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2. ACC 290 FINAL EXAM GUIDE  ACC 290 Finals  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. ACC 290 WEEK 1 DISCUSSION QUESTION 1  ACC 290 Week One - DQ #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?

3. 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  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.

4. 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 DI1-3, E1-3,E1-4  Wiley PLUS Assignment: Week 1 Assignment  Resource: Wiley PLUS  Complete the following Week 1 Assignment in Wiley PLUS:  DO IT! 1-3  Exercise 1-3  Exercise 1-4  Exercise Excel E 2-4  IFRS 2-4

5. 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?

6. 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. ACC 290 WEEK 2 PRACTICE QUIZ  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

7. ACC 290 WEEK 2 VOCABULARY ACTIVITY  Wiley PLUS Assignment: Week 2 Vocabulary Activity  Resource: Wiley PLUS  Complete the following Week 2 Assignment in Wiley PLUS:  Chapter 2 Wiley PLUS Crossword Puzzle 1 ACC 290 WEEK 2 WILEY PLUS ASSIGNMENT BYP2-2, IFRS2-6  Wiley PLUS Assignment: Week 2 Assignment   Resource: Wiley PLUS   Complete the following Week 2 Assignment in Wiley PLUS:   BYP 2-2   IFRS 2-6   Exercise 3-4

8. ACC 290 WEEK 3/4 LEARNING TEAM FINANCIAL REPORTING PROBLEM  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 company’s balance sheet and income statement to answer the following questions: 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?

9. 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? ACC 290 WEEK 3 PRACTICE QUIZ  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

10. ACC 290 WEEK 3 VOCABULARY ACTIVITY  Wiley PLUS Assignment: Week 3 Practice Quiz  Resource: Wiley PLUS  Complete the following Week 3 Assignment in Wiley PLUS:  Chapter 4 Practice Quiz ACC 290 WEEK 3 WILEY PLUS ASSIGNMENT BE4-1, P4-2A  Wiley PLUS Assignment: Week 3 Assignment   Resource: Wiley PLUS   Complete the following Week 3 Assignment in Wiley PLUS:   Brief Exercise 4-1   Problem 4-2A

11. ACC 290 WEEK 4/5 INDIVIDUAL ASSIGNMENT FINANCIAL REPORTING PROBLEM  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. Analyze the information contained in the company’s balance sheet ACC 290 WEEK 4 DISCUSSION QUESTION 1  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?

12. 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? ACC 290 WEEK 4 PRACTICE QUIZ  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.

13. ACC 290 WEEK 4 VOCABULARY ACTIVITY  Wiley PLUS Assignment: Week 4 Vocabulary Activity  Resource: Wiley PLUS  Complete the following Week 4 Assignment in Wiley PLUS:  Chapter 5 Crossword Puzzle 1 ACC 290 WEEK 4 WILEY PLUS ASSIGNMENT P4-8A, BYP5-1  Wiley PLUS Assignment: Week 4 Assignment  Resource: Wiley PLUS  Complete the following Week 4 Assignment in Wiley PLUS:  Problem 4-8A  BYP 5-1  BYP 5-2  Question 2  Brief Exercise 5-1

14. ACC 290 WEEK 5 DISCUSSION QUESTION 1  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? 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. 

15. ACC 290 WEEK 5 LEARNING TEAM REFLECTION SUMMARY  Reflection and Financial Reporting Problem Part II.   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? ACC 290 WEEK 5 WILEY PLUS ASSIGNMENT BE6-5, BE6-7  Wiley PLUS Assignment: Week 5 Assignment   Resource: Wiley PLUS   Complete the following Week 5 Assignment in Wiley PLUS:   Brief Exercise 6-5   Brief Exercise 6-7

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