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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

QuestionResponse 
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 TitleAmount (USD)
Ticket Revenue205,000
Equipment Rent Expense75,000
Film Rent Expense78,400
Concession Revenue54,600
Advertising Expense43,600
Salaries Expense85,000
Utilities Expense39,100
Cash Dividends Declared and Paid37,000

BUS FPX 2061 Assessment 1 Template

Part 3 – Statement of Retained Earnings

DescriptionAmount (USD)
Retained Earnings – June 1109,900
Add: Net Income(61,500)
Total48,400
Less: Dividends37,000
Retained Earnings – End11,400

Part 4 – Balance Sheet

CategoryAccountAmount (USD)
AssetsCash165,000
 Land173,000
 Total Assets338,000
Liabilities and EquityAccounts Payable112,600
 Stockholders’ Equity225,400
 Total Liabilities & Equity338,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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