Question Details

ACCT 495 Week 1 Assignment 5 Critical Thinking

Purpose
To assess your ability to:
•	apply the critical thinking process to a case study issue utilizing the I.R.A.C. method of analysis
•	assess accounting treatment for start-up costs

Overview
The preparation of an effective and efficient research paper requires a thorough analysis of the issue, facts, and authoritative rule, statement, or regulation to determine an appropriate conclusion. To accomplish this in this assignment, you will be producing an assignment that is structured utilizing the I.R.A.C. method. I.R.A.C. is an acronym for:
1.	Issue(s)
2.	Rule(s)
3.	Analysis
4.	Conclusion

Action Items
1.	Read and reflect on the stages of critical thinking as shown in "Reflective Judgment Stages Chart".
2.	Based on your analysis of Year-One Financial Data from your Week 1 readings, analyze the accounting treatment of Start-Up Costs for the company.
3.	Individually, write a 2-3 page, double-spaced paper using the I.R.A.C. method as follows:
a.	Issue: Succinctly state the accounting issue.
b.	Rule: Using your research of authoritative accounting sources, briefly identify and explain the authoritative rule.
c.	Analysis: Apply the facts of the case study, including comments from the CFO, to the rule and provide an in-depth analysis based on the issue. Your analysis should also include a supporting schedule, calculations, and/or correcting journal entries. Additional discussion should focus on professional skepticism and validity of evidence as it relates to "Reflective Judgment Stages Chart"
d.	Conclusion: State your conclusion based upon the results of your analysis and indicate how the changes should be reflected in the financial statements and disclosure notes.
4.	Instructions to access the RIA Checkpoint and the FASB Accounting Standards Codification databases. Accounting research data can be accessed either through the:
a.	RIA Checkpoint database - Practice Area: Accounting, Audit and Corporate Finance located on the Franklin library website or through the
b.	American Accounting Association (AAA) FASB Codification student login. Login information for the AAA website can be obtained from your professor.
5.	Your paper must be written according to the following guidelines:
o	You must incorporate research into your paper from at least two relevant, scholarly resources in addition to your textbook.
o	Follow all applicable APA Guidelines regarding in-text citations, the list of cited references, and document formatting for this paper. Failure to properly cite and reference sources constitutes plagiarism.
o	The title page and reference list are not included in the page count for this paper.
	Review the six (6) steps utilized in applied accounting research.

Submission Instructions
•	Prepare your assignment for submission:
a.	Submit your paper to Turnitin.com for review. Assignments that are not submitted to Turnitin.com will not be accepted for grading.
b.	Review your Originality Report from Turnitin.com and make appropriate changes to your paper.
c.	Proofread your assignment carefully. Improper English grammar, sentence structure, punctuation, or spelling will result in significant point deductions.
•	Upload your file by the due date indicated using the Submit tool.

Grading Criteria
•	Issue Identification Properly identified and states all relevant issues: 0 - 10 points
•	Authoritative Citation Briefly states and cites the appropriate authoritative accounting rules (statement, rule, etc. as is appropriate): 0 - 10 points
•	Analysis Provides an in-depth analysis by applying the facts to the rules based on the issues and provides appropriate supporting schedules, calculations, and correcting journal entries: 0 - 10 points
•	Conclusion Provides corrected financial statements and disclosure notes in good format : 0 - 10 points
•	Grammar and APA effectiveness: 0 - 7 points