Accounting Skills Showdown: A Reality Challenge for Aspiring Accountants

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Accounting Skills Showdown: A Reality Challenge for Aspiring AccountantsCapstone Discussion QuestionA major network is launching a reality program called "The Accountant," A group of recent accounting graduates will becompeting for a spot in a national accounting firm. What would make someone a good candidate for "The Accountant?"Describe three challenges the candidates should complete on the program, using as much detail as can.The challenges should test contestants' skills in challenges to topics covered in Accounting ACC 225. Be creative and describehow the challenge will test the contestant's accounting skill(s) and knowledge, as well as the what skills the contestantshould have to do to successfully complete each challenge.Solution:The first challenge for the contestant is the preparation of balance sheet and income statement for a new establishedcompany.Each contestant will be given the chance to meet with the owner of a company.They will have to ask for all ofthe past accounting transactions, receipts, invoices, checks issued, and information in order to complete the tasks.Each willhave a time limit of 1 hour each.The owner of the company will only provide the documents and answer the questions askby the contestant.This will test how well is the contestant’s accounting skills and knowledge.The contestant should havethe good understanding of the nature of the business, effective communication skills to come up with the questions within ashort period of time, and have good accounting skills and knowledge.In addition, they should also have the accounting skillsto prepare journal entries, trial balance, adjusting entries, trial balance after adjusting entries, closing entries, incomestatement, statement of retained earnings, and balance sheet.The second challenge for the contestants is to let them analyze the conditions for the company and point out where thecompany should improve or pay more attention.For this challenge, they will be given the company’s financial statements forthe past five years.They will have to complete this challenge as fast as possible.This will test how well the contestantcananalyze the company’s conditions from the financial statements and how well they can point out which part that themanagement of the company should pay more attention.The contestant should have good financial ratio analysis andcalculation skills to successfully complete this challenge.The third challenge for the contestants is to let the contestants work in the warehouse for a company whereby thecontestants must keep the record and cost of inventory coming in and going out of the company for ten days and let themfind the cost of goods sold and cost of ending inventory based on FIFO, LIFO, and average-cost method.This will test how

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