Part 1 Stakeholders [WLOs: 1, 2, 3, 4] [CLO: 1] Prior to beginning work on this

Part 1
Stakeholders [WLOs: 1, 2, 3, 4] [CLO: 1]
Prior to beginning work on this discussion, review Chapters 1 and 2 of Horngren’s Accounting: The Financial Chapters (7th ed.) textbook.
Write: Make sure your response addressing the following question is more than 200 words, and you include an in-text citation or a brief quote from the reading material where appropriate. Refer to the guide APA: Citing Within Your PaperLinks to an external site..
In your reading this week, you learned about external financial statement users or stakeholders. Common examples include:
Current stockholders
Potential investors
Creditors
Suppliers
Customers
Auditors
Taxing authorities
Select two of the stakeholders listed above and address the following points:
Explain how each selected stakeholder may use financial statements to make decisions related to the company.
Describe at least one thing the stakeholder could learn from the income statement (other than net income) and one thing they could learn from the balance sheet and explain the significance of the item you choose from each statement.
Part 2
Developing Balance Sheet [WLOs: 1, 2, 3, 4] [CLO: 1]
Prior to beginning work on this discussion, review Chapters 1 and 2 of Horngren’s Accounting: The Financial Chapters (7th ed.) textbook.
Write: Make sure your response addressing the following question is more than 200 words, and you include an in-text citation or a brief quote from the reading material where appropriate. Refer to the guide APA: Citing Within Your PaperLinks to an external site..
Develop a balance sheet based on your personal financial condition:
Use actual accounts, such as house, mortgage, accounts payable, etc.
Do not use actual amounts but invent numbers.
Use the layout as described in the chapter, see page 1–20.
Post your balance sheet to the discussion area and tell us what, if anything, surprised you. Also, indicate how you would like this to look ten years from now.
Required Resources
Text
Miller-Nobles/Mattison. Horngren’s accounting: The financial chapters (7th ed.). Pearson.
Chapter 1: Accounting and the Business Environment
Chapter 2: Recording Business Transactions
Chapter 1 discusses why accounting is important and the organizations and rules that govern accounting. The chapter introduces the accounting equation and defines the three major parts, assets, liabilities, and equity. The accounting equation is then used to analyze transactions. The chapter also describes the major financial statements that are prepared. This chapter will assist you with learning the basic accounting equation used in the discussion questions and Week 1 assignments.
Chapter 2 addresses the different accounts included in the three major categories, assets, liabilities, and equity. The chapter explains debits and credits and how they affect the three major categories. The general journal and general ledger are introduced and how they are used to record transactions is explained. The trial balance and how it is used in the recording process is also discussed. Debits and credits are discussed in the discussion questions, and you will apply your learning in the assignments.
Multimedia
University of Arizona Global Campus. (2023, March 24). Financial statementsLinks to an external site. [Video]. Kaltura. https://uagc.mediaspace.kaltura.com/media/ACC205+%7C+Week+01+%7C++Financial+Statements/1_k4k8nkwu
This video provides information on how you can prepare financial statements. It will assist you in stakeholders and developing balance sheet discussions this week. This video has closed captioning and a transcriptLinks to an external site..
Accessibility StatementLinks to an external site.
Privacy PolicyLinks to an external site.
Recommended Resources
Multimedia
Pearson. (2018). The accounting equationLinks to an external site. MyAccountingLab [Virtual Lab]. https://mediaplayer.pearsoncmg.com/assets/pearson_vid01_final
This short video will help you understand the basic components and sub-groups in the accounting equation. Review this video before you begin the assignments. This video has closed captioning and a transcript.
Accessibility StatementLinks to an external site.
Privacy PolicyLinks to an external site.
Pearson. (2018). What is double entry accountingLinks to an external site. MyAccountingLab [Virtual Lab]. https://mediaplayer.pearsoncmg.com/assets/NG9XkPM6Q6swVYh3_1HUwhcnPSUM6sil
This video describes how using double entry accounting maintains the accounting equation in balance. Review this video before completing the assignments. This video has closed captioning and a transcript.
Accessibility StatementLinks to an external site.
Privacy PolicyLinks to an external site.
Pearson. (2018). Journalizing transactionsLinks to an external site. MyAccountingLab [Virtual Lab]. https://mediaplayer.pearsoncmg.com/assets/pearson_vid04_final
This video describes how to analyze a transaction to develop a journal entry. Review this video before completing the assignments. This video has closed captioning and a transcript.
Accessibility StatementLinks to an external site.
Privacy PolicyLinks to an external site.
Pearson. (2018). How to record transactionsLinks to an external site. MyAccountingLab [Virtual Lab]. https://mediaplayer.pearsoncmg.com/assets/buspub-2017-accounting-miller12e_0134489748-MillerNobles_12e_02_03a
This video describes how to record a journal entry in the general journal. Review this video before completing the assignments. Part 1 of 3. This video has closed captioning and a transcript.
Accessibility StatementLinks to an external site.
Privacy PolicyLinks to an external site.
Pearson. (2018). How to record transactions part 2Links to an external site. MyAccountingLab [Virtual Lab]. https://mediaplayer.pearsoncmg.com/assets/buspub-2017-accounting-miller12e_0134489748-MillerNobles_12e_02_03b
This is part two of recording a journal entry in the general journal. Review this video before completing the assignments. Part 2 of 3. This video has closed captioning and a transcript.
Accessibility StatementLinks to an external site.
Privacy PolicyLinks to an external site.
Pearson. (2018). How to record transactions part 3Links to an external site. MyAccountingLab [Virtual Lab]. https://mediaplayer.pearsoncmg.com/assets/Dd78ySxy9jTY4sc6s3233oKqUGkVUC9_
This is part three of recording a journal entry in the general journal. Review this video before completing the assignments. Part 3 of 3. This video has closed captioning and a transcript.
Accessibility StatementLinks to an external site.
Privacy PolicyLinks to an external site.
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https://uagc.mediaspace.kaltura.com/media/ACC205+%7C+Week+01+%7C++Financial+Statements/1_k4k8nkwu
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