PLEASE TAKE THE TIME TO READ THE INSTRUCTION. THANK YOU!This competency assessme

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PLEASE TAKE THE TIME TO READ THE INSTRUCTION. THANK YOU!This competency assessme

PLEASE TAKE THE TIME TO READ THE INSTRUCTION. THANK YOU!This competency assessment assesses the following Outcome(s):
AC114M3: Apply the steps of the accounting cycle.
GEL-1.02: Demonstrate college-level communication through the written delivery of original materials in Standard English.
PC 3.2: Interact with others in a professional manner using appropriate communication and presentation skills.
Understanding accounting is useful in making decisions in business. Accounting is the language of business and is an information system that provides reports to stakeholders about the economic activities and condition of a business. Accounting reports, financial statements, are used by owners, managers, investors and other stakeholders in decision making.
You will complete exercises in WileyPLUS for this module to learn how to prepare and practice the concepts of accounting. The activities in WileyPLUS will cover topics such as what accounting is, its users, and its usages. In addition, it will test your knowledge of generally accepted accounting principles, ethics in accounting and fundamental business transactions.
Here is a tutorial on “How to Complete Assignments” in WileyPLUS.
This Competency Assessment is divided into eight parts, one per criteria item. Please review the checklist criteria for additional details. You will be completing the problems and/or exercises in WileyPLUS under the “Competency Assessment” section.
Please note each criteria item must be completed in one sitting. You will have 90 minutes for each criteria item in WileyPLUS. You do not have the option to save and come back to finish each part of the Competency Assessment.
Please submit a Dropbox comment to your instructor once you have completed all parts of the Competency Assessment. You may retake any failed part(s). You will need to submit a Dropbox comment to your instructor after each re-attempt of any part of the Competency Assessment.
If you have any problems entering the answers correctly, please contact your instructor.
Competency Assessment: Part 1 (Identify the steps in the accounting cycle)
Competency Assessment: Part 2 (Illustrate the steps in the accounting cycle)
Competency Assessment: Part 3 (Apply accounting procedures by recording transactions on a worksheet)
Competency Assessment: Part 4 (Apply the steps of the accounting cycle to accounting information)
Competency Assessment: Part 5 (Examine the concept of an accounting information system)
Competency Assessment: Part 6 (Summarize how a subsidiary ledger is used)
Competency Assessment: Part 7 (Explain practical use of special journals)
Competency Assessment: Part 8 (Apply the concept of special journals to accounting data)
Competency Assessment: Part 9 (Examine revenues, expenses, and adjusting entries with the profession’s commitment to ethics)
This part is not completed in WileyPLUS. Please read the directions below.
Part 9 is assessed in the below Microsoft® PowerPoint® Assignment
Competency Assessment: Part 9 (Examine revenues, expenses, and adjusting entries with the profession’s commitment to ethics)
Assignment Details
Here is an opportunity to connect your current learning about revenues, expenses and adjusting entries with the profession’s commitment to ethics.
EC3: Russell Company is a pesticide manufacturer. Its sales declined greatly this year due to the passage of legislation outlawing the sale of several of Russell’s chemical pesticides. In the coming year, Russell will have environmentally safe and competitive chemicals to replace these discontinued products. Sales in the next year are expected to greatly exceed those from any prior years. The decline in sales and profits appears to be a one-year aberration. But even so, the company president fears a large dip in the current year’s profits. He believes that such a dip could cause a significant drop in the market price of Russell’s stock and make the company a takeover target.
To avoid this possibility, the company president calls in Zoe Baas, controller, to discuss this period’s year-end adjusting entries. He urges her to accrue every possible revenue and to defer as many expenses as possible. He says to Zoe, “We need the revenues this year, and next year can easily absorb expenses deferred from this year. We can’t let our stock price be hammered down!” Zoe didn’t get around to recording the adjusting entries until January 17, but she dated the entries December 31 as if they were recorded then. Zoe also made every effort to comply with the president’s request.
Weygandt, J.J., Kimmel, P.D., & Kieso, D.E (2021). Accounting Principles (14th Ed.). Hoboken, NJ: John Wiley & Sons, Inc.
Assignment Instructions
Respond thoroughly to the following questions in your PowerPoint presentation:
Who are the stakeholders in this situation?
What are the ethical considerations of (a) the president’s request, and (b) Zoe dating the adjusting entries December 31?
Can Zoe accrue revenues, defer expenses, and still be ethical?
Can Zoe’s accrued revenues and deferred expenses be illegal?
Who do you think can discover Zoe’s accrued revenues and deferred expenses?
Prepare a Microsoft PowerPoint presentation answering the questions presented in this assignment. This presentation should inform the audience about the connection between revenues, expenses and adjusting entries with the profession’s commitment to ethics and the impact in the financial statements. Make sure to cite at least one source and reference it (in your separate reference slide) following APA guidelines.
A minimum of seven slides including the title, abstract and reference slides are required. Your presentation should be attractive and must include a slide for your abstract, which should include a concise and clear thesis statement.
You want to follow the conventions of Standard English that includes correct grammar, punctuation, and spelling. Your presentation must contain speakers notes at the bottom of each slide and be formatted according to APA guidelines. Review Writing Center resources on APA style and formatting. Access the Writing Center from the Academic Success Center found in the Academic Tools area in your course.
Review the items below to ensure you have covered all aspects required for this assignment.
A minimum of seven slides are required for your presentation. The Microsoft PowerPoint presentation should include:
Title slide
Abstract slide
Answers to the outlined questions
Conclusion slide
Use in text citations where appropriate in your slide’s note section.
Use an APA 7th edition style and guidelines for your reference slide and cite at least one source.
Respond to each question in a thorough manner, providing supporting information concerning revenues, expenses and adjusting entries with the profession’s commitment to ethics and the impact in the income statement.
Demonstrate logical and appropriate transitions from one idea to another, including word choice and expressiveness while leading the audience to a dynamic and supported conclusion.
Your presentation should be highly ordered, logical, and unified and demonstrate original thought.
Presentation skills required in your presentation:
Slides need to have a clear and academic-professional tone.
Communication is highly ordered, logical and unified to include an introduction, main content and conclusion.
Written delivery techniques, including word choice and expressiveness, display exceptional content, organization, and style, while leading the audience to a dynamic and supported conclusion.
Directions for Submitting Your Competency Assessment: Part 9
Before you submit your Competency Assessment: Part 9, you should save your work on your computer in a location and with a name that you will remember. Make sure your Assessment is in the appropriate format (ppt., pptx.), then, when you are ready, you may submit to the Competency Assessment Dropbox.

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