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<h1>ACC 290 Entire Course</h1>

ACC 290 Week 1 Discussion Question 1


What are the four basic financial statements? What is the primary purpose of eac
h of the four basic financial statements? In your opinion, which financial state
ment is the most important? Explain why. How would the financial statements be u
seful to managers and employees? How would the financial statements be useful to
investors and creditors?
ACC 290 Week 1 Discussion Question 2
In the article The Seven Deadly Myths of Accounting http://www.csun.edu/~hfact004/
7myths.htm , there is a list of common misconceptions related to accounting. Ple
ase review the article and tell the group which one you feel is most representat
ive of your initial thoughts of accounting and why.
ACC 290 Week 1 Discussion Question 3
What do you think of when you hear the word debit? What do you think of when you
hear the word credit? Why does your bank statement show a credit for an increas
e in your cash balance? Why are T accounts such a valuable tool for analyzing ac
counting transactions?
ACC 290 Week 1 Discussion Question 4
Describe the general journal. What is the purpose of journalizing transactions?
ACC 290 Week 1 Discussion Question 5
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 credi
t liability accounts to increase them? Why do accountants debit expenses to incr
ease them but credit revenues to increase them?
ACC 290 Week 1 Individual Assignment Financial Statements Paper
Individual - Financial Statements Paper - Prepare a 700 -1,050 word paper in whi
ch you identify the four basic financial statements. Describe the purpose of eac
h of the four financial statements. Discuss how the financial statements would b
e useful to internal users, such as to managers and employees. Discuss how the f
inancial statements would be useful to external users, such as investors and cre
ditors. Format paper according to APA standards.
ACC 290 Week 2 Discussion Question 1
What is accrual accounting? Why do generally accepted accounting principles requ
ire accrual accounting? What is the difference between accrual and cash accounti
ng? When might an accountant use cash basis accounting without violating general
ly accepted accounting principles?
ACC 290 Week 2 Discussion Question 2
What is the revenue recognition principle? What is the expense recognition princ
iple? Why are they important to financial reporting?
ACC 290 Week 2 Discussion Question 3
What are adjusting entries and why are they necessary? What accounts are subject
to adjusting journal entries and why? What are the types of adjusting entries (
provide examples)?
ACC 290 Week 2 Discussion Question 4
When is the trial balance prepared? What does the trial balance tell you? What d
oes the trial balance not tell you. How would you explain the purpose of the adj
usted trial balance?
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 statem
ents. Classify transactions using the rules of debit and credit. Journalize basi
c transactions. Discuss how financial statements would be useful to external use
rs such as investors and creditors. Write a 350 to 500 word summary of your Lear
ning Team's discussion.
ACC 290 Week 2 Individual WileyPLUS Assignment
WileyPLUS and Financial Accounting.
Complete the following in WileyPLUS: Exercise E3-4, Exercise E3-9, Problem 3-5A,
Problem 3-6A
ACC 290 Week 3 Discussion Question 1
What are the steps in completing the accounting cycle? How do the different step
s affect the financial statements? What is the effect on the financial statement
s of missing a step when completing the accounting cycle?
ACC 290 Week 3 Discussion Question 2
What are the four closing journal entries? Why are they necessary? What are reve
rsing entries? Why are they used? What are the pros and cons of using reversing
entries? Why are reversing entries optional?
ACC 290 Week 3 Individual WileyPLUS Assignment, Exercise BE4-1, Problem P4-2A an
d P4-3A
Complete the following in WileyPLUS: Brief Exercise BE4-1, Problem P4-2A, and Pr
oblem P4-3A
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? Differen
tiate between accrual basis and cash basis of accounting. Create Adjusting Entri
es. Prepare an adjusted trial balance. Write a 350 to 500 word summary of your L
earning Team's discussion.
ACC 290 Week 3 Assignment Summary Question One
The differences between the two types of accounting begin when the accountant re
cords revenue and expenses. In accrual basis accounting the individuals report i
ncome in the fiscal period the transaction take place regardless they received c
ash, and the accountants deduct expenses in the fiscal period that they incur wh
ether or not they paid for it.
ACC 290 Week 4 Discussion Question 1
How would you calculate cost of goods sold? What items make up cost of goods sol
d? How does beginning and ending inventory affect cost of goods sold?
ACC 290 Week 4 Discussion Question 2
What are the journal entries a merchandising organization would use to record th
e purchase and subsequent sale of merchandise? How would these transactions diff
er with a periodic versus a perpetual inventory system?
ACC 290 Week 4 Discussion Question 3
Why do generally accepted accounting principles require the use of lower of cost
or market in valuing inventory? What are the three different inventory cost flo
w assumptions commonly used in commerce today and allowed by generally accepted
accounting principles? How does a company determine what cost flow assumption th
ey should use?
ACC 290 Week 4 Discussion Question 4
In your opinion, why are perpetual inventory systems so much more popular today
than in the early 1960s and earlier? Why would a company employing a perpetual i
nventory system still take a physical inventory periodically?
ACC 290 Week 4 Discussion Question 5
What are the three different inventory cost flow assumptions commonly used in co
mmerce today and allowed by generally accepted accounting principles? How does y
our company, or a company you are familiar with, determine what cost flow assump
tion it should use?
ACC 290 Week 4 Individual WileyPLUS Assignment, Problem 4-8A
Complete the following in WileyPLUS: Problem P4-8A
ACC 290 Week 4 Learning Team Financial Reporting Problem, Part 1
Financial Reporting Problem Part I
Browse the Internet to acquire a copy of the most recent annual report for a pub
licly traded company. Analyze the information contained in the company's balance s
heet 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?
What are the total assets at the end of the previous annual reporting period?
How much cash and cash equivalents did the company have at the end of its most r
ecent annual reporting period?
What amount of accounts payable did the company have at the end of its most rece
nt annual reporting period?
What amount of accounts payable did the company have at the end of the previous
annual reporting period?
What are the company's net revenues for the last three annual reporting periods?
What is the change in dollars in the company's net income from its most recent ann
ual reporting period to the previous annual reporting period?
What are the company's total current assets at the end of its most recent annual r
eporting period?
What are the total current assets at the end of the previous annual reporting pe
riod?
What in the information above would be important to a potential investor, employ
ee, and so on?
Summarizethe analysis in a 1,050-1,400 word paper in a Microsoft Word document. I
nclude a copy of the company's balance sheet and income statement. Format your pap
er consistent with APA guidelines.
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 practic
e of accounting and its uses in business? Prepare closing entries, reversing ent
ries, 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 Team's discussion.
ACC 290 Week 5 Discussion Question 1
What is the control environment? How does the control environment affect a compa
ny's internal controls? What are the negative and positive elements of a control e
nvironment? What are two examples of strong and weak internal controls in organi
zations where you have worked or have first-hand knowledge?
ACC 290 Week 5 Discussion Question 2
How would you describe the key internal controls that should be in place to prot
ect cash in a cash rich environment such as a merchandiser?
ACC 290 Week 5 Discussion Question 3
What is the Sarbanes-Oxley Act of 2002? Why did it come about? How have the new
rules in the Sarbanes-Oxley Act of 2002 affected the way accounting departments
and companies operate? What are some positive outcomes from these changes?
ACC 290 Week 5 Discussion Question 4
What are two examples of strong and weak internal controls in organizations wher
e you have worked or have firsthand knowledge? How are these different?
ACC 290 Week 5 Discussion Question 5
How would you describe the key internal controls that should be in place to prot
ect cash in a cash rich environment such as a merchandiser?
ACC 290 Week 5 Individual WileyPLUS Assignment
Complete the following in WileyPLUS: Brief Exercise BE5-1, Brief Exercise BE5-2,
Brief Exercise BE6-5, Brief Exercise BE6-7, Brief Exercise BE7-4, and Brief Exe
rcise BE7-6
ACC 290 Week 5 Learning Team Reflection Summary
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 affec
ted the practice of accounting? What is the role of internal controls in complyi
ng with SOX (2002)? Write a 350 to 500 word summary of your Learning Team's discus
sion.
ACC 290 Week 5 Individual Assignment Financial Reporting Problem Part II
Financial Reporting Problem Part II
Access the internet to acquire a copy of the most recent annual report for the p
ublic traded company used to complete the Financial Reporting Problem, Part 1 as
signment due in ACC 290 Week Four. Analyze the information contained in the comp
any's balance sheet and income statement to answer the following questions:
Are the assets included under the company's current assets listed in the proper or
der? Explain your answer.
How are the company's assets classified?
What are cash equivalents?
ACC 290 Final Exam Guide
1) Which financial statement is used to determine cash generated from operations
?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2) In terms of sequence, in what order must the four basic financial statements
be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital stateme
nt
B. Income statement, capital statement, statement of cash flows, and balance she
et
C. Balance sheet, capital statement, statement of cash flows, and income stateme
nt
D. Income statement, capital statement, balance sheet, and statement of cash flo
ws
3) In classifying transactions, which of the following is true in regard to asse
ts?
A. Normal balances and increases are debits.
B. Normal balances and decreases are credits.
C. Normal balances can either be debits or credits for assets.
D. Normal balances are debits and increases can be debits or credits.
4) An increase in an expense account must be
A. debited
B. credited
C. either debited or credited, depending on the circumstances
D. capitalized
5) ABC Corporation issues 100 shares of $1 par common stock at $5 per share, whi
ch of the following is the correct journal entry?
A.
Cash $100
Common Stock $100
B.
Cash $500
Common Stock $500
C.
Cash $500
Paid-in Capital, Excess of Par $400
Common Stock $100
D.
Cash $100
Paid-in Capital, Excess of Par $400
Common Stock $500
6) In the first month of operations, the total of the debit entries to the cash
account amounted to $1,400 and the total of the credit entries to the cash accou
nt amounted to $600. The cash account has a
A. $600 credit balance
B. $1,400 debit balance
C. $800 debit balance
D. $800 credit balance
7) Which ledger contains control accounts?
A. Accounts receivable subsidiary ledger
B. General ledger
C. Accounts payable subsidiary ledger
D. General revenue and expense ledger
8) Smith is a customer of ABC Corporation. Smith typically purchases merchandise
from ABC on account. Which ledger would ABC use to keep track of the details of
Smith's account?
A. Accounts receivable subsidiary ledger
B. Accounts receivable control ledger
C. General ledger
D. Accounts payable subsidiary ledger
9) Under the cash basis of accounting,
A. revenue is recognized when services are performed
B. expenses are matched with the revenue that is produced
C. cash must be received before revenue is recognized
D. a promise to pay is sufficient to recognize revenue
10) Under the accrual basis of accounting,
A. cash must be received before revenue is recognized
B. net income is calculated by matching cash outflows against cash inflows
C. events that change a company's financial statements are recognized in the perio
d they occur rather than in the period in which the cash is paid or received
D. the ledger accounts must be adjusted to reflect a cash basis of accounting be
fore financial statements are prepared under generally accepted accounting princ
iples
11) The Vintage Laundry Company purchased $6,500 worth of laundry supplies on Ju
ne 2 and recorded the purchase as an asset. On June 30, an inventory of the laun
dry supplies indicated only $2,000 on hand. The adjusting entry that should be m
ade by the company on June 30 is
A. debit Laundry Expense, $2,000; credit Laundry Expense $2,000
B. debit Laundry Expense, $4,500; credit Laundry Supplies Expense, $4,500
12) Greese Company purchased office supplies costing $4,000 and debited Office S
upplies for the full amount. At the end of the accounting period, a physical cou
nt of office supplies revealed $1,100 still on hand. The appropriate adjusting j
ournal entry to be made at the end of the period would be
A. debit Office Supplies Expense, $1,100; credit debit Office Supplies Expense
B. debit Office Supplies, $2,900; credit Office Supplies Expense, $2,900
13) Based on the account balance below, what is the total of the debit and credi
t columns of the adjusted trial balance?
A.
$9,150
B.
$10,840
C.
$9,560
D.
$10,430
14) An adjusted trial balance
A. is prepared after the financial statements are completed
B. proves the equality of the total debit balances and total credit balances of
ledger accounts after all adjustments have been made
C. is a required financial statement under generally accepted accounting princip
les
D. cannot be used to prepare financial statements
15) Given the following adjusted trial balance:
Net income for the year is
A. $248
B. $135
C. $162
D. $49
16) Given the following adjusted trial balance, what will be the totals for the
debit and credit columns of the post-closing trial balance?
After closing entries have been posted, the balance in retained earnings will be
A. $3,256
B. $3,170
C. $3,440
D. $3,354 (This is not correct)
18) Net income is recorded on the work sheet under the
A. debit column of the adjusted trial balance and the credit column of retained
earnings
B. debit column of the income statement and the credit column of the balance she
et
19) At the beginning of the year, Uptown Athletic had an inventory of $400,000.
During the year, the company purchased goods costing $1,500,000. If Uptown Athle
tic reported ending inventory of $600,000 and sales of $2,000,000, their cost of
goods sold and gross profit rate would be
A. $900,000 and 65%
B. $1,300,000 and 35%
C. $900,000 and 35%
D. $1,300,000 and 65%
20) During the year, Sarah's Pet Shop's merchandise inventory decreased by $30,000.
If the company's cost of goods sold for the year was $450,000, purchases would hav
e been
A. $480,000
B. $420,000
C. $390,000
D. Insufficient data to determine
21) At the beginning of the year, Wildcat Athletic had an inventory of $200,000.
During the year, the company purchased goods costing $700,000. If Wildcat Athle
tic reported ending inventory of $300,000 and sales of $1,000,000, their cost of
goods sold and gross profit rate would be
A. $400,000 and 60%
B. $600,000 and 40%
C. $400,000 and 40%
D. $600,000 and 60%
22) The entry to record of sale of $900 with terms of 2/10, n/30 will include a
A. debit to Sales Discount for $18354 (This is not correct)
B. debit to Sales Revenue for $882
23) Dobler Company uses a periodic inventory system. Details for the inventory a
ccount for the
month of January 2012 are as follows:
Units Per unit price Total
Balance, 1/1/2012 200 $5.00 $1,000
Purchase, 1/15/2012 100 5.30 530
Purchase, 1/28/2012 100 5.50 550
An end of the month (1/31/2012), inventory showed that 140 units were on hand. I
f the company uses LIFO, what is the value of the ending inventory?
A. $737
B. $700
C. $762
D. $1,380
24) The difference between ending inventory using LIFO and ending inventory usin
g FIFO is referred to as
A. FIFO reserve
B. inventory reserve
C. LIFO reserve
D. periodic reserve
25) A consistent application of an inventory costing method enhances
A. conservatism
B. accuracy
C. comparability
D. efficiency
26) The accountant at Patton Company has determined that income before income ta
xes amounted to $11,000 using the FIFO costing assumption. If the income tax rat
e is 30% and the amount of income taxes paid would be $300 greater if the LIFO a
ssumption were used, what would be the amount of income before taxes under the L
IFO assumption?
A. $11,300
B. $12,000
C. $10,000
D. $10,700
27) A very small company would have the most difficulty in implementing which of
the following internal control activities?
A. Separation of duties
B. Limited access to assets
C. Periodic independent verification
D. Sound personnel procedures
28) A system of internal control
A. is infallible
B. can be rendered ineffective by employee collusion
C. invariably will have costs exceeding benefits
D. is premised on the concept of absolute assurance
29) The custodian of a company asset should
A. have access to the accounting record for that asset
B. be someone outside the company
30) The Sarbanes Oxley Act (2002) applies to
A. U.S. companies but not international companies
B. international companies but not U.S. companies
What are the company's total current liabilities at the end of its most recent ann
ual reporting period?
What are the company's total current liabilities at the end of the previous annual
reporting period?
Considering all the information you have gathered, why might this information be
important to potential creditors, investors, and employees?
Summarizethe analysis in a 1,050-1,400 word paper in a Microsoft Word document. I
nclude a copy of the company's balance sheet and income statement. Format your pap
er and presentation consistent with APA guidelines.