The Fundamentals of Accounting: A Series of Case Reports

Kemp, Thomas W (2018) The Fundamentals of Accounting: A Series of Case Reports. Undergraduate thesis, under the direction of Victoria Dickinson from Accountancy, University of Mississippi.

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Abstract

I researched popular topics covering all aspects of Accountancy through a series of case reports. Each case report was different and provided a different focus. It begins with a case covering a full financial analysis of two similar companies, with my opinion of which was a better investment with an explanation. This case is broad, and focuses on different aspects of financial statements. It continues with a case devoted to income statement presentations with the Financial Accounting Standards Board (FASB) Codification serving as the basis of reasoning. I then delve into a case involving a chocolate manufacturer. I record journal entries and prepare a series of financial statements with transactions specific to manufacturing. Next is the study of internal controls, where I analyze a small craft chop’s areas of potential fraud while recommending ways to stop fraud. Following this case is a study of inventory accounts and I perform an investment analysis based on my interpretations of the financial statements. Next follows cases where I investigate property, plant, and equipment and also relocation expenses for two different companies. Both of these cases involve research using the FASB Codification. In my next case, I perform an analysis of stockholder’s equity with two different companies with different aspects of equity. I then perform an analysis of Restricted Stock and Revenue Recognition. Both of these cases were researched using the FASB Codification. After these cases, I perform an analysis of book vs. taxable income, then an analysis of the differences between capital and operating leases. I record my interpretations and opinions and show my reasoning through ratios. This whole series of reports is comprised of financial data and accounting research I used to arrive at investment and accounting decisions.

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