ACC 205 NEW ASH Courses

1. ACC 205 NEW ASH Courses

2. ACC 205 NEW ASH Courses ACC 205 Entire Course New ACC 205 Week 1 DQ 1 Accounting Equation 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 • As you have learned in this week’s 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.

3. ACC 205 NEW ASH Courses ACC 205 Week 1 DQ 2 Accounts New ACC 205 Week 1 Exercise Assignment Basic 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. • 1) Basic concepts. Jean’s Marine Supply specializes in the sale of boating equipment and acces¬sories. 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)

4. ACC 205 NEW ASH Courses ACC 205 Week 1 Journal Balance Sheet Journal New ACC 205 Week 2 DQ 1 Accounting Cycle 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? • Financial statements are a product of the accounting cycle. Think about two different companies, one a manufacturing company, the other a retail company.

5. ACC 205 NEW ASH Courses ACC 205 Week 2 DQ 2 Bank Reconciliation New ACC 205 Week 2 Exercise Assignment Revenue 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? • Recognition of concepts. Ron Carroll operates a small company that books entertainers for theaters, parties, conventions, and so forth. The company’s 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.

6. ACC 205 NEW ASH Courses ACC 205 Week 3 DQ 1 LIFO vs FIFO New ACC 205 Week 3 DQ 2 Depreciation New • The controller of Sagehen Enterprises believes that the company should switch from the LIFO method to the FIFO method. The controller’s bonus is based on the next income. It is the controller’s 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? • There is a variety of depreciation methods used to allocate the cost of an asset to all of the accounting periods benefited by the use of the asset. Your client has just purchased a piece of equipment for $100,000. Explain the concept of depreciation.

7. ACC 205 NEW ASH Courses ACC 205 Week 3 Exercise Assignment Inventory New ACC 205 Week 3 Journal Inventory Journal New • 1. Specific identification method. Boston Galleries uses the specific identification method for inventory valuation. Inventory information for several oil paintings follows.Painting Cost1/2 Beginning inventory Woods $11,0004/19 Purchase Sunset 21,800 • 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?

8. ACC 205 NEW ASH Courses ACC 205 Week 4 DQ 1 Current Liability New ACC 205 Week 4 DQ 2 Client Recommendations 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? • 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.

9. ACC 205 NEW ASH Courses ACC 205 Week 4 Exercise Assignment Liability New ACC 205 Week 4 Journal Future Obligations 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. • 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?

10. ACC 205 NEW ASH Courses ACC 205 Week 5 DQ 1 New ACC 205 Week 5 DQ 2 New • ACC 205 Week 5 DQ 1 • ACC 205 Week 5 DQ 2

11. ACC 205 NEW ASH Courses ACC 205 Week 5 Exercise Assignment Financial New ACC 205 Week 5 Journal Most Important Ratio New • 1. 1. Liquidity ratios. Edison, Stagg, and Thornton have the following financial information at the close of business on July 10: • Edison Stagg ThorntonCash $4,000 $2,500 $1,000Short-term investments 3,000 2,500 2,000 • Reflect for a moment on the ratios (working capital, current ratio, quick ratio, debt to asset, debt to equity, times interest earned, gross margin and net margin) presented this week. If you were considering investing in a company what ratio would be the most important to you? Formulate and argument to defend your position.

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