1. Review the Weekly Activities for Week 4.
2. Write a brief report with at least two paragraphs.
3. Submit this as a Word document.

The report should address:

• What areas did I have difficulty with and what areas did I find easy to understand?
• Was I successful in my time management or did I run out of time to complete my work to a high-quality level?
• Are there any changes I should make in my approach to the class for future weeks?
• Questions remaining after reading discussions related to weekly learning activities.

THE ACTIVITY

This week we will continue our exploration of current assets with a focus on cash, accounts receivable, and current liabilities such as accounts payable and payroll liabilities. Protection of assets by use of internal control processes will also be reviewed.

Week 4 Outcomes

After completing this week, you should be able to

• Analyze Fraud in the Accounting Workplace
• Define and Explain Internal Controls and Their Purpose within an Organization
• Describe Internal Controls within an Organization
• Define the Purpose and Use of a Petty Cash Fund, and Prepare Petty Cash Journal Entries
• Discuss Management Responsibilities for Maintaining Internal Controls within an Organization
• Define the Purpose of a Bank Reconciliation, and Prepare a Bank Reconciliation and Its Associated Journal Entries
• Describe Fraud in Financial Statements and Sarbanes-Oxley Act Requirements
• Explain the Revenue Recognition Principle and How It Relates to Current and Future Sales and Purchase Transactions
• Account for Uncollectible Accounts Using the Balance Sheet and Income Statement Approaches
• Determine the Efficiency of Receivables Management Using Financial Ratios
• Discuss the Role of Accounting for Receivables in Earnings Management
• Apply Revenue Recognition Principles to Long-Term Projects
• Explain How Notes Receivable and Accounts Receivable Differ

The primary source for course reading material each week is Principles of Accounting and located at https://www.principlesofaccounting.com/. This source is in webpage format and includes videos. The Open Stax text is supplemental reference material. Additional reference materials are also provided in the learning resources.