Acc 290 entire class

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ACC 290 Entire Class ACC 290 Week 1 DQ 1 Week One – DQ #1 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. How would the financial statements be useful to managers and employees? How would the financial statements be useful to investors and creditors?

ACC 290 Week 1 DQ 2 What are debits and credits? How are debits and credits used to record business transactions?

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?

ACC 290 Week 1 Individual Assignment Financial Statements Paper Individual – Financial Statements Paper – Prepare a 700 -1,050 word paper in which you identify the four basic financial statements. Describe the purpose of each of the four financial statements.

Discuss how the financial statements would be useful to internal users, such as to managers and employees. Discuss how the financial statements would be useful to external users, such as investors and creditors.

Format paper according to APA standards.

ACC 290 Week 2 DQ 1 What is the revenue recognition principle? What is the expense recognition principle? Why are they important to financial reporting?

What are adjusting entries and why are they necessary?

What are accruals? Provide examples of accruals. Why do accruals require adjusting entries?

What are deferrals? What are some examples of deferrals? Why do deferrals require adjusting entries?

ACC 290 Week 2 DQ 2 What accounts are subject to adjusting journal entries and why?

How would you explain the purpose of the adjusted trial balance?

ACC 290 Week 2 LT Reflection Summary Discuss the objectives for ACC 290 Week One. How do they relate to the practice of accounting and its uses in business? Identify the four basic financial statements. Classify transactions using the rules of debit and credit. Journalize basic transactions. Discuss how financial statements

would be useful to external users such as investors and creditors. Write a 350 to 500 word summary of your Learning Team’s discussion.

ACC 290 Week 2 Individual WileyPLUS Assignment ACC 290 WileyPLUS and Financial Accounting.

Complete the following in WileyPLUS: Exercise E3-4, Exercise E3-9, Problem 3-5A, Problem 3-6A ACC 290 Week 3 DQ 1 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? What are the four closing journal entries? Why are they necessary? What are reversing entries? Why are they used? What are the pros and cons of using reversing entries? Why are reversing entries optional?

ACC 290 Week 3 DQ 2 What are the pros and cons of using reversing entries? Why are reversing entries optional? What is the main purpose of a financial statement worksheet and its benefits? How has automation aided the preparation, accuracy, and use of the financial statement worksheet?

ACC 290 Week 3 Individual WileyPLUS Assignment ACC 290 Week Three – Exercise BE4-1, Problem P4-2A and P4-3A Complete the following in WileyPLUS: Brief Exercise BE4-1, Problem P4-2A, and Problem P43A ACC 290 Week 3 LT Reflection Summary Discuss the objectives for ACC 290 Week Two. What do you think will be the most important of the skills learned when you are in an accounting position? Differentiate between accrual basis and cash basis of accounting. Create Adjusting Entries. Prepare an adjusted trial balance.

Write a 350 to 500 word summary of your Learning Team’s discussion ACC 290 Week 4 DQ 1 How would you calculate cost of goods sold? What items make up cost of goods sold? How does beginning and ending inventory affect cost of goods sold? What are the journal entries a merchandising organization would use to record the purchase and subsequent sale of merchandise? How would these transactions differ with a periodic versus a perpetual inventory system? Why are perpetual inventory systems so much more popular today than back in the early 1960s and earlier? Why would a company employing a perpetual inventory system still take a physical inventory periodically?

ACC 290 Week 4 DQ 2 What are the three different inventory cost flow assumptions commonly used in commerce today and allowed by generally accepted accounting principles? How does a company determine what cost flow assumption they should use? How does first in, first out cost flow assumption work?

When it is most appropriate to use? How does last in, first out cost flow assumption work? When it is most appropriate to use? How does an average cost flow assumption work? When it is most appropriate to use?

ACC 290 Week 4 Individual WileyPLUS Assignment Week Four Problem 4-8A Complete the following in WileyPLUS: Problem P4-8A ACC 290 Week 4 Learning Team Financial Reporting Problem Part 1 ACC 290 Week 4 LT Reflection Summary

Reflection and Financial Reporting Problem Part I. Discuss the objectives for ACC 290 Week Three. How do they relate to the practice of accounting and its uses in business? Prepare closing entries, reversing entries, and a post closing trial balance. Prepare a financial statement work sheet. Prepare a classified income statement, retained earnings statement and balance sheet. Write a 350 to 500 word summary of your Learning Team’s discussion.

ACC 290 Week 5 DQ 1 What is the control environment? How does the control environment affect a company’s internal controls? What are the negative and positive elements of a control environment? What are two examples of strong and weak internal controls in organizations where you have worked or have first-hand knowledge? How are these different? How would you describe the key internal controls that should be in place to protect cash in a cash rich environment such as a merchandiser? What are the key internal controls that should be in place to protect inventory for a merchandiser that sells highly desirable and very expensive inventory, such as jewelry? Would this be different if the business had a less desirable and less expensive inventory? Explain why or why not.

ACC 290 Week 5 Individual WileyPLUS Assignment Complete the following in WileyPLUS: Brief Exercise BE5-1, Brief Exercise BE5-2, Brief Exercise BE6-5, Brief Exercise BE6-7, Brief Exercise BE7-4, and Brief Exercise BE7-6 ACC 290 Week 5 Learning Team Reflection Summary Reflection and Financial Reporting Problem Part II. Discuss the objectives for ACC 290 Week Four. In the wake of accounting scandals over the past several years, how has the Sarbanes-Oxley Act (SOX) of 2002 affected the practice of accounting? What is the role of internal controls in complying with SOX (2002)? Write a 350 to 500 word summary of your Learning Team’s discussion.

ACC 290 Week 5 Individual Assignment Financial Reporting Problem Part II Financial Reporting Problem Part II Access the internet to acquire a copy of the most recent annual report for the public traded company used to complete the Financial Reporting Problem, Part 1 assignment due in ACC 290 Week Four. Analyze the information contained in the company’s balance sheet and income statement to answer the following questions: Are the assets included under the company’s current assets listed in the proper order? Explain your answer.

How are the company’s assets classified?

What are cash equivalents?

What are the company’s total current liabilities at the end of its most recent annual reporting period?

What are the company’s total current liabilities at the end of the previous annual reporting period?

Considering all the information you have gathered, why might this information be important to potential creditors, investors, and employees?

Summarizethe analysis in a 1,050-1,400 word paper in a Microsoft® Word document. Include a copy of the company’s balance sheet and income statement. Format your paper and presentation consistent with APA guidelines.