ACC 280 COMPLETE COURSE

ACC 280 COMPLETE COURSE

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ACC 280 Complete Course,
ACC 280 (Principles of Accounting)

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Week 1

Week 1 DQ 1

What are the four basic financial statements? What do the different financial statements

tell you about a company? Which financial statement is the most useful? Why?

Week 1 DQ 2

What types of information is provided to managers in your department and how do managers

in your organization use information presented in financial statements? What is your experience

with financial statements?

If you don't have experience with the statements, what experience would you like to obtain?

Week 1 DQ 3

What is the debt and credit?

Week 1 DQ 4

Who are the different users of accounting information? What are the differences between

managerial and financial accounting? What is the role of the CPA and how does it differ

from other accountants? What is the value of the accounting function in your organization,

both internally and externally?

Week 1 Assignment:
Prepare a 700-1,050-word paper in which you define the purpose of accounting and identify the four basic financial statements. Be sure to explain how they are interrelated with each other, any why they are useful to managers, investors, creditors, and employees.

ACC 280 Week 2

Week 2 DQ 1

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?

Week 2 DQ 2

Which basis of accounting does 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?

Week 2 DQ 3

Please post your response to the following discussion question by clicking on Reply.

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?

Week 2 DQ 4

Fiscal Year

Week 2 Assignments from the Readings

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

Chapter 1:

1) Exercise E1-1

2) Exercise E1-5

3) Exercise E1-12

4) Exercise E1-1

Chapter 2:

1) Exercise E2-2

2) Exercise E2-3

Chapter 7:

Exercise E7-3

ACC 280 Week 3

Week 3 DQ 1

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?
Week 3 DQ 2

What is the impact on the financial statements of missing a step when completing the accounting cycle?

Is a mistake on the income statement more damaging than a mistake on the balance sheet?

Why or why not? How do we insure that mistakes do not happen in the closing process?

Week 3 DQ 3

In order of importance, list the statements. Why did you rank the statements in the order you did?

(This is different than just choosing one to be most important like last week.)

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?

Week 3 DQ 4

What are reversing entries? Why are reversing entries needed? What would be the impact if not made?

What are the pros and cons of using reversing entries? What types of transactions may require reversing entries?

ACC 280 Week 3 Assignment; Assignments from the Reading Neosho River Resort Inc

ACC 280 Week 3 Individual Assignment Chapter Questions 2, 3, 4, and 8

ACC 280 Week 3 Individual Assignment; Exercises E3-7 and E3-8)

ACC 280 Week 4

Week 4 DQ 1

What are the differences between vertical and horizontal analysis?

Which method would external users most likely use?

How about internal users? Discuss the uses of the two analysis methods and

how you would use each to analyze a company’s performance?

Week 4 DQ 2

What three specific ratios (not types) would you list as the most important? Why?

Beyond the basic financial statements what other information would you want in

order to fully analyze a company’s performance? Why?

Week 4 DQ 3

Why is it important to report discontinued operations or extraordinary items

separately from income from continuing operations?

Does the average investor understand the difference? In what way(s) might

the information be presented to clarify meaning for investors?

Week 4 DQ 4

What are the different types of financial ratios used to analyze financial performance?
Are some ratios more important than others?
Why? Which ratios are important to creditors? Investors? Managers? Why?
Week 4 DQ 5

What is the difference between public accounting and private accounting?

How does governmental accounting differ from both of them?

What is forensic accounting? What are other career options are there

in the accounting field? Which one sounds most interesting to you?

Week 4 Individual 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

Learning Team 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

Week 5 DQ 1

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?

Week 5 DQ 2

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?

Week 5 DQ 3

What aspect of this class did you find the most helpful? What would you change if you were given the opportunity?

Week 5 Assignments:

ACC 280 Week 5 Assignment Ethics Case (BYP8 - 6)

ACC 280 Week 5 Chap. 7(Quest.)

ACC 280 Week 5 Chap. 15 Exercises; E15 - 1, E15 - 2, E15 - 11)

ACC 280 Week 5 Chap. 15 Problems P15-1, P15-6

ACC 280 Week 5 Exercise E8 - 5.