1. According to the Week 5 lecture, why do most businesses fail within the first few years? 2. If an Accounts Receivable account is not eventually converted into cash, what happens to the amount of money in the account after a pre-determined period of time? 3. It’s possible to make a lot of sales, pay minimal expense, and still go bankrupt.  True or False? 4. Most businesses practice Accrual Base or Cash Base Accounting? 5. What is the first step when reconciling your cash account/bank statement? 6. What is the second step when reconciling your cash account/bank statement? 7. What is the third step when reconciling your cash account/bank statement? 8. What is the fourth step when reconciling your cash account/bank statement? 9. How often should a reconciliation of the cash account occur? 10. If a client writes the company a bad check to pay for services/products, and you charge them an administrative fee to make sure the amount eventually gets paid.  What type of account is credited? 11. According to the Week 6 lecture, how can a business increase sales of the company? 12. What kind of a fee do you have to pay if you accept credit cards? 13. What term is used to describe the value of a company has through its reputation? 14. Would goodwill be considered a tangible or an intangible asset? 15. What is the equivalent of depreciation for an intangible asset? 16. What is the equivalent of depreciation for a natural resource? 17. What are the three items needed to calculate depreciation? 18. A piece of equipment is purchased for $10,000, has a salvage value of $2,000, and an estimated useful life of 4 years.  Using the straight-line depreciation method, how much is depreciated per year for the next 4 years? 19. A piece of equipment is purchased for $10,000, has a salvage value of $2,000, and an estimated useful life of 4 years.  Using the double-declining balance method, how much is depreciated per year for the next 2 years? 20. How does an “Accumulated Deprecation” account get increased; debit or credit? 21. What are the three levels of the Cash Flow Statement? 22. What type of income statement separates out the “Gross Margin”, “Operating Income” and “Net Income”? 23. What does FUTA stand for? 24. What does FICA stand for? 25. What amount is income capped at to pay FICA – Social Security Tax on? 26. What is the term given to the borrower of a bond? 27. What is the term given to the lender of a bond? 28. What is the interest rate called which is multiplied by the bond’s face value when issuing pre-determined payments to the bondholder? 29. What is the amount to pay off the bond (debt) when it is more than the face value? 30. What is the amount to pay off the bond (debt) when it is less than the face value? 31. What step takes place after the accountant analyzes the transaction (Step 1). 32. What is the step before the final step (Step 8: Close the Books). 33. Whi ...

1. 1. According to the Week 5 lecture, why do most businesses fail
within the first few years?
2. If an Accounts Receivable account is not eventually
converted into cash, what happens to the amount of money in
the account after a pre-determined period of time?
3. It’s possible to make a lot of sales, pay minimal expense, and
still go bankrupt. True or False?
4. Most businesses practice Accrual Base or Cash Base
Accounting?
5. What is the first step when reconciling your cash
account/bank statement?
6. What is the second step when reconciling your cash
account/bank statement?
7. What is the third step when reconciling your cash
account/bank statement?
8. What is the fourth step when reconciling your cash
account/bank statement?
9. How often should a reconciliation of the cash account occur?

2. 10. If a client writes the company a bad check to pay for
services/products, and you charge them an administrative fee to
make sure the amount eventually gets paid. What type of
account is credited?
11. According to the Week 6 lecture, how can a business
increase sales of the company?
12. What kind of a fee do you have to pay if you accept
credit cards?
13. What term is used to describe the value of a company has
through its reputation?
14. Would goodwill be considered a tangible or an intangible
asset?
15. What is the equivalent of depreciation for an intangible
asset?
16. What is the equivalent of depreciation for a natural
resource?
17. What are the three items needed to calculate depreciation?
18. A piece of equipment is purchased for $10,000, has a
salvage value of $2,000, and an estimated useful life of 4 years.
Using the straight-line depreciation method, how much is

3. depreciated per year for the next 4 years?
19. A piece of equipment is purchased for $10,000, has a
salvage value of $2,000, and an estimated useful life of 4 years.
Using the double-declining balance method, how much is
depreciated per year for the next 2 years?
20. How does an “Accumulated Deprecation” account get
increased; debit or credit?
21. What are the three levels of the Cash Flow Statement?
22. What type of income statement separates out the “Gross
Margin”, “Operating Income” and “Net Income”?
23. What does FUTA stand for?
24. What does FICA stand for?
25. What amount is income capped at to pay FICA – Social
Security Tax on?

4. 26. What is the term given to the borrower of a bond?
27. What is the term given to the lender of a bond?
28. What is the interest rate called which is multiplied by the
bond’s face value when issuing pre-determined payments to the
bondholder?
29. What is the amount to pay off the bond (debt) when it is
more than the face value?
30. What is the amount to pay off the bond (debt) when it is less
than the face value?
31. What step takes place after the accountant analyzes the
transaction (Step 1).
32. What is the step before the final step (Step 8: Close the
Books).
33. Which financial statement displays how the accounting
equation balances?
34. Are revenue, expense, and withdrawal accounts temporary
or permanent accounts?

5. 35. Are cash, equipment, accounts payable, and capital accounts
temporary or permanent accounts?
36. The General ___________ is a diary of each specific
account from under each component of the accounting
equation.
37. What are the three reports within the Accounting
Worksheet?
38. What is the report called which is the preliminary to the
Income Statement and Balance Sheet (it’s contained in the
Accounting Worksheet).
39. What account are the temporary accounts closed out to
before everything is taken to Retained Earnings?
40. What is the most fundamental lesson in which the
accounting profession is built off of?
Assignment 2: LASA 1—Preliminary Strategy Audit
The end result of this course is developing a strategy audit. In
this module, you will outline and draft a preliminary framework

6. for your final product. This provides you with the opportunity
to get feedback before a final submission.
In Module 1, you reviewed the instructions for the capstone
strategy audit assignment and grading rubric due in Module 5.
By now, you have completed the following steps:
· Identified the organization for your report
· Interviewed at least one key mid-level or senior-level manager
· Created a market position analysis
· Conducted an external environmental scan in preparation of
your final report and presentation
In this assignment, you will generate a preliminary strategy
audit in preparation for your final course project.
Prepare a report that includes the following:
· In preparation for your course project, prepare the preliminary
strategy audit using the tools and framework you have focused
on so far including the following:
· Analysis of the company value proposition, market position,
and competitive advantage
· External environmental scan/five forces analysis
· Identify the most important (5–7) strategic issues facing the
organization or business unit.
· You may modify the strategic issues in your final report based
on the additional analysis you will conduct in the next module
as well as the feedback you receive on this paper from your
instructor.
· Keep in mind that it is important to look at the strategic
issue(s) from more than just one perspective in the business unit
or company—speak to or research the issue from more than one
angle to offer a 360-degree approach that does not cause more
problems or issues.
· Strategic issues arise from a mismatch between internal
capabilities and external trends such that important
opportunities are not being pursued or significant external
threats are not being addressed under the current strategy.
· Include a preliminary set of recommended tactics for
improving your company’s strategic alignment and operating

7. performance.
· You may modify these recommendations in your final report
based on the additional analysis you will conduct in the next
module as well as the feedback you receive on this paper from
your instructor.
· Keep in mind that recommendations can include, but are not
limited to, tactics in marketing, branding, alliances, mergers
and acquisitions, integration, product development,
diversification or divestiture, and globalization. If you
recommend your company to go global, you must include a
supply chain analysis and an analysis of your firm’s global
capabilities.
Write your report as though you are a consultant to your
company and are addressing the executive officers of this
company.
Write a 7–10-page report in Word format. Make sure your
writing is clear, concise, and in an organized manner;
demonstrates ethical scholarship in accurate representation and
attribution of sources; and displays accurate spelling, grammar,
and punctuation.
Use the following format for your report:
· Cover page
· Executive summary/abstract
· Table of contents
· Introduction to company (each subsection should be an
assessment)
· Value proposition
· Market position
· Competitive advantage
· External environmental scan/five forces analysis
· Current environment
· Assessment of external factors applying five forces
· Strategic issues (label each issue and provide a header and the
reason for why it is an issue)
· Summary/key findings and recommendations
· References

8. Apply APA standards to citation of sources. Use the following
file naming convention: LastnameFirstInitial_M3_A2.doc.
By Wednesday, May 25, 2016, deliver your assignment to the
M3: Assignment 2 Dropbox.
This assignment is worth 200 points and will be graded using
the LASA rubric you can download.
Assignment 2 Grading Criteria
Assignment Component
Proficient
Score
Content Knowledge: Understanding
Communicates understanding of how to assess an organization’s
value proposition, market position, and competitive advantage.
CO 2,3
PO 1.1, 1.2, 1.3, 2.2, 2.3, 3.1, 3.2, 3.3, 4.3
ILO 1, 2, 3, 4, 5, 6
Response incorporates analysis and synthesis of central
concepts of the assigned topic.
Response reflects understanding of the nature of the specific
topic within the discipline and its applications in contemporary
times.
Response provides necessary details and specific examples.
60 points
Content Knowledge: Application Component
Communicates the ability to assess the external factors that
impact the organization using Five Forces Analysis
CO 1,3,5

9. PO 1.1, 1.2, 1.3, 2.1, 2.3, 3.1, 3.2, 3.3, 4.1, 4.2, 4.3
ILO 1, 2, 3, 4, 6
Response demonstrates a working command of the disciplinary
content knowledge.
Response examines the specific issue within the context of the
topic area using relevant details and examples.
Response analyzes the specific aspect of the issue to applicable
areas within the discipline and their relevance to real world
contexts.
Response is adequately supported by current and relevant
literature.
40 points
Content Knowledge: Application Component 2
Communicates the ability to identify the most important (5-7)
strategic issues facing an organization or business unit.
CO 1,5
PO 1.1, 1.2, 2.1, 2.2, 2.3, 3.3, 4.1, 4.2, 4.3
ILO 1, 2, 3, 4, 6
Response demonstrates a working command of the disciplinary
content knowledge.
Response examines the specific issue within the context of the
topic area using relevant details and examples.
Response analyzes the specific aspect of the issue to applicable
areas within the discipline and their relevance to real world
contexts.

10. Response is supported by current and relevant literature.
40 pts
Content Knowledge: Application Component 3
Communicates the ability to identify a preliminary set of
recommended tactics for improving your company’s strategic
alignment and operating performance.
CO 1, 2, 4, 5
PO 1.1, 1.2, 2.1, 2.2, 2.3, 3.3, 4.1, 4.2, 4.3
ILO 1, 2, 3, 4, 5, 6
Response demonstrates a working command of the disciplinary
content knowledge.
Response examines the specific issue within the context of the
topic area using relevant details and examples.
Response analyzes the specific aspect of the issue to applicable
areas within the discipline and their relevance to real world
contexts.
Response is supported by current and relevant literature.
40 points
Written Communication/Personal Effectiveness
Conveys through written word understanding and application of
using ethical scholarship and proper grammar and mechanics.
CO 1, 5
PO 1.1, 1.2, 2.1, 2.3, 3.3, 4.1, 4.2, 4.3

11. ILO 1, 2, 3, 4, 6
Writing is concise and clear in content, language use, grammar,
organization, and sentence structure.
Writing is free of major grammatical and usage errors.
20 points
Total
/ 200 pts