XACC 290 Entire Course All DQs


XACC/290 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

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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