ACC 290 GENIUS EDUCATION EXP

ERT / acc290geniusdotcom
FOR MORE CLASSES VISIT
www.acc290genius.com

AC 290 WeeK 34 Learning Tea

m Financial (New)

Financial Reporting Problem Part I Browse the Internet to acquire

a copy of the most recent annual report for a publicly traded comp
any. Analyze the information contained in the companys balance s
heet and income statement to answer the following questions:

ACC 290 Final Exam Guide (N

ew)
ACC 290 Finals Question 1 Jackson Company recorded t
he following cash transactions for the year: Paid $135,0
00 for salaries. Paid $60,000 to purchase office equipme
nt. Paid $15,000 for utilities. Paid $6,000 in dividends. C
ollected $245,000 from customers. Question 2 Which of
the following describes the classification and normal bal
ance of the Unearned Rent Revenue account? Question
3 Posting Question 4 The following is selected

ACC 290 Week 1 Discussion Q

uestion 1
ACC 290 Week One - DQ #1 What are the four basic fina
ncial statements? What is the primary purpose of each
of the four basic financial statements? In your opinion,
which financial statement is the most important? Explai
n why. How would the financial statements be useful to
managers and employees? How would the financial stat
ements be useful to investors and creditors?

ACC 290 Week 1 Discussion Q

uestion 2
What are debits and credits? How are debits and credits
used to record business transactions? Why do accounta
nts debit asset accounts to increase them but credit liab
ility accounts to increase them? Why do accountants de
bit expenses to increase them but credit revenues to inc
rease them?

ACC 290 Week 1 Individual A

ssignment
Individual - Financial Statements Paper - Prepare a 700 1,050 word paper in which you identify the four basic fi
nancial statements. Describe the purpose of each of the
four financial statements. Discuss how the financial stat
ements would be useful to internal users, such as to ma
nagers and employees. Discuss how the financial state
ments would be useful to external users, such as invest
ors and creditors. Format paper according to APA stand
ards.
.

ACC 290 Week 1 Practice Qui

z(New)
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 t
o cash or used up by the business within one year or th
e normal operating cycle, whichever is shorter. Questio
n 2 Land or a building which is currently not used in op
eration is considered to be a long-term

ACC 290 Week 1 Vocabulary

Activity (New)
WileyPLUS Assignment: Week 1 Vocabulary Activity Reso
urce: WileyPLUS Complete the following Week 1 Assign
ment in WileyPLUS: Chapter 1 WileyPLUS Crossword P
uzzle 1

ACC 290 Week 1 WileyPlus As

signment New)
WileyPLUS Assignment: Week 1 Assignment Resource:
WileyPLUS Complete the following Week 1 Assignment i
n WileyPLUS: DO IT! 1-3 Exercise 1-3 Exercise 1-4
Exercise Excel E 2-4 IFRS 2-4

ACC 290 Week 2 Discussion Q

uestion 1
What is the revenue recognition principle? What is the e
xpense recognition principle? Why are they important t
o financial reporting? What are adjusting entries and wh
y are they necessary? What are accruals? Provide examp
les of accruals. Why do accruals require adjusting entrie
s? What are deferrals? What are some examples of defe
rrals? Why do deferrals require adjusting entries?

ACC 290 Week 2 Discussion Q

uestion 2
What accounts are subject to adjusting journal entries a
nd why? How would you explain the purpose of the adju
sted trial balance?

ACC 290 Week 2 LT Reflection

Summary (New)
Discuss the objectives for ACC 290 Week Two. What do y
ou think will be the most important of the skills learned
when you are in an accounting position? Differentiate b
etween accrual basis and cash basis of accounting. Crea
te Adjusting Entries. Prepare an adjusted trial balance.
Write a 350 to 500 word summary of your Learning Tea
ms discussion.

ACC 290 Week 2 LT Reflection

Summary
Discuss the objectives for ACC 290 Week One. How do t
hey relate to the practice of accounting and its uses in b
usiness? Identify the four basic financial statements. Cla
ssify transactions using the rules of debit and credit. Jou
rnalize basic transactions. Discuss how financial statem
ents would be useful to external users such as investors
and creditors. Write a 350 to 500 word summary of you
r Learning Teams discussion.

ACC 290 Week 2 Practice Qui

z (New)
Question 1 Expenses decrease retained earnings. Questi
on 2 During 2014, Gibson Company assets decreased $5
0,000 and its liabilities decreased $90,000. Its stockhold
ers equity Question 3 Payment of a dividend Question
4 An account is a part of the financial information syste
m and is described by all except which one of the follow
ing? Question 5 Which accounts normally

ACC 290 Week 2 Vocabulary

Activity (New)
WileyPLUS Assignment: Week 2 Vocabulary Activity Reso
urce: WileyPLUS Complete the following Week 2 Assign
ment in WileyPLUS: Chapter 2 Wiley PLUS Crossword P
uzzle 1

ACC 290 Week 2 WileyPlus As

signment (New)
ACC 290 Week One - DQ #1 What are the four basic fina
ncial statements? What is the primary purpose of each
of the four basic financial statements? In your opinion,
which financial statement is the most important? Explai
n why. How would the financial statements be useful to
managers and employees? How would the financial stat
ements be useful to investors and creditors?

ACC 290 Week 3 Discussion Q

uestion 1
What are the steps in completing the accounting cycle?
How do the different steps affect the financial statemen
ts? What is the effect on the financial statements of mis
sing a step when completing the accounting cycle? What
are the four closing journal entries? Why are they neces
sary? What are reversing entries? Why are they used? W
hat are the pros and cons of using reversing entries? W
hy are reversing entries optional?

ACC 290 Week 3 Discussion Q

uestion 2
What are the pros and cons of using reversing entries?
Why are reversing entries optional? What is the main pu
rpose of a financial statement worksheet and its benefit
s? How has automation aided the preparation, accuracy,
and use of the financial statement worksheet?
67-73.

ACC 290 Week 3 LT Reflection

Summary
Discuss the objectives for ACC 290 Week Two. What do y
ou think will be the most important of the skills learned
when you are in an accounting position? Differentiate b
etween accrual basis and cash basis of accounting. Crea
te Adjusting Entries. Prepare an adjusted trial balance.
Write a 350 to 500 word summary of your Learning Tea
ms discussion.

ACC 290 Week 3 Practice Qui

z (New)
Question 1 The revenue recognition principle dictates th
at revenue is recognized in the period in which the cash
is received. Question 2 The generally accepted accounti
ng principle which dictates that revenue be recognized i
n the accounting period in which the performance oblig
ation is satisfied is the Question 3 Which statement is c
orrect? Question 4 Book value is equal to cost minus ac
cumulated depreciation

ACC 290 Week 3 Vocabulary

Activity (New)
WileyPLUS Assignment: Week 3 Practice Quiz Resource:
WileyPLUS Complete the following Week 3 Assignment i
n WileyPLUS: Chapter 4 Practice Quiz

ACC 290 Week 3 WileyPlus As

signment (New)
Assignment: Week 3 Assignment Complete the following
Week 3 Assignment Brief Exercise 4-1 Problem 4-2A
Problem 4-3A BYP 4-1 IFRS Practice Question 1 IFRS
Practice Question 2 IFRS Practice Question 3 IFRS Pra
ctice Question 4
.

ACC 290 Week 4 Discussion Q

uestion 1
How would you calculate cost of goods sold? What item
s 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 merchan
dise? How would these transactions differ with

ACC 290 Week 4 Discussion Q

uestion 2
What are the three different inventory cost flow assump
tions commonly used in commerce today and allowed b
y generally accepted accounting principles? How does a
company determine what cost flow assumption they sh
ould use? How does first in, first out cost flow assumpti
on work? When it is most appropriate to use? How does
last in, first out cost flow assumption work?

ACC 290 Week 4 LT Reflection

Summary
Reflection and Financial Reporting Problem Part I. Discu
ss the objectives for ACC 290 Week Three. How do they
relate to the practice of accounting and its uses in busin
ess? Prepare closing entries, reversing entries, and a po
st closing trial balance. Prepare a financial statement w
ork sheet. Prepare a classified income statement, retain
ed earnings statement and balance sheet. Write a 350 t
o 500 word summary of your Learning Teams discussio
n.

ACC 290 Week 4 Practice Qui

z (New)
Question 1 A service company's operating cycle is ordin
arily shorter than that of a merchandising company. Th
e operating cycle of a merchandising company is ordina
rily shorter than that of a service company. Question 2
Due to the turnover time of inventory, merchandising c
ompanies have an operating cycle that is longer than a s
ervice company. The operating cycle of a merchandising
company

ACC 290 Week 4 Vocabulary

Activity (New)
WileyPLUS Assignment: Week 4 Vocabulary Activity Reso
urce: WileyPLUS Complete the following Week 4 Assign
ment in WileyPLUS: Chapter 5 Crossword Puzzle 1

ACC 290 Week 4 Wileyplus As

signment
Week 4 Assignment Complete the following Week 4 Assi
gnment in Problem 4-8A Brief Exercise 5-1 Brief Exercis
e 5-2 BYP 5-1 BYP 5-2 IFRS 5-2 IFRS 5-4 Practice Questio
n 1 Practice Question 2 Practice Question 3

ACC 290 Week 5 Discussion Q

uestion 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 envi
ronment? What are two examples of strong and weak in
ternal controls in organizations

ACC 290 Week 5 IFRS Paper

(New)
IFRS 2-1: In what ways does the format of a statement o
f financial of position under IFRS often differ from a bal
ance sheet presented under GAAP? IFRS 2-2: Do the IFR
S and GAAP conceptual frameworks differ in terms of th
e objective of financial reporting? Explain. IFRS 2-3: Wha
t terms commonly used under IFRS are synonymous wit
h common stock and bal.

ACC 290 Week 5 Learning Tea

m (New)
Reflection and Financial Reporting Problem Part II. Disc
uss the objectives for ACC 290 Week Four. In the wake o
f accounting scandals over the past several years, how h
as the Sarbanes-Oxley Act (SOX) of 2002 affected the pr
actice of accounting? What is the role of internal control
s in complying with SOX (2002)? Write a 350 to 500 word
summary of your Learning Teams discussion.

ACC 290 Week 5 WileyPlus As

signment
Assignment: Week 5 Assignment Complete the following
Week 5 Assignment IFRS Practice Question 1 IFRS Practi
ce Question 2 Brief Exercise 6-5 Brief Exercise 6-7 BYP
6-1 BYP 6-2 Brief Exercise 7-4 Brief Exercise 7-6

ACC 290 Week 45 Individual

Assignment
Financial Reporting Problem Part II Access the internet t
o acquire a copy of the most recent annual report for th
e public traded company used to complete the Financial
Reporting Problem, Part 1 assignment due in ACC 290 W
eek Four

ACC 290 GENIUS EDUCATION EXP

ERT / acc290geniusdotcom
FOR MORE CLASSES VISIT
www.acc290genius.com