Fundamentals of Accounting
Assignment 2: Memo
National Accounting Academy (NAM) is an accounting firm that fulfills the many outsourcing needs of small company bookkeeping and accounting functions. You have just been hired as a training coordinator at NAM. Your job is to create training manuals for NAM to help employees brush up their accounting skills.
Post your assignment to the Discussion Area by Saturday, November 9, 2013 in a 1-2 page memo (12 pt. font) prepared in a Microsoft Word document. Your job is to explain the following items to the new employees in its own respective paragraph. The memo should be single spaced and explain the following from this weeks chapters:
The different users of accounting information along with generally accepted accounting principles and the cost principle. Discuss the 4 financial statements and what items are located on each statement. The different parts to an account, the different type of accounts, and how debits and credits affect each type of account. Explain how to prepare journal entries and their purpose. Double entry accounting and how it affects the accounting equation. You may use the description in each of these bullet points to start the section. This will help the reader navigate though your memo. The reason for the memo style for this assignment is to prepare you for what can be expected of you in a work situation. Spend time on organizing your thoughts into meaningful sentences. You are not only going to be graded on your knowledge of the material but on the presentation and structure of the memo as well. Remember that each topic should have its own respective paragraph.
Grading Criteria Maximum Points Content Discussed users of accounting information along with GAAP and cost principles. 5 Discussed the financial statements and what items are located on each. 5 Discussed the different parts to an account, the different type of accounts, and how debits and credits effect each type of account. 5 Explained how to prepare journal entries and their purpose. 5 Discussed double entry accounting and its affects the accounting equation. 5 Format Submitted 1-2 page memo prepared in Microsoft Word with single-spaced 12 pt. font. Used standard rules of English spelling, grammar, punctuation, mechanics, syntax, and sentence construction to communicate ideas and opinions explicitly and clearly in writing. 5 Cited sources using the correct MLA format. 5 Participation Participated in the discussion by asking a question, providing a statement of clarification, providing a point of view with rationale, challenging a point of discussion, or making a relationship between one or more points of the discussion. 5 Responded to at least two assignments, posted questions and/or observations to enrich the discussion and displayed positive regard for others. 10 Total: 50