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2:32 Project Instructions 000 Competency In this project, you will demonstrate your mastery of the following competency: Demonstrate the foundational principles of financial accounting Scenario

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2:32 Project Instructions 000 Competency In this project, you will demonstrate your mastery of the following competency: Demonstrate the foundational principles of financial accounting Scenario You work as the accountant of a sole proprietorship, Jamie's Consulting, Jamie's Consulting has decided to expand and would like to obtain a line of credit with the bank. To apply for a line of credit, the bank requires the most recent set of financial statements. To help the owner, Jamie, accurately convey the business's performance and overall financial health to the bank, she has asked you to review the business's recent transactions and write a brief that will prepare her for her meeting with the bank. Directions Financial Review: Jamie emails you the quarterly business transactions to review. Jamie is currently traveling for business and would like the information from the review in a clear and concise manner. Use the Financial Review Template to review the transactions and provide sufficient reasoning for Jamie to understand your rationale for deciding to share the financial information with the bank. To ensure the financial information is accurate, reliable, and relevant, include the following in your review: Apply the most relevant accounting principle from GAAP to each business transaction Explain your rationale for applying each accounting principle. Use the accounting principles to decide to include or omit each business transaction Determine the appropriate account types for each business transaction. Note that each transaction will correspond to more than one type of account Refer to the accounting equation to determine whether each account type results in an increase or decrease of the account. Brief to the Owner: After you send the financial review information, Jamie 2:32 Project Instructions 000 Competency In this project, you will demonstrate your mastery of the following competency: Demonstrate the foundational principles of financial accounting Scenario You work as the accountant of a sole proprietorship, Jamie's Consulting, Jamie's Consulting has decided to expand and would like to obtain a line of credit with the bank. To apply for a line of credit, the bank requires the most recent set of financial statements. To help the owner, Jamie, accurately convey the business's performance and overall financial health to the bank, she has asked you to review the business's recent transactions and write a brief that will prepare her for her meeting with the bank. Directions Financial Review: Jamie emails you the quarterly business transactions to review. Jamie is currently traveling for business and would like the information from the review in a clear and concise manner. Use the Financial Review Template to review the transactions and provide sufficient reasoning for Jamie to understand your rationale for deciding to share the financial information with the bank. To ensure the financial information is accurate, reliable, and relevant, include the following in your review: Apply the most relevant accounting principle from GAAP to each business transaction Explain your rationale for applying each accounting principle. Use the accounting principles to decide to include or omit each business transaction Determine the appropriate account types for each business transaction. Note that each transaction will correspond to more than one type of account Refer to the accounting equation to determine whether each account type results in an increase or decrease of the account. Brief to the Owner: After you send the financial review information, Jamie

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