ACC 205 Course Inspiring Minds / tutorialrank.com

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ACC 205 Course Inspiring Minds / tutorialrank.com
The Best way to predict the Future is to create
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ACC 205 Course Inspiring Minds / tutorialrank.com
ACC 205 Entire Course (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
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ACC 205 Course Inspiring Minds / tutorialrank.com
ACC 205 Week 1 DQ 1 Accounting Equation (New)
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 ResponseReview
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. Challenge your peers by asking a
question that may cause them to reevaluate or add
components to their transactions
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ACC 205 Course Inspiring Minds / tutorialrank.com
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?
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ACC 205 Course Inspiring Minds / tutorialrank.com
ACC 205 Week 1 Exercise Assignment Basic
Accounting Equations (New)
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 Course Inspiring Minds / tutorialrank.com
ACC 205 Week 1 Journal Balance Sheet Journal (New)
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 entry.
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ACC 205 Course Inspiring Minds / tutorialrank.com
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 ResponseReview several of your
peers postings and identify what steps of the
accounting cycle that you feel are the most
critical. Respond to at least two of your peers
and provide recommendations to extend their
thinking. Challenge your peers by asking a
question that may cause them to reevaluate their
position on the accounting cycle.
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ACC 205 Course Inspiring Minds / tutorialrank.com
ACC 205 Week 2 DQ 2 Bank Reconciliation (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
ResponseA bank reconciliation reconciles the
bank account balance per the books to the actual
bank balance. Outstanding checks, deposits in
transit, and bank errors are reasons there are
differences between the cash reported in the
accounting records and the cash balance in the
bank statements.
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ACC 205 Course Inspiring Minds / tutorialrank.com
ACC 205 Week 2 Exercise Assignment Revenue and
Expenses (New)
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 policyb. Professional fees
earned but not billed as of June 30
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ACC 205 Course Inspiring Minds / tutorialrank.com
ACC 205 Week 2 Journal Income Statement Journal
(New)
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 Course Inspiring Minds / tutorialrank.com
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 ResponseAnalyze
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?
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ACC 205 Course Inspiring Minds / tutorialrank.com
ACC 205 Week 3 DQ 2 Depreciation (New)
1. Specific identification method. Boston
Galleries uses the specific identification method
for inventory valuation. Inventory information
for several oil paintings follows.
Painting
Cost 1/2 Beginning inventory Woods 11,000 4/
19 Purchase 4,000        
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ACC 205 Course Inspiring Minds / tutorialrank.com
ACC 205 Week 3 Exercise Assignment Inventory (New)
1. Specific identification method. Boston
Galleries uses the specific identification method
for inventory valuation. Inventory information
for several oil paintings follows.
Painting
Cost 1/2 Beginning inventory Woods 11,000 4/
19 Purchase Sunset    
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ACC 205 Course Inspiring Minds / tutorialrank.com
ACC 205 Week 3 Journal Inventory Journal (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.
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ACC 205 Course Inspiring Minds / tutorialrank.com
ACC 205 Week 4 DQ 1 Current Liability (New)
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 Course Inspiring Minds / tutorialrank.com
ACC 205 Week 4 DQ 2 Client Recommendations (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.
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ACC 205 Course Inspiring Minds / tutorialrank.com
ACC 205 Week 4 Exercise Assignment Liability (New)
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 Course Inspiring Minds / tutorialrank.com
ACC 205 Week 4 Exercise Assignment Liability (New)
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 Course Inspiring Minds / tutorialrank.com
ACC 205 Week 4 Journal Future Obligations Journal
(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.
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ACC 205 Course Inspiring Minds / tutorialrank.com
ACC 205 Week 5 DQ 1 (New)
ACC 205 Week 5 DQ 1
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ACC 205 Course Inspiring Minds / tutorialrank.com
ACC 205 Week 5 DQ 2 (New)
ACC 205 Week 5 DQ 2
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ACC 205 Course Inspiring Minds / tutorialrank.com
ACC 205 Week 5 Exercise Assignment Financial
Ratios (New)
1. Liquidity ratios. Edison, Stagg, and
Thornton have the following financial information
at the close of business on July 10
  Edison Stagg Thornton Cash 4,000 2,500    
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ACC 205 Course Inspiring Minds / tutorialrank.com
ACC 205 Week 5 Final Paper Paper (New)
Final PaperFocus of the Final PaperWrite a
five to seven page financial statement analysis
of a public company, and formatted according to
APA style as outlined in the Ashford Writing
Center. In this analysis you will discuss the
financial health of this company with the
ultimate goal of making a recommendation to other
investors. Your paper should consist of the
following sections introduction, company
overview, horizontal analysis, ratio analysis,
final recommendation, and conclusions.
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ACC 205 Course Inspiring Minds / tutorialrank.com
The Best way to predict the Future is to create
it.....To Best way....
www.tutorialrank.com