ACC 280 Complete Course

ACC 280

Principles of Accounting

Week 1

Financial Statements Paper

Prepare a 700-1,050-word paper in which you define the purpose of accounting and identify the four basic financial statements. Be sure to explain how they are interrelated with each other, any why they are useful to managers, investors, creditors, and employees.

Week 2:

Assignments from the Readings

Prepare written answers to the following assignments from the text, Financial Accounting 6thed:

Chapter 1:

1) Exercise E1-1

2) Exercise E1-5

3) Exercise E1-12

4) Exercise E1-13

Chapter 2:

1) Exercise E2-2

2) Exercise E2-3

Chapter 7:

Exercise E7-3

Learning Team Assignments

Resources: Internet or other resources; annual report for the company of your choice

Select a company for analysis by your team that has been (1) profitable for the last three fiscal years, (2) is not a bank/financial institution, and (3) is on a major U.S. Stock Exchange.

Attain instructor approval of the selected company.

Acquire a copy of the selected companys most recent annual report by using the Internet or other resources.

Prepare a 1,050- to 1,400-word Executive Summary, using the information contained in the companys balance sheet and income statement, answering the following questions, noting that annual reporting period and fiscal year mean year-end numbers

Week 3:

Individual Assignments

Assignments from the Readings

Prepare written answers to the following assignments from Chapter 3 of the text, Financial Accounting 6th ed:

a. Questions 2, 3, 4 and 8

b. Exercise E3-7

c. Exercise E3-8

Learning Team Assignments

Assignments from the Readings

Prepare written answers to the following assignments from Chapter 3 of the text, Financial Accounting 6th ed:

a. Exercise E3-2

b. Problem P3-2A

Week 4

Individual Assignments

Assignments from the Readings

Prepare written answers to the following assignments from Chapter 4 of the text, Financial Accounting 6th ed:

a. Exercise E4-2

b. Exercise E4-3

c. Exercise E4-4

Learning Team Assignments

Assignments from the Readings

Prepare written answers to the following assignments from Chapter 4 of the text, Financial Accounting 6th ed:

Problem P4-2A

Executive Summary Presentation

Create a 15- to 20-slide Microsoft PowerPoint presentation using and illustrating your research from the Executive Summary, and revising for facilitator feedback.

Include speakers notes with each slide.

Format APA citations on a slide titled References.

Week 5:

Individual Assignments

Assignments from the Readings

Prepare written answers to the following assignments from the text, Financial Accounting 6th ed:

a. Chapter 7:

Questions 1 and 2

b.Chapter 8:

Exercise E8-5

c.Chapter 15:

1) Exercise E15-1

2) Exercise E15.2

3) Exercise E15-11

Learning Team Assignments

Assignments from the Readings

Prepare written answers to the following assignments from the text, Financial Accounting 6th ed:

Chapter 8:

BYP8-6 Ethics Case

Chapter 15:

Problem P15-1

Problem P15-6

Be sure to show your calculations for each ratio using Excel (the details of the data used to calculate).

Discussion Questions:

Week 1:

What are the four basic financial statements? What do the different financial statements tell you about a company? Which financial statement is the most useful? Why? What types of information is provided to managers in your department and how do managers in your organization use information presented in financial statements?

What do you think of when you hear the word debit? What do you think of when you hear the word credit? Why does your bank statement show a credit for an increase in your cash balance? Is an increase to your bank statement a debit or a credit? What method would you use to summarize transactions and transfer to the ledger?

Who are the different users of accounting information? What are the differences between managerial and financial accounting? What is the role of the CPA and how does it differ from other accountants? What is the value of the accounting function in your organization, both internally and externally?

Week 2:

What are the four different adjusting entries? What accounting assumptions necessitate the use of adjusting entries? What accounts are subject to adjusting journal entries? What are the advantages and disadvantages of using automated accounting systems to do adjusting entries? What are your thoughts on making adjusting entries; are they really needed or is this just extra work by accountants?

Which basis of accounting do most companies use, cash or accrual? Why? Which method is approved by GAAP? Why? What are the positives and negatives of each? Is it legal for an organization to keep two sets of accounting records; one for tax and one for book? Why or why not? What transactions might fall under a dual method?

When is the trial balance prepared? What is the purpose of preparing a trial balance? What does the trial balance tell you? What does the trial balance not tell you? Why not use the Trial Balance to report financial information internally and externally? What limitations does it have over formal financial statements?

Week 3:

What are the steps in completing the accounting cycle? Discuss the relationship between the amounts on the adjusted trial balance for an account and its ledger? Discuss the relationship of the adjusted trial balance and the amount on the financial statements? What is the affect on the financial statements of missing a step when completing the accounting cycle?

What are the main financial statements? In order of importance, list the statements. Why did you rank the statements in the order you did? Why does GAAP require all statements? Why is it necessary to prepare the formal financial statements if all the data are on the adjusted trial balance?

What are reversing entries? Why are reversing entries needed? What would be the affect if not made? What are the pros and cons of using reversing entries? What types of transactions may require reversing entries?

Week 4:

What are the differences between vertical and horizontal analysis? Which method would external users most likely use? How about internal users? Discuss the uses of the two analysis methods and how you would use each to analyze a companys performance?

What three ratios would you list as the most important? Why? Which ratios would external users be most interested in? Why? Which ratios would best help internal users manage the business? Why? Beyond the basic financial statements what other information would you want to fully analyze a companys performance? Why?

Why is it important to report discontinued operations or extraordinary items separately from income from continuing operations? Is this method of reporting allowed? What concerns does this type of reporting create? Does the average investor understand the difference? In what way(s) might the information be presented to clarify meaning for investors?

Week 5:

Of the several regulatory bodies, which has the most affect on companies? Why? Do both public and nonpublic or not-for-profit organizations comply with the regulations of all regulatory bodies? Why or why not? Are there gray areas? How do companies assure compliance with regulations? How does your company comply? Any thoughts on how to streamline the regulatory process over accounting and finance?

What are some internal controls related to cash? Why is control over cash important? What are the pros and cons of segregation of duties over cash? Why is a bank reconciliation considered an internal control over cash? How does it provide control? What control violations might the bank reconciliation highlight?

What is an example of a potentially unethical accounting situation? Why is the situation unethical? What is meant by the statement, You cannot teach ethics? How do ethics affect the financial results of a company?