Business Finance
Accounting Professional Financial Information Transferable Skills Reflection Paper

Question Description

I’m studying for my Accounting class and don’t understand how to answer this. Can you help me study?

Throughout your education, you have been asked to research topics and write papers, engage in thought-provoking discussions, consider diverse perspectives, and a host of other challenges that have required you to use both your discipline-specific skills as well as your soft skills. These are called transferable skills, and are skills that you develop that can be transferred and applied within your chosen career. Transferable skills are highly valuable and essential for career success.

Throughout this course, you have been working on a project that allowed you to demonstrate your understanding of the transferable skills. It is now time to submit your project/assignment and add a transferable skills reflection.

To complete this assignment, you will need to do the following:

Part I: Compiling Your Exemplar Project

  • Compile all of your completed course project assignment deliverables. Place them in the proper order, and save them in a single Microsoft Word document.

Part II: Transferable Skills Self Reflection

  1. In a minimum of 1 full page, using Microsoft Word, write an essay (full introduction and conclusion), which includes the following:
      • Describe the knowledge, skills and/or attitudes regarding each of the transferable skills that you've gained as a result of completing this particular project/assignment.
      • Discuss the ways that you are going to incorporate the transferable skills (the transferable skills that you showcased in your exemplary project) into your work within your chosen career field.
      • Describe your future goals based on the transferable skills that you've chosen to showcase.
      • Write your paper utilizing proper tone, spelling and grammar.
  2. Once you have completed your reflection assignment, add it to the end of the document you compiled in part I. The self-reflection should be the last few pages of your exemplar project. If done correctly, everything will be one document!
  3. Save the compiled document to a folder. Then, zip or compress the folder, and submit the zipped folder to the drop box.

Unformatted Attachment Preview

Deliverables Chart Time Line Week Assignment 01 Case Study - Financial Accounting: Excel file - Module 01 Page 1, Page 2 and Page 3 02 Case Study - Financial Statement Analysis: Excel file - Module 02 Page 1, Page 2 and Page 3 03 Case Study - Full Disclosure in Financial Reporting and Management Responsibility: Excel file - Module 03 Page 1 and Page 2 04 Case Study - Management Decision: Excel file - Module 04 Page 1 and Page 2 05 Case Study - Professional Business Ethics and Internal Control: Excel file - Module 05 Page 1, Page 2 and Page 3 06 Case Study - Presentation and Final Exam Requirements Your final deliverable is a Case Study presentation addressed to your instructor which outlines the financial situation of the company. In this proposal, you will comment on each of the business areas or challenges outlined in the timeline above (e.g. Financial Accounting, Financial Statement Analysis, and so on). The proposal should include adequate and credible research to support your decision about these areas or challenges. In addition, when outside sources are used, you must include APA-style in-text citations and a reference list. For more information on APA, visit the APA Guide: http://guides.rasmussen.edu/apa Due Date Your final project is due in Module 6. The Case Study project is the main project for this course and will be due along the way. The assignments and modules that are due are noted in bold in the timeline below. As you can see, your first assignment "Case Study - Financial Reporting" is due in Module 01. Evaluation Each assignment leading up to the final project is evaluated and graded independently. Your instructor will provide specific grading criteria for each step of the project prior to its due date. Case Study Introduction Transferable Skills are a set of essential abilities that will position students for success as they develop and build their careers. College faculty and staff believe it is important that all Rasmussen graduates develop these skill sets, as having expertise in these areas will be beneficial throughout one's life. Employers have also identified these skills as being essential in well-rounded employees. In this course, you will have the opportunity to learn and demonstrate each of these skills. These skills will be measured as a portion of our course project that has been designed to replicate an authentic workplace project. These skills are the following: Communication, Critical Thinking, Digital Fluency, Diversity and Teamwork, Ethics and Professional Responsibility, and Information Literacy. How can I learn more about the Transferrable Skills? Rasmussen College faculty and staff have worked together to create a visual guide to each of the Transferable Skills. You are able to view the entire set of six guides at the following location: http://guides.rasmussen.edu/transferableskills This Case Study is the major lesson material for this course and incorporates the use of transferable skills. Case Study Company Name: GolfPro Center Introduction Millions of people every day must make informed decisions about organizations. To make the decisions these people need information. Accountants measure the activities of an organization and communicate those measurements to others. Accounting information provided for internal users, such as managers, is referred to as managerial accounting; accounting information provided to external users is referred to as financial accounting. The two functions of financial accounting are to measure business activities of a company and then to communicate those measurements to external parties for decisionmaking purposes. GolfPro Center Let’s say you are ready to begin your new venture of working as the Accounting Manager for a new start-up golf center called GolfPro Center. The purpose of the golf center is to provide PGA-certified golf instruction and essentials to customers, such as junior players to develop their opportunity for top university programs. By using the base network of customers, the company intends to expand to sell nationwide as an integrated multi-channel retailer. The target market of junior league will be to individual golf pro shops, golf teams and eventually lead to selling through an online store. In additional to future new store openings, a significant part of the company's strategy is to continue to enhance the internet aspects of the direct to customer channel. The plan also entails the ongoing development of their own brand portfolio as they continue to grow. Golf Industry The golf retail industry is highly fragmented among mass merchants, off course specialty retailers, Internet merchants, warehouse type merchants and on course pro shops. The off course specialty golf retail industry has become extremely competitive as general sporting goods or their golf specialty retails have expanded their markets. The company will face competition as competitors enter the marketplace in the existing markets. Company Information Steve Smith is the owner and Chief Executive Officer of the company. He has appointed a close family member, Mike Smith as the Chief Financial Officer. You were recently hired by Mike Smith as the Accounting Manager. Your first main function is to set up the accounting department structure and financial statements. The corporate office is located in Chandler, Arizona. Let’s look at some initial activities of functions within the new company. The company opened business on December 1, 2016. You also started employment on this same date. You have been tasked with setting up the accounting department and internal control process. The financial statements, which you will prepare, will be the first set of financials for the company. You will also be tasked with setting up the financial notes and management's discussion and analysis portion of the financial statements. This will include company information, accounting policies, revenue recognition and inventory components. You will also encounter a few ethical situations along the way which will define your accounting educational activities. Let’s talk about how the company developed the investment for opening the business. The company needed about $35,000 to get the business up and going. Since the company did not have that amount of money to start the business, they began looking for investors. With their money, investors buy ownership in the company and have the right to share in the organizations profits. Each share of ownership is typically referred to as a share of common stock. For GolfPro Center they sell 1,000 shares of common stock for $25 each, receiving cash of $25,000 from investors. The 1,000 shares include 300 sold to family for $7,500, giving them 30% (= 300/1,000) ownership in the company. The company also offered you 100 shares for $2,500, giving you 10% ownership. The remaining 600 shares include 300 to extended partners, 200 to a friend, and 100 to the owners childhood golf coach. The company now has $25,000 from investors. To raise the remaining cash needed, the company will borrow $10,000 from a local bank, which is agreed to repay within three years. Thus, the bank is the creditor. Now, with the $35,000 of cash obtained from investors and creditors, the company buys equipment. This equipment costs $24,000, leaving $11,000 cash for future use. At this point, the company has the following resources that can be used for operations. The investors and creditors has the claims to the company’s resources. Creditors have claims equal to the amount loaned to the company, $10,000. In other words, $10,000 of the company’s resources are promised to the local bank. Investors have claims to all remaining resources, $25,000. You manage the resources of the company on behalf of the owners (stockholders, in this case), while the owner is also an investor this will help in aligning the interests with the other investors in the company. This is common in many start-up businesses. Formally defined, a corporation is a company separate is that the stockholders have limited responsible for the financial obligations of the $25,000 if the company fails, but they cannot furniture). that is legally separate from its owners. The advantage of being legally liability. Limited liability prevents stockholders from being held personally corporation. Stockholders of GolfPro Center can lose their investment of lose any of their personal assets (such as homes, cars, computers, and Other common business forms include sole proprietorships and partnerships. A sole proprietorship is a business owned by one person; a partnership is a business owned by two or more persons. If the owner had decided to start GolfPro Center without outside investors, he would have formed a sole proprietorship. However, because he did not have the necessary resources to start the business, being a sole proprietorship (or even one member of a partnership) was not a viable option. Thus, a disadvantage of selecting the sole proprietorship or partnership form of business is that owners must have sufficient personal funds to finance the business in addition to the ability to borrow money. Another disadvantage of being a sole proprietorship or partnership is that neither offers limited liability. Owners (and partners) are held personally responsible for the activities of the business. Sole proprietorships and partnerships do offer the advantage of lower taxes compared to corporations. Sole proprietorships and partnerships are taxed at the owner’s personal income tax rate, which is typically lower than the corporate income tax rate. In addition, a corporation’s income is taxed twice (known as double taxation): (1) the company first pays corporate income taxes on income it earns and (2) stockholders then pay personal income taxes when the company distributes that income as dividends to them. What information would GolfPro Center’s investors and creditors be interested in knowing to determine whether their investment in the company was a good decision? Ultimately, investors and creditors want to know about the company’s resources and their claims to those resources. Accounting uses some conventional names to describe such resources and claims. GolfPro Center has a liability of $10,000 to the local bank. Other examples of liabilities would be amounts owed to suppliers, employees, utility companies, and the government (in the form of taxes). Liabilities are claims that must be paid by a specified date. Investors, or owners, have claims to any resources of the company not owed to creditors. Therefore GolfPro Center, this amount is $25,000. We refer to owners’ claims to resources as stockholders’ equity, because stockholders are the owners. The relationship among the three measurement categories is called the accounting equation. GolfPo Center has assets of $35,000 and liabilities of $10,000. The stockholder equity is $25,000. Of course, all owners hope their claims to the company’s resources increase over time. This increase occurs when the company makes a profit. Stockholders claim all resources in excess of amounts owed to creditors; thus, profits of the company are claimed solely by stockholders. You will calculate the company’s profits by comparing its revenues and expenses. Revenues are the amounts recorded when the company sells products or provides services to customers. For example, when you or one of your employees provides golf training to a customer, the company records revenue. However, as you’ve probably heard, “It takes money to make money.” To operate the academy, you’ll encounter many costs. For example, you’ll have costs related to salaries, rent, supplies, and utilities. You’ll notice the use of the term net to describe a company’s profitability. In business, the term net is used often to describe the difference between two amounts. Here, we measure revenues net of (or minus) expenses, to calculate the net income or net loss. If we assume that by the end of the first month of operations GolfPro Center has total revenues of $7,200 and total expenses of $6,000, then we would say that the company has net income of $1,200 for the month. This amount of profit increases stockholders’ claims to resources but has no effect on creditors’ claims. When the company has positive net income, it will either distribute those profits back to its stockholders or retain those profits to pay for future operations. For example, suppose you decide that because GolfPro Center has net income of $1,200, a cash payment of $200 should be returned to stockholders at the end of the month. These cash payments to stockholders are called dividends. The other $1,000 of net income adds to stockholders’ equity of the company. Thus, when GolfPro Center has net income of $1,200, stockholders receive a total benefit of $1,200, equal to $200 of dividends received plus $1,000 increase in stockholders’ equity in the company they own. Let's now proceed to the your new journey in accounting with GolfPro Center. Module 01: Financial Accounting Preparing the Financial Statements Your function as accounting manager is to prepare the financial statements for the first operating period of December 2016. The December 31, 2016 adjusted trial balance for GolfPro Center is presented below. Using the Trial Balance, complete the following: 1. Prepare an income statement for the year ended December 31, 2016 2. Prepare a statement of stockholder's equity for the year ended December 31, 2016 assuming no common stock was issued during 2016. 3. Prepare a classified balance sheet as of December 31, 2016. Keep in mind, the beginning balances are zero only because this is the first month of operations for GolfPro Center. GolfPro Center Trial Balance December 31, 2016 For the period ending December 31, 2016 Accounts Cash Accounts Receivable Supplies Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Salaries Payable Utilities Payable Deferred Revenue Interest Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Rent Expense Supplies Expense Depreciation Expense Salaries Expense Utilities Expense Interest Expense Total 1 Debit $ Credit 6.900 2.700 1.300 5.500 24.000 $ 400 2.300 300 900 400 100 10.000 25.000 0 200 7.200 $ 500 1.000 400 3.100 900 100 46.600 $ 46.600 GolfPro Center Income Statement For the period ended December 31, 2016 Revenues Service Revenue Expenses Rent Expense Supplies Expense Depreciation Expense Salaries Expense Utilities Expense Interest Expense 7.200 500 1.000 400 3.100 900 100 Net Income 2 $ 1.200 GolfPro Center Statement of Stockholder's Equity For the period ended December 31, 2016 Accounts Beginning Balance (Dec 1) Issuance of common stock Add: Net Income for the period Less: Dividends Ending balance (Dec 31) Common Stock $ 25.000 0 25.000 Retained Earnings $ 1.200 (200) 1.000 Total Stockholders Equity $ 25.000 1.200 (200) 26.000 3 GolfPro Center Balance Sheet For the period ended December 31, 2016 Assets Current Assets: Cash Accounts Receivable Supplies Prepaid Rent Total Current Assets Long Term Assets: Equipment Less: Accumulated Depreciation Total Long term assets Total Assets 4 5 6 $ $ $ $ 6.900 2.700 1.300 5.500 16.400 24.000 (400) 23.600 40.000 Liabilities Current Liabilities: Accounts Payable Salaries Payable Utilities Payable Deferred Revenue Interest Payable Total Current Liabilities $ $ 2.300 300 900 400 100 4.000 Long Term Liabilities: Notes Payable Total Liabilities 10.000 $ 14.000 Stockholder's Equity Common Stock Retained Earnings Total Stockholders Equity 25.000 1.000 $ 26.000 Total Liabilities & Stockholders Equity $ 40.000 Critical Thinking: Clarity and Precision Communication with CFO: In the complexity of preparing the financial statements, the CFO tells you that he prefers the single step income statement because the multiple step format seems to overstate the income. Express in a short declarative manner, how would you respond to this question? We should be using a multiple-step income statement since we company that is just starting out. We want to be able to attract more investors and using a multiple-step income statement will do that. Using this method makes it easier for investors to digest our performance and evaluate the financial health of our company. A multiple-step income statement does offer more detailed information about our gross profit and operating profit. It itemizes the sources of revenue and expense and presents it as different lined items, Investors and shareholder’s will be able to better read and understand statement. Communication: Language Usage Explain how financial accounting information is communicated through financial statements to internal and external users. Construct widely varied sentence types and advance grammatical concepts to explain insight. Financial statements are communicated through periodic reports that are published by our company for the purpose of providing information. This information is beneficial to our shareholders, investors, lenders, and potential new investors. It gives them insight on how well our company handles its assets and operations. It allows them to make informed decisions on if they would like to invest more or pull their shares in the company. Critical Thinking: Creativity and Innovation Describe the role that financial accounting plays in the decision making process. In your response, use human and/or professional in field knowledge through the creation of the response. Financial accounting serves an important role by providing information that is useful in investments and lending decisions. No single piece of a company’s information better explains companies’ stock price performance than the financial accounting net income. A company’s debt level is an important indicator of management’s ability to respond to business situation and the possibility of bankruptcy. Module 01: Financial Accounting Cash Flow Statement The below information are transactions which analyze the cash effects on GolfPro Center. Use the information provided to complete the Statement of Cash Flow. External Transactions of GolfPro Center Type of Activity Is Cash Involved? Inflow or Outflow? Financing Yes Inflow Financing Yes Inflow Investing Yes Outflow Operating Yes Outflow Operating No --- Operating Yes Inflow Operating No --- 8 Receive cash in advance for 12 golf training Operating sessions to be given in the future $600 Yes Inflow 9 Pay salaries to employees $2800 Operating Yes Outflow 10 Pay cash dividends of $200 to shareholders. Financing Yes Outflow Transaction 1 2 3 4 5 6 7 1 External Transactions in December Sell shares of common stock for $25,000 to obtain funds necessary to start the business. Borrow $10,000 from the local bank and sign a note promising to repay the full amount of the debt in three years. Purchase equipment necessary for giving golf training, $24,000 cash Pay one year of rent in advance, $6000 ($500 per month). Purchase supplies on account, $2,300. Provide golf training to customers for cash, $4300 Provide golf training to customers on account $2000 GolfPro Center Statement of Cash Flow For the period ended December 31, 2016 Cash Flows from Operating Activities Cash inflows: From customers 4.900 Cash outflows: For salaries For rent Net cash flows from operating activities - 2.800 6.000 3.900 Cash Flows from investing Activities Purchase equipment Net Cash Flows from Investing Activities - 24.000 Cash Flows from Financing Activities Issue common stock Borrow from bank Pay dividends Net cash flows from financing activities Net increase in cash Cash at the beginning of the period Cash at the end of the period - 25.000 10.000 200 34.800 6.900 Communication: Audience and Delivery 2 In the space provided below, explain to ...
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Final Answer

Attached.

Running Head: TRANSFERABLE SKILLS

Transferable Skills Reflection
Institutional Affiliation
Date

TRANSFERABLE SKILLS

1

Introduction
In organizations, accountants deal with financial information that requires transferable skills
to aid them in decision making. Throughout my project and assignments, transfer skills have
had a major impact in solving problems and determine managerial decision making for
GolfPro Center. After completing this course, I am confident in being able to analyze
accounting problems and make decisions for firms to manage effectively for higher profits.
Business ethics and internal control have also ...

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