ACC 290 NEW UOP Tutorial / Uoptutorial

1. ACC 290 NEW UOP Courses For more course tutorials visit www.uoptutorial.com Get Ready to grant success at exam by shop at uoptutorial

2. ACC 290 NEW UOP Courses • we have another New set of Final Exam which could be found on this link • http://www.uoptutorial.com/index.php?route=product/product&path=737&product_id=11101 • 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?  • 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 FINAL EXAM GUIDE ACC 290 WEEK 1 DISCUSSION QUESTION 1

3. ACC 290 NEW UOP Courses • 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? • 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 DISCUSSION QUESTION 2 ACC 290 WEEK 1 INDIVIDUAL ASSIGNMENT FINANCIAL STATEMENTS PAPER

4. ACC290NEWUOP Courses • 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. • 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 1 PRACTICE QUIZ ACC 290 WEEK 2 DISCUSSION QUESTION 1

5. ACC 290 NEW UOP Courses • 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 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.   ACC 290 WEEK 2 DISCUSSION QUESTION 2 ACC 290 WEEK 2 LT REFLECTION SUMMARY

6. ACC 290 NEW UOP Courses • 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 • 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 2 PRACTICE QUIZ ACC 290 WEEK 3 DISCUSSION QUESTION 1

7. ACC 290 NEW UOP Courses • 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 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 Team’s discussion. ACC 290 WEEK 3 DISCUSSION QUESTION 2 ACC 290 WEEK 3 LT REFLECTION SUMMARY

8. ACC 290 NEW UOP Courses • 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 • 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: ACC 290 WEEK 3 PRACTICE QUIZ ACC 290 WEEK 3

9. ACC 290 NEW UOP Courses • 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? • 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? ACC 290 WEEK 4 DISCUSSION QUESTION 1 ACC 290 WEEK 4 DISCUSSION QUESTION 2

10. ACC 290 NEW UOP Courses • 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. • 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 WEEK 4 PRACTICE QUIZ ACC 290 WEEK 4

11. ACC 290 NEW UOP Courses • 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? • 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. ACC 290 WEEK 5 DISCUSSION QUESTION 1 ACC 290 WEEK 5 LEARNING TEAM REFLECTION SUMMARY

12. ACC 290 NEW UOP Courses For more course tutorials visit www.uoptutorial.com Get Ready to grant success at exam by shop at uoptutorial