ACC 290 Final Exam Guide (New) Question 1 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. Question 2 Which of the following describes the classification and normal balance of the Unearned Rent Revenue account? ACC 290 Final Exam guide 1)Which financial statement is used to determine cash generated from operations? 2) In terms of sequence, in what order must the four basic financial statements be prepared? 3) In classifying transactions, which of the following is true in regard to assets?

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? ACC 290 Week 1 Discussion Question 2 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 (New) Question 1 Current assets are expected to be converted to cash or consumed within the next year or the normal operating cycle, whichever is longer. Current assets are economic resources that are expected to be converted to cash or used up by the business within one year or the normal operating cycle, whichever is shorter. ACC 290 Week 1 Vocabulary Activity (New) WileyPLUS Assignment: Week 1 Vocabulary Activity Resource: WileyPLUS Complete the following Week 1 Assignment in WileyPLUS: Chapter 1 WileyPLUS Crossword Puzzle 1

ACC 290 Week 1 Wiley Plus Assignment DI 1-3, E1-3,E1-4, E2-4, IFRS2-4 (New) WileyPLUS Assignment: Week 1 Assignment Resource: WileyPLUS Complete the following Week 1 Assignment in WileyPLUS: DO IT! 1-3 Exercise 1-3 Exercise 1-4 Exercise Excel E 2-4v ACC 290 Week 2 Discussion Question 1 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 entries?

ACC 290 Week 2 Discussion Question 2 What accounts are subject to adjusting journal entries and why? How would you explain the purpose of the adjusted trial balance? ACC 290 Week 2 LT Reflection Summary (New) 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. Prepare an adjusted trial balance. Write a 350 to 500 word summary of your Learning Team’s discussion

ACC 290 Week 2 Practice Quiz (New) 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 Question 3 Payment of a dividend ACC 290 Week 2 Vocabulary Activity (New) WileyPLUS Assignment: Week 2 Vocabulary Activity Resource: WileyPLUS Complete the following Week 2 Assignment in WileyPLUS: Chapter 2 Wiley PLUS Crossword Puzzle 1

ACC 290 Week 2 WileyPlus Assignment BYP2-2, IFRS2-6, E3-4, E3-8, BYP 3-2, IFRS 3-2, P3-5, P3-6 (New) Complete the following Week 2 Assignment in WileyPLUS: BYP 2-2 IFRS 2-6 Exercise 3-4 Exercise 3-8 ACC 290 Week 3 by 4 Learning Team Financial Reporting Problem Part 1 (New) Browse the Internet to acquire a copy of the most recent annual report for a publicly traded company. Analyze the information contained in the company’s balance sheet and income statement to answer the following questions: What are the company’s 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?

ACC 290 Week 3 Discussion Question 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 Question 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?

ACC 290 Week 3 LT Reflection Summary Complete the following Week 2 Assignment in WileyPLUS: BYP 2-2 IFRS 2-6 Exercise 3-4 Exercise 3-8 ACC 290 Week 3 Practice Quiz (New) 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

ACC 290 Week 3 Vocabulary Activity (New) Complete the following Week 2 Assignment in WileyPLUS: BYP 2-2 IFRS 2-6 Exercise 3-4 Exercise 3-8 ACC 290 Week 3 Wiley Plus Assignment BE4-1, P4-2A, P4-3A, BYP4-1 (New) Browse the Internet to acquire a copy of the most recent annual report for a publicly traded company. Analyze the information contained in the company’s balance sheet and income statement to answer the following questions: What are the company’s 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?

ACC 290 Week 4 by 5 Individual Assignment Financial Reporting Problem Part II (New) Complete the following Week 2 Assignment in WileyPLUS: BYP 2-2 IFRS 2-6 Exercise 3-4 Exercise 3-8 ACC 290 Week 4 Discussion Question 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 company’s balance sheet and income statement to answer the following questions: What are the company’s 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?

ACC 290 Week 4 Discussion Question 2 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? How does first in, first out cost flow assumption work? When it is most appropriate to use? How does last in, first out cost flow assumption work? When it is most appropriate to use? How does an average cost flow assumption work? When it is most appropriate to use? ACC 290 Week 4 LT Reflection Summary Browse the Internet to acquire a copy of the most recent annual report for a publicly traded company. Analyze the information contained in the company’s balance sheet and income statement to answer the following questions: What are the company’s 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?

ACC 290 Week 4 Practice Quiz (New) Question 1 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. ACC 290 Week 4 Vocabulary Activity (New) Browse the Internet to acquire a copy of the most recent annual report for a publicly traded company. Analyze the information contained in the company’s balance sheet and income statement to answer the following questions: What are the company’s 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?

ACC 290 Week 4 Wiley plusAssignment P4-8A, BYP5-1, BYP5-2, BE5-1, BE5-2, IFRS5-2, IFRS5-4, Do it 5-3, 5-4 (New) Complete the following Week 2 Assignment in WileyPLUS: BYP 2-2 IFRS 2-6 Exercise 3-4 Exercise 3-8 ACC 290 Week 5 Discussion Question 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 company’s balance sheet and income statement to answer the following questions: What are the company’s 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?

ACC 290 Week 5 IFRS Paper (New) 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 (New) 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 Team’s 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, E4- 18 (New) Resource: WileyPLUS Complete the following Week 5 Assignment in WileyPLUS: Brief Exercise 6-5 Brief Exercise 6-7 BYP 6-1 BYP 6-2 Brief Exercise 7-4 Brief Exercise 7-5 Brief Exercise 7-6