Cost Accounting : Project: Ice Cream
Systems
Lesson 5 Overview
The goal of this graded project is to create the following financial statements for Ice Cream Systems (ICS):
Balance sheet
Income statement
Post-closing trial balance
The financial statements must be created in one Word document (.doc or
.docx file). Alternatively, an Excel workbook may be used (.xls or .xlsx file). A Rich Text Format (.rtf file) may be used by Mac users. The Word, Excel, or Rich Text Format file will be uploaded for grading.
Graded Project: Ice Cream Systems
Once you’ve completed the project and your one file is ready to be submitted, follow the instructions below. Be sure to check your work and to upload the correct file. Your project will be individually graded by your instructor and therefore may take up to five to seven days to grade. Be sure that each of your files contains the following information:
Your name
Your student ID number
The exam number
Your email address
To submit your graded project, follow these steps:
Log in to your student portal.
Click on Take Exam next to the lesson you’re working on.
Find the exam number for your project at the top of the Project Upload page.
Follow the instructions provided to complete your exam.
Be sure to keep a backup copy of any files you submit to the school!
The goal of this graded project is to create the following financial statements for Ice Cream Systems (ICS):
Balance sheet
Income statement
Post-closing trial balance
The financial statements must be created in one Word document (.doc or
.docx file). Alternatively, an Excel workbook may be used (.xls or .xlsx file). A Rich Text Format (.rtf file) may be used by Mac users. The Word, Excel, or Rich Text Format file will be uploaded for grading.
Read the following information thoroughly before beginning your work.
This will help you become familiar with the project. The material you need to know to complete the project has been covered in the textbook and in the assigned exercises and problems. If you understood the chapters and completed the assigned homework problems, you should have no problem with the project.
The project is to be done by hand with a pencil and paper. Use the blank forms provided. (Make as many copies as needed.) At the end of the project, you’ll be given instructions for creating and uploading the financial statements in a Word, Excel, or Rich Text Format file for grading.
Note: It’s important to format financial statements properly. They must follow Generally Accepted Accounting Principles (GAAP), which create a uniformity of financial statements for analyzing. This allows for an easier comparison, as all businesses follow GAAP. Therefore, the financial statements you create should replicate those in the textbook. Failure to do so will result in a loss of points.
This project references “debits equaling credits.” This is a fundamental principle of accounting, and violation of this principle is not acceptable under any circumstance. If debits don’t equal credits, it suggests that someone has “cooked the books” or presented false information. It also allows for embezzlement. If debits don’t equal credits, the cause may be a lack of understanding of accounting principles or carelessness when making journal entries, posting to the general ledger accounts, or completing the math. Remember that instructors are available to help you! If your mistakes are careless, go back over the work slowly until the error is found.
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