliver essential goods to the American people while they were confined in their homes. UPS' Sec 10-K Report (August, 3 2022) Income Statement: refer to page 3 Balance Sheet: refer to page 2 Statement of Stockholders Equity: refer to page 26 Statement of Cash Flows: refer to page 4 The Consolidated Balance Sheets appeared first.

WK2: SEC 10-K Financial Statements Overview Answer all of the following questions and do not cut and paste from your company SEC report. 1. What is the Description and Dollar Value of the first line on the Income Statement (it may be net sales)? -First line of the income Statement states “Net Income” and it reports $5,511,000,000 (2022) 2. Locate the Balance Sheet (it may have a different heading, such as the Statement of Financial Position). The Balance Sheet is located on page 2. This page contains current assets, liabilities and shareowners’ equity. 3. What are the names of the assets and their values (if more than five line items, report only the first five line items and dollar values)? Cash and cash equivalents: $ 11,735,000,000 (2022) Marketable securities: $336,000,000 (2022) Accounts receivable: $ 11,541,000,000 (2022) Less: Allowance for credit losses: $ 160,281,000,000 (2022) 4. Statement of Owner’s Equity: Post the line items and dollar values in the "Equity" section of the balance sheet. You will likely find line items including Common Stock, Retained Earnings (or Deficit), and Treasury Stock. Preferred stock: 0 (2021) Common stock (138 shares Class A): $2,000,000 (2022) Common stock (732 shares Class B): $7,000,000 (2022) Additional paid-in capital: $573,000,000 (2022) Retained earnings: $18,958,000,000 (2022) Accumulated other comprehensive income (loss): -$3,251,000,000 (2022)

Deferred compensation obligations: $12,000,000 (2022) Less: treasury stock (0.2 shares): 12,000,000 5. What is the Net Income (or Net Loss) for your SEC 10-K company? Net Income (Loss) is $5,511,000,000 Source: USP Sec 10-K https://www.sec.gov/ix?doc=/Archives/edgar/data/1090727/000109072722000034/ups- 20220630.htm Discussion Requirements 1. The comments/responses should include at least four sentences (if you create a separate answer for each of the items in the list you will meet this requirement). 2. Locate the Income Statement (which may have a different heading such as Statement of Consolidated Operations). Hint: The first line should relate to Revenue. 3. Take care with the concept of $ dollars. Many financial statements are expressed in millions of $. You would report $895 million for the value of $895,000,000. Be a very careful reader. 4. Include the name of your SEC 10-K company in the subject line and the link to your SEC 10-K financial statement when posting. Week 2 Report (10/5) Instructions 1. Review the Weekly Activities for Week 2. 2. Write a brief report with at least two paragraphs. 3. Submit this as a Word document.

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The report should address:  What areas did I have difficulty with and what areas did I find easy to understand? Overall, the report was moderately easy to understand because of the way the report was broken down  Was I successful in my time management or did I run out of time to complete my work to a high-quality level? I did not have such a hard time with my time management to complete this assignment even though it requires to deep dive into the Sec 10-K Report.  Are there any changes I should make in my approach to the class for future weeks? In the future I will try my best not to procrastinate and get my work done ahead of time before I end up having a unbearable work/life schedule.  Questions remaining after reading discussions related to weekly learning activities. I don’t have any question for this week discussions. Career Exploration Assignment 05/11 Overview Career exploration and planning is a continuing theme in our curriculum. 1. Go to the UMGC Career Services webpage and explore all of the services available to you as a UMGC student.

2. Click on and explore the CareerQuest feature and consider joining CareerQuest to take advantage of all of the help offered. Career Exploration Resources The resources below will assist you in completing the required Career Exploration Assignment for our class. 1. CareerQuest (For Job Seekers, CareerQuest provides access to an e-resume review process allowing you to submit your resume and receive a helpful report so you can make improvements. It also allows you to submit your resume to a job posting of interest.) 2. CareerQuest ToolBox (access os limited to those who register with UMGC Career Quest) Report Requirements 1. Prepare a one-page report, single-spaced, with double spacing between paragraphs. 2. What is your experience with the UMGC Career Quest account system ? 3. If you set up an account describe any benefit you experienced. 4. If you are not a job seeker, consider the UMGC Career Quest resources you might recommend to others. 5. Explain how our course, ACCT 220 Principles of Accounting I, also known as Financial Accounting, relates to your academic and career goals. The course objectives are listed below to help you consider this question. Course Objectives:  define the fundamental principles of accounting to describe basic business transactions  identify and analyze basic business transactions to record them in an accounting information system

 prepare financial statements and documents in the appropriate format  identify and communicate with users of accounting and financial information to facilitate analytical decision making The Career Quest was very informative and overall easy to step up. As soon as I finished setting up my account I was matched with a fellow UMGC student in one of the career fields that I selected. I had the choose to correspond with him or skip his profile. Under the “Quick Connect” tab I was able to see other students that were in the career fields that I selected when setting up the account. And from there I was able to make some search about their locations, majors, and other search filters. The “Discussion” tab was the feature that I found very interactive because it was set up as a way to socialize with others on what they post and every user are allowed to post to. Some job opportunities were posted and so was some inspirational quotes. And most importantly under the “Open Positions” tab I was able to find job posts from different locations and industries depending on the setting you select for the search. This course, ACCT 220, is a benefit to my career goal of acquiring a management position at my current company. I am getting exposed to the basic fundamental of accounting and business transactions which would benefit me later one to help me to keep my company making responsible financial decisions and be able to be a good bookkeeper.

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WK3: SEC 10-K Income Statement 05/11 Previous Next Overview UPS on NYSE  Note 1 includes accounting information. What is the fiscal year for your SEC 10-K Company? This may be June 30 each year, or it may be the Sunday closest to the last day of January or some other description. The fiscal year is June 30, 2022  Inventory: How is Inventory described for your SEC 10-K company? LIFO, FIFO, and/or average cost? Relate your answer to topics in our course.  Income Statement: Is it a single-step or multi-step income statement? The SEC 10-K has a multi-step income statement because it detailed the gross profit and operating income.  Calculate the Gross Profit and the Gross Profit Percentage for this year and last year, creating a small table, such as the following: This Year Last Year Net Sales $8,293,000,000 $8,454,000,000 Cost of Goods Sold $1,499,000,000 $734,000,000

Gross Profit $6,794,000,000 $7,720,000,000 Gross Profit Percentage 81.92% 91.32% Week 4: Current Assets and Liabilities Print WK4: SEC 10-K: Key Reports and Information Overview 1. The financial statements for your company are usually posted in Item 8 of the SEC 10-K document. 2. Search for the auditor's report. Keyword "opinion." 3. Consider the topic of internal control and who is responsible for Internal Control. The auditor's report describes their role in evaluating internal control, but internal control is the responsibility of company management. The Sarbanes-Oxley Act requires that the Chief Executive Officer and the Chief Financial Officer attest to the accuracy of the financial statements. Notice how these concepts are described as you read the auditor's report. 4. For your SEC 10-K report, as you read the auditor's report, consider information identified as Critical Audit Matters (CAM). Are there any CAM items? What are they (use the section titles)? List the CAM items in your SEC 10-K Report (word document) and PowerPoint presentation. Discussion Requirements 1. Answer the following questions. 2. Do not cut and paste from your company's SEC report.

 What is the name of the auditor?  Are they one of the "Big Four"? Search to see who the "Big Four" audit firms are.  The first page of the SEC 10-K is standard and lists two key locations. Using this information, post the state of incorporation and the city and state of the corporate headquarters for your SEC 10-K.  List the topic headings from the auditors' report on Critical Audit Matters. Examples might be Internal Control Inventory or Goodwill Impairment. Critical Audit Matters are near the end of the auditors' report. The report is from the audit firm to the company Board of Directors. I could not find the name of the auditor for the SEC report, I could only find the name of the registrant in the name of Brian O. Newman. The “Big Four” audit firms are Deloitte PricewaterhouseCoopers (PwC), Ernst & Young and KPMG. “ The Big 4 firms offer significant employment and professional development opportunities to accounting professionals across many sectors, both domestically and internationally” (The University of Scranton, 2022). UPS is incorporated in the State of Delaware and its headquarters is in Atlanta, GA. The University of Scranton. (2022, May 12). Everything to know about big 4 accounting firms: Scranton Online . The University of Scranton. Retrieved October 21, 2022, from https://elearning.scranton.edu/resources/article/big-4-accounting-firms/ Week 4 Report Previous Next Instructions 1. Review the Weekly Activities for Week 4. 2. Write a brief report with at least two paragraphs. 3. Submit this as a Word document.

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The report should address:  What areas did I have difficulty with and what areas did I find easy to understand?  Was I successful in my time management or did I run out of time to complete my work to a high-quality level?  Are there any changes I should make in my approach to the class for future weeks?  Questions remaining after reading discussions related to weekly learning activities. WK5: SEC 10-K Receivables; Fixed Assets (PPE); Right of Use Assets Previous Next Overview 1. Using the SEC 10-K for your company, answer the following questions. 2. Do not cut and paste from your company's SEC report. 3. Notice line items, if they appear, for Right of Use Assets and Lease Liabilities and other changes in Property, Plant, and Equipment (PPE) and Liabilities. Long Term Debt often funds the purchase of new fixed assets. Discussion Requirements 1. There is no specification on who owes UPS but the Accounts receivable show $11,735,000,000 for June 30, 2022 and $12,669,000,000 December 31, 2021. 2. Allowance for collectible accounts show $145 million for June 30 th 2022 which increases from $128 million for December 31, 2021. They have increased because sales have also increased.

3. Property, Plant and Equipment net had slightly increased from $33,475,000,000 in December 31, 2021 to $33,487,000,000 in June 30, 2022. Week 6: Accounting Informations Systems (AIS) and Partnerships WK6: SEC 10-K Presentation Peer- Review Previous Next Overview Participating in the Peer-Review process serves four purposes: 1. Each student has an opportunity to learn about another corporation. 2. Provide detailed and constructive feedback that includes at least one item for improvement. 3. Seeing how other students approached the project may provide insight for you to improve your project. 4. At your discretion, you have an opportunity to edit your project before submitting it for a grade. Discussion Requirements 1. To participate in the SEC 10-K peer-review process, post a draft of your PowerPoint File to respond to this discussion topic. Post the draft by the 4th day of the week. 2. Provide detailed and constructive feedback to at least one or more of your classmates who do not yet have any comments.

The goal is to have all students receive comments on their work. Week 7: Corporate Equity Accounting Print SEC-10K Report Overview As an analyst for a large U.S. multinational corporation, you are assigned to examine a possible acquisition candidate, completing an initial search and review. Your supervisor is a member of the Controller's team. The Controller reports directly to the Chief Financial Officer (CFO). Your work may be presented to various audiences, so professionalism is essential in all deliverables you create. As you review historical financial statements, you cannot conclude if this company is a good investment. 1. Select a publicly-traded company. 2. The company must have Accounts Receivable and Inventory. You must select a retail or manufacturing company. 3. You must research and secure the SEC 10-K Annual Report for the most recent year by visiting and searching the SEC EDGAR system . 4. Save the 10-K document to your computer for access. Please do not print this file, as the report is usually 100 pages or more. 5. Use the selected company in the discussion postings throughout the semester. The discussion questions are designed to help you build content for your report and presentation.  Reading an SEC 10-K Report: The following link will access the SEC's document: How to Read an SEC 10-K Report. http://www.sec.gov/answers/reada10k.htm

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Course Learning Objective Assessed : Identify and communicate with accounting and financial information users to facilitate analytical decision-making. Report Requirements Report Content 1. Post the name of your desired company in the Week 1 SEC 10- K Project discussion for your instructor's approval. Your post must answer all parts of the discussion. 2. Each student must select a different company, so read the company names chosen by classmates. The company must be a publicly-traded company. 3. Your report should comment on the financial statements for your company as they relate to the information presented through Week 5 material for this class, including the notes to the financial statements. 4. Do not consider the material from Weeks 7 and 8 in your report. 5. The report must be submitted after Week 5 material on Property, Plant, and Equipment (PPE). Report Layout 1. Write a minimum of a 3-page (a full-page typically has at least 300 words) report, single-spaced, one-inch margins, 12-point font, with a double space between paragraphs. This page requirement includes data visualization (charts and graphs) that you create. 2. Page count does not include a title page, tables and exhibits, and reference list. 3. Include a title page (include your name on the title page). The report must consist of headings such as Accounts Receivable and Inventory (topics from the textbook); other examples would be Income Statement, Balance Sheet, and the Statement of Shareholders' Equity.

4. Include a brief introduction of your company as well as a conclusion/summary at the end. Most of your report should include accounting topics in weeks one through five. 5. You must include the Income Statement, Balance Sheet, Statement of Shareholders' Equity, and Critical Audit Matters in your report. 6. You are to compare current and prior year statements and what changed. You can copy directly from the SEC 10-K Report. The statements are not included in the page count. 7. APA style is required for citations and a reference list. The report must include the reference list. SEC-10K PowerPoint Presentation Overview 1. You are required to prepare a brief PowerPoint presentation for the SEC-10K Report. 2. The presentation should be more than 10 slides. 3. Make sure you include a reference list in APA format. PowerPoint Requirements 1. Post your PowerPoint file in the discussion area to Peer Review of SEC-10K Project: Post Your Draft. 2. You are required to post comments on the work of at least one other student who does not yet have comments so everyone has at least one set of comments. 3. Post your PowerPoint presentation early in the week. Try to post by Sunday night. 4. After you read the feedback from your classmates and professor you should make changes to your PowerPoint presentation. 5. Submit the revised presentation in the SEC-10K PowerPoint Presentation assignment folder by the end of Week 7.

Week 8: Fraud and Internal Control WK8: Discussion on Accounting, Math, and Exce l Overview 1. The end of the semester is an excellent time to think about your math, accounting, and Excel skills. 2. Excel is widely considered an essential skill required for accounting and finance jobs. Discussion Requirements Take a moment to think about, and then comment on each of the following questions: 1. What has been your experience in this class using Excel to solve math problems? I have been using excel at work for many years. I have created spread sheets to keep track of all kinds of information from employee credentials that expire each year to the number of hours they have worked in order to calculate their benefit contributions. I found the finance functions (calculating compound interest) very valuable when preparing budgets. 2. At this point, how comfortable are you using Excel for business purposes? When do you still use your calculator? I used excel for most of the items now a days. Having used it a lot for spread sheets I have found many tricks it can do along with even creating graphs. It has also changed and able to easily copy and paste to word docs as word is tricky getting to do some things, and does not calculate as excel does. Best thing to do us YouTube excel to learn some new tricks of what it can do for you. I use calculators when it comes to partnership accounts. 3. What would help you improve your Excel skills if you need to? My excel skills will improve if I continue using it for my personal finances. I created an excel sheet for my personal finances that allows me to keep track of each bill I pay each month, the method of payment, date paid and amount. It calculates how much I have spent on each bill for the year and how much I have spent each month on all bills. I also enter my pay checks and any other money I receive, and it has a running balance showing whether or not I'm spending more than I'm earning. It also gives an average of what I have spent on each bill for the year so I can

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budget for the following year. I have been using it since 2009 and I can see how my spending and utilities have increased over the years. 4. Please comment on using Excel in IFSM 201 and/or IFSM 300 if you completed either of these courses. I have not taking any of these courses. Matter of fact it’s my first semester with UMCG. Reply 1: Reply 2: Week 8 Report Previous Next Instructions Overview The CGMA Competency Framework incorporates technical, business, leadership, and people skills needed in the workplace today. Consider the foundation in Financial Accounting you have received in this course as an integral part of this skill set and as a building block for your future academic and professional journey. Additionally, take a look at the graphic explaining the concept of competency integration in accounting education. Notice how business and accounting have many points of intersection. CGMA Graphic : https://www.cgma.org/resources/tools/cgma- competency-framework-2014.html Raef A. Lawson, Edward J. Blocher, Peter C. Brewer, Jan Taylor Morris, Kevin D. Stocks, James E. Sorensen, David E. Stout, and Marc J. F. Wouters. Issues in Accounting Education Aug 2015, Vol. 30, No. 3 (August 2015) pp. 149-171. The above Thoughts on Competency Integration in Accounting Education

graphic from page 150 is presented here: IMA Framework for Accounting Education Report Requirements 1. Your supervisor has asked you to explain the value of the fact that you completed this accounting course. 2. Complete a minimum one-page report with your comments on the relationship of these concepts to accounting and to your organization to fulfill a request from your supervisor to explain the value of the accounting course supported with funding by your employer. 3. Consider your work throughout the semester as your prepare the report for submission. Professional Resources Report Previous Next Instructions Overview Why audit? We will either be the auditor or be audited. We must understand internal control and the management of risk. The management of risk is everyone's responsibility. Report Requirements Report Content 1. This report fulfills the request of your supervisor who is completing a project on these key issues, including certifications and the roles fraud detection and deterrence, as well as internal control serve, to meet the goals of the organization.

2. Following your review of course materials in Week 8, use the websites below to create a report of at least one page for each of the three topics: fraud detection and deterrence, internal control, and certifications. 3. Relate these topics to our course material for Principles of Accounting I. 4. The goal is to research, consider, and report what you know about these topics. 5. Consider the question and decide: what would you want to know? Report Topics 1. Fraud Detection and Deterrence 2. Internal Control: COSO 3. Certifications: CFE, CIA, and CISA Report Layout 1. Always include your name and a descriptive title in the file name. 2. Create, save, and submit a Microsoft Word document that covers the topics listed below and consists of one page for each topic. 3. Your report should be adequate. The report is expected to have at least three-pages. Fewer than three pages is not long enough; seven pages is too long. Ideally, you will end up with a three-page (three pages usually have at least 900 words) report not including the title or reference page. 4. Include your name and a descriptive title in the file name. 5. Your report should be single-spaced, with double spacing between paragraphs. 6. Use headers within the document. Report Structure 1. You are writing a business report, not double-spaced academic papers.

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2. This is not a business proposal, and it is not a casual reflective report. 3. Tell a story. 4. Explain the concepts. 5. You are building your vocabulary. 6. Spell check. Write, read, and edit. Take care with word selection and sentence structure. 7. Use APA style for citations and create a works cited list. Include website references. 8. You can use the above concepts, particularly the paragraph on "Why audit?" without reference. A good item for your works cited list: UMGC ACCT 220 Course Materials. 9. Similar to all submissions for this class, use your own words. 10. Show what you know!