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Lab 1-0 (Static) How to Complete Labs (LO 1-1, 1-5)
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The labs in this book will provide valuable hands-on experience in generating
and analyzing accounting problems. Each lab will provide a company summary
with relevant facts, techniques that you will use to complete your analysis,
software that you’ll need, and an overview of the lab steps.
When you’ve completed your lab, your instructor may ask you to submit a
screenshot lab document showing screenshots of work you have completed at
various points in the lab. This lab will demonstrate how to create a lab
document for submission.
Lab 1-0 Part 2 (Static) Microsoft: Take Screenshots of Your Tools
This part will make sure that you are able to locate and open the software needed for
future labs and take screenshots of your progress through the labs. Before you begin the
lab, you should create a new blank Word document where you will record your screenshots
and save it as 1-0 Lab Document [kandi wilson] [kkwlson3@memphis.edu].docx. Note
that anytime you see the camera icon
you should capture the current state of your own
work on your computer screen. If you don’t know how to capture screenshots, see the
instructions included in the boxes below. Once you have completed the lab and collected
your screenshots and answers, you may be asked to submit your screenshot lab document
to your instructor for grading.
Microsoft | Excel + Power Query, Power BI Desktop
1.If you haven’t already, download and install the latest version of Excel and Power
BI Desktop on your Windows computer or log on to the remote desktop.
a. To install Excel, if your university provides Microsoft Office, go
to portal.office.com and click Install Office.
b.To install Power BI Desktop, search for Power BI Desktop in the Microsoft
Store and click Install.
c. To access both Excel and Power BI Desktop on the remote desktop, go
to waltonlab.uark.edu and log in with the username and password
provided by your instructor.
2.Open Excel and create a new blank workbook.
3.From the ribbon, click Data > Get Data > Launch Power Query Editor. A blank
window will appear.
4. Take a screenshot (label it 1-0MA) of the Power Query Editor window and
paste it into your lab document.
a. To take a screenshot in Windows:
1.Open the Start menu and search for “Snipping Tool” or “Snip &
Sketch”.
2.Click New (Rectangular Snip) and draw a rectangle across your
screen that includes your entire window. A preview window with
your screenshot will appear.
3.Press Ctrl + C to copy your screenshot.
4.Go to your lab document and press Ctrl + V to paste the screenshot
into your document.
b.To take a screenshot on a Mac:
1.Press Cmd + Shift + 4 and draw a rectangle across your screen that
includes your entire window. Your screenshot will be saved in
your Desktop folder.
2.Navigate to your Desktop folder and drag the screenshot file into
your lab document.
5.Close the Power Query Editor and close your Excel workbook.
6.Open Power BI Desktop and close the welcome screen.
7. Take a screenshot (label it 1-0MB) of the Power BI Desktop workspace and
paste it into your lab document.
8.Close Power BI Desktop.
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Lab 1-1 (Static) Data Analytics Questions in Financial Accounting
(LO 1-3)
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Case Summary: Let’s see how we might perform some simple Data Analytics.
The purpose of this lab is to help you identify relevant questions that may be
answered using Data Analytics.
You were just hired as an analyst for a credit rating agency that evaluates
publicly listed companies in the United States. The agency already has some
Data Analytics tools that it uses to evaluate financial statements and determine
which companies have higher risk and which companies are growing quickly.
The agency uses these analytics to provide ratings that will allow lenders to set
interest rates and determine whether to lend money in the first place. As a new
analyst, you’re determined to make a good first impression.
Lab 1-1 Part 2 (Static) Master the Data
To answer your questions, you’ll need to evaluate specific account values or financial
statement paragraphs. As an analyst, you have access to the Securities and Exchange
Commission’s (SEC’s) EDGAR database of XBRL financial statements as well as a list of
XBRL tags from the Financial Accounting Standards Board (FASB). XBRL stands for
eXtensible Business Reporting Language and is used to make the data in financial
statements machine-readable. Public companies have been preparing XBRL reports since
2008. While there are some issues with XBRL data, such data have become a useful means
for comparing and analyzing financial statements. Every value, date, and paragraph is
“tagged” with a label that identifies what each specific value represents, similar to assigning
attributes in a database. Because companies tag their financial statements with XBRL tags,
you can use those tags to identify specific data that you need to answer your questions.
For example:
Company name = EntitySectorIndustryClassificationPrimary
Gross margin = GrossProfit
Sales revenues = SalesRevenueNet
Cost of goods sold = CostOfGoodsAndServicesSold
Year = DocumentPeriodEndDate
Identify XBRL tags from the FASB’s taxonomy:
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1.
2.
3.
4.
Open a web browser, and go to xbrlview.fasb.org.
Click the + next to US GAAP (2021-01-31).
Click the ALL (Main/Entire) option, and then click Open to load the taxonomy.
Navigate through the financial statements to determine which accounts you need to
answer your questions from Part 1. The name of the XBRL tag is found in the
properties pane next to “Name.” For example, the tag for Total Assets can be found
by expanding 104000 Statement of Financial Position, Classified > Statement of
Financial Position [Abstract] > Statement [Table] > Statement [Line Items] > Assets
[Abstract] > Assets, Total. You may also use the search function.
Note: Be careful when you use the search function. The tag you see in the results
may appear in the wrong statement. Double-click the tag to expand the tree and
show where the account appears.
5. Click the Assets, Total element to load the data in the Details tab and scroll to the
bottom to locate the tag Name in the Properties panel.
6.
Take a screenshot (label it 1-1A) of the Total Assets tag information in the
XBRL taxonomy.

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