Financial Concepts Evaluation

[WLO: 3] [CLO: 3]

Prior to beginning work on this assignment, watch the video Introduction to Financial Statements (Links to an external site.) . This video covers an overview of the four financial statements.

Create an assignment focused on level of comfort with three important financial statements:

The income and expense report

The balance sheet Download balance sheet

The statement of cash flows

The reflective evaluation is the foundation for creating a plan to increase knowledge of these three statements.

Do the following:

Consider and reflect on knowledge gained in the work environment.

Consider and reflect on knowledge gained in prior classes.

• Execute the Chapter 8 Mini Sim on accounting and accounting information through the link, MyLab Entrepreneurship All Assignments. Click on “Week 4 – Assignment” to complete the Chapter 8 Mini Sim in MyLab.
• In your paper,

Evaluate your level of comfort with the three foundation financial statements:

The income and expense report

The balance sheet

The statement of cash flows

Frame your evaluation with knowledge gained in the work environment and in prior classes.

Evaluate your level of comfort with three important financial statements:

• The income and expense report.

The balance sheet.

The statement of cash flows.

Illustrate the relationship of the elements of all income and expense report entries offered as part of the simulation.

• Illustrate the steps needed to discuss a pro forma income and expense statement with a potential investor.
• Interpret the meaning of the balance sheet entries offered as part of the simulation.
• Identify the principles and steps needed to discuss a pro forma balance sheet with a potential investor.

Describe the role of statement of cashflows entries offered as part of the simulation.

Summarize the principles and steps needed to discuss a pro forma statement of cashflows with a potential investor.

Next, do the following:

• Evaluate your level of comfort with the three foundation financial statements: (a) the income and expense report, (b) the balance sheet, and (c) the statement of cash flows. Frame your evaluation with knowledge gained in the work environment and in prior classes. Within your evaluation, consider the following:

Evaluate the level of comfort with three important financial statements: (a) the income and expense report, (b) the balance sheet, and (c) the statement of cash flows.

• Illustrate the foundation principles of all income and expense report entries offered as part of the simulation. What knowledge was needed to discuss a pro forma income and expense statement with a potential investor?
• Define the purpose of balance sheet entries offered as part of the simulation.
• Identify the principles and steps needed to discuss a pro forma balance sheet with a potential investor.
• Define the role of statement of cashflows entries offered as part of the simulation.
• Define the principles and steps needed to discuss a pro forma statement of cashflows with a potential investor.

The Financial Concepts Evaluation paper

• Must be three to four double-spaced pages in length (not including title and references pages) and formatted according to APA Style (Links to an external site.) as outlined in the Writing Center’s APA Formatting for Microsoft Word (Links to an external site.).
• Must include a separate title page with the following:
• Title of paper
• Student’s name
• Course name and number
• Instructor’s name
• Date submitted
• Must utilize academic voice. See the Academic Voice (Links to an external site.) resource for additional guidance.
• Must include an introduction and conclusion paragraph. Your introduction paragraph needs to end with a clear thesis statement that indicates the purpose of your paper.

For assistance on writing Introductions & Conclusions (Links to an external site.) as well as Writing a Thesis Statement (Links to an external site.), refer to the Writing Center resources.

Must use at least two scholarly sources in addition to the course text.

The Scholarly, Peer-Reviewed, and Other Credible Sources (Links to an external site.) table offers additional guidance on appropriate source types. If you have questions about whether a specific source is appropriate for this assignment, please contact your instructor. Your instructor has the final say about the appropriateness of a specific source for a particular assignment.

• To assist you in completing the research required for this assignment, view this Quick and Easy Library Research (Links to an external site.) tutorial, which introduces the University of Arizona Global Campus Library and the research process, and provides some library search tips.
• Must document any information used from sources in APA Style as outlined in the Writing Center’s APA: Citing Within Your Paper (Links to an external site.) guide.
• Must include a separate references page that is formatted according to APA Style as outlined in the Writing Center. See the APA: Formatting Your References List (Links to an external site.) resource in the Writing Center for specifications.