ACC 290 Complete Course

Week 1

Individual Financial Statements Paper

Write a 700- to 1,050-word paper in which you do the following:

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 the paper consistent with APA guidelines.

Discussion Questions

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?

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?

Week 2

Individual Week Two Problems and Exercises

Resource: Ch. 3 of Financial Accounting

Complete Exercises E3-4 and E3-9.

Complete Problems 3-5A and 3-6A.

Submit as either a Microsoft Excel or Word document.

Learning Team Learning Team Reflection

Discuss the objectives for 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 Teams discussion.

Discussion Questions

What is accrual accounting? Why do generally accepted accounting principles require accrual accounting?

What is the difference between accrual and cash accounting? When might an accountant use cash basis accounting without violating generally accepted accounting principles?

What is the revenue recognition principle? What is the expense recognition principle? Why are they important to financial reporting?

Week 3

Individual Week Three Problems and Exercises

Resource: Ch. 4 of Financial Accounting

Complete Exercise BE4-1.

Complete Problems 4-2A and 4-3A.

Answer the following summary question: Commercial accounting and generally accepted accounting principles, generally prescribe the accrual basis of accounting over the cash basis. Describe both bases of accounting and explain the differences.

Submit as either a Microsoft Excel or Word document

Learning Team Learning Team Reflection

Discuss the objectives for 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 accounting.

Create adjusting entries.

Prepare an adjusted trial balance.

Write a 350- to 500-word summary of your Learning Teams discussion.

Discussion Questions

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?

How has automation aided the preparation, accuracy, and use of the financial statement worksheet?

Week 4

Individual Week Four Problem

Resource: Ch. 4 of Financial Accounting

Complete Problem 4-8A.

Submit as either a Microsoft Excel or Word document.

Learning Team Learning Team Reflection

Discuss the objectives for 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 worksheet.

Prepare a classified income statement, retained earnings statement, and balance sheet.

Write a 350- to 500-word summary of your Learning Teams discussion.

Learning Team Financial Reporting Problem, Part 1

Browse the Internet to acquire a copy of the most recent annual report for a publicly traded company.

Analyze the information contained in the companys balance sheet and income statement to answer the following questions:

What are the companys 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 companys net revenues for the last three annual reporting periods?

What is the change in dollars in the companys net income from its most recent annual reporting period to the previous annual reporting period?

What are the companys 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 companys balance sheet and income statement.

Format your paper consistent with APA guidelines.

Discussion Questions

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?

In a period of increasing prices, why would the company tax accountant prefer the last in, first out method while the CEO would prefer first in, first out? Why is this important?

Week 5

Individual Week Five Exercises

Resource: Ch. 57 of Financial Accounting

Complete Exercises BE51, BE52, BE6-5, BE6-7, and BE7-4, 7-5, and 7-6.

Answer the following summary question: What is the role of the Sarbanes-Oxley Act of 2002 in relation to the types of internal controls used by corporations such as those illustrated in Exercises 7-4, 7-5, and 7-6?

Submit as either a Microsoft Excel or Word document.

Learning Team Learning Team Reflection

Discuss the following:

In the wake of all the 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 Teams discussion.

Learning Team Financial Reporting Problem, Part 2

Access the Internet to acquire a copy of the most recent annual report for the publicly traded company used to complete the Financial Reporting Problem, Part 1 assignment due in Week Four.

Analyze the information contained in the companys balance sheet and income statement to answer the following questions:

Are the assets included under the companys current assets listed in the proper order? Explain your answer.

How are the companys assets classified?

What are cash equivalents?

What are the companys total current liabilities at the end of its most recent annual reporting period?

What are the companys total current liabilities at the end of the previous annual reporting period?

Considering all the information you have gathered, why might this information be important to potential creditors, investors, and employees?

Summarize the analysis in a 1,050-1,400 word paper in a Microsoft Word document.

Include a copy of the companys balance sheet and income statement.

Format your paper and presentation consistent with APA guidelines.

Discussion Questions

How would you describe the key internal controls that should be in place to protect cash in a cash rich environment such as a merchandiser?

Using examples of weak internal controls in an organization you are familiar with, how would you improve those controls to better safeguard a companys assets? Would these internal controls differ with a different type of business?

What is the Sarbanes-Oxley Act of 2002? Why did it come about? How have the new rules in the Sarbanes-Oxley Act of 2002 affected the way accounting departments and companies operate? What are some positive outcomes from these changes?