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ACC 290 Students Guide
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ACC 290 Students Guide

• ACC 290 Final Exam Guide

• ACC 290 Week 1 Discussion Question 1

• ACC 290 Finals
• Question 1
• Jackson Company recorded the following cash
  transactions for the year
• Paid 135,000 for salaries.
• Paid 60,000 to purchase office equipment.
• Paid 15,000 for utilities.

• ACC 290 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.

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ACC 290 Students Guide

• ACC 290 Week 1 Discussion Question 2

• ACC 290 Week 1 Practice Quiz

• 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?

• Question 1
•  
•  
• Current assets are expected to be
  converted to cash or consumed within the next
  year or the normal operating cycle, whichever is
  longer.

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ACC 290 Students Guide

• ACC 290 Week 1 Vocabulary Activity

• ACC 290 Week 1 Wiley Plus Assignment DI1-3,
  E1-3,E1-4,

• Wiley PLUS Assignment Week 1 Vocabulary Activity
• Resource Wiley PLUS
• Complete the following Week 1 Assignment in Wiley
  PLUS
• Chapter 1 Wiley PLUS Crossword Puzzle 1

• Wiley PLUS Assignment Week 1 Assignment
• Resource Wiley PLUS
• Complete the following Week 1 Assignment in Wiley
  PLUS
• DO IT! 1-3
• Exercise 1-3
• Exercise 1-4

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ACC 290 Students Guide

• ACC 290 Week 2 Discussion Question 1

• ACC 290 Week 2 Discussion Question 2

• 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 accounts are subject to adjusting journal
  entries and why?
•  
• How would you explain the purpose of the adjusted
  trial balance?

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ACC 290 Students Guide

• ACC 290 Week 2 LT Reflection Summary

• ACC 290 Week 2 Practice Quiz

• 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.

• Question 1
•  
• Expenses decrease retained earnings.
•  
• Question 2
•  
• During 2014, Gibson Company assets decreased
  50,000 and its liabilities decreased 90,000.
  Its stockholders equity

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ACC 290 Students Guide

• ACC 290 Week 2 Vocabulary Activity

• ACC 290 Week 2 Wiley Plus Assignment BYP2-2,
  IFRS2-6

• Wiley PLUS Assignment Week 2 Vocabulary Activity
• Resource Wiley PLUS
• Complete the following Week 2 Assignment in
  Wiley PLUS
• Chapter 2 Wiley PLUS Crossword Puzzle 1

• Wiley PLUS Assignment Week 2 Assignment
• Resource Wiley PLUS
• Complete the following Week 2 Assignment in Wiley
  PLUS
• BYP 2-2

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ACC 290 Students Guide

• ACC 290 Week 3 4 Learning Team Financial
  Reporting

• ACC 290 Week 3 Discussion Questions 1

• Financial Reporting Problem Part I
•  
• Browse the Internet to acquire a copy of the most
  recent annual report for a publicly traded
  company. Analyze the information contained in the
  companys balance sheet and income statement

• What are the steps in completing the accounting
  cycle? How do the different steps affect the
  financial statements?

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ACC 290 Students Guide

• ACC 290 Week 3 Discussion Questions 2

• ACC 290 Week 3 Practice Quiz

• 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?

• Question 1
• The revenue recognition principle dictates that
  revenue is recognized in the period in which the
  cash is received.
• Question 2
• The generally accepted accounting principle which
  dictates that revenue be recognized in the
  accounting period

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ACC 290 Students Guide

• ACC 290 Week 3 Vocabulary Activity

• ACC 290 Week 3 Wiley Plus Assignment BE4-1, P4-2A

• Wiley PLUS Assignment Week 3 Practice Quiz
• Resource Wiley PLUS
• Complete the following Week 3 Assignment in Wiley
  PLUS
• Chapter 4 Practice Quiz

• Wiley PLUS Assignment Week 3 Assignment
• Resource Wiley PLUS
• Complete the following Week 3 Assignment in Wiley
  PLUS
• Brief Exercise 4-1

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ACC 290 Students Guide

• ACC 290 Week 4 5 Individual Assignment Financial

• ACC 290 Week 4 Discussion Question 1

• 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

• 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?

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ACC 290 Students Guide

• ACC 290 Week 4 Discussion Question 2

• ACC 290 Week 4 Practice Quiz

• What are the three different inventory cost flow
  assumptions commonly used in commerce today and
  allowed by generally accepted accounting
  principles?

• Question 1
• A service company's operating cycle is
  ordinarily shorter than that of a merchandising
  company.
• The operating cycle of a merchandising company is
  ordinarily shorter than that of a service company.

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ACC 290 Students Guide

• ACC 290 Week 4 Vocabulary Activity

• ACC 290 Week 4 Wiley plus Assignment P4-8A, BYP5

• Wiley PLUS Assignment Week 4 Vocabulary Activity
• Resource Wiley PLUS
• Complete the following Week 4 Assignment in Wiley
  PLUS
• Chapter 5 Crossword Puzzle 1

• Wiley PLUS Assignment Week 4 Assignment
• Resource Wiley PLUS
• Complete the following Week 4 Assignment in Wiley
  PLUS
• Problem 4-8A
• BYP 5-1
• BYP 5-2

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ACC 290 Students Guide

• ACC 290 Week 5 Discussion Question 1

• ACC 290 Week 5 IFRS Paper

• What is the control environment? How does the
  control environment affect a companys 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?

• IFRS 2-1 In what ways does the format of a
  statement of financial of position under IFRS
  often differ from a balance sheet presented under
  GAAP?

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ACC 290 Students Guide

• ACC 290 Week 5 Learning Team Reflection Summary

• ACC 290 Week 5 Wiley Plus Assignment BE6-5, BE6-7

• 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?

• Wiley PLUS Assignment Week 5 Assignment
•  
• Resource Wiley PLUS
•  
• Complete the following Week 5 Assignment in Wiley
  PLUS
•  
• Brief Exercise 6-5

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ACC 290 Students Guide
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