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ACC 290 Final Exam Guide (New)
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.
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ACC 290 Course Inspiring Minds / tutorialrank.com
ACC 290 Final Exam Guide(Latest)
Question 1 The best definition of assets is
the collections of resources belonging to
the company and the claims on these resources.
cash owned by the company.
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ACC 290 Course Inspiring Minds / tutorialrank.com
ACC 290 Final Exam guide
we have another New set of Final Exam which could
be found on this link http//www.tutorialrank.co
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1)Which financial statement is used to determine
cash generated from operations? 2) In terms
of sequence, in what order must the four basic
financial statements be prepared?
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ACC 290 Week 1 Assignment Preparing an Income
Statement Retained Earnings Statement and Balance
Sheet
Purpose of Assignment The purpose of this
assignment is to help students become familiar
with the presentation of the income statement and
the retained earnings statement, including how
parts of the financial statement is evaluated to
determine the operational success of the
business. Assignment Steps Resources
Financial Accounting Tools for Business Decision
Making p. 36
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ACC 290 Course Inspiring Minds / tutorialrank.com
ACC 290 Week 1 Discussion Question 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?
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ACC 290 Course Inspiring Minds / tutorialrank.com
ACC 290 Week 1 Discussion Question 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?
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ACC 290 Course Inspiring Minds / tutorialrank.com
ACC 290 Week 1 Practice Quiz (New)
ACC 290 Week 1 Quiz 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
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ACC 290 Course Inspiring Minds / tutorialrank.com
ACC 290 Week 1 Vocabulary Activity (New)
WileyPLUS Assignment Week 1 Vocabulary Activity
Resource WileyPLUS Complete the following
Week 1 Assignment in WileyPLUS Chapter 1
WileyPLUS Crossword Puzzle 1
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ACC 290 Week 1 Wiley Plus Assignment DI 1-3,
E1-3,E1-4, E2-4, IFRS2-4 (New)
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
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ACC 290 Week 2 Chapter 1,2,3 Orion WileyPlus
Proficiency and Practice Quiz
ACC 290 Chapter 1 Orion WileyPlus Build your
Proficiency Q 1.1 What is the primary
purpose of the statement of cash flows? Q 1.2
Which financial statement summarizes the
financial position of a company? Q 1.3 Which
financial statement provides information for a
specific point in time?
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ACC 290 Course Inspiring Minds / tutorialrank.com
ACC 290 Week 2 Charter for Collaborative Learning
Activities
Resources Week 2 Learning Team Collaborative
Discussion and the Learning Team Charter for
Collaborative Learning Activities Write a 150-
to 200-word individual response to the
following Consider the multiple
definitions of collaboration. Define
collaboration and how you will apply it in this
course based upon the discussion with your
Learning Team. Be sure to reference and cite your
sources.
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ACC 290 Course Inspiring Minds / tutorialrank.com
ACC 290 Week 2 Discussion Question 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?
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ACC 290 Course Inspiring Minds / tutorialrank.com
ACC 290 Week 2 Discussion Question 2
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 Course Inspiring Minds / tutorialrank.com
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 Teams discussion.
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ACC 290 Course Inspiring Minds / tutorialrank.com
ACC 290 Week 2 LT Reflection Summary (New)
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.
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ACC 290 Course Inspiring Minds / tutorialrank.com
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 Teams discussion.
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ACC 290 Course Inspiring Minds / tutorialrank.com
ACC 290 Week 2 Practice Quiz (New)
ACC 290 Week 2 Quiz 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 Course Inspiring Minds / tutorialrank.com
ACC 290 Week 2 Vocabulary Activity (New)
WileyPLUS Assignment Week 2 Vocabulary Activity
Resource WileyPLUS Complete the following
Week 2 Assignment in WileyPLUS Chapter 2
Wiley PLUS Crossword Puzzle 1t of cash flows?
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ACC 290 Course Inspiring Minds / tutorialrank.com
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)
WileyPLUS Assignment Week 2 Assignment
Resource WileyPLUS Complete the following
Week 2 Assignment in WileyPLUS BYP 2-2
IFRS 2-6 Exercise 3-4
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ACC 290 Course Inspiring Minds / tutorialrank.com
ACC 290 Week 3 by 4 Learning Team Financial
Reporting Problem Part 1 (New)
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? What are the total assets at the end
of the previous annual reporting period?
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ACC 290 Course Inspiring Minds / tutorialrank.com
ACC 290 Week 3 Chapter 4,5 Orion WileyPlus
Proficiency and Practice Quiz
ACC 290 Chapter 4 Orion WileyPlus Build your
Proficiency Q 4.1 Which of the following
statements about accrual-basis accounting is NOT
true? Q 4.2 If a company spends 12 million
dollars for a warehouse, when should the cost be
written off? Q 4.3 If an expense has been used
or consumed but a bill has not been received at
the end of the accounting period, which of the
following is needed?
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ACC 290 Course Inspiring Minds / tutorialrank.com
ACC 290 Week 3 Discussion Question 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?
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ACC 290 Course Inspiring Minds / tutorialrank.com
ACC 290 Week 3 Discussion Question 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?
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ACC 290 Course Inspiring Minds / tutorialrank.com
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
Teams discussion.
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ACC 290 Course Inspiring Minds / tutorialrank.com
ACC 290 Week 3 Practice Quiz (New)
ACC 290 Week 3 Quiz
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?
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ACC 290 Course Inspiring Minds / tutorialrank.com
ACC 290 Week 3 Problem 5-5A (Simon Company)
Purpose of Assignment The purpose of this
assignment is to help you become familiar with
the parts of the multiple-step income statement.
Assignment Steps Resources Financial
Accounting Tools for Business Decision Making
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ACC 290 Course Inspiring Minds / tutorialrank.com
ACC 290 Week 3 Vocabulary Activity (New)
WileyPLUS Assignment Week 3 Practice Quiz
Resource WileyPLUS Complete the following
Week 3 Assignment in WileyPLUS Chapter 4
Practice Quiz
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ACC 290 Course Inspiring Minds / tutorialrank.com
ACC 290 Week 3 WileyPlus Assignment BE4-1, P4-2A,
P4-3A, BYP4-1, IFRS PQ-1, PQ-2, PQ-3, PQ-4(New)
Assignment Week 3 Assignment Complete the
following Week 3 Assignment Brief Exercise
4-1 Problem 4-2A Problem 4-3A BYP 4-1
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ACC 290 Course Inspiring Minds / tutorialrank.com
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 Teams discussion.
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ACC 290 Course Inspiring Minds / tutorialrank.com
ACC 290 Week 4 Practice Quiz (New)
ACC 290 Week 4 Practice Quiz 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 Course Inspiring Minds / tutorialrank.com
ACC 290 Week 4 Vocabulary Activity (New)
WileyPLUS Assignment Week 4 Vocabulary Activity
Resource WileyPLUS Complete the following
Week 4 Assignment in WileyPLUS Chapter 5
Crossword Puzzle 1
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ACC 290 Course Inspiring Minds / tutorialrank.com
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)
Week 4 Assignment Complete the following Week 4
Assignment in Problem 4-8A Brief Exercise
5-1 Brief Exercise 5-2
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ACC 290 Course Inspiring Minds / tutorialrank.com
ACC 290 Week 4Evaluate The Inventory Section Of
Two companies Using Basic Comparative Analysis
The purpose of this assignment is to evaluate the
inventory section of two companies using basic
comparative analysis, and to interpret the data
to gain insight about the company's inventory
management. Assignment Steps Resources
Financial Accounting Tools for Business Decision
Making
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ACC 290 Course Inspiring Minds / tutorialrank.com
ACC 290 Week 5 Discussion Question 1
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?
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.
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ACC 290 Course Inspiring Minds / tutorialrank.com
ACC 290 Week 5 IFRS Paper (New)
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?
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ACC 290 Course Inspiring Minds / tutorialrank.com
ACC 290 Week 5 Learning Team Reflection Summary
(New)
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.
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ACC 290 Course Inspiring Minds / tutorialrank.com
ACC 290 Week 5 Preparing Comprehensive Bank
Reconciliation (Daisey Company)
Purpose of Assignment Reconciling bank
accounts is a good way to help maintain internal
controls over cash. With time lags and posting
errors it is easy for cash transactions to be
omitted, recorded in a different accounting
period, or reflect incorrect amounts. This
assignment with give you practical experience in
reconciling the cash balance as noted on the
company books to the bank's records.
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ACC 290 Course Inspiring Minds / tutorialrank.com
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)
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
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ACC 290 Course Inspiring Minds / tutorialrank.com
The Best way to predict the Future is to create
it.....To Best way....
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