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ACC 290 GENIUS Making Decisions-acc290genius.com

FOR MORE CLASSES VISIT <br>www.acc290genius.com<br><br><br>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.<br>

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ACC 290 GENIUS Making Decisions-acc290genius.com

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  1. ACC 290 GENIUS Making Decisions -acc290genius.com FOR MORE CLASSES VISIT www.acc290genius.com

  2. ACC 290 Final Exam Guide (New) • FOR MORE CLASSES VISIT • www.acc290genius.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. 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

  3. ACC 290 Week 3/4 Learning Team Financial Reporting Problem, Part 1 (**2 Different Papers**)(New) • FOR MORE CLASSES VISIT • www.acc290genius.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 end of its most recent annual reporting period? Why is this important?

  4. ACC 290 Week 1 Discussion Question 1 • FOR MORE CLASSES VISIT • www.acc290genius.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 Week 1 Discussion Question 2 • FOR MORE CLASSES VISIT • www.acc290genius.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 Week 1 Individual Assignment Financial Statements Paper • FOR MORE CLASSES VISIT • www.acc290genius.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 Week 1 Practice Quiz(New) • FOR MORE CLASSES VISIT • www.acc290genius.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 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.

  8. ACC 290 Week 1 Vocabulary Activity (New) • FOR MORE CLASSES VISIT • www.acc290genius.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 Week 1 WileyPlus Assignment DI1-3, E1-3,E1-4, E2-4, IFRS2-4 (New) • FOR MORE CLASSES VISIT • www.acc290genius.com • 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

  10. ACC 290 Week 2 Discussion Question 1 • FOR MORE CLASSES VISIT • www.acc290genius.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?

  11. ACC 290 Week 2 Discussion Question 2 • FOR MORE CLASSES VISIT • www.acc290genius.com • What accounts are subject to adjusting journal entries and why? How would you explain the purpose of the adjusted trial balance?

  12. ACC 290 Week 2 LT Reflection Summary (New) • FOR MORE CLASSES VISIT • www.acc290genius.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.

  13. ACC 290 Week 2 LT Reflection Summary • FOR MORE CLASSES VISIT • www.acc290genius.com • 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.

  14. ACC 290 Week 2 Practice Quiz (New) • FOR MORE CLASSES VISIT • www.acc290genius.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 Question 4 An account is a part of the financial information system and is described by all except which one of the following?

  15. ACC 290 Week 2 Vocabulary Activity (New) • FOR MORE CLASSES VISIT • www.acc290genius.com • WileyPLUS Assignment: Week 2 Vocabulary Activity Resource: WileyPLUS Complete the following Week 2 Assignment in WileyPLUS: • Chapter 2 Wiley PLUS Crossword Puzzle 1

  16. 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 CLASSES VISIT • www.acc290genius.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?

  17. ACC 290 Week 3 Discussion Question 1 • FOR MORE CLASSES VISIT • www.acc290genius.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 optional?

  18. ACC 290 Week 3 Discussion Question 2 • FOR MORE CLASSES VISIT • www.acc290genius.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?

  19. ACC 290 Week 3 LT Reflection Summary • FOR MORE CLASSES VISIT • www.acc290genius.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.

  20. ACC 290 Week 3 Practice Quiz (New) • FOR MORE CLASSES VISIT • www.acc290genius.com • 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. Question 5 Adjustments for unearned revenues: Question 6 At December 31, 2013

  21. ACC 290 Week 3 Vocabulary Activity (New) • FOR MORE CLASSES VISIT • www.acc290genius.com • WileyPLUS Assignment: Week 3 Practice Quiz Resource: WileyPLUS Complete the following Week 3 Assignment in WileyPLUS: • Chapter 4 Practice Quiz

  22. ACC 290 Week 3 WileyPlus Assignment BE4-1, P4-2A, P4-3A, BYP4-1, IFRS PQ-1, PQ-2, PQ-3, PQ-4 (New) • FOR MORE CLASSES VISIT • www.acc290genius.com • 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

  23. ACC 290 Week 4 Discussion Question 1 • FOR MORE CLASSES VISIT • www.acc290genius.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?

  24. ACC 290 Week 4 Discussion Question 2 • FOR MORE CLASSES VISIT • www.acc290genius.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? When it is most appropriate to use? How does an average cost flow assumption work? When it is most appropriate to use?

  25. ACC 290 Week 4 LT Reflection Summary • FOR MORE CLASSES VISIT • www.acc290genius.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 discussion.

  26. ACC 290 Week 4 Practice Quiz (New) • FOR MORE CLASSES VISIT • www.acc290genius.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 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 to the store is part of the cost of getting the inventory ready to sell. All costs incurred to get inventory ready to sell are included as part of Inventory account with a debit.

  27. ACC 290 Week 4 Vocabulary Activity (New) • FOR MORE CLASSES VISIT • www.acc290genius.com • WileyPLUS Assignment: Week 4 Vocabulary Activity Resource: WileyPLUS Complete the following Week 4 Assignment in WileyPLUS: • Chapter 5 Crossword Puzzle 1

  28. 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) • FOR MORE CLASSES VISIT • www.acc290genius.com • 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

  29. ACC 290 Week 5 Discussion Question 1 • FOR MORE CLASSES VISIT • www.acc290genius.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?

  30. ACC 290 Week 5 IFRS Paper (New) • FOR MORE CLASSES VISIT • www.acc290genius.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 IFRS are synonymous with common stock and balance sheet? IFRS 3-1: Describe some of the issues the SEC must consider in deciding whether

  31. ACC 290 Week 5 Learning Team Reflection Summary (New) • FOR MORE CLASSES VISIT • www.acc290genius.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.

  32. 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) • FOR MORE CLASSES VISIT • www.acc290genius.com • 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

  33. ACC 290 Week 4/5 Individual Assignment Financial Reporting Problem Part II (**2 Different Papers**)(New) • FOR MORE CLASSES VISIT • www.acc290genius.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: Are the assets included under the company’s current assets listed in the proper order? Explain your answer.

  34. ACC 290 GENIUS Making Decisions -acc290genius.com FOR MORE CLASSES VISIT www.acc290genius.com

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