B.S. (Bachelor of Science)
Department of Accountancy
This project involved taking the cash receipts and disbursements for Shafer Engineering and converting them to accrual based statements in conformity with generally accepted accounting principles. An annual report was then created to present these findings. The purpose of the project was to apply my classroom learning of accounting to a real business and to show the management of this business the results and the significance of their financial statements. I referred to old records and interviewed company management to determine and estimate accruals, deferrals, assets, and liabilities for each year encompassed in the report. Anything that required judgment in place of facts was noted in the notes to the financial statements. An independent auditor's report was included in the annual report to make it look more authentic. However, no audit was conducted. The project has given me a taste of accounting in the reat world and has given Shafer Engineering a better idea of the standing of their company and where they are headed in the future.
Daniel, Sara, "Sole Proprietorship Annual Report with Accrual Statements Prepared from the Cash Basis of Accounting" (1995). Honors Capstones. 1028.
Northern Illinois University
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