Wednesday, 13 March 2013

ACC 290 / ACC290

ACC 290 / ACC290 / ACC/290 / ACC-290 / ACC 290 
Course of FEB 2013 - Complete Course / Class / Entire Tutorial 

ACC 290 Week 1
Discussion Questions - Click here to Purchase DQ's

ACC 290 Week 1 DQ1
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.


The four basic financial statements are income, retained earnings, balance, and statement of cash flows. Financial statements provide a means for the business to judge the results of their operational or financial performance over a period of time. Income statements provide investors and the business a description of how profitable the business is performing within a specific period in time. Retained earnings are income that is left in the company (reinvested) that was not distributed to the stockholders. This statement explains why the retained earnings increased or decreased during a specific period in time. Balance sheets relay the financial status of the business at a specific period in time. The balance sheet lists the business assets, liabilities, and stockholder equity or assets = liabilities + stockholder equity. Statement of cash flows shows the gross receipts and gross payments or liquidity, over a specific period in time. These transactions include cash effects of operations, investing transactions, net increase / decrease, and the cash ending amount. 

The financial statement that I feel is most valuable is the statement of cash flows. This statement is just an inflow and outflow report of where the business stands. This statement allows lookers to understand how well / not well operations are performing and it shows where money is coming in and going out.

Kimmel, P. D., Weygandt, J. J., & Kieso, D. E. (2011). Financial accounting: Tools for business decision making (6th ed.). Hoboken, NJ: John Wiley & Sons.
University of Phoenix. ( 2011). Week One Supplemental notes: four basic financial statements. Retrieved from University of Phoenix, ACC290 - Principles of Accounting I website.

ACC 290 Week 1 DQ2
How would the financial statements be useful to managers and employees? How would the financial statements be useful to investors and creditors?

ACC 290 Week 1 DQ3
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?

Individual Assignment 
ACC 290 Week 1 Financial Statements Paper - Click here to Purchase This

ACC 290 Week 2

ACC 290 Week 2 Discussion Questions - Click here to Purchase DQ's

Acc 290 Week 2 DQ1
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?

ACC 290 Week 2 DQ2
What is the revenue recognition principle? What is the expense recognition principle? Why are they important to financial reporting?

ACC 290 Week 2 DQ3
What are adjusting entries and why are they necessary? What accounts are subject to adjusting journal entries and why? What are the types of adjusting entries (provide examples)?

ACC 290 Week 2 DQ4
When is the trial balance prepared? What does the trial balance tell you? What does the trial balance not tell 
you. How would you explain the purpose of the adjusted trial balance?

Individual Wiley Assignment 
ACC 290 Week 2 Individual Assignment Problems and Exercises Wiley Plus E 3-4,3-9,P3-5A,3-6A
Click here to Purchase This

Team Assignment  - Click here
Week 2 Learning Team Reflection Summary

ACC 290 Week 3

ACC 290 Week 3 Discussion Question's (DQ's)  - Click here

Week 3 DQ1
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?

Week 3 DQ2
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?

Week 3 DQ3
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?

ACC 290 Week 3 Individual Assignment Wiley Plus Exercises Click here
BE 4-1,
P4-2A (Waegelein Consulting), and
P4-3A (Olathe Hotel)

ACC 290 Week 4

ACC 290 Week 4 Discussion Question's (DQ's)  - Click here

Week 4 DQ1
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?

Week 4 DQ2
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?

Week 4 DQ3
Why do generally accepted accounting principles require the use of lower of cost or market in valuing inventory? 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?

ACC 290 week 4
The key to successful business operations is effective inventory management.” Do you agree? Explain.

Team Assignment
1) Week 4 Learning Team Assignment Financial Reporting Paper - Part 1
Company used 
  • Apple
  • PepsiCo
2) Week 4 Learning Team Reflection - Click here 

ACC 290 Week 4 Individual Assignment Wiley Plus Exercises:-
  • CHOI'S Window Washing Inc. Click here 
  • Dustbusters Cleaning Services Click here 
  • (Linda) Cardinal Window Washing Inc. Click here 
  • Pro Window Washing Inc. Click here 

ACC 290 Week 5

ACC 290 Week 5 Discussion Question's (DQ's)  - Click here

Week 5 DQ1What 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?
Week 5 DQ2How would you describe the key internal controls that should be in place to protect cash in a cash rich environment such as a merchandiser?

Week 5 DQ3What 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?

Week 5 DQ # 4Using examples of weak internal controls in an organization you are familiar with, how would you improve those controls to better safeguard a company’s assets? Would these internal controls differ with a different type of business?

Team Assignment
Week 5 Learning Team Assignment Financial Reporting Paper - Part II

ACC 290 Week 5 Individual Assignment Wiley Plus Exercises:- - Click here
    BE5-1, BE5-2, BE6-5, BE6-7, BE7-4, BE7-5, BE7-6

    ACC290 ACC/290 ACC 290 Week 5 30 MCQ's / Final Exam / With Full Marks Proof Picture
    Click here

    Course of FEB 2013
    ACC 290 Complete Course / ACC290 Entire Course / ACC/290 Week 1 to Week 5 / ACC290 / ACC/290 / ACC 290


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