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BUS FPX 2061 Assessment 1 Template
BUS FPX 2061 Assessment 1 Template
Student Name
Capella University
BUS-FPX2061 Accounting Fundamentals
Prof. Name:
Date
Part 1 – Accounting Environment
| Question | Response |
|---|---|
| 1. Describe the similarities and differences between financial and managerial accounting. | Both financial and managerial accounting record and analyze financial transactions. Financial accounting focuses on preparing reports for external stakeholders (e.g., investors, regulators), while managerial accounting provides detailed internal reports for management decision-making. |
| 2. Describe the four major types of internal users of accounting data. | The four main internal users are managers, employees, owners, and department heads. Managers use data for planning and control, employees for performance evaluation, owners for investment decisions, and department heads for budgeting and operations. |
| 3. Identify each of the six organizations that influence accounting practice. | The six major organizations influencing accounting practices include the American Institute of Certified Public Accountants (AICPA), Financial Accounting Standards Board (FASB), Securities and Exchange Commission (SEC), Internal Revenue Service (IRS), Institute of Management Accountants (IMA), and Governmental Accounting Standards Board (GASB). |
| 4. Identify and describe the three basic forms of business organization. | The three forms of business organizations are sole proprietorship, partnership, and corporation. A sole proprietorship is owned by one person, a partnership by two or more individuals, and a corporation is a separate legal entity owned by shareholders. |
| 5. Identify the primary objectives of every business. | The primary objectives are profitability, growth, and sustainability. Businesses aim to generate profit, expand operations, and maintain long-term stability. |
| 6. Describe the difference between an asset and a liability. | Assets are resources owned by a business that hold value, while liabilities are obligations or debts owed to others. Assets increase the company’s value, whereas liabilities represent claims against those assets. |
Part 2 – Income Statement
| Account Title | Amount (USD) |
|---|---|
| Ticket Revenue | 205,000 |
| Equipment Rent Expense | 75,000 |
| Film Rent Expense | 78,400 |
| Concession Revenue | 54,600 |
| Advertising Expense | 43,600 |
| Salaries Expense | 85,000 |
| Utilities Expense | 39,100 |
| Cash Dividends Declared and Paid | 37,000 |
BUS FPX 2061 Assessment 1 Template
Part 3 – Statement of Retained Earnings
| Description | Amount (USD) |
|---|---|
| Retained Earnings – June 1 | 109,900 |
| Add: Net Income | (61,500) |
| Total | 48,400 |
| Less: Dividends | 37,000 |
| Retained Earnings – End | 11,400 |
Part 4 – Balance Sheet
| Category | Account | Amount (USD) |
|---|---|---|
| Assets | Cash | 165,000 |
| Land | 173,000 | |
| Total Assets | 338,000 | |
| Liabilities and Equity | Accounts Payable | 112,600 |
| Stockholders’ Equity | 225,400 | |
| Total Liabilities & Equity | 338,000 |
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