Major Assignment: Module 2 Financial Statements

Purpose: Major assignment will assess knowledge of CLO 2: Identify and differentiate between the four basic financial statements, purposes and elements.

Instructions: After carefully reading module 2 resources, viewing videos, and obtaining reputable, accurate and reliable academic resources, answer the following questions, with careful thought. These questions require well-rounded thoughts and expression. Answer the questions in complete sentences and/or paragraph structure, using correct grammar and sentence structure. Also, please follow the STC handbook on student conduct, plagiarism and academic honesty policies. Use quotes and citations, if and when appropriate and applicable. Student may type in the text area given or attach a readable file (formats accepted: PDF, Word, Rich text). If I cannot open a file, then I cannot grade it; the grade will be a zero.

The attached rubric displays grading criteria. For this specific major assignment, feedback will be given 24 hours after the due date. There is one attempt for this assignment.

1. Identify 4 basic financial statement and state the purpose of each statement.

2. Describe the header for each financial statement. For example describe the header with titles. Determine the first, second, and third lines of each statement. Student will have four headers, with three lines each. This question does not require complete sentence format.

_____________________________________

______________________________________

______________________________________

(Note: Student should create a header for each statement.)

3. For each statement, identify the accounting elements presented on each statement. This question does not refer to specific account detail names,but refers to the category of accounts.

4. Discuss one major difference between the 4 statements. Students should have at least 4 major differences or more for this question, addressing all 4 statements.