ACC 205 new Academic professor/tutorialrank.com

1
ACC 205 new Academic professor/tutorialrank
For more course Tutorials
www.tutorialrank.com
2
ACC 205 new Academic professor/tutorialrank
ACC 205 Week 1 DQ 1 Accounting Equation (New)
ACC 205 Entire Course (New)
ACC 205 Week 1 DQ 1 Accounting Equation   ACC 205
Week 1 DQ 2 Accounts   ACC 205 Week 1 Journal
Balance Sheet Journal   ACC 205 Week 2
As you have learned in this weeks readings the
Accounting Equation is Owners Equity.  Is the
accounting equation true in all instances? 
Provide sample transactions from your own
experiences to demonstrate the validity of the
Accounting Equation.  
3
ACC 205 new Academic professor/tutorialrank
ACC 205 Week 1 Exercise Assignment Basic
Accounting Equations (New)
ACC 205 Week 1 DQ 2 Accounts (New)
What does the term account mean?  What are the
different classifications of accounts?  How do
the rules for Debits and Credits impact
accounts?  Please provide an example of how
debits and credits impact accounts
1) Basic concepts. Jean's Marine Supply
specializes in the sale of boating equipment and
accessories. Identify the items that follow as
an asset (A), liability (L), revenue (R), or
expense (E) from the firm's viewpoint
4
ACC 205 new Academic professor/tutorialrank
ACC 205 Week 2 DQ 1 Accounting Cycle (New)
ACC 205 Week 1 Journal Balance Sheet Journal (New)
The Balance Sheet is a financial snap shot of a
company at  a particular point in time.  The
Balance Sheet lists the assets, liabilities, and
equity of the company.  Reflect on your personal
financial situation, can you apply the concepts
of the Balance Sheet?  What did you learn from
this reflection?
Financial statements are a product of the
accounting cycle.  Think about two different
companies, one a manufacturing company, the other
a retail company.  Why would different companies
have different accounting cycles?  Would you
expect the steps of the accounting cycle to be
the same for each company?  Why or why
5
ACC 205 new Academic professor/tutorialrank
ACC 205 Week 2 Exercise Assignment Revenue and
Expenses (New)
ACC 205 Week 2 DQ 2 Bank Reconciliation (New)
What is the purpose of a bank reconciliation? 
What are the reasons there are differences
between the cash reported in the accounting
records and the cash balance in the bank
statements?Analyze several of your peers
postings.  Let at least two of your peers know
what happens to the discrepancies between the
book balance and the bank balance.  Could these
differences just be written off.
1. Recognition of concepts. Ron Carroll operates
a small company that books entertainers for
theaters, parties, conventions, and so forth. The
companys fiscal year ends on June 30. Consider
the following items and classify
6
ACC 205 new Academic professor/tutorialrank
ACC 205 Week 3 DQ 1 LIFO vs. FIFO (New)
ACC 205 Week 2 Journal Income Statement Journal
(New)
The Income Statement measures the income and
expenses of a company over a specific period of
time.  Reflecting on your personal financial
statement for the past month, can you apply the
principles of the Income Statement?  What did you
learn from this experience?
The controller of Sagehen Enterprises believes
that the company should switch from the LIFO
method to the FIFO method.  The controllers
bonus is based on the next income.  It is the
controllers belief that the switch in inventory
methods would increase the net income of the
company.  What are the differences between the
LIFO and FIFO methods? 
7
ACC 205 new Academic professor/tutorialrank
ACC 205 Week 3 Exercise Assignment Inventory (New)
ACC 205 Week 3 DQ 2 Depreciation (New)
1. Specific identification method. Boston
Galleries uses the specific identification method
for inventory valuation. Inventory information
for several oil paintings follows.                
                         Painting                 
     Cost 1/2 Beginning inventory Woods 11,000
1. Specific identification method. Boston
Galleries uses the specific identification method
for inventory valuation. Inventory information
for several oil paintings follows.                
                         Painting                 
     Cost
8
ACC 205 new Academic professor/tutorialrank
ACC 205 Week 4 DQ 1 Current Liability (New)
ACC 205 Week 3 Journal Inventory Journal (New)
Reflect for a moment on the LIFO (Last in First
Out) and FIFO (First in First Out) inventory
methods. If you were starting a small
manufacturing company, what inventory method do
you believe would provide the most accurate
financial statements? Why do you believe this is
the case?Carefully review the Grading Rubric
for the criteria that will be used
What is a current liability?  From a user of
financial statements perspective why do you
believe current liabilities are separated from
long-term liabilities?  Based on your current
experience and any additional research you may
have done provide two examples of situations
where businesses collect monies from customers
and employees and reports these amounts as a
current liability.Guided Response
9
ACC 205 new Academic professor/tutorialrank
ACC 205 Week 4 Exercise Assignment Liability (New)
ACC 205 Week 4 DQ 2 Client Recommendations (New)
A client comes to you thinking about starting a
consulting business.  Specifically your client is
interested in what type of entity should be
created for this new business.  Based on your
readings or any additional research you may have
done, discuss the advantages and disadvantages of
the following sole proprietorship, partnership,
and corporation.  Based on these advantages and
disadvantages provide a clear recommendation to
your client.  
.  Partner investments journal entries. The LP
partnership was formed on January 1, 19X7, by
investments from Bill Levy and Marv Parcells.
Levy contributed 30,000 cash and 80,000 of
land. Parcells contributed cash of 50,000 and
equipment
10
ACC 205 new Academic professor/tutorialrank
ACC 205 Week 5 DQ 1 (New)
ACC 205 Week 4 Journal Future Obligations Journal
(New)
The current liability section of the balance
sheet lists the liabilities that are due within
the next 12 months.  Reflecting on your current
financial situation, apply the concept of current
liabilities.  What does this analysis tell you
about your future obligations?  What did you
learn from this experience?
ACC 205 Week 5 DQ 1 
11
ACC 205 new Academic professor/tutorialrank
ACC 205 Week 5 Exercise Assignment Financial
Ratios (New)
ACC 205 Week 5 DQ 2 (New)
ACC 205 Week 5 DQ 2
1.      Liquidity ratios. Edison, Stagg, and
Thornton have the following financial information
at the close of business on July
10     Edison Stagg Thornton
12
ACC 205 new Academic professor/tutorialrank
ACC 205 Week 5 Journal Most Important Ratio
Journal (New)
ACC 205 Week 5 Final Paper Paper (New)
Focus of the Final PaperWrite a five to seven
page financial statement analysis of a public
company, and formatted according to APA style as
outlined in the Ashford Writing Center.   In this
analysis you will discuss the financial health of
this company with the ultimate goal of making a
recommendation to other investors.   Your paper
should consist of the following sections
introduction, company overview, horizontal
analysis, ratio analysis, final recommendation,
and conclusions.  
Most Important Ratio Journal Reflect for a moment
on the ratios (working capital, current ratio,
quick ratio, debt to asset, debt to equity, times
interest earned, gross margin and net margin)
presented this week.  If you were considering
investing in a company what ratio would be the
most important to you?  Formulate and argument to
defend your position. Carefully review
13
ACC 205 new Academic professor/tutorialrank
For more course Tutorials
www.tutorialrank.com