Financial Statement Basics and the Accounting Cycle

Now that you have some acquaintance with financial statements, prepare 3–4 paragraphs to discuss your views on financial statements and their usefulness in managing a division or a business. Include in your discussion:

• What else would you like to see in the financial statements?
• What kind of information do you think you may, as a manager, request from an accountant because you cannot find it on the financial statements?
• How might you use the information from financial statements to talk with an investor or a banker?
  

  DISCUSSION PARTICIPATION SCORING GUIDE

  DISCUSSION PARTICIPATION GRADING RUBRIC

  Criteria	Non-performance	Basic	Proficient	Distinguished
  Apply relevant course concepts, theories, or materials correctly. 25%	Does not explain relevant course concepts, theories, or materials.	Explains relevant course concepts, theories, or materials.	Applies relevant course concepts, theories, or materials correctly.	Analyzes course concepts, theories, or materials correctly, using examples or supporting evidence.
  Collaborate with fellow learners, relating the discussion to relevant course concepts. 25%	Does not collaborate with fellow learners.	Collaborates with fellow learners without relating the discussion to the relevant course concepts.	Collaborates with fellow learners, relating the discussion to relevant course concepts.	Collaborates with fellow learners, relating the discussion to relevant course concepts and extending the dialogue.
  Apply relevant professional, personal, or other real-world experiences. 25%	Does not contribute professional, personal, or other real-world experiences.	Contributes professional, personal, or other real-world experiences, but contributions lack relevance.	Applies relevant professional, personal, or other real-world experiences.	Applies relevant professional, personal, or other real-world experiences to extend the dialogue.
  Support position with applicable knowledge. 25%	Does not establish relevant position.	Establishes relevant position.	Supports position with applicable knowledge.	Validates position with applicable knowledge.

• The following resources may be helpful in learning about or reviewing financial statement basics in preparation for this week’s activities.
  • Marshall, D., McManus, W., & Viele, D. (2020). Accounting: What the numbers mean (12th ed.). New York, NY: McGraw-Hill. Available in the courseroom via the VitalSource Bookshelf link.
    • The following chapters cover financial statement basics:
      • Chapter 5, “Accounting for and Presentation of Current Assets.”
      • Chapter 6, “Accounting for and Presentation of Property, Plant, and Equipment and Other Noncurrent Assets.”
      • Chapter 7, “Accounting for and Presentation of Liabilities.”