ACC 290 All Participations

ACC 290 All Participations Link

https://uopcourses.com/category/acc-290-participations/

ACC/290

PRINCIPLES OF ACCOUNTING I

 

The Latest Version A+ Study Guide

 

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ACC 290 All Participations Link

https://uopcourses.com/category/acc-290-participations/

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ACC 290 Week 1 participation Debit and Credit Procedure
Hi Class,

In your opinion, 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 participation Four Basic Financial Statements
Hi Class,

 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?

 

 

ACC 290 Week 1 participation Users of Financial Statements
Hi Class,

 In your opinion, how are financial statements useful to managers and employees? How are financial statements useful to investors and creditors? Explain.

 

 

ACC 290 Week 2 participation Accruals and Adjusting Entries
Hi Class,

What are accruals? Provide examples of accruals. Why do accruals require adjusting entries?

 

 

ACC 290 Week 2 participation Revenue and Expense Recognition Principle
Hi Class,

 What is the revenue recognition principle? What is the expense recognition principle? In your opinion, why are these important to financial reporting?

 

 

ACC 290 Week 2 participation Deferrals and Adjusting Entries
Hi Class,

What are deferrals? What are some examples of deferrals? Why do deferrals require adjusting entries?

 

 

ACC 290 Week 3 participation Four Closing Journal Entries
Hi Class,

What are the four closing journal entries? In your opinion, why are these necessary?

 

 

ACC 290 Week 3 participation Completing the Accounting Cycle
Hi Class,

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?

 

 

ACC 290 Week 3 participation Financial Statement Worksheet
Hi Class,

In your opinion, what is the main purpose and benefits of a financial statement worksheet? 


How has automation aided the preparation, accuracy, and use of the financial statement worksheet?

 

 

ACC 290 Week 4 participation Cost of Goods Sold
Hi Class,

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?

 

 

ACC 290 Week 4 participation Perpetual and Physical Inventory Systems
Hi Class,

Why are perpetual inventory systems so much more popular today than back in the early 1960s and earlier? Why would a company employing a perpetual inventory system still take a physical inventory periodically?

 

 

ACC 290 Week 4 participation Journal Entries for Merchandising Companies
Hi Class,

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?

 

 

ACC 290 Week 5 participation Control Environment
Hi Class,

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?

 

 

ACC 290 Week 5 participation Strong and Weak Internal Controls
Hi Class,

What are two examples of strong and weak internal controls in organizations where you have worked or have first-hand knowledge? How are these different?

Using examples of weak internal controls in an organization you are familiar with, how would you improve those controls to better safeguard a company's assets? Would these internal controls differ with a different type of business?

 

 

ACC 290 Week 5 participation Key Internal Controls
Hi Class,

What are the key internal controls that should be in place to protect inventory for a merchandiser that sells highly desirable and very expensive inventory, such as jewelry? Would this be different if the business had a less desirable and less expensive inventory? Explain why or why not.

 
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