SCENARIO: You are a new hire for a major corporation completing your eight-week rotation related to accounting, financial reporting, budgeting, cost control, and profit maximization. As part of your rotation you are learning about the accounting process and how to use accounting information to make managerial decisions.

Read the assigned chapters to learn the accounting concepts, then submit a written report in the LEO assignment folder summarizing your knowledge of the weeks concepts. You should create this report to provide documentation/evidence of your assigned chapter readings and self-assessment exercises (Fill in the Blanks, and Multiple Choice questions at end of each chapter). (A series of projects focused on your SEC10K corporation will be completed and submitted separately.)

REQUIREMENT: As described above, upon completion of the readings and quizzes (the weeks assigned chapters are detailed below) write a report as a Word document and upload it to this week's Homework assignment folder. Summarize what you learned through your readings and practice quizzes. Demonstrate an understanding of the weeks concepts. The more detailed writeups documenting a solid understanding of the material will earn the highest homework points.

Week 7:

A. Read and complete the self-graded questions for ch 21 & 22 at http://www.principlesofaccounting.com/.

B. Provide a summary of the accounting concepts learned through the readings and practice quizzes for this week. Demonstrate your understanding of the week's concepts. If you need ideas regarding topics to discuss, see ideas below. The more detailed your write-up documenting your understanding the higher it will be graded. (See Rubric for details.)

Complete the report below as a Word document and submit in the Assignment Folder for week 1 Homework.

Additionally, here are some topics to consider:

Why do companies budget? What are the benefits?

What can budgets be used for when evaluating company/department performance?

What topic(s) gave you trouble this week (if any)?/What topic(s) do you feel you were able to grasp? Post questions in the homework discussion thread!