ACC 290 New Course Inspiring Minds / tutorialrank.com

1
ACC 290 New Course Inspiring Minds/
tutorialrank.com
The Best way to predict the Future is to create
it.....To Best way....
www.tutorialrank.com
2
ACC 290 New Course Inspiring Minds /
tutorialrank.com
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.
3
ACC 290 New Course Inspiring Minds /
tutorialrank.com
ACC 290 Final Exam guide
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? 3) In
classifying transactions, which of the following
is true in regard to assets?
4
ACC 290 New Course Inspiring Minds /
tutorialrank.com
ACC 290 Final Exam guide
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? 3) In
classifying transactions, which of the following
is true in regard to assets?
5
ACC 290 New 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?
6
ACC 290 New 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?
7
ACC 290 New 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
8
ACC 290 New 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
9
ACC 290 New 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
10
ACC 290 New Course Inspiring Minds /
tutorialrank.com
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 Exercise Excel E 2-4v
IFRS 2-4
11
ACC 290 New 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?
12
ACC 290 New 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?
13
ACC 290 New 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?
14
ACC 290 New 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.
15
ACC 290 New 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.

16
ACC 290 New 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
17
ACC 290 New 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 1
18
ACC 290 New 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)
Complete the following Week 2 Assignment in
WileyPLUS BYP 2-2 IFRS 2-6 Exercise 3-4
Exercise 3-8 Exercise 3-10
19
ACC 290 New 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?
20
ACC 290 New 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?
21
ACC 290 New 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?
22
ACC 290 New 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
Tea ms discussion.
23
ACC 290 New 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?
24
ACC 290 New 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
25
ACC 290 New Course Inspiring Minds /
tutorialrank.com
ACC 290 Week 3 Wiley Plus Assignment BE4-1,
P4-2A, P4-3A, BYP4-1 (New)
Resource WileyPLUS Complete the following Week 3
Assignment in WileyPLUS Brief Exercise 4-1
Problem 4-2A Problem 4-3A BYP 4-1
26
ACC 290 New Course Inspiring Minds /
tutorialrank.com
ACC 290 Week 4 by 5 Individual Assignment
Financial Reporting Problem Part II (New)
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. How are the
companys assets classified?
27
ACC 290 New Course Inspiring Minds /
tutorialrank.com
ACC 290 Week 4 Discussion Question 1
ow 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? Why
are perpetual inventory systems so much more
popular today than back in the early 1960s and
earlier? Why would a company employing a
perpetual inventory system still take a physical
inventory periodically?
28
ACC 290 New Course Inspiring Minds /
tutorialrank.com
ACC 290 Week 4 Discussion Question 2
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?
29
ACC 290 New 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.
30
ACC 290 New 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. 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
31
ACC 290 New 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
32
ACC 290 New Course Inspiring Minds /
tutorialrank.com
ACC 290 Week 4 Wiley plusAssignment P4-8A,
BYP5-1, BYP5-2, BE5-1, BE5-2, IFRS5-2, IFRS5-4,
Do it 5-3, 5-4 (New)
WileyPLUS Assignment Week 4 Assignment Resource
WileyPLUS Complete the following Week 4
Assignment in WileyPLUS Problem 4-8A BYP
5-1 BYP 5-2 Question 2
33
ACC 290 New 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?
34
ACC 290 New Course Inspiring Minds /
tutorialrank.com
ACC 290 Week 5 IFRS Paper (New)
FRS 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 the United States should
adopt IFRS.
35
ACC 290 New 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.
36
ACC 290 New Course Inspiring Minds /
tutorialrank.com
ACC 290 Week 5 Wiley Plus Assignment BE6-5,
BE6-7, BYP6-1, BYP6-2, BE7-4, BE7-6, BE5-1,
BE5-2, BE7-5, E4-17, E4-18 (New)
WileyPLUS Assignment Week 5 Assignment
Resource WileyPLUS Complete the following Week
5 Assignment in WileyPLUS Brief Exercise 6-5
Brief Exercise 6-7 BYP 6-1
37
ACC 290 New Course Inspiring Minds /
tutorialrank.com
ACC 290 Week 5 Wiley Plus Assignment BE6-5,
BE6-7, BYP6-1, BYP6-2, BE7-4, BE7-6, BE5-1,
BE5-2, BE7-5, E4-17, E4-18 (New)
WileyPLUS Assignment Week 5 Assignment
Resource WileyPLUS Complete the following Week
5 Assignment in WileyPLUS Brief Exercise 6-5
Brief Exercise 6-7 BYP 6-1
38
ACC 290 New Course Inspiring Minds /
tutorialrank.com
The Best way to predict the Future is to create
it.....To Best way....
www.tutorialrank.com