XACC 290 Entire Course All DQs

XACC 290 Entire Course All DQs

Week 1 DQ1
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.
Week 1 DQ 2
What is the purpose of the general ledger and why are transactions posted there? Provide an example of when you would use a general ledger.
Week 3 DQ1
What is the revenue recognition principle? What is the expense recognition principle? In your opinion, why are these important to financial reporting?
Week 3 DQ2

How would you explain the purpose of the adjusted trial balance to someone who knew nothing about it?
Week 5 DQ1
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?
Week 5 DQ2
In your opinion, what is the main purpose and benefits of a financial statement worksheet?
Week 7 DQ1
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?
Week 7 DQ2
In a period of increasing prices, why would the company tax accountant prefer the last in, first out method while the CEO would prefer first in, first out?
Week 9 Capstone Discussion Question.

• 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)?
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