Your Perfect Assignment is Just a Click Away

Starting at $8.00 per Page

100% Original, Plagiarism Free, Customized to Your instructions!

glass
pen
clip
papers
heaphones

Accounting Theory and Merchandising Organizations

Accounting Theory and Merchandising Organizations

  • Answer questions about accounting theory and merchandising accounting.
    Introduction
    A legal firm’s operations are different than Ford or GM operations. Lawyers provide a service whereas Ford is a manufacturing business that needs to maintain an inventory of various parts used in their vehicles. Each requires its own accounting approach.
    We now delve into accounting theory in greater depth. Now that you have learned some accounting procedures, you are better able to relate these theoretical concepts to accounting practice. Accounting theory is a set of basic concepts, assumptions, and related principles that explain and guide the accountant’s actions in identifying, measuring, and communicating financial information.
    Your study of accounting began with service companies as examples because they are the least complicated type of business. You are now ready to apply the accounting process to a more complex business type: a merchandising company. This type of company is represented by manufacturers, wholesalers, and retailers.
    Overview
    This assessment focuses on accounting assumptions, concepts, principles, modifying conventions, objectives, qualitative characteristics, accounting policies, and the income statements for service and merchandising organizations. It requires knowledge of the following:
    • The effects of accounting assumptions on the accounting process.
    • The effects of accounting concepts on the accounting process.
    • How generally accepted accounting principles (GAAP) affect financial reporting.
    • The impact of modifying conventions on the accounting process.
    • How accounting objectives, qualitative characteristics, and policies affect financial reporting.
    • The differences and similarities between income statements for service and merchandising organizations.
    • The methods used to determine the amount of merchandise inventory on hand.
    • How to use the gross margin percentage as a tool for financial analysis.
    • Preparation
    • Complete the Assessment 4 Template [DOCX].
    • Review all suggested readings.
    • Note: Accuracy in accounting is paramount so take your time and double-check your work for errors or omissions.?
      Instructions?
      Answer questions correctly. When you are satisfied with your responses, save and submit your template in the classroom.
      Step 1: Discuss the effects of the five major accounting assumptions on the accounting process.
      Step 2: Describe the five concepts’ impact on the accounting process.
      Step 3: Describe the five major accounting principles.
      Step 4: Describe the impact on the accounting process of the three modifying conventions.
      Step 5: Identify the accounting procedures of Principles, Assumptions, Concepts.
      Step 6: Complete the equations of merchandising accounting.
      Step 7: Describe the two methods used to determine merchandise inventory.
      Competencies Measured
      ?By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:
    • Competency 1: Define accounting terminology and its application to accounting principles. 
      • Describe the five major accounting principles.
      • Identify the accounting procedures of Principles, Assumptions, Concepts.
    • Competency 2: Apply accounting cycle strategies to manage business financial events. 
      • Discuss the effects of the five major accounting assumptions on the accounting process.
      • Describe the five concepts’ impact on the accounting process.
      • Describe the impact on the accounting process of the three modifying conventions.
      • Complete the equations of merchandising accounting.
      • Describe the two methods used to determine merchandise inventory.
    • Competency 4: Convey purpose, in an appropriate tone and style, incorporating supporting evidence and adhering to organizational, professional, and scholarly writing standards. 
      • Convey clear meaning through appropriate word choice and usage.

"Place your order now for a similar assignment and have exceptional work written by our team of experts, guaranteeing you A results."

Order Solution Now

Our Service Charter


1. Professional & Expert Writers: Eminence Papers only hires the best. Our writers are specially selected and recruited, after which they undergo further training to perfect their skills for specialization purposes. Moreover, our writers are holders of masters and Ph.D. degrees. They have impressive academic records, besides being native English speakers.

2. Top Quality Papers: Our customers are always guaranteed of papers that exceed their expectations. All our writers have +5 years of experience. This implies that all papers are written by individuals who are experts in their fields. In addition, the quality team reviews all the papers before sending them to the customers.

3. Plagiarism-Free Papers: All papers provided by Eminence Papers are written from scratch. Appropriate referencing and citation of key information are followed. Plagiarism checkers are used by the Quality assurance team and our editors just to double-check that there are no instances of plagiarism.

4. Timely Delivery: Time wasted is equivalent to a failed dedication and commitment. Eminence Papers are known for the timely delivery of any pending customer orders. Customers are well informed of the progress of their papers to ensure they keep track of what the writer is providing before the final draft is sent for grading.

5. Affordable Prices: Our prices are fairly structured to fit in all groups. Any customer willing to place their assignments with us can do so at very affordable prices. In addition, our customers enjoy regular discounts and bonuses.

6. 24/7 Customer Support: At Eminence Papers, we have put in place a team of experts who answer all customer inquiries promptly. The best part is the ever-availability of the team. Customers can make inquiries anytime.