ACC 610 SNHU Milestone 3 Assignment

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Question Description

Your final course project consists of seven critical elements. They follow a logical flow for financial reporting. However, due to the sequencing of content for the modules, the critical elements will be prepared out of order.



For Milestone Three, complete two critical elements. They are Critical Element IV: Adjusting Entries and Critical Element VI: Communication

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ACC 610 Milestone Three Guidelines and Rubric This is the third of three milestone assignments that will lead to completion of your course project. In this assignment, you will complete Critical Element IV: Adjusting Entries and Critical Element VI: Communication. Recall that, due to the sequencing of content for the modules, the critical elements are being prepared out of order. For the complete sequence, see the Final Project Guidelines and Rubric document. This milestone addresses the following course outcomes:   Differentiate between the Generally Accepted Accounting Principles and the International Financial Reporting Standards for their impact on financial statements Determine appropriate accounting treatments of business transactions, including adjusting entries, for their impact on the results of financial statements Continue to work with the company you chose to use in building your portfolio. For detailed instructions, see the Final Project Guidelines and Rubric document. Specifically, the following critical elements must be addressed: IV. Adjusting Entries: For this part of the assessment, you will continue your financial analysis paper. A. Explain the type of depreciation method your company uses and why they use this method. B. Identify an example of an adjusting entry (other than depreciation), such as prepaid expenses, supplies, or unearned revenue, and whether or not your company has this account listed on the balance sheet. You could consider why this might not be listed. VI. Communication: For this part of the assessment, you will prepare memorandums to upper management addressing certain scenarios or situations. A. As the controller of your chosen company, compose a memo to the CEO addressing the advantages and disadvantages of transitioning from GAAP to IFRS. B. As the controller of your chosen company, compose a memo to the CEO addressing the following scenario: Your biggest customer has just gone bankrupt, and you must inform the CEO how this will affect your accounts receivable. Assume that the accounts receivable balance is at least $100,000. Guidelines for Submission: Prepare your paper using Microsoft Word. It must be 2 to 3 pages in length, not including the cover page and reference page. Put each memo on a separate page. Follow APA formatting guidelines using appropriate headings, double spacing, 12-point Times New Roman font, and one-inch margins. Support your arguments with at least three peer-reviewed sources cited in APA format. Critical Elements Comprehension Adjusting Entries: Depreciation Method Exemplary Demonstrates an understanding of course concepts in an organized and clear manner using rich and significant detail Proficient Demonstrates an understanding of course concepts in an organized and clear manner using appropriate detail Needs Improvement Demonstrates an understanding of course concepts but with some gaps in organization and detail Not Evident Does not demonstrate an understanding of course concepts (100%) Meets “Proficient” criteria and provides keen insight into why the chosen company uses this method (100%) (90%) Explains the type of depreciation method of the chosen company and why this method is used (70%) Explains the type of depreciation method of the chosen company and why this method is used but explanation lacks depth or detail (70%) Identifies an example of an adjusting entry and whether or not the chosen company has this listed but identification is inappropriate or incorrect (70%) Composes a memo that addresses the advantages and disadvantages of transitioning from GAAP to IFRS but memo lacks depth or detail (70%) Composes a memo that addresses how the bankruptcy will affect the chosen company’s accounts receivable but memo lacks depth or detail (70%) Submission has major errors related to citations, grammar, spelling, syntax, or organization that negatively impact readability and articulation of main ideas (70%) (0%) Does not explain the type of depreciation method of the chosen company and why this method is used (0%) Does not identify an example of an adjusting entry and whether or not the chosen company has this listed Adjusting Entries: Adjusting Entry Communication: Transitioning Communication: Bankrupt Articulation of Response Meets “Proficient” criteria and uses industry-specific language to establish expertise (90%) Identifies an example of an adjusting entry and whether or not the chosen company has this listed (100%) Composes a memo that addresses the advantages and disadvantages of transitioning from GAAP to IFRS (100%) Meets “Proficient” criteria and uses industry-specific language to establish expertise (90%) Composes a memo that addresses how the bankruptcy will affect the chosen company’s accounts receivable (100%) Submission is free of errors related to citations, grammar, spelling, syntax, and organization and is presented in a professional and easy-to-read format (100%) (90%) Submission has no major errors related to citations, grammar, spelling, syntax, or organization (90%) (0%) Does not compose a memo that addresses the advantages and disadvantages of transitioning from GAAP to IFRS (0%) Does not compose a memo that addresses how the bankruptcy will affect the chosen company’s accounts receivable (0%) Submission has critical errors related to citations, grammar, spelling, syntax, or organization that prevent understanding of ideas (0%) Earned Total Value 18 18 18 18 18 10 100% ...
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peachblack
School: Purdue University

Please find attached. Let me know if you need edits.

Running head: MILESTONE THREE

Milestone Three
Student's Name
Course Number-Name of Course
Instructor’s Name
Date

MILESTONE THREE

2
IV. Adjusting entries

Part A:
Walmart Inc. formerly Wal-Mart Stores Inc. is an international merchandizing
establishment in the U.S. running a chain of supermarkets, discount department stores, and
groceries. Also, Walmart Inc. possesses and controls Sam’s Club marketing storerooms. It is the
global biggest establishment by income being over $500 Billion and also the largest private
employer having more than 2.3 million employees (“Walmart, 2019”). In its operations, Walmart
Inc. uses a straight line method while calculating depreciation of its assets. Straight line method
of depreciation is a technique that is used to recognize the carrying amount of fixed assets evenly
over such asset’s useful life. The reason for using this method of depreciation at Walmart Inc. is
that there lacks a precise outline to the means in which the fixed assets are to be utilized over
time (“Walmart, 2019...

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