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Notes to the Financial Statements Essay Sample

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Notes to the Financial Statements Essay Sample

The objective of this project is to give the students an opportunity to learn how to develop notes to the financial statements. This will include determining which items need to be included in the notes, which items need to have additional information provided in the notes, how the notes should be written, and the use of proper grammar in writing the notes. The students will also learn how to write professional and business information in a comfortable, easy manner in which readers can understand what is being written and what is meant by what is written.

Description

During the course you will be required to develop a Course Project having to do with writing notes for a fictitious annual report. You will hand in the project at the end of Week 8.In order to assist you in writing the notes, you may use the notes for Proctor & Gamble, as shown on pages 246–277, or you may use those shown as examples in Chapter 24. Although you may use these as an example, you are not to use their actual notes, or the notes from any other company, because this would be considered plagiarism (and if discovered, would result in a grade of “F,” or zero points for the assignment).Your project should consist of; but not be limited to, the items below. Note 1: Significant Accounting Polices (consisting of at least 10 items) Notes 2–10+: Consisting of at least the items below.

Inventory
Property, Plant, & Equipment
Contingencies and Liabilities
Changes in Accounting Principles or Estimates
Post Balance Sheet Events
Mergers and Acquisitions
Lease Obligations
EPS
Long-Term Debt
Employee Pension Obligations
If you have any questions, please feel free to contact your instructor. Good luck.

Guidelines
* The notes will include as “Summary of Significant Accounting Principles” as Note 1. * The notes will then include detailed information about at least 10 different items that are usually contained in the notes to the financial statements. * The student will gain experience in writing business topics and the need to have detailed information provided in the notes to the financial statements.

Grading Rubrics

Category Points % Description
Making proper selection of items to be included in the notes to the financial statements 24 20 From the review of the Proctor & Gamble financials and the review of Chapter 24 for full disclosure requirements, the student will be able to determine which notes to be included. Determine what information should be included in Note 1. 24 20 The information and accounts that are included in Note 1 are those that are necessary for the company to disclose how certain items are treated in the company’s everyday transactions. Determine the detail information that should be included in Notes 2–10+. 60 50 It is important for the student to understand the difference between information furnished in Note 1 and a separate note detailing the information for the subject of the individual notes. Proper use of good business writing, including submission to Smarthinking (50%) 12 10 The student needs to understand that proper business writing does not include slang or improper use of words that are used in common day-to-day discussions. Total 120 100% A quality project will meet or exceed all of the above requirements.

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