ACC 290 (Principles of Accounting I) Complete Course Week 1-5 A+ Graded
ACC-290 (Principles of Account I)
Week 1
Week 1 DQ1
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.
Week 1 DQ2
How
would the financial statements be useful to managers and employees? How
would the financial statements be useful to investors and creditors?
Week 1 DQ3
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?
Week 1 Assignments
· ACC 290 Week 1 Financial Statements Paper. (900+ Words)
· ACC 290 Week 1 Weekly Summary.
Week 2
Week 2 DQ1
What
is accrual accounting? Why do generally accepted accounting principles
require accrual accounting? What is the difference between accrual and
cash accounting? When might an accountant use cash basis accounting
without violating generally accepted accounting principles?
Week 2 DQ2
What
is the revenue recognition principle? What is the expense recognition
principle? Why are they important to financial reporting?
Week 2 DQ3
What
are adjusting entries and why are they necessary? What accounts are
subject to adjusting journal entries and why? What are the types of
adjusting entries (provide examples)?
Week 2 DQ4
When
is the trial balance prepared? What does the trial balance tell you?
What does the trial balance not tell you. How would you explain the
purpose of the adjusted trial balance?
Week 2 Assignments
· ACC 290 Week 2 Problems and Exercises E3-4, E3-9, P3-5A, P3-6A.docx
· ACC 290 Week 2 LT Reflection Summary. (450+ Words)
· ACC 290 Week 2 Weekly Summary.
Week 3
Week 3 DQ1
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?
Week 3 DQ2
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?
Week 3 DQ3
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?
Week 3 Assignments
· ACC 290 Week 3 Problems and Exercises BE4-1, P4-2A, P4-3A.
· ACC 290 Week 3 Learning Team Reflection Summary. (450+ Words)
· ACC 290 Week 3 Weekly Summary.
Week 4
Week 4 DQ1
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?
Week 4 DQ2
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?
Week 4 DQ3
Why
do generally accepted accounting principles require the use of lower of
cost or market in valuing inventory? 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?
Week 4 Assignments
ACC 290 Week 4 Individual Assignment Week Four Problem 4-8A .
· ACC 290 Week 4 Learning Team Assignment Financial Reporting Problem, Part 1. (1500+Words)
· ACC 290 Week 4 Learning Team Reflection Summary. (400 Words)
· ACC 290 Week 4 Weekly Summary.
Week 5
Week 5 DQ1
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?
Week 5 DQ2
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?
Week 5 DQ3
What
is the Sarbanes-Oxley Act of 2002? Why did it come about? How have the
new rules in the Sarbanes-Oxley Act of 2002 affected the way accounting
departments and companies operate? What are some positive outcomes from
these changes?
Week 5 Assignments
ACC 290 Week 5 Learning Team Assignment Financial Reporting Problem, Part 2. (1500+ Words)
ACC 290 Week 5 Week Five Exercises BE5-1, BE5-2, BE6-5, BE6-7, BE7-4, BE7-5, BE7-6 .
ACC 290 Week 5 Learning Team Reflection Summary. (500 Words)
ACC 290 Week 5 Weekly Summary.
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