Weekly Reflection
Learning Team Assignment
ACC/291
July 17, 2013
Professor Armando Salas-Amaro

Weekly Reflection

As the group continues the journey of Accounting, we are still remembering the basics concepts learned on the previous class. The group has practice and still remembers the balance sheet, cash flows, income statement, and crediting or debiting accounts. As we continue the accounting class, we study and analyzed week three of ACC/291. On week four the group studies the Principle of Financial Statement Analysis. The objectives in this topic are to prepare a statement of cash flows using both direct and indirect methods. Apply ratio, vertical, and horizontal analyses to financial statements. Prepare journal entries associated with the issuance of preferred and common stocks and the declaration and payment of dividends. The object this week is to understand how common Prepare journal entries associated with the issuance of preferred and common stocks and the declaration and payment of dividends. The following three financial statements represent the statements to form cash flows which classified as a cash receipts and cash payments as operating, investing, and financing activities. Transactions and other events characteristic of each kind of activity are as follows:
1. Operating activities include the cash effects of transactions that create revenues and expenses. They thus enter into the determination of net income.
2. Investing activities include (a) acquiring and disposing of investments and property, plant, and equipment, and (b) lending money and collecting the loans.
3. Financing activities include (a) obtaining cash from issuing debt and repaying the amounts borrowed, and (b) obtaining cash from stockholders, repurchasing shares, and paying dividends (Kimmel, P.D., Weygandt, J.J., & Kieso,