ACC 290new Course Extraordinary Success/ tutorialrank.com

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2. ACC 290 Final Exam Guide (New) ACC 290 Final Exam guide • 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. • 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) An increase in an expense account must be • 5) ABC Corporation issues 100 shares of $1 par common stock at $5 per share, which of the following is the correct journal entry? ACC 290 Course Extraordinary Success tutorialrank.com

3. ACC 290 Week 1 Discussion Question 1 ACC 290 Week 1 Discussion Question 2 • 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? • 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 Course Extraordinary Success tutorialrank.com

4. ACC 290 Week 1 Practice Quiz (New) ACC 290 Week 1 Vocabulary Activity (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 • WileyPLUS Assignment: Week 1 Vocabulary Activity • Resource: WileyPLUS • Complete the following Week 1 Assignment in WileyPLUS: • • Chapter 1 WileyPLUS Crossword Puzzle 1 ACC 290 Course Extraordinary Success tutorialrank.com

5. ACC 290 Week 1 Wiley Plus Assignment DI 1-3, E1-3,E1-4, E2-4, IFRS2-4 (New) ACC 290 Week 2 Discussion Question 1 • 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 • 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 Course Extraordinary Success tutorialrank.com

6. ACC 290 Week 2 Discussion Question 2 ACC 290 Week 2 LT Reflection Summary (New) • What accounts are subject to adjusting journal entries and why? • How would you explain the purpose of the adjusted trial balance? • 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. ACC 290 Course Extraordinary Success tutorialrank.com

7. ACC 290 Week 2 LT Reflection Summary ACC 290 Week 2 Practice Quiz (New) • 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 Team’s discussion. • 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 • Question 3 • Payment of a dividend • Question 4 ACC 290 Course Extraordinary Success tutorialrank.com

8. ACC 290 Week 2 Vocabulary Activity (New) 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 Vocabulary Activity • Resource: WileyPLUS • Complete the following Week 2 Assignment in WileyPLUS: • • Chapter 2 Wiley PLUS Crossword Puzzle 1 • Complete the following Week 2 Assignment in WileyPLUS: • • BYP 2-2 • • IFRS 2-6 • • Exercise 3-4 • • Exercise 3-8 • • Exercise 3-10 • • BYP 3-2 • • IFRS 3-2 • • Problem 3-5 • • Problem 3-6 ACC 290 Course Extraordinary Success tutorialrank.com

9. ACC 290 Week 3 by 4 Learning Team Financial Reporting Problem Part 1 (New) ACC 290 Week 3 Discussion Question 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 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? • 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 recent annual reporting period? • 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 Course Extraordinary Success tutorialrank.com

10. ACC 290 Week 3 Discussion Question 2 ACC 290 Week 3 LT Reflection Summary • 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? • 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 m’s discussion. ACC 290 Course Extraordinary Success tutorialrank.com

11. ACC 290 Week 3 Practice Quiz (New) ACC 290 Week 3 Vocabulary Activity (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? • WileyPLUS Assignment: Week 3 Practice Quiz • Resource: WileyPLUS • Complete the following Week 3 Assignment in WileyPLUS: • • Chapter 4 Practice Quiz ACC 290 Course Extraordinary Success tutorialrank.com

12. ACC 290 Week 3 Wiley Plus Assignment BE4-1, P4-2A, P4-3A, BYP4-1 (New) ACC 290 Week 4 by 5 Individual Assignment Financial Reporting Problem Part II (New) • Resource: WileyPLUS • Complete the following Week 3 Assignment in WileyPLUS: • • Brief Exercise 4-1 • • Problem 4-2A • • Problem 4-3A • • BYP 4-1 • 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, Part 1 assignment due in ACC 290 Week Four. Analyze the information contained in the company’s balance sheet and income statement to answer the following questions: ACC 290 Course Extraordinary Success tutorialrank.com

13. ACC 290 Week 4 Discussion Question 1 ACC 290 Week 4 Discussion Question 2 • 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? 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? • 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 Course Extraordinary Success tutorialrank.com

14. ACC 290 Week 4 LT Reflection Summary ACC 290 Week 4 Practice Quiz (New) • Tutorial Purchased: 3 Times, Rating: A+ • 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 Team’s discussion. • 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. ACC 290 Course Extraordinary Success tutorialrank.com

15. ACC 290 Week 4 Vocabulary Activity (New) 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 Vocabulary Activity • Resource: WileyPLUS • Complete the following Week 4 Assignment in WileyPLUS: • • Chapter 5 Crossword Puzzle 1 • 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 • • Brief Exercise 5-1 • • Brief Exercise 5-2 • Brief Exercise 5-3 • • IFRS 5-2 ACC 290 Course Extraordinary Success tutorialrank.com

16. ACC 290 Week 5 Discussion Question 1 ACC 290 Week 5 IFRS Paper (New) • What is the control environment? How does the control environment affect a company’s 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? • 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 the United States should adopt IFRS. ACC 290 Course Extraordinary Success tutorialrank.com

17. ACC 290 Week 5 Learning Team Reflection Summary (New) 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) • 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 Team’s discussion. • 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 • • BYP 6-2 ACC 290 Course Extraordinary Success tutorialrank.com

18. ASHFORD ACC 201 Week 5 Stock Options Paper • Business - Accounting • In recent months there have been many news stories in the press about executive compensation with stock options. This type of compensation occurs when an executive is granted the “option” to purchase the company’s stock at a certain price sometime in the future. The theory is if the executive is effective his management skills will lead to a higher stock price. As a reward the executive can purchase the stock at the earlier, lower price and lock in an automatic gain in his shares. ACC 290 Course Extraordinary Success tutorialrank.com

19. ACC 290 Course Extraordinary Success tutorialrank.com For More Tutorials www.tutorialrank.com