ACC 290 Discussion Questions and Responses ALL WEEKS 1-5 www.paperscholar.com DIRECT LINK TO THIS STUDY GUIDE: http://www.paperscholar.com/acc-290-discussion-questions-and-responses-all-weeks-1-5/
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Week 1: DQ1: What are the four basic financial statements? What is the primary purpose of each of the four basic financial statements? In your opinion, which financial statement is the most important? Explain why. DQ2: In your opinion, why do accountants debit asset accounts to increase them but credit liability accounts to increase them? Why do accountants debit expenses to increase them but credit revenues to increase them?
Week 2: DQ1: What is the revenue recognition principle? What is the expense recognition principle? In your opinion, why are these important to financial reporting?
DQ 2: What are accruals? Provide examples of accruals. Why do accruals require adjusting entries?
Week 3: DQ1: What are the steps in completing the accounting cycle? How do the different steps affect the financial statements? What is the effect on the financial statements of missing a step when completing the accounting cycle? DQ 2: What are the four closing journal entries? In your opinion, why are these necessary?
Week 4: DQ 1: How would you calculate cost of goods sold? What items make up cost of goods sold? DQ 2: In your opinion, why are perpetual inventory systems so much more popular today than in the early 1960s and earlier? Why would a company employing a perpetual inventory system still take a physical inventory periodically?
Week 5: DQ 1: What are two examples of strong and weak internal controls in organizations where you have worked or have firsthand knowledge? How are these different? DQ 2: Using examples of weak internal controls in an organization you are familiar with, how would you improve those controls to better safeguard a company’s assets? Would these internal controls differ with a different type of business?