http://homeworklance.com/downloads/acc-290-complete-course-material-week-1-5/
ACC 290 Whole Class Wk 1-5 – All Assignments, DQs and Summaries
Week 1 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.
Week 2
Resource: Chapter 1 and Chapter 2 of Financial Accounting
Complete Chapter 1: Questions # 5, 12, 14, 16 and Exercise E1-10
Chapter 2: Question: # 6
Resource: Chapter 2 and Chapter 3 of Financial Accounting
Complete Chapter 2: Exercises E2-10, E2-12, and Chapter 3: Problem 3-3A
Week 3
Resource: Ch. 4 of Financial Accounting
Complete Chapter 4: Questions # 2, 3, 4; Brief Exercises BE4-2, BE4-12, BE4-14 and BE4-15 and Exercise E4-5
Resource: Chapter 3 and Chapter 4 of Financial Accounting
Complete Chapter 3: Problem 3-5A and Chapter 4: Exercises E4-3 and E4-15.
Week 4
Resource: Ch. 5 and 6 of Financial Accounting
Complete Chapter 5: Brief Exercises BE5-1, BE5-3, BE5-4, BE5-7 and Chapter 6: Brief Exercises BE6-1, BE6-2 and BE6-3
Resource: Chapter 5 and Chapter 6 of Financial Accounting
Complete Chapter 5: Problem P5-7A and Chapter 6: Problem P6-3A
Week 5
Learning Team
Internal Control Paper/Presentation
Internal Controls Paper:
Prepare a 5-7 page paper, in which your entire team analyzes and answers the following:
a. What is the purpose of internal control?
b. Why is internal control important?
c. How can internal controls help or hinder a company’s success?
For the reminder of the paper, each team member will discuss and provide
examples from current (or prior) professional private, public,
not-for-profit, government or military experience, to answer the
following individually:
d. Who is (or was) responsible for establishing internal controls
within the organization? In your opinion, are (were) they successful in
accomplishing employee adherence to the corporate controls? Why or why
not?
e. Identify and discuss three examples of internal controls that your organization uses (used)?
f. How does (did) your organization determine if its internal controls are (were) effective and adhered to?
Properly cite all references for this paper.
Internal Controls Presentation:
The team will prepare a 15-20 minute oral presentation (accompanied by
approximately 5-8 Microsoft® PowerPoint® slides) illustrating each
member’s individual portion of the paper (items d, e and f as identified
above). During the presentation the team members will briefly share one
or more of their own real-life examples.
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?
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?
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)?
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?
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?
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?
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 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 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?
What 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?
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?
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?
