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ACC 205 OUTLET Lessons in Excellence--acc205outlet.com

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ACC 205 OUTLET Lessons in Excellence--acc205outlet.com

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  1. ACC 205 OUTLET Lessons in Excellence--acc205outlet.com

  2. ACC 205 OUTLET Lessons in Excellence--acc205outlet.com ACC 205 Final Paper (New) FOR MORE CLASSES VISIT www.acc205outlet.com Final PaperFocus of the Final PaperWrite a five to seven page financial statement analysis of a public company, and formatted according to APA style as outlined in the Ashford Writing Center.   In this analysis you will discuss the financial health of this company with the ultimate goal of making a recommendation to other investors.  

  3. ACC 205 OUTLET Lessons in Excellence--acc205outlet.com • ACC 205 Week 1 Assignment Student Guidance Report • FOR MORE CLASSES VISIT • www.acc205outlet.com • Exercises 2.     •  Basic computations. The following selected balances were extracted from the accounting records of Rossi Enterprises on December 31, 20X3: • a.         Determine Rossi's total assets as of December 31. • b.         Determine the company's total liabilities as of December 31.

  4. ACC 205 OUTLET Lessons in Excellence--acc205outlet.com ACC 205 Week 1 Chapter 1,2 Quiz and Video Quiz FOR MORE CLASSES VISIT www.acc205outlet.com ACC 205 Week 1 Chapter 1,2 Quiz and Video Quiz 1. In accounting the concept of materiality refers to ________________.       Question 2. 2. Typically accounting transactions are recorded and reported at _______________.

  5. ACC 205 OUTLET Lessons in Excellence--acc205outlet.com ACC 205 Week 1 DQ 1 Accounting Equation (Ash) FOR MORE CLASSES VISIT www.acc205outlet.com Accounting Equation 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.  

  6. ACC 205 OUTLET Lessons in Excellence--acc205outlet.com ACC 205 Week 1 DQ 2 Accounts (Ash) FOR MORE CLASSES VISIT www.acc205outlet.com Accounts 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.

  7. ACC 205 OUTLET Lessons in Excellence--acc205outlet.com • ACC 205 Week 1 Exercise Assignment Basic Accounting Equations (Ash) • FOR MORE CLASSES VISIT • www.acc205outlet.com • Week One Assignment • 1) Basic concepts. Jean's Marine Supply specializes in the sale of boating equipment and acces­sories. Identify the items that follow as an asset (A), liability (L), revenue (R), or expense (E) from the firm's viewpoint.

  8. ACC 205 OUTLET Lessons in Excellence--acc205outlet.com ACC 205 Week 1 Journal Balance Sheet Journal (Ash) FOR MORE CLASSES VISIT www.acc205outlet.com Balance Sheet JournalThe 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?

  9. ACC 205 OUTLET Lessons in Excellence--acc205outlet.com ACC 205 Week 2 Assignment Student Guidance Report FOR MORE CLASSES VISIT www.acc205outlet.com Exercise 4 4. Accounting for prepaid expenses and unearned revenues. Hawaii-Blue began business on January 1 of the current year and offers deep-sea fishing trips to tourists. Tourists pay $125 in advance for an all-day outing off the coast of Maui. The company collected monies during January for 210 outings, with 30 of the tourists not planning

  10. ACC 205 OUTLET Lessons in Excellence--acc205outlet.com • ACC 205 Week 2 Chapter 3,4 Quiz and Video Quiz • FOR MORE CLASSES VISIT • www.acc205outlet.com • ACC 205 Week 2 Chapter 3,4 Quiz and Video Quiz • 1. The accrual basis of accounting means_______________________.       • Question 2. 2. Under accrual basis accounting revenue is not recognized until _________________.           • Question 3. 3. The matching principle states ______________________________.         

  11. ACC 205 OUTLET Lessons in Excellence--acc205outlet.com ACC 205 Week 2 DQ 1 Accounting Cycle (Ash) FOR MORE CLASSES VISIT www.acc205outlet.com ACC 205 Week 2 DQ 1 Accounting Cycle Financial statements are a product of the accounting cycle.  Think about two different companies, one a manufacturing company, the other a retail company.  Why would different companies have different accounting

  12. ACC 205 OUTLET Lessons in Excellence--acc205outlet.com ACC 205 Week 2 DQ 2 Bank Reconciliation (Ash) FOR MORE CLASSES VISIT www.acc205outlet.com Bank Reconciliation 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?

  13. ACC 205 OUTLET Lessons in Excellence--acc205outlet.com ACC 205 Week 2 Exercise Assignment Revenue and Expenses (Ash) FOR MORE CLASSES VISIT www.acc205outlet.com 1. 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.

  14. ACC 205 OUTLET Lessons in Excellence--acc205outlet.com ACC 205 Week 2 Journal Income Statement Journal (Ash) FOR MORE CLASSES VISIT www.acc205outlet.com Income Statement JournalThe Income Statement measures the income and expenses of a company over a specific period of time.  Reflecting on your personal financial statement for the past month, can you apply the principles of the Income Statement?  What did you learn from this experience?

  15. ACC 205 OUTLET Lessons in Excellence--acc205outlet.com • ACC 205 Week 3 Assignment Student Guidance Report • FOR MORE CLASSES VISIT • www.acc205outlet.com • Chapter 5, Exercise 1 • Inventory errors and income measurement. The income statements of Keagle Company for 20X3 and 20X4 follow. • 20X3                           20X4 • Sales                                        $100,000                     $109,000 • Cost of goods sold                  62,000                         74,000 • Gross profit                             38,000                         35,000

  16. ACC 205 OUTLET Lessons in Excellence--acc205outlet.com • ACC 205 Week 3 Chapter 5,6 Quiz and Video Quiz • FOR MORE CLASSES VISIT • www.acc205outlet.com • ACC 205 Week 3 Chapter 5,6 Quiz and Video Quiz •   1. Gross Profit is ___________________.       • Question 2. 2. All of the following are considered part of inventory cost except__________.        • Question 3. 3. In a period of rising raw material costs the inventory cost flow assumption that will provide the firm with the highest net income would be _______________________.     

  17. ACC 205 OUTLET Lessons in Excellence--acc205outlet.com ACC 205 Week 3 DQ 1 LIFO vs. FIFO (Ash) FOR MORE CLASSES VISIT www.acc205outlet.com LIFO vs. FIFO 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

  18. ACC 205 OUTLET Lessons in Excellence--acc205outlet.com ACC 205 Week 3 DQ 1 LIFO vs. FIFO (New) FOR MORE CLASSES VISIT www.acc205outlet.com LIFO vs. FIFO 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

  19. ACC 205 OUTLET Lessons in Excellence--acc205outlet.com ACC 205 Week 3 DQ 2 Depreciation (Ash) FOR MORE CLASSES VISIT www.acc205outlet.com Depreciation 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.  Which of the following depreciation methods would you recommend: straight-line

  20. ACC 205 OUTLET Lessons in Excellence--acc205outlet.com • ACC 205 Week 3 Exercise Assignment Inventory (New) • FOR MORE CLASSES VISIT • www.acc205outlet.com • 1. Specific identification method. Boston Galleries uses the specific identification method for inventory valuation. Inventory information for several oil paintings follows. •                                         Painting •                      Cost

  21. ACC 205 OUTLET Lessons in Excellence--acc205outlet.com ACC 205 Week 3 Journal Inventory Journal (Ash) FOR MORE CLASSES VISIT www.acc205outlet.com Inventory JournalReflect 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?

  22. ACC 205 OUTLET Lessons in Excellence--acc205outlet.com • ACC 205 Week 4 Assignment Student Guidance Report • FOR MORE CLASSES VISIT • www.acc205outlet.com • Chapter 7 Exercise 2 and 4 • 2.         Accrued liability: current portion of long-term debt. On July 1, 20X1, Hall Company borrowed $225,000 via a long-term loan. Terms of the loan require that Hall pay interest and $75,000 of principal on July 1, 20X2, 20X3, and 20X4. The unpaid balance of the loan accrues interest at the rate of 10% per year. Hall has a December 31 year-end.

  23. ACC 205 OUTLET Lessons in Excellence--acc205outlet.com • ACC 205 Week 4 Chapter 7,8 Quiz and Video Quiz • FOR MORE CLASSES VISIT • www.acc205outlet.com • ACC 205 Week 4 Chapter 7,8 Quiz and Video Quiz • 1. Current Liabilities are _____________________________. (Points : 1) • Question 2. 2. The Unearned Revenue account is used to record ____________________. (Points : 1)

  24. ACC 205 OUTLET Lessons in Excellence--acc205outlet.com ACC 205 Week 4 DQ 1 Current Liability (Ash) FOR MORE CLASSES VISIT www.acc205outlet.com Current Liability What is a current liability?  From a user of financial statements perspective why do you believe current liabilities are separated from long-term liabilities?  Based on your current experience and any additional research you may have done provide two examples of situations where businesses collect monies from customers and employees and reports these amounts as a current liability.

  25. ACC 205 OUTLET Lessons in Excellence--acc205outlet.com ACC 205 Week 4 DQ 2 Client Recommendations (Ash FOR MORE CLASSES VISIT www.acc205outlet.com Client Recommendations 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.  Based on your readings or any additional research you may have done, discuss the advantages and disadvantages of the following: sole proprietorship, partnership, and corporation.  Based on these advantages and disadvantages provide a clear recommendation to your client.  

  26. ACC 205 OUTLET Lessons in Excellence--acc205outlet.com ACC 205 Week 4 Journal Future Obligations Journal (Ash) FOR MORE CLASSES VISIT www.acc205outlet.com Future Obligations JournalThe 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?

  27. ACC 205 OUTLET Lessons in Excellence--acc205outlet.com • ACC 205 Week 5 Assignment Student Guidance Report • FOR MORE CLASSES VISIT • www.acc205outlet.com • Chapter 9 Exercise 3 • Liquidity ratios. Edison, Stagg, and Thornton have the following financial information at the close of business on July 10: • Compute the current and quick ratios for each of the three companies. (Round calculations to two decimal places.) Which firm is the most liquid? Why?

  28. ACC 205 OUTLET Lessons in Excellence--acc205outlet.com • ACC 205 Week 5 Chapter 9 Quiz and Video Quiz • FOR MORE CLASSES VISIT • www.acc205outlet.com • ACC 205 Week 5 Chapter 9 Quiz and Video Quiz • Question 1. 1. Common-size financial statements means___________________.    • Question 2. 2. Vertical analysis of a financial statement involves_______________.    • Question 3. 3. Horizontal analysis of a financial statement involves______________.   

  29. ACC 205 OUTLET Lessons in Excellence--acc205outlet.com • ACC 205 Week 5 DQ 1 (Ash) • FOR MORE CLASSES VISIT • www.acc205outlet.com • ACC 205 Week 5 DQ 1 (Ash)

  30. ACC 205 OUTLET Lessons in Excellence--acc205outlet.com • ACC 205 Week 5 DQ 2 (Ash) • FOR MORE CLASSES VISIT • www.acc205outlet.com • ACC 205 Week 5 DQ 2 (Ash)

  31. ACC 205 OUTLET Lessons in Excellence--acc205outlet.com • ACC 205 Week 5 Exercise Assignment Financial Ratios(New) • FOR MORE CLASSES VISIT • www.acc205outlet.com • Week Five Exercise Assignment • Financial Ratios • 1.      Liquidity ratios. Edison, Stagg, and Thornton have the following financial information at the close of business on July 10:

  32. ACC 205 OUTLET Lessons in Excellence--acc205outlet.com ACC 205 Week 5 Final Paper Paper (Boeing General Electric Lowes Home) (3 Papers) FOR MORE CLASSES VISIT www.acc205outlet.com This Tutorial contains 3 Papers Paper 1: Boeing Paper 2: General Electric Paper 3: Lowe’s Home Final PaperFocus of the Final Paper

  33. ACC 205 OUTLET Lessons in Excellence--acc205outlet.com ACC 205 Week 5 Final Paper Paper (Microsoft StarBucks) (2 Papers) FOR MORE CLASSES VISIT www.acc205outlet.com This Tutorial contains 2 Papers Paper 1: Microsoft Paper 2: StarBucks Final PaperFocus of the Final PaperWrite a five to seven page financial statement analysis of a public company, and formatted according to APA style

  34. ACC 205 OUTLET Lessons in Excellence--acc205outlet.com ACC 205 Week 5 Final Paper Paper (Walmart, Qualcomm) (2 Papers) FOR MORE CLASSES VISIT www.acc205outlet.com This Tutorial contains 2 Papers Paper 1: Walmart Paper 2: Qualcomm Final PaperFocus of the Final PaperWrite a five to seven page financial statement analysis of a public company, and formatted according to APA style

  35. ACC 205 OUTLET Lessons in Excellence--acc205outlet.com ACC 205 Week 5 Journal Most Important Ratio Journal (Ash) FOR MORE CLASSES VISIT www.acc205outlet.com Most Important Ratio Journal 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

  36. ACC 205 OUTLET Lessons in Excellence--acc205outlet.com • ACC 205 Week 5 Journal Most Important Ratio Journal(New) • FOR MORE CLASSES VISIT • www.acc205outlet.com • Most Important Ratio Journal • 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.

  37. ACC 205 OUTLET Lessons in Excellence--acc205outlet.com

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