ACC 205 New course tutorial / TutorialRank

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ACC 205 (NEW) Course Tutorial
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ACC 205 (NEW) Course Tutorial
ACC 205 Entire Course (New)
ACC 205 Week 1 DQ 1 Accounting Equation (New)

• ACC 205 Week 1 DQ 1 Accounting Equation
• ACC 205 Week 1 DQ 2 Accounts
• ACC 205 Week 1 Journal Balance Sheet Journal
• ACC 205 Week 2 DQ 1 Accounting Cycle
• ACC 205 Week 2 DQ 2 Bank Reconciliation
• ACC 205 Week 2 Journal Income Statement Journal
• ACC 205 Week 3 DQ 1 LIFO vs. FIFO
• ACC 205 Week 3 DQ 2 Depreciation
• ACC 205 Week 3 Journal Inventory Journal

As you have learned in this weeks readings the
Accounting Equation is Owners Equity. Is the
accounting equation true in all instances?
Provide sample transactions from your own
experiences to demonstrate the validity of the
Accounting Equation. Guided Response Review
several of your peers postings and identify some
core components that you feel should be included
in every transaction. Respond to at least two of
your peers and provide recommendations to extend
their thinking.
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ACC 205 (NEW) Course Tutorial
ACC 205 Week 1 Exercise Assignment Basic
Accounting Equations (New)
ACC 205 Week 1 DQ 2 Accounts (New)

• What does the term account mean? What are the
  different classifications of accounts? How do
  the rules for Debits and Credits impact accounts?
  Please provide an example of how debits and
  credits impact accounts.
• Guided Response
• Analyze several of your peers postings. Let at
  least two of your peers know if this knowledge
  could be used in their everyday lives. Is so,
  how? If not, why not?

1) Basic concepts. Jean's Marine Supply
specializes in the sale of boating equipment and
accessories. Identify the items that follow as
an asset (A), liability (L), revenue (R), or
expense (E) from the firm's viewpoint The
inventory of boating supplies owned by the
company. (A) Monthly rental charges paid for
store space. (L) A loan owed to Citizens Bank.
(L) New computer equipment purchased to handle
daily record keeping. (A)
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ACC 205 (NEW) Course Tutorial
ACC 205 Week 1 Journal Balance Sheet Journal (New)
ACC 205 Week 2 DQ 1 Accounting Cycle (New)
Financial statements are a product of the
accounting cycle. Think about two different
companies, one a manufacturing company, the other
a retail company. Why would different companies
have different accounting cycles? Would you
expect the steps of the accounting cycle to be
the same for each company? Why or why
not? Guided Response Review several of your
peers postings and identify what steps of the
accounting cycle that you feel are the most
critical.

• The Balance Sheet is a financial snap shot of a
  company at a particular point in time. The
  Balance Sheet lists the assets, liabilities, and
  equity of the company. Reflect on your personal
  financial situation, can you apply the concepts
  of the Balance Sheet? What did you learn from
  this reflection?
• Carefully review the Grading Rubric for the
  criteria that will be used to evaluate your
  journal

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ACC 205 (NEW) Course Tutorial
ACC 205 Week 2 DQ 2 Bank Reconciliation (New)
ACC 205 Week 2 Exercise Assignment Revenue and
Expenses (New)

• What is the purpose of a bank reconciliation?
  What are the reasons there are differences
  between the cash reported in the accounting
  records and the cash balance in the bank
  statements?
• Analyze several of your peers postings. Let at
  least two of your peers know what happens to the
  discrepancies between the book balance and the
  bank balance. Could these differences just be
  written off.
• Guided Response

1. Recognition of concepts. Ron Carroll operates
a small company that books entertainers for
theaters, parties, conventions, and so forth. The
companys fiscal year ends on June 30. Consider
the following items and classify each as either
(1) prepaid expense, (2) unearned revenue, (3)
accrued expense, (4) accrued revenue, or (5) none
of the foregoing. a. Amounts paid on June 30 for
a 1-year insurance policy b. Professional fees
earned but not billed as of June 30
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ACC 205 (NEW) Course Tutorial
ASHFORD ACC 205 (NEW) Week 3 DQ 1 Ethical Issue
5-1
ASHFORD ACC 205 (NEW) Week 3 DQ 2 FIFO and LIFO

• have a New Set of ACC 205 (NEW) Course Tutorial
  which you can find on this link
• http//www.tutorialrank.com/ACC/ACC-205-New
• From Chapter 5, Ethical Issue 5-1
• Under Dobbs FOB policy, when should the company
  record a sale?
• Do you approve or disapprove of Dobbs manner of
  deciding when to ship goods to customers and
  record the sales revenue? If you approve, give
  your reason. If you disapprove, identify a better
  way to decide when to ship goods.

We have a New Set of ACC 205 (NEW) Course
Tutorial which you can find on this
link http//www.tutorialrank.com/ACC/ACC-205-New
Describe the inventory valuation methods FIFO and
LIFO. Which items are included in ending
inventory under each method? Respond to at
least two of your classmates postings.
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ACC 205 (NEW) Course Tutorial
ACC 205 Week 2 Journal Income Statement Journal
(New)
ACC 205 Week 3 DQ 1 LIFO vs. FIFO (New)
The controller of Sagehen Enterprises believes
that the company should switch from the LIFO
method to the FIFO method. The controllers
bonus is based on the next income. It is the
controllers belief that the switch in inventory
methods would increase the net income of the
company. What are the differences between the
LIFO and FIFO methods? Guided Response Analyze
several of your peers postings. Let at least
two of your peers know if a company is better off
it switches from a LIFO method to a FIFO method?
Why or why not?
The Income Statement measures the income and
expenses of a company over a specific period of
time. Reflecting on your personal financial
statement for the past month, can you apply the
principles of the Income Statement? What did you
learn from this experience? Carefully review the
Grading Rubric for the criteria that will be used
to evaluate your journal entry.
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ACC 205 (NEW) Course Tutorial
ACC 205 Week 3 DQ 2 Depreciation (New)
ACC 205 Week 3 Exercise Assignment Inventory (New)

• is a variety of depreciation methods used to
  allocate the cost of an asset to all of the
  accounting periods benefited by the use of the
  asset. Your client has just purchased a piece of
  equipment for 100,000. Explain the concept of
  depreciation. Which of the following
  depreciation methods would you recommend
  straight-line depreciation, double declining
  balance method, or an alternative method?
• Guided Response

1. Specific identification method. Boston
Galleries uses the specific identification method
for inventory valuation. Inventory information
for several oil paintings follows. PaintingCost 1/
2 Beginning inventory Woods11,000 4/19
Purchase Sunset21,800 6/7 Purchase Earth31,200 12/
16 Purchase Moon4,000
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ACC 205 (NEW) Course Tutorial
ACC 205 Week 3 Journal Inventory Journal (New)
ACC 205 Week 4 DQ 1 Current Liability (New)

• Reflect for a moment on the LIFO (Last in First
  Out) and FIFO (First in First Out) inventory
  methods. If you were starting a small
  manufacturing company, what inventory method do
  you believe would provide the most accurate
  financial statements? Why do you believe this is
  the case?
• Carefully review the Grading Rubric for the
  criteria that will be used to evaluate your
  journal entry.

What is a current liability? From a user of
financial statements perspective why do you
believe current liabilities are separated from
long-term liabilities? Based on your current
experience and any additional research you may
have done provide two examples of situations
where businesses collect monies from customers
and employees and reports these amounts as a
current liability.
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ACC 205 (NEW) Course Tutorial
ACC 205 Week 4 DQ 2 Client Recommendations (New)
ACC 205 Week 4 Exercise Assignment Liability (New)

• A client comes to you thinking about starting a
  consulting business. Specifically your client is
  interested in what type of entity should be
  created for this new business. Based on your
  readings or any additional research you may have
  done, discuss the advantages and disadvantages of
  the following sole proprietorship, partnership,
  and corporation. Based on these advantages and
  disadvantages provide a clear recommendation to
  your client.

1. Partner investments journal entries. The LP
partnership was formed on January 1, 19X7, by
investments from Bill Levy and Marv Parcells.
Levy contributed 30,000 cash and 80,000 of
land. Parcells contributed cash of 50,000 and
equipment with a value of 20,000. a. Prepare
the journal entries needed to record the
investments of Levy and Parcells. 2. Payroll
accounting. Assume that the following tax rates
and payroll information pertain to Brookhaven
Publishing
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ACC 205 (NEW) Course Tutorial
ACC 205 Week 4 Journal Future Obligations Journal
(New)
ACC 205 Week 5 DQ 1 (New)

• The current liability section of the balance
  sheet lists the liabilities that are due within
  the next 12 months. Reflecting on your current
  financial situation, apply the concept of current
  liabilities. What does this analysis tell you
  about your future obligations? What did you
  learn from this experience?
• Carefully review the Grading Rubric for the
  criteria that will be used to evaluate your
  journal entry.

ACC 205 Week 5 DQ 1
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ACC 205 (NEW) Course Tutorial
ACC 205 Week 5 DQ 2 (New)
ACC 205 Week 5 Exercise Assignment Financial
Ratios (New)

• ACC 205 Week 5 DQ 2

1. Liquidity ratios. Edison, Stagg, and
Thornton have the following financial information
at the close of business on July 10 Edison Stagg
Thornton Cash 4,0002,5001,000 Short-term
investments 3,000 2,500 2,000 Accounts
receivable 2,000 2,500 3,000 Inventory 1,000
2,500 4,000
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ACC 205 (NEW) Course Tutorial
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