1. University-of-Phoenix ACC 290
Homework help
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ACC 290 WEEK 1 ASSIGNMENT
Write a 350- to 700-word summaryinwhichyoudo the following:
• Identifythe fourbasicfinancial statements.
• Describe the purpose of eachof the four financial statements.
• Discusshowthe financial statementswould be useful tointernaluserssuchasmanagersand
employees.
• Discusshowthe financial statementswouldbe useful toexternal userssuchasinvestorsand
creditors.
Format the summaryconsistentwithAPA guideline
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2. ACC 290 ASSIGNMENTWEEK 3
1 What is the difference betweenaccrual andcash accounting?
2 Whenmightan accountant use cash basisaccountingwithoutviolatinggenerallyaccepted
accountingprinciples?
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ACC 290 WEEK 5 ASSIGNMENT
1) What are the pros and consof usingreversingentries?
2) Why are reversingentriesoptional?
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ACC 290 WEEK 9 ASSIGNMENT
What do youpredictwill be the mostinfluentialemergingtechnologyforbusinessoverthe nextfive
years?Why doyou thinkthis?
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3. ACC 290 Week 1 Assignment
Resource:WileyPLUS
ClickAssignment:Week1AssignmentwithinWileyPLUStocomplete the followingexercises:
DO IT! Review1-3
Exercise 1-3
Exercise 1-4
Exercise 2-4
IFRS 2-4
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needyourassignmentreset,pleasecontactyourinstructorwhocan resetit at theirdiscretion.
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ACC 290 Week 1 Discussion1
4. What isAccounting?
Accountingisthe processof identifying,recording andcommunicatingthe economiceventsof an
organizationtointerestedusersof the information. Please use eitheryouraccountingexperiencesor
your knowledge of anorganization'stransactionstodiscussjustone of the processes.
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ACC/290Week 1 Discussion2
Why isGAAPimportant?
In the Reportof IndependentAccountantsinthe KelloggCompany'sAnnual Reportitstatesinpart,"In
our opinion,the accompanyingconsolidatedbalance sheetandthe relatedconsolidatedstatementsof
earnings,of shareholders'equityandof cash flowspresentfairly,inall material respects,the financial
positionof KelloggCompanyanditssubsidiaries...withgenerallyacceptedaccountingprinciples."
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ACC 290 Week 2 Discussion1
InventoryAdjustingEntry
A real worldexample of aninventoryadjustmententryistakenfrommyexperience asthe Controllerfor
a JohnDeere dealership. Sometimesausedtractor neededtobe reconditionedorrepairedtoprepare
5. it forresale. Occasionallyafterthe tractorwasin the shopthe mechanicwouldfindthatthe engine
neededtobe overhauledorsome othermajorrepairneededtobe done thatthe salesmanwhotraded
for itdidnot realize. The philosophyof the ownerof the dealershipwastobringthe trade-insintogood
conditionsothathe couldoffera short-termguarantee onthe majorcomponentsof the equipment.
Towardsthe endof the monththe SalesManagerwouldreview the original trade-invalueplusthe
amountof the reconditioningdone bythe shoptosee whatthe revisedbookvalue of the itemwasand
compare it to the currentestimatedretail value. Whenthe revisedbookvalue wastoohighcompared
to the estimatedretail valuethe SalesManagerwouldprepare adocumentthatthe Controllerwould
use to prepare an Inventoryadjustingentryatthe endof the month.
What do youthinkthe adjustingentryshouldbe tolowerthe bookvalue of the Trade-in? Why do you
thinkthisadjustingentryismade atthistime? What effectwouldthisentryhave onthe NetIncome for
thisAccountingperiod? (please note the differencebetweenInventoryAdjustments&Depreciation
Adjustments).
If you are notsure of what tosay, justwaiton someone else topostan"answer"andthenjustcomment
on their"answer"tojoininthe discussion.
Rememberthatthe contentof yourrepliesare notgraded,justyour Participationso youcanalwaysask
a substantive questionif youneedtoanditmay counttowards yourParticipationpoints.
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Adjusting-Entry-A-39057
ACC 290 Week 2 Discussion2
DepreciationAdjustingEntry
The textmentionsseveral examplesof whenadjustingentriesare needed. One of the examplesthatI
wishto highlightisthe entrytorecordthe DepreciationExpense forthe month. Oftenthe amountto
6. record isdeterminedbyestimatingthe usefullife of the assetanddividingthe numberof monthsinto
the cost of the assetto arrive at the monthlyamountto be expensed. Inthe real worldsometimesthe
useful lifewillchange. Forexample,computerequipmentthatcouldlast10 yearsis oftenobsoletein
lessthan5 yearsespeciallywhenitinvolvesnetworksystems. Where Ipreviouslyworkedwe recently
decidedtoreplace ourcomputerequipmentin3years insteadof 5 years.
What account shouldbe debitedandwhataccountshouldbe creditedtorevise the Depreciation
Expense? What effectwouldthisadjustingentryhave onthe NetIncome for thisAccountingperiod? If
youhave any experience withdepreciation,please share itwiththe class.
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ACC 290 Week 3 Discussion1
Completingthe accountingcycle
What are the stepsincompletingthe accountingcycle?How dothe differentstepsaffectthe financial
statements?Whatisthe effectonthe financial statementsof missingastepwhencompletingthe
accountingcycle?
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ACC 290 Week 4 Discussion1
SelectinganInventoryCostFlowMethod
7. If you had the choice of selectingbetweenanyof the InventoryCost Flow Methodsineitheraperpetual
or a periodicinventorysystemwhichwouldyouchose forthe companyyouare workingfor(assuming
that the companyhas inventories) andwhy?
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Inventory-Cost-F-39094
ACC 290 Week 3 Discussion2
Why doyou thinkthatmost companiesuse aClassified Balance Sheetinsteadof anUnclassifiedone?
Who do youthinkmightuse the UnclassifiedBalance Sheet?
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ACC 290 Week 4 Discussion2
Perpetual inventorysystems
Why are perpetual inventorysystemssomuchmore populartodaythan back inthe 1960s and earlier?
Why wouldacompanyemployingaperpetual inventorysystemstill take aphysical inventory
periodically?
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8. ACC 290 Week 2 Assignment
Resource:WileyPLUS
ClickAssignment:Week2AssignmentwithinWileyPLUStocomplete the followingexercises:
BYP 2-2
IFRS 2-6
Exercise 3-4
Exercise 3-8
Exercise 3-10
BYP 3-2
IFRS 3-2
Problem3-5A
Problem3-6A
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Note:Gradesfor WileyPLUSassignmentswill notappearinthe Classroomgradebookareaorshowas
completeduntil afteryourinstructorhasreviewedthe contentinWileyPLUSandaddeditto the
Gradebookinthe Classroomas the twogradebooksare not linked. Inaddition,if,forsome reason you
needyourassignmentreset,pleasecontactyourinstructorwhocan resetit at theirdiscretion.
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9. ACC 290 Week 3 Assignment
Resource:WileyPLUS
ClickAssignment:Week3AssignmentwithinWileyPLUStocomplete the followingexercises:
Brief Exercise 4-1
Problem4-2A
Problem4-3A
BYP 4-1
IFRS Practice Question1
IFRS Practice Question2
IFRS Practice Question3
IFRS Practice Question4
Clickthe AssignmentFilestabtosubmityourMicrosoftExcel® spreadsheetshowingyourwork.
Note:Gradesfor WileyPLUSassignmentswill notappearinthe Classroomgradebookareaorshowas
completeduntil afteryourinstructorhasreviewedthe contentinWileyPLUSandaddeditto the
Gradebookinthe Classroomas the twogradebooksare not linked. Inaddition,if,forsome reasonyou
needyourassignmentreset,pleasecontactyourinstructorwhocan resetit at theirdiscretion.
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