ACC 205 NEW Academic Coachuophelp

1
ACC 205 Course Tutorial

• For more course tutorials visit
• www.uophelp.com

2
ACC 205 Course Tutorial

• ACC 205 Week 1 DQ 1 Accounting Equation (New)

• ACC 205 Week 1 DQ 2 Accounts (New)

• 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.  

• 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.Guided
  Response Analyze several of your peers
  postings.  Let at least two of your peers know if
  this knowledge could be used in their everyday
  lives.  Is so, how?  If not, why not?

3
ACC 205 Course Tutorial

• ACC 205 Week 1 Exercise Assignment Basic
  Accounting

• ACC 205 Week 1 Journal Balance Sheet Journal(New)

• 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.           
•  The inventory of boating supplies owned by the
  company. (A)

• 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?

4
ACC 205 Course Tutorial

• ACC 205 Week 2 DQ 1 Accounting Cycle(New)

• ACC 205 Week 2 DQ 2 Bank Reconciliation(New)

• 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 not?
• Guided Response

• 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.

5
ACC 205 Course Tutorial

• ACC 205 Week 2 Exercise Assignment Revenue

• ACC 205 Week 2 Journal Income Statement
  Journal(New)

• 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 each as either
  (1) prepaid expense, (2) unearned revenue, (3)
  accrued expense, (4) accrued revenue, or (5) none
  of the foregoing.

• 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?

6
ACC 205 Course Tutorial

• ACC 205 Week 3 DQ 1 LIFO vs. FIFO (New)

• ACC 205 Week 3 DQ 2 Depreciation(New)

• 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? 

• There is a variety of depreciation methods used
  to allocate the cost of an asset to all of the
  accounting periods benefited by the use of the
  asset.  Your client has just purchased a piece of
  equipment for 100,000.  Explain the concept of
  depreciation.  Which of the following
  depreciation methods would you recommend
  straight-line depreciation, double declining
  balance method, or an alternative method?  

7
ACC 205 Course Tutorial

• ACC 205 Week 3 Exercise Assignment Inventory(New)

• ACC 205 Week 3 Journal Inventory Journal(New)

• . 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

• 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 to evaluate your
  journal entry.

8
ACC 205 Course Tutorial

• ACC 205 Week 4 DQ 1 Current Liability(New)

• ACC 205 Week 4 DQ 2 Client Recommendations(New)

• 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.

• 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. 

9
ACC 205 Course Tutorial

• ACC 205 Week 4 Exercise Assignment Liability(New)

• ACC 205 Week 4 Journal Future Obligations
  Journal(New)

• 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 with a value of 20,000.
•  
• a.    Prepare the journal entries needed to
  record the investments of Levy and Parcells.

• 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?Carefully review the
  Grading Rubric for the criteria that will be used
  to evaluate your journal entry.

10
ACC 205 Course Tutorial

• ACC 205 Week 5 DQ 1(New)

• ACC 205 Week 5 DQ 2(New)

• ACC 205 Week 5 DQ 1(New)

• ACC 205 Week 5 DQ 2(New)

11
ACC 205 Course Tutorial

• ACC 205 Week 5 Exercise Assignment Financial

• ACC 205 Week 5 Final Paper Paper(New)

• 1.      Liquidity ratios. Edison, Stagg, and
  Thornton have the following financial information
  at the close of business on July 10 
• Edison
• Stagg
• Thornton
• Cash
• 4,000
• 2,500
• 1,000
•  

• Final PaperFocus 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

12
ACC 205 Course Tutorial

• ACC 205 Week 5 Journal Most Important Ratio
  Journal(New)

• 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.

13
ACC 205 Course Tutorial
For more course tutorials visit www.uophelp.com