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Question Description

Respond to the following prompts. Please type using a word processing program and bring a printed copy to class and upload it on canvas. Write as much or as little as you feel necessary to answer each question to the best of yourability. You may use all available resources to complete this case – e.g., lecture slides, notes, your book, and the Accounting Standards Codification. Collaboration with others in your group is allowed to the extent that it is helpful. How you work together is up to you – however, I encourage everyone in the group to take at least some part for every question. Please turn in only one finished assignment for each group. Group sizes should be made up of two to four students. Please e-mail me with your groups so that I can create the groups on Canvas for you to submit your assignments electronically. Please also bring a physical copy to class on the due date. Use appropriate citations where relevant and according to your professional judgment. For questions requiring use of the codification, please use the following style:

1) Cite the ASC down to the Paragraph. For example, (ASC 330-10-05-01)

2) Copy-paste the paragraph you cite from the codification into the word document. This is what I demonstrated in class.

3) Interpret the codification paragraph into ‘plain English’ as best you can. In other words, how would you explain the appropriate accounting treatment to a colleague, boss, or business partner who has a basic understanding of accounting? You may (and are encouraged to) use debits and credits or t-accounts to illustrate the accounting if appropriate. For grading, I will focus primarily on the interpretation and communication of the content in the codification section(s). Avoid citing the textbook and do not expect that repeating what can be found in your textbook will earn you full credit. I expect to see you contribute something new and interesting to the accounting for a given topic.

After graduation, you work for a few years at a major accounting firm and advance to Senior. However, as part of this role, you start working on a client that is different from your other background: specifically, a major bank located in San Francisco. This bank primarily takes deposits from retail and business customers and lends money out to others. The accounting seems to be completely different from what you are used to and so you go to the Codification to find out what the accounting standards for this industry consist of. Describe the major classes of transactions undertaken by this sort of entity and how they should be accounted for.

For this case i need to write about how accounting works for bank. Example: It takes deposits, short selling of security, Journal entry examples, etc. He is very serious about plagiarism and also does not want sources other than the codification or the book. So if you can please dont use any source.

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