XACC 290 All Assignments

XACC 290 All Assignments
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Week One: Basic Accounting Principles and Concepts
Details Due Points
Objectives 1.1 Identify the four basic financial statements.
1.2 Classify transactions using the rules of debit and credit.
Course Preparation Read the course description and objectives.
Read the instructor’s biography and post your own.
Reading Read Ch. 1 of Financial Accounting.
Reading Read Ch. 2 of Financial Accounting.
Reading Read Ch. 3 of Financial Accounting.
Participation Participate in class discussion. Any three (3) days during week 10
Discussion Questions Respond to weekly discussion questions. Tuesday
Thursday
10
CheckPoint
Financial Statements Write a 350- to 700-word summary in which you do the following:

• Identify the four basic financial statements.
• Describe the purpose of each of the four financial statements.
• Discuss how the financial statements would be useful to internal users such as managers and employees.
• Discuss how the financial statements would be useful to external users such as investors and creditors.

Format the summary consistent with APA guidelines. Friday 50
Summary of Week 1 Deliverables
Assignment Location Due
Discussion question 1 Main forum Tuesday
Discussion question 2 Main forum Thursday
Participation Main forum Any three (3) days during week
CheckPoint: Financial Statements Assignments link Friday



Week Two: Basic Accounting Principles and Concepts Cont.
Details Due Points
Objectives 2.1 Journalize basic transactions.
2.2 Post transactions from journals to ledgers.
Individual
Exercise 1 Resource: Ch. 3 of Financial Accounting
Complete Exercises E3-4 & E3-9.
Complete Problems 3-5A & 3-6A.
Submit as either a Microsoft® Excel® or Microsoft® Word document. Sunday 75




Summary of Week 2 Deliverables
Assignment Location Due
Assignment: Exercise 1 Assignments link Sunday

Week Three: Starting the Accounting Cycle
Details Due Points
Objectives 3.1 Differentiate between accrual basis and cash basis accounting.
3.2 Create adjusting entries.
Reading Read “Timing Issues” & “The Basics of Adjusting Entries sections” in Ch. 4 of Financial Accounting.
Participation Participate in class discussion. Any three (3) days during week 10
Discussion Questions Respond to weekly discussion questions. Tuesday
Thursday
10
CheckPoint
Accrual and Cash Accounting Write a 200- to 300-word paragraph answering the following questions:

• What is the difference between accrual and cash accounting?
• When might an accountant use cash basis accounting without violating generally accepted accounting principles?

Format your paragraph consistent with APA guidelines. Friday 50

Summary of Week 3 Deliverables
Assignment Location Due
Discussion question 1 Main forum Tuesday
Discussion question 2 Main forum Thursday
Participation Main forum Any three (3) days during week
CheckPoint: Accrual and Cash Accounting Assignments link Friday


Week Four: Starting the Accounting Cycle Cont.
Details Due Points
Objective 4.1 Prepare an adjusted trial balance.
Individual
Exercise 2 Resource: Ch. 4 of Financial Accounting
Complete Exercise BE4-1.
Complete Problems 4-2A & 4-3A.
Answer the following:

• Commercial accounting and generally accepted accounting principles, generally prescribe the accrual basis of accounting over the cash basis.
• Describe both bases of accounting and explain the differences.

Submit as either a Microsoft® Excel® or Microsoft® Word document Sunday 100
Summary of Week 4 Deliverables
Assignment Location Due
Assignment: Exercise 2 Assignments link Sunday


Week Five: Completing the Accounting Cycle
Details Due Points
Objective 5.1 Prepare closing entries, reversing entries, and a post-closing trial balance.
Reading Read “The Adjusted Trial Balance and Financial Statements” to “Appendix 4A” sections in Ch. 4 of Financial Accounting.
Reading Read Appendix A of Financial Accounting.
Reading Read Appendix B of Financial Accounting.
Reading Read Appendix C of Financial Accounting.
Participation Participate in class discussion. Any three (3) days during week 10
Discussion Questions Respond to weekly discussion questions. Tuesday
Thursday 10
CheckPoint
Reversing Entries Write a 200- to 300-word paragraph answering the following questions:

• What are the pros and cons of using reversing entries?
• Why are reversing entries optional?

Format your paragraph consistent with APA guidelines. Friday 50
Summary of Week 5 Deliverables
Assignment Location Due
Discussion question 1 Main forum Tuesday
Discussion question 2 Main forum Thursday
Participation Main forum Any three (3) days during week
CheckPoint: Reversing Entries Assignments link Friday

Week Six: Completing the Accounting Cycle Cont.
Details Due Points
Objective 6.1 Prepare a classified income statement, retained earnings statement, and balance sheet.
CheckPoint
Practice Problems 1 Resource: Ch. 4 of Financial Accounting
Complete Problem 4-8A.
Submit as either a Microsoft® Excel® or Microsoft® Word document. Friday 50
Individual
Financial Reporting Problem, Part 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?

• How much cash and cash equivalents did the company have at the end of its most recent annual reporting period?

• What amount of accounts payable did the company have at the end of its most recent annual reporting period?

• What amount of accounts payable did the company have at the end of the previous annual reporting period?

• What are the company’s net revenues for the last three annual reporting periods?

• What is the change in dollars in the company’s net income from its most recent annual reporting period to the previous annual reporting period?

• What are the company’s total current assets at the end of its most recent annual reporting period?

• What are the total current assets at the end of the previous annual reporting period?

• What in the information above would be important to a potential investor, employee, and so on?

Summarize the analysis in a 700- to 1,050-word paper in a Microsoft® Word document.
Include a copy of the company’s balance sheet and income statement.
Format your paper consistent with APA guidelines. Sunday 160

Summary of Week 6 Deliverables
Assignment Location Due
CheckPoint: Practice Problems 1 Assignments link Friday
Assignment: Financial Reporting Problem, Part 1 Assignments link Sunday

Week Seven: Inventory
Details Due Points
Objectives 7.1 Analyze the elements in the cost of goods sold calculation.
7.2 Record the transactions that involve the purchase and sale of merchandise.
Reading Read Ch. 5 of Financial Accounting.
Reading Read Ch. 6 of Financial Accounting.
Reading Read Ch. 7 of Financial Accounting.
Participation Participate in class discussion. Any three (3) days during week 10
Discussion Questions Respond to weekly discussion questions. Tuesday
Thursday
10
CheckPoint
Cost of Goods Write a 200- to 300-word paragraph answering the following questions:

• How would you calculate cost of goods sold?
• What items make up cost of goods sold?

Format your paragraph consistent with APA guidelines. Friday 50
Summary of Week 7 Deliverables
Assignment Location Due
Discussion question 1 Main forum Tuesday
Discussion question 2 Main forum Thursday
Participation Main forum Any three (3) days during week
CheckPoint: Cost of Goods Assignments link Friday


Week Eight: Inventory Cont.
Details Due Points
Objectives 8.1 Calculate ending inventory value using the LIFO, FIFO, LCM, and average cost methods.
8.2 Analyze the impact of inventory methods on net income or loss.
8.3 Summarize strengths and weaknesses of an internal control system.
8.4 Recommend improvements to internal control systems.
Individual
Exercise 3 Resource: Ch. 5–7 of Financial Accounting
Complete Exercises BE5–1, BE5–2, BE6-5, BE6-7, BE7-4, BE7-5, & BE7-6.
Submit as either a Microsoft® Excel® or a Microsoft® Word document. Sunday 25
Summary of Week 2 Deliverables
Assignment Location Due
Assignment: Exercise 3 Assignments link Sunday


Week Nine: Internal Controls
Details Due Points
Objective 9.1 Explain the effects of the Sarbanes-Oxley Act of 2002 on internal controls.
Reading Review Ch. 1–7 of Financial Accounting.
Participation Participate in class discussion. Any three (3) days during week 10
Capstone Discussion Question Respond to the 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)? Tuesday 50
Individual
Financial Reporting Problem, Part 2 Access the Internet to acquire a copy of the most recent annual report for the publicly traded company used to complete the Financial Reporting Problem, Part 1 assignment due in Week Six.

Analyze the information contained in the company’s balance sheet and income statement to answer the following questions:

• Are the assets included under the company’s current assets listed in the proper order? Explain your answer.
• How are the company’s assets classified?
• What are cash equivalents?
• What are the company’s total current liabilities at the end of its most recent annual reporting period?
• What are the company’s total current liabilities at the end of the previous annual reporting period?
• Considering all the information you have gathered, why might this information be important to potential creditors, investors, and employees?

Summarize the analysis in a 700- to 1,050-word paper in a Microsoft® Word document.
Include a copy of the company’s balance sheet and income statement.
Format your paper and presentation consistent with APA guidelines. Sunday 300
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