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• ACC 290 Final Exam Guide (New)

• ACC 290 Final Exam guide

•  
• 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? 

• 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.

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• ACC 290 Week 1 Discussion Question 2

• ACC 290 Week 1 Discussion Question 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?

• 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 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.

• 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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• 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

• 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?
•  

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• ACC 290 Week 2 Discussion Question 2

• ACC 290 Week 2 LT Reflection Summary

•  
• 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 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. 

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• ACC 290 Week 2 LT Reflection Summary (New)

• ACC 290 Week 2 Practice Quiz (New)

• 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

• 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
• An account is a p

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• 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

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• 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
  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?

• 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?

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• 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 ms discussion.

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• 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

• 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 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,

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• 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?

• 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?

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• ACC 290 Week 4 LT Reflection Summary

• ACC 290 Week 4 Practice Quiz (New)

• 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. 

• 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.

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• 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

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• 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 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? How are these different?

• 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?

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• 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 Teams 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

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