XACC 280 Week 1

CheckPoint: Accounting Assumptions, Principles, and Constraints

Write an essay in 250 to 300 words, including the following:

o The basic assumptions of accounting

o The principles of accounting

o The constraints of accounting

o A conclusion stating how you think sound financial reporting depends on principles,

assumptions, and constraints. Refer to the U.S. GAAP in your response.

CheckPoint: The Accounting Equation

View PhxKlips The Accounting Equation on your student Web site.

Write an explanation of the function of each element in the accounting equation, using 100 to

150 words.

Complete E1-5 on p. 34 of Financial Accounting.

Post your explanation of the elements in the accounting equation with the answers to E1-5.

Week 1 DQs:

In your own words, how would you describe financial accounting? Select two users, one

internal and one external, who you think benefit the most from accounting. Explain why and

how you think they benefit.

Respond to your classmates postings by adding to their definitions of financial accounting.

Also, respond to at least one posting that discusses a different user than one you selected.

Add to the benefits of accounting for that user or explain how reading your colleagues

statements has modified your view of that user.

What do each of the four financial statements tell you about a company? How do companies

use financial statements? Which financial statement do you think is the most useful and why?

Respond to your classmates postings by adding to what each financial statement reveals.

Then, comment on your classmates choice of the most important financial statements.

Provide a different opinion, modify your own, or further support an opinion and explain why.