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Title: ACC 290 Empower Learning/ indigohelp

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ACC 290 Empower Learning/ indigohelp
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ACC 290 Empower Learning/ indigohelp

ACC 290 Final Exam Guide 1

ACC 290 Final Exam Guide

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The Vintage Laundry Company purchased 6,500
worth of laundry supplies on June 2 and recorded
the purchase as an asset. On June 30, an
inventory of the laundry supplies indicated only
2,000 on hand. The adjusting entry that should
be made by the company on June 30 is

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At December 31, 2014 Mohling Companys inventory
records indicated a balance of 602,000. Upon
further investigation it was determined that this
amount included the following
? 112,000 in inventory purchases made by Mohling
shipped from the seller 12/27/14 terms FOB
destination, but not due to be received until
January 2nd

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ACC 290 Week 1 Discussion Question 1

ACC 290 Week 1 Discussion Question 2

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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?

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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?

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ACC 290 Week 1 Individual Assignment Financial
Statements Paper

ACC 290 Week 1 Practice Quiz

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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.

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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.

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ACC 290 Week 1 Vocabulary Activity

ACC 290 Week 1 Wiley Plus Assignment DI 1-3,
E1-3,E1-4, E2-4, IFRS2-4

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WileyPLUS Assignment Week 1 Vocabulary Activity
Resource WileyPLUS
Complete the following Week 1 Assignment in
WileyPLUS
Chapter 1 WileyPLUS Crossword Puzzle 1
.

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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

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ACC 290 Week 2 Discussion Question 1

ACC 290 Week 2 Discussion Question 2

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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?

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What accounts are subject to adjusting journal
entries and why?
How would you explain the purpose of the adjusted
trial balance?

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ACC 290 Week 2 LT Reflection Summary 1

ACC 290 Week 2 LT Reflection Summary

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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.

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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.

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ACC 290 Week 2 Practice Quiz

ACC 290 Week 2 Vocabulary Activity

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WileyPLUS Assignment Week 2 Vocabulary Activity
Resource WileyPLUS
Complete the following Week 2 Assignment in
WileyPLUS
Chapter 2 Wiley PLUS Crossword Puzzle 1

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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

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ACC 290 Week 2 WileyPlus Assignment BYP2-2,
IFRS2-6, E3-4, E3-8, BYP 3-2, IFRS 3-2, P3-5, P3-6

ACC 290 Week 3 by 4 Learning Team Financial
Reporting Problem Part 1

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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?

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WileyPLUS Assignment Week 2 Assignment
Resource WileyPLUS
Complete the following Week 2 Assignment in
WileyPLUS
BYP 2-2
IFRS 2-6
Exercise 3-4
Exercise 3-8

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ACC 290 Week 3 Discussion Question 1

ACC 290 Week 3 Discussion Question 2

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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?

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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?

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ACC 290 Week 3 LT Reflection Summary

ACC 290 Week 3 Practice Quiz

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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?
Question 4 Book value is equal to
cost minus accumulated depreciation.

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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
Teams discussion.

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ACC 290 Week 3 Vocabulary Activity

ACC 290 Week 3 Wiley Plus Assignment BE4-1,
P4-2A, P4-3A, BYP4-1

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Resource WileyPLUS
Complete the following Week 3 Assignment in
WileyPLUS
Brief Exercise 4-1
Problem 4-2A
Problem 4-3A
BYP 4-1

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WileyPLUS Assignment Week 3 Practice Quiz
Resource WileyPLUS
Complete the following Week 3 Assignment in
WileyPLUS
Chapter 4 Practice Quiz

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ACC 290 Week 4 by 5 Individual Assignment
Financial Reporting Problem Part II

ACC 290 Week 4 Discussion Question 1

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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?

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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

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ACC 290 Week 4 Discussion Question 2

ACC 290 Week 4 LT Reflection Summary

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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

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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?

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ACC 290 Week 4 Practice Quiz

ACC 290 Week 4 Vocabulary Activity

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WileyPLUS Assignment Week 4 Vocabulary Activity
Resource WileyPLUS
Complete the following Week 4 Assignment in
WileyPLUS
Chapter 5 Crossword Puzzle 1

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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.

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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

ACC 290 Week 5 Discussion Question 1

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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?

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WileyPLUS Assignment Week 4 Assignment
Resource WileyPLUS
Complete the following Week 4 Assignment in
WileyPLUS
Problem 4-8A

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ACC 290 Week 5 IFRS Paper

ACC 290 Week 5 Learning Team Reflection Summary

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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.

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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.

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