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Financial Accounting
Econ 218 - Financial Accounting - an introduction to the basic concepts and standards underlying the measurement and reporting of the financial effects of economic events on the business entity. Emphasis is given to the theory of asset valuation and income determination and its implications for the communication function of accounting. Students attend a weekly lab in which they learn spreadsheet techniques and their applications to financial accounting.
In my labs, I analyzed the balance sheet and income statement, financing a business with debt, financing a business with equity, the sales/collection cycle, accruals and deferrals, and the purchase and use of business assets. For every lab, I modified an Excel worksheet using the instructions on the first sheet to create the subsequent sheets.
- In one lab, I was given data about a fictional company and prepared an income statement for each quarter in the fiscal year, and then totals for the year.
- In a similar lab to the income statement lab, I used the data about a fictional company and prepared a balance sheet for the fiscal year ending.
- There are three different accepted ways (LIFO, FIFO, and average) to calculate the cost of the ending inventory for a period. In one lab I used each method to calculate the ending cost of the inventory after several sales and purchases had been made and analyzed how each one differed in calculating the net income. For this calculation I used a periodic inventory accumulation system which adjusts the value of the inventory at the end of the period.
- In lab similar to the pervious one, I again calculated the cost of the ending inventory using LIFO and FIFO, but this time I used the perpetual inventory accumulation system. The perpetual method calculates the value of the inventory after each transaction is made.