Basic accounting reflection paper

Have to have professional accounting knowledge

Please write a 2 page summary of your reflection of the course. This can include a discussion on topics you really liked or struggled with, discussion on topics that you found will be useful in your future career and your overall general thoughts of the course topics/assignment types. This should be 1.5 spacing - font Arial - size 11.

The course includes chapter 7.8.9.10.11.12.13.14.15.21

Coverage of the CPA Competency Map Knowledge Supplement—The following table maps the knowledge reference list from the CPA Competency Map Knowledge Supplement to Intermediate Accounting, Eleventh Canadian Edition (Volumes 1 and 2). The textbook in its entirety covers the knowledge component of the competencies as noted below. SECTION 1: FINANCIAL REPORTING Introduction to Accounting Chapters • Objectives and fundamental accounting concepts and principles (qualitative characteristics of accounting information, basic elements) • Ethical professional judgement • Objectives of financial reporting • Methods of measurement • Difference between accrual accounting and cash accounting • Framework of standard setting (IFRS and ASPE) • Financial statement users and their broad needs, standard setting, and requirement for accountability • Accounting information systems • The role of information technology in the reporting of information, including real-time access, remote access to information, dashboard, spreadsheet, report generator, and XBRL (eXtensible Business Reporting Language) • Emerging trends in accounting standards and recent updates • Legislation that has an impact on accounting (Sarbanes-Oxley Act, Bill 198) 1, 2 2 and all chapters 1, 2 2, 3 3, 4A 1, 2 1, 2 3 3 All chapters 1 Financial Statements—Process, Design, and Preparation • • • • • • • • The accounting cycle Internal control and cash (bank reconciliation, control over cash receipts and disbursements) Interim reporting Reportable segments Financial statements in accordance with applicable standards Routine disclosure requirements (notes to financial statements) Complex disclosure requirements (notes to financial statements) Role and composition of the MD&A 3 7, 7A 23 23 All chapters All chapters All chapters 23 Issues Regarding Items in Financial Statements (under various GAAPs) The appropriate accounting treatment for the following: • Cash and cash equivalents • Receivables • Inventories • Property, plant, and equipment • Goodwill and intangible assets • Depreciation, amortization, impairment, and disposition/derecognition • Provisions, contingencies, and current liabilities • Long-term liabilities • Owners’/shareholders’ equity • Earnings per share (basic, diluted) • Financial instruments • Investments in associates/significant influence • Revenue recognition/revenue from contracts with customers, and accounting for revenue and related expenses • Leases • Changes in accounting policies and estimates, and errors • Foreign currency transactions • Accounting for income taxes • Events after the reporting period • Uncommon capital assets (e.g., natural resources, exchanges of assets, decommissioning costs) • Pension plans and other employee future benefits • Assets held for sale and discontinued operations 7 7 8 10 12 11 13 14, 16 15, 16 4, 17 7, 9, 14, 15, 16 9 6 20 21 16 18 5, 23 10, 11, 13 19 4 Issues Regarding Items in Financial Statements (under various GAAPs) (continued) Chapters • • • • • • • 16 16 12 NA NA NA 16 Fair value and cash flow hedges Foreign currency translation Business combination Consolidated statements on date of acquisition Consolidated financial statements subsequent to acquisition date Joint ventures: proportionate consolidation or equity method Complex financial instruments (e.g., perpetual debt, convertible debt, derivatives) Financial Statement Analysis