ACC 290 Academic Success/snaptutorial

ACC 290 Final Exam Guide
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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.
ACC 290 Week 1 Discussion Question 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?

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?
ACC 290 Week 1 Practice Quiz

Current assets are expected to be converted to cash or consumed within the

next year or the normal operating cycle, whichever is longer.
ACC 290 Week 1 Vocabulary Activity

Wiley PLUS Assignment: Week 1 Vocabulary Activity

Resource: Wiley PLUS
Complete the following Week 1 Assignment in Wiley PLUS:
Chapter 1 Wiley PLUS Crossword Puzzle 1
ACC 290 Week 1 Wiley Plus Assignment DI

1-3, E1-3,E1-4, E2-4, IFRS2-4

Wiley PLUS Assignment: Week 1 Assignment

DO IT! 1-3
Exercise 1-3
Exercise 1-4
Exercise Excel E 2-4
IFRS 2-4

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

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.
ACC 290 Week 2 LT Reflection Summary

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.

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


Chapter 2 Wiley PLUS Crossword Puzzle 1
ACC 290 Week 2 Wiley Plus Assignment BY

P2-2, IFRS2-6, E3-4, E3-8, BYP 3-2, IFR
S 3-2, P3-5, P3-6


BYP 2-2
ACC 290 Week 3 4 Learning Team Financial

Reporting Problem , Part 1 (2 Different
Papers)

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 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
period? Why is this important?
reporting
ACC 290 Week 3 Discussion Questions 1

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?
ACC 290 Week 3 Discussion Questions 2

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?

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

Wiley PLUS Assignment: Week 3 Practice Quiz

Chapter 4 Practice Quiz
ACC 290 Week 3 Wiley Plus Assignment B

E4-1, P4-2A, P4-3A, BYP4


Brief Exercise 4-1
Problem 4-2A
ACC 290 Week 4 5 Individual Assignment Fi

nancial Reporting Problem Part II (2 Diff
erent Papers)

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.

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 three different inventory cost flow assumptions commonly used in
commerce today and allowed by generally accepted accounting principles?

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.


Chapter 5 Crossword Puzzle 1
ACC 290 Week 4 Wiley plus Assignment P4

-8A, BYP5-1, BYP5-2, BE5-1, BE5-2, IFRS
5-2, IFRS5-4, Do it 5-3, 5-4

Problem 4-8A
BYP 5-1
BYP 5-2
Question 2
Brief Exercise 5-1

What is the control environment? How does the control environment affect a
companys internal controls? What are the negative and positive elements of a control
environment?
ACC 290 Week 5 IFRS Paper

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.
ACC 290 Week 5 Learning Team

Reflection Summary

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 Teams discussion.
ACC 290 Week 5 Wiley Plus Assignment

BE6-5, BE6-7, BYP6-1, BYP6-2, BE7-4,
BE7-6, BE5-1, BE5-2, BE7-5, E4-17, E418


Brief Exercise 6-5

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ACC 290 Final Exam Guide

For more classes visit

Jackson Company recorded the following cash transactions for the

Paid $135,000 for salaries.

ACC 290 Week 1 Discussion Question 1

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ACC 290 Week 1 Discussion Question 2

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ACC 290 Week 1 Practice Quiz

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Current assets are expected to be converted to cash or consumed within the

ACC 290 Week 1 Vocabulary Activity

For more classes visit

Wiley PLUS Assignment: Week 1 Vocabulary Activity

ACC 290 Week 1 Wiley Plus Assignment DI

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Wiley PLUS Assignment: Week 1 Assignment

ACC 290 Week 2 Discussion Question 1

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ACC 290 Week 2 Discussion Question 2

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Discuss the objectives for ACC 290 Week Two.

ACC 290 Week 2 LT Reflection Summary

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Discuss the objectives for ACC 290 Week Two.

ACC 290 Week 2 Practice Quiz

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ACC 290 Week 2 Vocabulary Activity

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Wiley PLUS Assignment: Week 2 Vocabulary Activity

ACC 290 Week 2 Wiley Plus Assignment BY

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Wiley PLUS Assignment: Week 2 Assignment

ACC 290 Week 3 4 Learning Team Financial

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Financial Reporting Problem Part I

ACC 290 Week 3 Discussion Questions 1

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ACC 290 Week 3 Discussion Questions 2

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ACC 290 Week 3 Practice Quiz

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ACC 290 Week 3 Vocabulary Activity

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Wiley PLUS Assignment: Week 3 Practice Quiz

ACC 290 Week 3 Wiley Plus Assignment B

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Wiley PLUS Assignment: Week 3 Assignment

ACC 290 Week 4 5 Individual Assignment Fi

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ACC 290 Week 4 Discussion Question 1

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ACC 290 Week 4 Discussion Question 2

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ACC 290 Week 4 Practice Quiz

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A service company's operating cycle is ordinarily shorter than that of a

ACC 290 Week 4 Vocabulary Activity

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Wiley PLUS Assignment: Week 4 Vocabulary Activity

ACC 290 Week 4 Wiley plus Assignment P4

Wiley PLUS Assignment: Week 4 Assignment

ACC 290 Week 5 Discussion Question 1

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