Exam Paper for Arts Leaders in Finance
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages
Exam Paper for Arts Leaders in Finance
Accounting Equation is a term that refers to a formula that is used to calculate
Review the topics for the midterms.
What is the difference between the accrual and cash accounting methods of accounting?
Statements of Financial Position
Be aware of the GAAP-required disclosures.
o Know what each one is called, what it does, and how it is used.
o Recognize the significance of the categories inside the assertions (i.e revenues, expense, assets, liabilities, operating, investing, financing, etc.)
o Determine whether they are for a specific length of time or a specific point in time.
o Recognize the names of some of the accounts that appear on each statement.
o What are the other names for these declarations used by non-profits?
o In a non-profit organization, what is the equivalent of retained earnings?
o Recognize accounts that are unique to non-profits
What is the name of the new GAAP-mandated additional statement (statement of functional expense)?
o What are the advantages of combining this statement with the other financial statements?
o Does it refer to a specific period of time or a specific point in time?
What is a ratio/variance analysis, and what does it measure?
Return on unconstrained net assets Current ratio Working capital Cash Debt Coverage Debt to Assets Ratio
Tax obligations of not-for-profits Does being a not-for-profit organization imply that you don’t have to pay any taxes?
Understanding transactions entails being able to manipulate the basic elements of the following entries (what accounts are affected, do they go up or down). Consider the results of your tabular analysis.
Receive a donation promise; later receive the money Receive subscription fees for the following year; subsequently perform one show
Purchase equipment with a note payable; Expense one month of its use Make a payment on the equipment note payable, including paying interest expense as well as principal Pay staff wages, withholding their taxes; Pay the withholdings to the government Accumulate employer related taxes; Pay the taxes to the government Purchase equipment with a note payable; Expense one month of its use
Purchase an annual insurance policy and record monthly expenses (when?) Recognize depreciation and when and how it is recorded
What is the difference between a cash budget and an accrual budget? Why is it beneficial?
Why should bank reconciliation be done on a regular basis? What other measures might you need to take after you’ve finished the reconciliation? (Fix problems on both sides by adjusting our records, calling the bank about unknown transactions, and so on.)
Understand the differences between: Unrestricted Temporarily Restricted Permanently Restricted Board Designated
Understand how operating (accrual) budgeting and forecasting are generated and used to manage an organization’s activities.
Analysis of the breakeven point When is this analysis necessary or beneficial? What are the differences between fixed and variable costs? What role do they play in this analysis? What else can help with decision-making in this area?
Why are internal controls so important? Take a look at a few samples.
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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