Explain the differences between period cost and product cost. Further explain how each of these costs impact the traditional format and contribution margin statements.

Select one of the following questions to answer in your discussion:

How does cost accounting differ from financial accounting and how, if at all, does the difference impact the ethics involved in serving in either role? How would you relate biblical principles to this question?

Describe the three types of manufacturing cost categories, provide examples of each, and explain how each of these categories impact the contribution margin income statement.

Explain the differences between period cost and product cost. Further explain how each of these costs impact the traditional format and contribution margin statements.

Describe job-order costing and how costs are measured using this method. Provide examples of an organization using job-order costing.

Explain how costs flow under the job-order costing model. Further explain the concept of underapplied and overapplied cost.

Explain the impact of accounting transactions in financial statements.Describe the elements and purpose of each financial statement.

Write a 500 – 750 word paper that addresses the following topic:

Explain the impact of accounting transactions in financial statements.

Describe the elements and purpose of each financial statement.

Discuss the components and use of financial analysis.

Your paper must be formatted according to APA 6th edition guidelines, and you need to use at least one external reference.

Be sure to use the proper organization (intro, body, conclusion) and follow APA style. Your paper should have a title page and reference page, but you do not need an abstract for this assignment.

The book were using for this class is Accounting Principles:

A Business Perspective,
Financial Accounting (Chapters 1 – 8)
A Textbook Equity Open College Textbook
originally by
Hermanson, Edwards, and Maher

Explain the process taken to reconcile control accounts and clear suspense accounts using given account examples.

Financial accounting

Description

refer to the criteria attached in files

Learning Outcomes and Assessment Criteria

Pass Merit Distinction

LO1 Record business transactions using double entry book-keeping, and be able to extract a trial balance

P1 Apply the double entry book-keeping system of debits and credits. Record sales and purchases transactions in a general ledger.

P2 Produce a trial balance applying the use of the balance off rule to complete the ledger.

M1 Analyse transactions to show the progression from a previous trial balance to the next one using double entry bookkeeping.

D1 Apply trial balance figures to show which statement of financial accounts they will end up in.

LO2 Prepare final accounts for sole-traders, partnerships and limited companies in accordance with appropriate principles, conventions and standards P3 Prepare final accounts from given trial balance.

P4 Produce final accounts for a range of examples that include sole-traders, partnerships and limited companies.

M2 Make adjustments to balances of sum accounts for example, accruals, depreciation and prepayments before preparing the final accounts.

D2 Compare the essential features of each financial account statement to analyse the differences between them in terms purpose, structure and content.

LO3 Perform bank reconciliations to ensure company and bank records are correct

P5 Apply the bank reconciliation process to prepare a number of bank reconciliations.

M3 Apply the reconciliation process demonstrating the use of deposit in transit, outstanding checks and Not Sufficient Funds (NSF) check.

D3 Prepare accurate bank reconciliations that apply appropriate tools and techniques to check general accounts and balance sheets.

Pass Merit Distinction

LO4 Reconcile control accounts and shift recorded transactions from the suspense accounts to the right accounts

P6 Explain the process taken to reconcile control accounts and clear suspense accounts using given account examples.

M4 Demonstrate understanding of the different types of accounts and how and why they are reconciled.

D4 Produce accurate accounts that have been reconciled applying the appropriate method