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ACC 290 NEW Your World/uophelp.com

For more course tutorials visit<br>www.uophelp.com<br><br><br>ACC 290 Finals<br>Question 1<br> <br>Jackson Company recorded the following cash transactions for the year:<br> <br>Paid $135,000 for salaries.<br>Paid $60,000 to purchase office equipment.<br>Paid $15,000 for utilities.<br>Paid $6,000 in dividends.<br>Collected $245,000 from customers.<br> <br>Question 2<br> <br>Which of the following describes the classification and normal balance of the Unearned Rent Revenue account?<br> <br>

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ACC 290 NEW Your World/uophelp.com

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  1. ACC 290 NEW Your World/uophelp.com For more course tutorials visit www.uophelp.com

  2. ACC 290 NEW Your World/uophelp.com ACC 290 Final Exam Guide (New) For more course tutorials visit www.uophelp.com 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.

  3. ACC 290 NEW Your World/uophelp.com ACC 290 Week 1 Assignment Preparing an Income Statement Retained Earnings Statement and Balance Sheet For more course tutorials visit www.uophelp.com Purpose of Assignment The purpose of this assignment is to help students become familiar with the presentation of the income statement and the retained earnings statement, including how parts of the financial statement is evaluated to determine the operational success of the business. Assignment Steps Resources: Financial Accounting: Tools for Business Decision Making p. 36

  4. ACC 290 NEW Your World/uophelp.com ACC 290 Week 1 Discussion Question 1 For more course tutorials visit www.uophelp.com 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

  5. ACC 290 NEW Your World/uophelp.com ACC 290 Week 1 Discussion Question 2 For more course tutorials visit www.uophelp.com 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?

  6. ACC 290 NEW Your World/uophelp.com ACC 290 Week 1 Individual Assignment Financial Statements Paper For more course tutorials visit www.uophelp.com 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.

  7. ACC 290 NEW Your World/uophelp.com ACC 290 Week 1 Practice Quiz(New) For more course tutorials visit www.uophelp.com 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

  8. ACC 290 NEW Your World/uophelp.com ACC 290 Week 1 Vocabulary Activity (New) For more course tutorials visit www.uophelp.com WileyPLUS Assignment: Week 1 Vocabulary Activity Resource: WileyPLUS Complete the following Week 1 Assignment in WileyPLUS: • Chapter 1 WileyPLUS Crossword Puzzle 1

  9. ACC 290 NEW Your World/uophelp.com ACC 290 Week 1 WileyPlus Assignment DI1-3, E1-3,E1-4, E2-4, IFRS2-4 (New) For more course tutorials visit www.uophelp.com WileyPLUS Assignment: Week 1 Assignment Resource: WileyPLUS Complete the following Week 1 Assignment in WileyPLUS: • DO IT! 1-3 • Exercise 1-3

  10. ACC 290 NEW Your World/uophelp.com ACC 290 Week 2 Chapter 1,2,3 Orion WileyPlus Proficiency and Practice Quiz For more course tutorials visit www.uophelp.com ACC 290 Chapter 1 Orion WileyPlus Build your Proficiency Q 1.1: What is the primary purpose of the statement of cash flows? Q 1.2: Which financial statement summarizes the financial position of a company? Q 1.3: Which financial statement provides information for a specific point in time? Q 1.4: The reports revenues and expenses and resulting net income or less for a period in time. Q 1.5: The income statement does not report cash received from the sale of stock because it is not considered revenue.

  11. ACC 290 NEW Your World/uophelp.com ACC 290 Week 2 Charter for Collaborative Learning Activities For more course tutorials visit www.uophelp.com Resources: Week 2 Learning Team Collaborative Discussion and the Learning Team Charter for Collaborative Learning Activities Write a 150- to 200-word individual response to the following: • Consider the multiple definitions of collaboration. • Define collaboration and how you will apply it in this course based upon the discussion with your Learning Team. Be sure to reference and cite your sources. • Answer the question individually.

  12. ACC 290 NEW Your World/uophelp.com ACC 290 Week 2 Discussion Question 1 For more course tutorials visit www.uophelp.com 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?

  13. ACC 290 NEW Your World/uophelp.com ACC 290 Week 2 Discussion Question 2 For more course tutorials visit www.uophelp.com What accounts are subject to adjusting journal entries and why? How would you explain the purpose of the adjusted trial balance?

  14. ACC 290 NEW Your World/uophelp.com ACC 290 Week 2 E3-1 (New) For more course tutorials visit www.uophelp.com The balance sheet makes sure that the finances are in balance. Below is a list of Thyme Advertising Company, Inc. transactions. Each of these is affected differently. • Issued common stock to investors in exchange for cash received from investors. • Paid monthly rent. • Received cash from customers when service was performed.

  15. ACC 290 NEW Your World/uophelp.com ACC 290 Week 2 LT Reflection Summary (New) For more course tutorials visit www.uophelp.com 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.

  16. ACC 290 NEW Your World/uophelp.com ACC 290 Week 2 Practice Quiz (New) For more course tutorials visit www.uophelp.com 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

  17. ACC 290 NEW Your World/uophelp.com ACC 290 Week 2 Vocabulary Activity (New) For more course tutorials visit www.uophelp.com WileyPLUS Assignment: Week 2 Vocabulary Activity Resource: WileyPLUS Complete the following Week 2 Assignment in WileyPLUS:

  18. ACC 290 NEW Your World/uophelp.com 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) For more course tutorials visit www.uophelp.com WileyPLUS Assignment: Week 2 Assignment Resource: WileyPLUS Complete the following Week 2 Assignment in WileyPLUS: • BYP 2-2

  19. ACC 290 NEW Your World/uophelp.com ACC 290 Week 3 Chapter 4,5 Orion WileyPlus Proficiency and Practice Quiz For more course tutorials visit www.uophelp.com ACC 290 Chapter 4 Orion WileyPlus Build your Proficiency Q 4.1: Which of the following statements about accrual-basis accounting is NOT true? Q 4.2: If a company spends $12 million dollars for a warehouse, when should the cost be written off? Q 4.3: If an expense has been used or consumed but a bill has not been received at the end of the accounting period, which of the following is needed? Q 4.4: Which of the following is true about unearned revenues? Q 4.5: Which of the following exemplify an asset-expense relationship? Q 4.6: If an adjustment is needed for unearned revenues, the

  20. ACC 290 NEW Your World/uophelp.com ACC 290 Week 3 Discussion Question 1 For more course tutorials visit www.uophelp.com 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

  21. ACC 290 NEW Your World/uophelp.com ACC 290 Week 3 Discussion Question 2 For more course tutorials visit www.uophelp.com 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?

  22. ACC 290 NEW Your World/uophelp.com ACC 290 Week 3 LT Reflection Summary For more course tutorials visit www.uophelp.com 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.

  23. ACC 290 NEW Your World/uophelp.com ACC 290 Week 3/4 Learning Team Financial Reporting Problem, Part 1 (**2 Different Papers**)(New) For more course tutorials visit www.uophelp.com 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

  24. ACC 290 NEW Your World/uophelp.com ACC 290 Week 3 Practice Quiz (New) For more course tutorials visit www.uophelp.com Question 1 The revenue recognition principle dictates that revenue is recognized in the period in which the cash is received. Question 2

  25. ACC 290 NEW Your World/uophelp.com ACC 290 Week 3 Problem 5-5A (Solution) For more course tutorials visit www.uophelp.com This Doesn’t contain 700 words explanation Purpose of Assignment The purpose of this assignment is to help you become familiar with the parts of the multiple‐step income statement. Assignment Steps Resources: Financial Accounting: Tools for Business Decision Making Scenario: An inexperienced accountant prepared this condensed income statement for Simon Company a retail firm that has been in business for a number of years. SIMON COMPANY

  26. ACC 290 NEW Your World/uophelp.com ACC 290 Week 3 Vocabulary Activity (New) For more course tutorials visit www.uophelp.com WileyPLUS Assignment: Week 3 Practice Quiz Resource: WileyPLUS Complete the following Week 3 Assignment in WileyPLUS: • Chapter 4 Practice Quiz

  27. ACC 290 NEW Your World/uophelp.com ACC 290 Week 3 WileyPlus Assignment BE4-1, P4-2A, P4-3A, BYP4- (New) For more course tutorials visit www.uophelp.com WileyPLUS Assignment: Week 3 Assignment Resource: WileyPLUS Complete the following Week 3 Assignment in WileyPLUS:

  28. ACC 290 NEW Your World/uophelp.com ACC 290 Week 4 Chapter 6 Orion WileyPlus Proficiency and Practice Quiz For more course tutorials visit www.uophelp.com ACC 290 Chapter 6 Orion WileyPlus Build your Proficiency Q 6.1: Where is inventory reported? Q 6.2: ________ are items that will eventually be used in production Q 6.3: How is inventory ready for sale classified in a manufacturing company? Q 6.4: In the perpetual inventory system, which of the following is NOT a reason to take physical inventory? Q 6.5: Which of the following is NOT considered an inventory cost? Q 6.6: What is the beginning inventory plus the

  29. ACC 290 NEW Your World/uophelp.com ACC 290 Week 4 Discussion Question 1 For more course tutorials visit www.uophelp.com 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?

  30. ACC 290 NEW Your World/uophelp.com ACC 290 Week 4 Discussion Question 2 For more course tutorials visit www.uophelp.com 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

  31. ACC 290 NEW Your World/uophelp.com ACC 290 Week 4 LT Reflection Summary For more course tutorials visit www.uophelp.com 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

  32. ACC 290 NEW Your World/uophelp.com ACC 290 Week 4/5 Individual Assignment Financial Reporting Problem Part II (**2 Different Papers**)(New) For more course tutorials visit www.uophelp.com 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:

  33. ACC 290 NEW Your World/uophelp.com ACC 290 Week 4 Practice Quiz (New) For more course tutorials visit www.uophelp.com 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

  34. ACC 290 NEW Your World/uophelp.com ACC 290 Week 4 Vocabulary Activity (New) For more course tutorials visit www.uophelp.com WileyPLUS Assignment: Week 4 Vocabulary Activity Resource: WileyPLUS Complete the following Week 4 Assignment in WileyPLUS: • Chapter 5 Crossword Puzzle 1

  35. ACC 290 NEW Your World/uophelp.com ACC 290 Week 4 Wileyplus Assignment P4-8A, BYP5-1, BYP5-2, BE5-1, BE5-2, IFRS5-2, IFRS5-4, Do it 5-3, 5-4 (New) For more course tutorials visit www.uophelp.com WileyPLUS Assignment: Week 4 Assignment Resource: WileyPLUS Complete the following Week 4 Assignment in WileyPLUS: • Problem 4-8A • BYP 5-1

  36. ACC 290 NEW Your World/uophelp.com ACC 290 Week 5 Discussion Question 1 For more course tutorials visit www.uophelp.com 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

  37. ACC 290 NEW Your World/uophelp.com ACC 290 Week 5 IFRS Paper (New) For more course tutorials visit www.uophelp.com 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

  38. ACC 290 NEW Your World/uophelp.com ACC 290 Week 5 Learning Team Reflection Summary (New) For more course tutorials visit www.uophelp.com 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.

  39. ACC 290 NEW Your World/uophelp.com ACC 290 Week 5 WileyPlus Assignment BE6-5, BE6-7, BYP6-1, BYP6-2, BE7-4, BE7-6, BE5-1, BE5-2, BE7-5, E4-17, E4-18 (New) For more course tutorials visit www.uophelp.com CWileyPLUS 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

  40. ACC 290 NEW Your World/uophelp.com For more course tutorials visit www.uophelp.com

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