Assignment for Financial Accounting (10%) This Financial Accounting Course has started with the steps involved in the accounting cycle: starting from recording transactions in the journal, posting to the ledger, preparing a trial balance, adjusting entries, adjusted trial balance, closing entries, after-closing trial balance, as well as the preparation of financial statements. After the accounting cycle, this course has addressed issues related to merchandising frms such as the perpetual and the periodic systems, and the related transactions between buyers and sellers, as well as inventory valuation methods (FIFO, LIFO, Average cost). The remaining chapters of this course adiress, in more details, the sections of the balance sheet: Assets (financial assets, and long-term assets): Liabilities and Stockholders' equity (transactions related to the issuance of stocks (equity) and bonds [liabilities of a corporation) This course is based on the American GAAP (Generally Accepted Accounting Principles). and it is mainly for external financial reporting purposes of corporations listed on the stock market. The material covered in this course is therefore aimed to support a wide range of users (internal and external) but it is primarily aimed to support investment and credit decision-making for investors and creditors (those willing to invest their money in the stocks or bonds of corporations listed on the stock market). Required: In Lebanon, we know that most of the businesses are family-owned, and are small and medium enterprises (SMEs). In addition, the stock market in Lebanon is not as developed as the stock markets of USA or Europe. If you became the head of the accounting department in a small or medium-sized business in Required: In Lebanon, we know that most of the businesses are family-owned, and are small and medium enterprises (SMEs). In addition, the stock market in Lebanon is not as developed as the stock markets of USA or Europe. If you became the head of the accounting department in a small or medium-sized business in Lebanon, do you think that what you studied in this course can help you improve the financial situation of your company? If yes, why? And if no, why? If you answer yes: expla in how you can improve the financial situation of the company where you work (knowing that this company is not a large one and not a corporation) . If you answer nos explain if you think there are other accounting topics (not related to what you studied in this course) that would have been relevant for you as an accountant (or the head of accounting department) in a small or medium-sized business operating in Lebanon. You can support your arguments by providing examples. Please note that the grading of your assignment will not be based on your answer (yeso) but on your explanations. (Note: the assignment you submit will be uploaded to Turnitin to detect any plagiarism)
