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FOR MORE CLASSES VISIT www.acc290genius.com 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 company’s balance sheet and income statement to answer the following questions: What are the company’s total assets at the end of its most recent annual reporting period? Why is this important? – PowerPoint PPT presentation

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Title: ACC 290 GENIUS Help Invent Youself-acc290genius.com

1
ACC 290 GENIUS Help Invent Youself-acc290genius.c
om

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ACC 290 Final Exam Guide (New)
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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. Paid 6,000 in dividends. Collected
245,000 from customers. Question 2 Which of the
following describes the classification and normal
balance of the Unearned Rent Revenue account?
Question 3 Posting Question 4 The following is
selected information from L Corporation for the
fiscal year ending October 31, 2014. Cash
received from customers 300,000 Revenue earned
390,000 Cash paid for expenses

ACC 290 Week 3/4 Learning Team Financial
Reporting Problem, Part 1 (2 Different
Papers)(New)
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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 to
answer the following questions What are the
companys total assets at the end of its most
recent annual reporting period? Why is this
important?

ACC 290 Week 1 Discussion Question 1
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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. 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 Discussion Question 2
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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
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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 1 Practice Quiz(New)
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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. Current assets are economic resources
that are expected to be converted to cash or used
up by the business within one year or the normal
operating cycle, whichever is shorter. Question 2
Land or a building which is currently not used in
operation is considered to be a long-term
investment. A company purchased a tract of land
on which it expects to build a production plant
on in approximately five years. During the five
years before construction, the land will be idle.

ACC 290 Week 1 Vocabulary Activity (New)
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WileyPLUS Assignment Week 1 Vocabulary Activity
Resource WileyPLUS Complete the following Week 1
Assignment in WileyPLUS Chapter 1 WileyPLUS
Crossword Puzzle 1

ACC 290 Week 1 WileyPlus Assignment DI1-3,
E1-3,E1-4, E2-4, IFRS2-4 (New)
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WileyPLUS Assignment Week 1 Assignment Resource
WileyPLUS Complete the following Week 1
Assignment in WileyPLUS DO IT! 1-3 Exercise
1-3 Exercise 1-4 Exercise Excel E 2-4 IFRS
2-4

ACC 290 Week 2 Discussion Question 1
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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 Discussion Question 2
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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 (New)
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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 Teams
discussion.

ACC 290 Week 2 LT Reflection Summary
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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 Teams discussion.

ACC 290 Week 2 Practice Quiz (New)
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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 Question 3
Payment of a dividend Question 4 An account is a
part of the financial information system and is
described by all except which one of the
following?

ACC 290 Week 2 Vocabulary Activity (New)
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WileyPLUS Assignment Week 2 Vocabulary Activity
Resource WileyPLUS Complete the following Week 2
Assignment in WileyPLUS Chapter 2 Wiley PLUS
Crossword Puzzle 1

ACC 290 Week 2 WileyPlus Assignment BYP2-2,
IFRS2-6, E3-4, E3-8, BYP 3-2, IFRS 3-2, P3-5,
P3-6 (New)
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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. 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 3 Discussion Question 1
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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 Discussion Question 2
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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 LT Reflection Summary
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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 Teams
discussion.

ACC 290 Week 3 Practice Quiz (New)
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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 in which the performance
obligation is satisfied is the Question 3 Which
statement is correct? Question 4 Book value is
equal to cost minus accumulated depreciation.
Question 5 Adjustments for unearned revenues
Question 6 At December 31, 2013

ACC 290 Week 3 Vocabulary Activity (New)
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WileyPLUS Assignment Week 3 Practice Quiz
Resource WileyPLUS Complete the following Week 3
Assignment in WileyPLUS Chapter 4 Practice Quiz

ACC 290 Week 3 WileyPlus Assignment BE4-1, P4-2A,
P4-3A, BYP4-1, IFRS PQ-1, PQ-2, PQ-3, PQ-4 (New)
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Assignment Week 3 Assignment Complete the
following Week 3 Assignment Brief Exercise 4-1
Problem 4-2A Problem 4-3A BYP 4-1 IFRS
Practice Question 1 IFRS Practice Question 2
IFRS Practice Question 3 IFRS Practice Question
4

ACC 290 Week 4 Discussion Question 1
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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?

ACC 290 Week 4 Discussion Question 2
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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 LT Reflection Summary
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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
Teams discussion.

ACC 290 Week 4 Practice Quiz (New)
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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. Question 2 Due to the
turnover time of inventory, merchandising
companies have an operating cycle that is longer
than a service company. The operating cycle of a
merchandising company is ordinarily
___________________ that of a service firm.
Question 3 The cost of having merchandise
delivered to the store is part of the cost of
getting the inventory ready to sell. All costs
incurred to get inventory ready to sell are
included as part of Inventory account with a
debit.

ACC 290 Week 4 Vocabulary Activity (New)
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WileyPLUS Assignment Week 4 Vocabulary Activity
Resource WileyPLUS Complete the following Week 4
Assignment in WileyPLUS Chapter 5 Crossword
Puzzle 1

ACC 290 Week 4 Wileyplus Assignment P4-8A,
BYP5-1, BYP5-2, BE5-1, BE5-2, IFRS5-2, IFRS5-4,
PQ-1, PQ-2, PQ-3 (New)
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Week 4 Assignment Complete the following Week 4
Assignment in Problem 4-8A Brief Exercise 5-1
Brief Exercise 5-2 BYP 5-1 BYP 5-2 IFRS 5-2 IFRS
5-4 Practice Question 1 Practice Question 2
Practice Question 3

ACC 290 Week 5 Discussion Question 1
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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? How are these different?

ACC 290 Week 5 IFRS Paper (New)
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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? IFRS 2-2 Do the IFRS and GAAP conceptual
frameworks differ in terms of the objective of
financial reporting? Explain. IFRS 2-3 What
terms commonly used under IFRS are synonymous
with common stock and balance sheet? IFRS 3-1
Describe some of the issues the SEC must consider
in deciding whether

ACC 290 Week 5 Learning Team Reflection Summary
(New)
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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 Teams discussion.

ACC 290 Week 5 WileyPlus Assignment BE6-5, BE6-7,
BYP6-1, BYP6-2, BE7-4, BE7-6, IFRS PQ-1, PFRS
PQ-2(New)
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Assignment Week 5 Assignment Complete the
following Week 5 Assignment IFRS Practice
Question 1 IFRS Practice Question 2 Brief
Exercise 6-5 Brief Exercise 6-7 BYP 6-1 BYP 6-2
Brief Exercise 7-4 Brief Exercise 7-6

ACC 290 Week 4/5 Individual Assignment Financial
Reporting Problem Part II (2 Different
Papers)(New)
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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 companys
balance sheet and income statement to answer the
following questions Are the assets included
under the companys current assets listed in the
proper order? Explain your answer.