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Wileyplus Assignment Week Four P4-8a

Presentation on theme: "For more course tutorials visit www.acc290genius.com."— Presentation transcript:

1 For more course tutorials visit www.acc290genius.com

2 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 company’s balance sheet and income statement to answer the following questions: What are the company’s total assets at the end of its most recent annual reporting period? Why is this important? What are the total assets at the end of the previous annual reporting period? How much cash and cash equivalents did the company have at the end of its most recent annual reporting period? What amount of accounts payable did the company have at the end of its most recent annual reporting period? What amount of accounts payable did the company have at the end of the previous annual reporting period? What are the company’s net revenues for the last three annual reporting periods? What is the change in dollars in the company’s net income from its most recent annual reporting period to the previous annual reporting period? What are the company’s total current assets at the end of its most recent annual reporting period? What are the total current assets at the end of the previous annual reporting period? What in the information above would be important to a potential investor, employee, and so on? Summarize the analysis in a 1,050-1,400 word paper in a Microsoft® Word document. Include a copy of the company’s balance sheet and income statement. Format your paper consistent with APA guidelines. 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. Paid $15,000 for utilities. Paid $6,000 in dividends. Collected $245,000 from customers. Question 2 Which of the following describes the classification and normal balance of the Unearned Rent Revenue account? Question 3 Posting Question 4 The following is selected information from L Corporation for the fiscal year ending October 31, 2014. Cash received from customers $300,000 Revenue earned 390,000 Cash paid for expenses 170,000 Cash paid for computers on November 1, 2013 that will be used for 3 years 48,000 Expenses incurred including any depreciation 216,000 Question 5 La More Company had the following transactions during 2013. ACC 290 Week 3/4 Learning Team Financial Reporting Problem, Part 1 (**2 Different Papers**)(New) ACC 290 Final Exam Guide (New)

3 ACC 290 Week One - DQ #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? How would the financial statements be useful to investors and creditors? 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? ACC 290 Week 1 Discussion Question 1 ACC 290 Week 1 Discussion Question 2

4 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. Discuss how the financial statements would be useful to external users, such as investors and creditors. Format paper according to APA standards. 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. Question 2 Land or a building which is currently not used in operation is considered to be a long-term investment. A company purchased a tract of land on which it expects to build a production plant on in approximately five years. During the five years before construction, the land will be idle. ACC 290 Week 1 Individual Assignment Financial Statements Paper ACC 290 Week 1 Practice Quiz(New)

5 WileyPLUS Assignment: Week 1 Vocabulary Activity Resource: WileyPLUS Complete the following Week 1 Assignment in WileyPLUS: Chapter 1 WileyPLUS Crossword Puzzle 1 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 Exercise Excel E 2-4 IFRS 2-4 ACC 290 Week 1 Vocabulary Activity (New) ACC 290 Week 1 WileyPlus Assignment DI1-3, E1-3,E1-4, E2-4, IFRS2-4 (New)

6 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? What accounts are subject to adjusting journal entries and why? How would you explain the purpose of the adjusted trial balance? ACC 290 Week 2 Discussion Question 1 ACC 290 Week 2 Discussion Question 2

7 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 Team’s discussion. 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. Write a 350 to 500 word summary of your Learning Team’s discussion. ACC 290 Week 2 LT Reflection Summary (New) ACC 290 Week 2 LT Reflection Summary

8 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 part of the financial information system and is described by all except which one of the following? Question 5 Which accounts normally have debit balances? Question 6 Which of the following is the correct sequence of events? Question 7 Where is the first place every transaction is recorded? Question 8 What type of account is unearned revenue? Question 9 Accounts are listed on the trial balance in Question 10 Which of the following is not one of the primary types of the financing activities in the statement of cash flows? WileyPLUS Assignment: Week 2 Vocabulary Activity Resource: WileyPLUS Complete the following Week 2 Assignment in WileyPLUS: Chapter 2 Wiley PLUS Crossword Puzzle 1 ) ACC 290 Week 2 Practice Quiz (New) ACC 290 Week 2 Vocabulary Activity (New)

9 ACC 290 Week One - DQ #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? How would the financial statements be useful to investors and creditors? 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? What are the pros and cons of using reversing entries? Why are reversing entries optional? 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) ACC 290 Week 3 Discussion Question 1

10 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 Team’s discussion. ACC 290 Week 3 Discussion Question 2 ACC 290 Week 3 LT Reflection Summary

11 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. WileyPLUS Assignment: Week 3 Practice Quiz Resource: WileyPLUS Complete the following Week 3 Assignment in WileyPLUS: Chapter 4 Practice Quiz ACC 290 Week 3 Practice Quiz (New) ACC 290 Week 3 Vocabulary Activity (New)

12 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 Practice Question 4 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? Why are perpetual inventory systems so much more popular today than back in the early 1960s and earlier? Why would a company employing a perpetual inventory system still take a physical inventory periodically? ACC 290 Week 3 WileyPlus Assignment BE4-1, P4-2A, P4-3A, BYP4-1, IFRS PQ-1, PQ-2, PQ-3, PQ-4 (New) ACC 290 Week 4 Discussion Question 1

13 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? 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. Prepare a classified income statement, retained earnings statement and balance sheet. Write a 350 to 500 word summary of your Learning Team’s discussion. ACC 290 Week 4 Discussion Question 2 ACC 290 Week 4 LT Reflection Summary

14 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. The operating cycle of a merchandising company is ordinarily ___________________ that of a service firm. Question 3 The cost of having merchandise delivered WileyPLUS Assignment: Week 4 Vocabulary Activity Resource: WileyPLUS Complete the following Week 4 Assignment in WileyPLUS: Chapter 5 Crossword Puzzle 1 ACC 290 Week 4 Practice Quiz (New) ACC 290 Week 4 Vocabulary Activity (New)

15 Week 4 Assignment Complete the following Week 4 Assignment in Problem 4-8A Brief Exercise 5-1 Brief Exercise 5-2 BYP 5-1 BYP 5-2 IFRS 5-2 IFRS 5-4 Practice Question 1 Practice Question 2 Practice Question 3 What is the control environment? How does the control environment affect a company’s 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? How would you describe the key internal controls that should be in place to protect cash in a cash rich environment such as a merchandiser? What are the key internal controls that should be in place to protect inventory for a merchandiser that sells highly desirable and very expensive inventory, such as jewelry? Would this be different if the business had a less desirable and less expensive inventory? Explain why or why not. ACC 290 Week 4 Wileyplus Assignment P4-8A, BYP5-1, BYP5-2, BE5-1, BE5-2, IFRS5-2, IFRS5-4, PQ-1, PQ- 2, PQ-3 (New) ACC 290 Week 5 Discussion Question 1

16 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. IFRS 2- 3: What terms commonly used under IFRS are synonymous with common stock and balance sheet? IFRS 3-1: Describe some of the issues the SEC must consider in deciding whether the United States should adopt IFRS. IFRS 4-1: Compare and contrast the rules regarding revenue recognition under IFRS versus GAAP. IFRS 4-2: Under IFRS, do the definitions of revenues and expenses include gains and losses? Explain. FRS 7-1: Some people argue that the internal control requirements of the Sarbanes- Oxley Act (SOX) put U.S. companies at a competitive disadvantage to companies outside the United States. Discuss the competitive implications (both pros and cons) of SOX. 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 Team’s discussion. ACC 290 Week 5 IFRS Paper (New) ACC 290 Week 5 Learning Team Reflection Summary (New)

17 Assignment: Week 5 Assignment Complete the following Week 5 Assignment IFRS Practice Question 1 IFRS Practice Question 2 Brief Exercise 6-5 Brief Exercise 6-7 BYP 6-1 BYP 6-2 Brief Exercise 7-4 Brief Exercise 7-6 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, Part 1 assignment due in ACC 290 Week Four. Analyze the information contained in the company’s balance sheet and income statement to answer the following questions: Are the assets included under the company’s current assets listed in the proper order? Explain your answer. How are the company’s assets classified? What are cash equivalents? What are the company’s total current liabilities at the end of its most recent annual reporting period? What are the company’s total current liabilities at the end of the previous annual reporting period? Considering all the information you have gathered, why might this information be important to potential creditors, investors, and employees? Summarize the analysis in a 1,050-1,400 word paper in a Microsoft® Word document. Include a copy of the company’s balance sheet and income statement. Format your paper and presentation consistent with APA guidelines. ACC 290 Week 5 WileyPlus Assignment BE6-5, BE6-7, BYP6-1, BYP6-2, BE7-4, BE7- 6, IFRS PQ-1, PFRS PQ- 2(New) ACC 290 Week 4/5 Individual Assignment Financial Reporting Problem Part II (**2 Different Papers**)(New)

18 For more course tutorials visit www.acc290genius.com

Presentation on theme: "ACC 290 Final Exam Guide (New) Question 1 Jackson Company recorded the following cash transactions for the year: Paid $135,000 for salaries. Paid $60,000."— Presentation transcript:

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2 ACC 290 Final Exam Guide (New) Question 1 Jackson Company recorded the following cash transactions for the year: Paid $135,000 for salaries. Paid $60,000 to purchase office equipment. Paid $15,000 for utilities. Paid $6,000 in dividends. Collected $245,000 from customers. Question 2 Which of the following describes the classification and normal balance of the Unearned Rent Revenue account? 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?

3 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? How would the financial statements be useful to investors and creditors? ACC 290 Week 1 Discussion Question 2 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?

4 ACC 290 Week 1 Practice Quiz (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 to cash or used up by the business within one year or the normal operating cycle, whichever is shorter. ACC 290 Week 1 Vocabulary Activity (New) WileyPLUS Assignment: Week 1 Vocabulary Activity Resource: WileyPLUS Complete the following Week 1 Assignment in WileyPLUS: Chapter 1 WileyPLUS Crossword Puzzle 1

5 ACC 290 Week 1 Wiley Plus Assignment DI 1-3, E1-3,E1-4, E2-4, IFRS2-4 (New) 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 Exercise Excel E 2-4v ACC 290 Week 2 Discussion Question 1 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?

6 ACC 290 Week 2 Discussion Question 2 What accounts are subject to adjusting journal entries and why? How would you explain the purpose of the adjusted trial balance? ACC 290 Week 2 LT Reflection Summary (New) 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 Team’s discussion

7 ACC 290 Week 2 Practice Quiz (New) 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 ACC 290 Week 2 Vocabulary Activity (New) WileyPLUS Assignment: Week 2 Vocabulary Activity Resource: WileyPLUS Complete the following Week 2 Assignment in WileyPLUS: Chapter 2 Wiley PLUS Crossword Puzzle 1

8 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) Complete the following Week 2 Assignment in WileyPLUS: BYP 2-2 IFRS 2-6 Exercise 3-4 Exercise 3-8 ACC 290 Week 3 by 4 Learning Team Financial Reporting Problem Part 1 (New) Browse the Internet to acquire a copy of the most recent annual report for a publicly traded company. Analyze the information contained in the company’s balance sheet and income statement to answer the following questions: What are the company’s total assets at the end of its most recent annual reporting period? Why is this important? What are the total assets at the end of the previous annual reporting period?

9 ACC 290 Week 3 Discussion Question 1 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? What are the pros and cons of using reversing entries? Why are reversing entries optional? ACC 290 Week 3 Discussion Question 2 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?

10 ACC 290 Week 3 LT Reflection Summary Complete the following Week 2 Assignment in WileyPLUS: BYP 2-2 IFRS 2-6 Exercise 3-4 Exercise 3-8 ACC 290 Week 3 Practice Quiz (New) 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

11 ACC 290 Week 3 Vocabulary Activity (New) Complete the following Week 2 Assignment in WileyPLUS: BYP 2-2 IFRS 2-6 Exercise 3-4 Exercise 3-8 ACC 290 Week 3 Wiley Plus Assignment BE4-1, P4-2A, P4-3A, BYP4-1 (New) Browse the Internet to acquire a copy of the most recent annual report for a publicly traded company. Analyze the information contained in the company’s balance sheet and income statement to answer the following questions: What are the company’s total assets at the end of its most recent annual reporting period? Why is this important? What are the total assets at the end of the previous annual reporting period?

12 ACC 290 Week 4 by 5 Individual Assignment Financial Reporting Problem Part II (New) Complete the following Week 2 Assignment in WileyPLUS: BYP 2-2 IFRS 2-6 Exercise 3-4 Exercise 3-8 ACC 290 Week 4 Discussion Question 1 Browse the Internet to acquire a copy of the most recent annual report for a publicly traded company. Analyze the information contained in the company’s balance sheet and income statement to answer the following questions: What are the company’s total assets at the end of its most recent annual reporting period? Why is this important? What are the total assets at the end of the previous annual reporting period?

13 ACC 290 Week 4 Discussion Question 2 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? ACC 290 Week 4 LT Reflection Summary Browse the Internet to acquire a copy of the most recent annual report for a publicly traded company. Analyze the information contained in the company’s balance sheet and income statement to answer the following questions: What are the company’s total assets at the end of its most recent annual reporting period? Why is this important? What are the total assets at the end of the previous annual reporting period?

14 ACC 290 Week 4 Practice Quiz (New) 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. ACC 290 Week 4 Vocabulary Activity (New) Browse the Internet to acquire a copy of the most recent annual report for a publicly traded company. Analyze the information contained in the company’s balance sheet and income statement to answer the following questions: What are the company’s total assets at the end of its most recent annual reporting period? Why is this important? What are the total assets at the end of the previous annual reporting period?

15 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) Complete the following Week 2 Assignment in WileyPLUS: BYP 2-2 IFRS 2-6 Exercise 3-4 Exercise 3-8 ACC 290 Week 5 Discussion Question 1 Browse the Internet to acquire a copy of the most recent annual report for a publicly traded company. Analyze the information contained in the company’s balance sheet and income statement to answer the following questions: What are the company’s total assets at the end of its most recent annual reporting period? Why is this important? What are the total assets at the end of the previous annual reporting period?

16 ACC 290 Week 5 IFRS Paper (New) 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. ACC 290 Week 5 Learning Team Reflection Summary (New) 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 Team’s discussion.

17 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) Resource: WileyPLUS Complete the following Week 5 Assignment in WileyPLUS: Brief Exercise 6-5 Brief Exercise 6-7 BYP 6-1 BYP 6-2 Brief Exercise 7-4 Brief Exercise 7-5 Brief Exercise 7-6

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