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Accounting

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ACC 280 Week 2 - $10.00

Week 2:

Assignments from the Readings

Prepare written answers to the following assignments from the text, Financial Accounting 6thed:

Chapter 1:

1)    Exercise E1-1

2)    Exercise E1-5

3)    Exercise E1-12

4)    Exercise E1-13

Chapter 2:

1)    Exercise E2-2

2)    Exercise E2-3

Chapter 7:

Exercise E7-3

Learning Team Assignments

Resources: Internet or other resources; annual report for the company of your choice

Select a company for analysis by your team that has been (1) profitable for the last three fiscal years, (2) is not a bank/financial institution, and (3) is on a major U.S. Stock Exchange.

Attain instructor approval of the selected company.

Acquire a copy of the selected company’s most recent annual report by using the Internet or other resources.

Prepare 1,050- to 1,400-word Executive Summary, using the information contained in the company’s balance sheet and income statement, answering the following questions, noting that annual reporting period and fiscal year mean year-end numbers

Discussion Questions:

Week 2:

What are the four different adjusting entries?  What accounting assumptions necessitate the use of adjusting entries?  What accounts are subject to adjusting journal entries?  What are the advantages and disadvantages of using automated accounting systems to do adjusting entries?  What are your thoughts on making adjusting entries; are they really needed or is this just extra work by accountants?

Which basis of accounting do most companies use, cash or accrual?  Why?  Which method is approved by GAAP?  Why?  What are the positives and negatives of each?  Is it legal for an organization to keep two sets of accounting records; one for tax and one for book?  Why or why not?  What transactions might fall under a dual method?

When is the trial balance prepared?  What is the purpose of preparing a trial balance?  What does the trial balance tell you?  What does the trial balance not tell you?  Why not use the Trial Balance to report financial information internally and externally?  What limitations does it have over formal financial statements?

Prepare written answers to the following assignments from the text, Financial Accounting 6thed: - $5.29

Week 2:

Assignments from the Readings

Prepare written answers to the following assignments from the text, Financial Accounting 6thed:

Chapter 1:

1)    Exercise E1-1

2)    Exercise E1-5

3)    Exercise E1-12

4)    Exercise E1-13

Chapter 2:

1)    Exercise E2-2

2)    Exercise E2-3

Chapter 7:

Exercise E7-3

Select a company for analysis by your team that has been (1) profitable for the last three fiscal ye - $5.29

Week 2:

Learning Team Assignments

Resources: Internet or other resources; annual report for the company of your choice

Select a company for analysis by your team that has been (1) profitable for the last three fiscal years, (2) is not a bank/financial institution, and (3) is on a major U.S. Stock Exchange.

Attain instructor approval of the selected company.

Acquire a copy of the selected company’s most recent annual report by using the Internet or other resources.

Prepare 1,050- to 1,400-word Executive Summary, using the information contained in the company’s balance sheet and income statement, answering the following questions, noting that annual reporting period and fiscal year mean year-end numbers

Prepare written answers to the following assignments from Chapter 3 of the text, Financial Accountin - $5.29

Week 3:

Individual Assignments

Assignments from the Readings

Prepare written answers to the following assignments from Chapter 3 of the text, Financial Accounting 6th ed:

a.         Questions 2, 3, 4 and 8

b.         Exercise E3-7

c.         Exercise E3-8

ACC 280 Week 3 DQs - $5.29

Week 3:

What are the steps in completing the accounting cycle? Discuss the relationship between the amounts on the adjusted trial balance for an account and its ledger? Discuss the relationship of the adjusted trial balance and the amount on the financial statements? What is the affect on the financial statements of missing a step when completing the accounting cycle?

What are the main financial statements? In order of importance, list the statements. Why did you rank the statements in the order you did? Why does GAAP require all statements? Why is it necessary to prepare the formal financial statements if all the data are on the adjusted trial balance?

What are reversing entries? Why are reversing entries needed? What would be the affect if not made? What are the pros and cons of using reversing entries? What types of transactions may require reversing entries?

Prepare written answers to the following assignments from Chapter 3 Exercise E3-2 Problem P3-2A - $5.29

Week 3:

Learning Team Assignments

Assignments from the Readings

Prepare written answers to the following assignments from Chapter 3 of the text, Financial Accounting 6th ed:

a.         Exercise E3-2

b.         Problem P3-2A

Create a 15- to 20-slide Microsoft® PowerPoint® presentation using and illustrating your research fr - $5.29

Week 4

Learning Team Assignments

Executive Summary Presentation

Create a 15- to 20-slide Microsoft® PowerPoint® presentation using and illustrating your research from the Executive Summary, and revising for facilitator feedback.

Include speaker’s notes with each slide.

Format APA citations on a slide titled References.

Prepare written answers to the following assignments from Chapter 4 of the text - $5.29

Week 4

Individual Assignments

Assignments from the Readings

Prepare written answers to the following assignments from Chapter 4 of the text, Financial Accounting 6th ed:

a.         Exercise E4-2

b.         Exercise E4-3

c.         Exercise E4-4

Prepare written answers to the following assignments from Chapter 4 of the text Problem P4-2A - $5.29

Learning Team Assignments

Assignments from the Readings

Prepare written answers to the following assignments from Chapter 4 of the text, Financial Accounting 6th ed:

Problem P4-2A

ACC 280 Week 5 - $10.00

Week 5:

Individual Assignments

Assignments from the Readings

Prepare written answers to the following assignments from the text, Financial Accounting 6th ed:

a. Chapter 7:

Questions 1 and 2

b.Chapter 8:

Exercise E8-5

c.Chapter 15:

1)         Exercise E15-1

2)         Exercise E15.2

3)         Exercise E15-11

 

 

Learning Team Assignments

Assignments from the Readings

Prepare written answers to the following assignments from the text, Financial Accounting 6th ed:

Chapter 8:

BYP8-6 – Ethics Case

Chapter 15:

Problem P15-1

Problem P15-6

Be sure to show your calculations for each ratio using Excel (the details of the data used to calculate)

Discussion Questions:

Of the several regulatory bodies, which has the most affect on companies? Why? Do both public and nonpublic or not-for-profit organizations comply with the regulations of all regulatory bodies? Why or why not? Are there gray areas? How do companies assure compliance with regulations? How does your company comply? Any thoughts on how to streamline the regulatory process over accounting and finance?

What are some internal controls related to cash? Why is control over cash important? What are the pros and cons of segregation of duties over cash? Why is a bank reconciliation considered an internal control over cash? How does it provide control? What control violations might the bank reconciliation highlight?

What is an example of a potentially unethical accounting situation? Why is the situation unethical? What is meant by the statement, “You cannot teach ethics”? How do ethics affect the financial results of a company?