Acct202 Accounting Simulation - AC Speed Company (Accounting Cycle & Business Memo)

Acct202 Accounting Simulation Project
AC Speed Company


Company Background Scenario 
The AC Speed Company is a well-established, publicly-held corporation, operating as a wholesaler in the auto parts industry.  Specifically, AC Speed purchases auto parts from manufacturers and sells them to large business customers.  Most purchases and sales are on account, with trade credit terms (specified below). You’re a Davenport University student pursuing a bachelor’s degree in business and employed at the AC Speed Company this semester as an intern.  You’ve worked in various departments and on several projects so far, learning a lot about the company’s business operations.  Management seems impressed with your enthusiasm and the quality of your work. The company’s accountant has just been called away for a family emergency and will likely be absent for a month or so.  The General Manager asks you to take over the accountant’s regular duties on an interim basis.  You’re nervous about doing so, but are confident that what you’ve learned in accounting class, plus your personal problem-solving skills, will make this a successful experience.  What a great learning opportunity, not to mention an enhancement to your resume!  


     Project Overview & Instructions 
 A. Overview  
 B. General Instructions 
 C. Submission Requirements 
 E. Financial Accounting Steps
 D. Credit Terms & Inventory Accounting
 F. Part 2 of this project requires you to analyze the company’s year-end financial statements to assist the management of AC Speed in assessing the company’s financial position and making decisions about its future direction.  


Tutorial:  Acct202 Simulation: AC Speed Company