Accounting 202 Financial Statement

Submission:

Hard copy submission is due in two weeks consist of:

• A two or three page report consisting of:
  • A opening summary bullet pointing the names of the companies selected, the topic, the chapter number and the ASC reference number
  • An in-depth analysis of the topic comparing and contrasting the application of the accounting standard by each company. For example, if Inventory was selected you should identify which method such as FIFO, LIFO etc. was used by each company, explain in depth, citing the ASC, what the methodology is and why that particular method was selected, and the impact on the financial statements that such selection had.
• Copies of the financial statements for both companies and applicable financial statement footnotes (Do NOT submit the full 10-K filing which is far too voluminous)
• A copy of the first page of the applicable ASC
• Sign off by Professor

Research Data and Organization:

• Select two companies in a similar industry, for example Ford and General Motors or Walmart and Target.
• Use the SEC.GOV website to access their latest 10-K filing. You will need the Balance Sheet, Income Statement, Statement of Cash Flows, Statement of Equity and Note 1 which summarizes the key accounting policies.
• After reading the financial statements, select a topic which we have or will cover this semester and which figure prominently on the financial statements of each company.
• Obtain the accounting standard (ASC) that applies to the topic.

Miscellaneous:

Company chosen Sears and Walmart