Complete an assessment with two main sections, which address (1) accounting for current plant assets and (2) receivables aging and plant assets.
An accounting cycle requires specific steps that must be executed in a sequence. The assessments in this course are presented in sequence and must be completed in order.
Competencies Measured
By successfully completing this assessment, you will demonstrate your proficiency in the course competencies through the following assessment scoring guide criteria:
Competency 1: Define financial accounting conventions to support practice as a professional in the field.
Analyze accounts receivable and the allowance for doubtful accounts.
Apply last in, first out (LIFO) rules to inventory valuation.
Competency 2: Examine the role of accounting as an information system.
Explain how changing depreciation methods for plant assets can be an effective tool for managing earnings.
Explain how changing estimated useful asset lives can be used as a tool to manage earnings.
Explain how impairment losses might be used as an earnings management tool.
Provide an example of how impairment losses might be used as an earnings management tool.
Competency 3: Evaluate economic resources of a business enterprise.
Apply the costs and values for acquiring plant assets.
Competency 4: Analyze financial liabilities and equities of an enterprise.
Calculate depreciation amounts for plant assets.
Competency 5: Communicate in a manner that is professional and consistent with expectations for professionals in the field of accounting.
Explain why a company should adopt the receivable aging method versus direct write-off method.
Communicate in a manner that is professional and consistent with expectations for professionals in the field of accounting.