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ACC 290 Week 3/4 Learning Team Financial Reporting
Problem, Part 1 !!2 "i##erent Paper$!!%&e'%
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Financial Reporting Problem Part I 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 !hat are the
company’s total assets at the end of its most recent annual reporting
period" !hy is this important" !hat are the total assets at the end of
the pre#ious annual reporting period" $ow much cash and cashequi#alents did the company ha#e at the end of its most recent annual
reporting period" !hat amount of accounts payable did the company
ha#e at the end of its most recent annual reporting period" !hat
amount of accounts payable did the company ha#e at the end of the
pre#ious annual reporting period" !hat are the company’s net
re#enues for the last three annual reporting periods" !hat is the
change in dollars in the company’s net income from its most recentannual reporting period to the pre#ious annual reporting period" !hat
are the company’s total current assets at the end of its most recent
annual reporting period" !hat are the total current assets at the end of
the pre#ious annual reporting period" !hat in the information abo#e
would be important to a potential in#estor% employee% and so on"
&ummarize the analysis in a '%()(*'%+(( word paper in a ,icrosoft-
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!ord document. Include a copy of the company’s balance sheet and
income statement. Format your paper consistent with APA guidelines.
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ACC 290 Final *+am )i-e &e'%
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ACC 290 Finals Question 1 Jackson Company recorded the following
cash transactions for the year !aid "1#$%000 for salaries& !aid
"'0%000 to purchase office e(uipment& !aid "1$%000 for utilities& !aid
"'%000 in di)idends& Collected "2$%000 from customers& Question 2
+hich of the following descri,es the classification and normal
,alance of the -nearned .ent .e)enue account/ Question # !osting
Question he following is selected information from Corporation
for the fiscal year ending cto,er #1% 201& Cash recei)ed from
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customers "#00%000 .e)enue earned #90%000 Cash paid for e3penses
140%000 Cash paid for computers on 5o)em,er 1% 201# that will ,e
used for # years 6%000 73penses incurred including any depreciation
21'%000 Question $ a 8ore Company had the following transactionsduring 201#& :ales of "%$00 on account Collected "2%000 for
ser)ices to ,e performed in 201 !aid "1%#2$ cash in salaries
!urchased airline tickets for "2$0 in ;ecem,er for a trip to take
place in 201 Question ' +hich one of the following is not a
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Clim,ers Company has the following in)entory data July 1
eginning in)entory 20 units at "19 "#60 4 !urchases 40 units at "20
1%00 22 !urchases 10 units at "22 220 "2%000 A physical count of
merchandise in)entory on July #0 re)eals that there are #2 units onhand& -sing the F?F in)entory method% the amount allocated to cost
of goods sold for July is Question 1 Jenks Company de)eloped the
following information a,out its in)entories in applying the lower of
cost or market @C8 ,asis in )aluing in)entories !roduct Cost
8arket A "$4%000 "'0%000 0%000 #6%000 C 60%000 61%000
Question 1$ 5ilson Company gathered the following reconciling
information in preparing its August ,ank reconciliation Cash,alance per ,ooks% 6#1 "21%000 ;eposits in transit 900 5otes
recei)a,le and interest collected ,y ,ank $%100 ank charge for check
printing 120 utstanding checks 12%000 5:F check 1%020 Question
1' +hich of the following is not a ,asic principle of cash
management/ Question 14 -se the following data to determine the
total dollar amount of assets to ,e classified as property% plant% and
e(uipment& 7ddy Auto :upplies alance :heet ;ecem,er #1% 201Cash "6%000 Accounts paya,le "110%000 Accounts recei)a,le 60%000
:alaries and wages paya,le 20%000 ?n)entory 10%000 8ortgage
paya,le 160%000 !repaid insurance '0%000 otal lia,ilities "#10%000
Question 16 Accounting information is rele)ant to ,usiness decisions
,ecause it Question 19 Goward Company had a transaction that
caused a "$%000 increase in ,oth assets and total lia,ilities& his
transaction could ha)e ,een a@n Question 20 Can financial statements ,e prepared directly from the ad
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"#$%400 for F?F and "29%00 for ?F& he ta3 rate is #0H& he
,onus rate is 20H& Gow much higher is the managerIs ,onus if F?F
is adopted instead of ?F/ Question 2' Classic Floors has the
following in)entory data July 1 eginning in)entory 1$ units at"'&00 $ !urchases '0 units at "'&'0 1 :ale 0 units 21 !urchases #0
units at "4&20 #0 :ale 26 units Assuming that a perpetual in)entory
system is used% what is the cost of goods sold on a ?F ,asis for
July/ Question 24 Classic Floors has the following in)entory data
July 1 eginning in)entory 1$ units at "'&00 $ !urchases '0 units at
"'&'0 1 :ale 0 units 21 !urchases #0 units at "4&20 #0 :ale 26
units Assuming that a perpetual in)entory system is used% what is the)alue of ending in)entory on a ?F ,asis for July/ Question 26
+hich of the following is not one of the main factors that contri,ute
to fraudulent acti)ity/ Question 29 +hat is the rationale for the
internal control principle% segregation of duties/ Question #0 -nder
?F.:
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ACC 290 Week 1 "i$c)$$ion .)e$tion 1
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A /0( !ee1 2ne * 34 5' !hat are the four basic financial
statements" !hat is the primary purpose of each of the four basic
financial statements" In your opinion% which financial statement is the
most important" 67plain why. $ow would the financial statements be
useful to managers and employees" $ow would the financial
statements be useful to in#estors and creditors"
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ACC 290 Week 1 "i$c)$$ion .)e$tion 2
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!hat are debits and credits" $ow are debits and credits used to record
business transactions" !hy do accountants debit asset accounts to
increase them but credit liability accounts to increase them" !hy do
accountants debit e7penses to increase them but credit re#enues to
increase them"
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ACC 290 Week 1 n-ii-)al A$$ignment Financial
tatement$ Paper
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Indi#idual * Financial &tatements Paper * Prepare a 8(( *'%()( word
paper in which you identify the four basic financial statements.
3escribe the purpose of each of the four financial statements. 3iscuss
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how the financial statements would be useful to internal users% such as
to managers and employees. 3iscuss how the financial statements
would be useful to e7ternal users% such as in#estors and creditors.
Format paper according to APA standards.
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ACC 290 Week 1 Practice .)i&e'%
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4uestion ' urrent assets are e7pected to be con#erted to cash or
consumed within the ne7t year or the normal operating cycle%
whiche#er is longer. urrent assets are economic resources that are
e7pected to be con#erted to cash or used up by the business within
one year or the normal operating cycle% whiche#er is shorter. 4uestion
/ 9and or a building which is currently not used in operation is
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considered to be a long*term in#estment. A company purchased a tract
of land on which it e7pects to build a production plant on in
appro7imately fi#e years. 3uring the fi#e years before construction%
the land will be idle. In what classification should the land bereported" 4uestion : ommon stoc1 and retained earnings are both
elements of stoc1holders’ equity. ommon stoc1 of ;)(%((( plus
retained earnings of ;8(%((( equals ;'/(%((( in stoc1holders’ equity.
urrent liabilities are ;'(%(((% long*term liabilities are ;/(%(((%
common stoc1 is ;)(%(((% and retained earnings totals ;8(%(((. $ow
much is total stoc1holders< equity" 4uestion + =et income >;/+%(((?
di#ided by a#erage shares outstanding >@%(((? ;+.((share. For/('+% &toneland orporation reported net income% ;/+%(((C net sales%
;+((%(((C and a#erage shares outstanding% @%(((. Dhere were no
preferred stoc1 di#idends. $ow much was the /('+ earnings per
share" 4uestion ) Dhe beginning balance of retained earnings is the
ending balance minus net income plus di#idends. !or1ing bac1wards%
;E ;+(/%((( * ;:+%((( ;/%'G+%(((. Dherefore% beginning retained
earnings ;'%G'@%(((. At 3ecember :'% /('+% &horts ompany hadretained earnings of ;/%'G+%(((. 3uring /('+% the company issued
stoc1 for ;0G%(((% and paid di#idends of ;:+%(((. =et income for
/('+ was ;+(/%(((. $ow much was the retained earnings balance at
the beginning of /('+" 4uestion @ Dhe current ratio measures
liquidity and higher means the company is more liquid. Dhe debt to
assets ratio measures sol#ency and higher is not always better. !e
don’t 1now how many outstanding shares each company has so wecannot compare profitability. Dhe following ratios are a#ailable for
9eer Inc. and &table Inc. urrent Ratio 3ebt to Assets Ratio 6arnings
per &hare 9eer Inc. /' 8)H ;:.)( &table Inc. '.)' +(H ;/.8)
4uestion 8 &ol#ency ratios are good indicators of a company’s ability
to sur#i#e o#er an e7tended period of time. !hich of the following
ratios measures the ability of the company to sur#i#e o#er a long
period of time" 4uestion G Free cash flow can be used to paydi#idendsC acquire property% plant% and equipmentC and pay off debts.
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4uestion 0 enerally accepted accounting principles% or JAAPK
ha#e substantial authoritati#e support% and are recognized as a general
guide for financial reporting purposes. 4uestion '( ,anagement can
Lustify a new method of accounting if the financial information ismore meaningful.
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ACC 290 Week 1 ocab)lar Actiit &e'%
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!ileyP9M& Assignment !ee1 ' Nocabulary Acti#ity Resource
!ileyP9M& omplete the following !ee1 ' Assignment in
!ileyP9M& O hapter ' !ileyP9M& rossword Puzzle '
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ACC 290 Week 1 WilePl)$ A$$ignment "153, *153,*154,
*254, FR254 &e'%
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!ileyP9M& Assignment !ee1 ' Assignment Resource !ileyP9M&
omplete the following !ee1 ' Assignment in !ileyP9M& O 32 ID
'*: O 67ercise '*: O 67ercise '*+ O 67ercise 67cel 6 /*+ O IFR& /*+
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ACC 290 Week 2 "i$c)$$ion .)e$tion 1
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!hat is the re#enue recognition principle" !hat is the e7pense
recognition principle" !hy are they important to financial reporting"
!hat are adLusting entries and why are they necessary" !hat are
accruals" Pro#ide e7amples of accruals. !hy do accruals require
adLusting entries" !hat are deferrals" !hat are some e7amples of
deferrals" !hy do deferrals require adLusting entries"
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ACC 290 Week 2 "i$c)$$ion .)e$tion 2
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!hat accounts are subLect to adLusting Lournal entries and why" $ow
would you e7plain the purpose of the adLusted trial balance"
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ACC 290 Week 2 LT Re#lection )mmar &e'%
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3iscuss the obLecti#es for A /0( !ee1 Dwo. !hat do you thin1
will be the most important of the s1ills learned when you are in an
accounting position" 3ifferentiate between accrual basis and cash
basis of accounting. reate AdLusting 6ntries. Prepare an adLustedtrial balance. !rite a :)( to )(( word summary of your 9earning
Deam’s discussion.
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ACC 290 Week 2 LT Re#lection )mmar
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3iscuss the obLecti#es for A /0( !ee1 2ne. $ow do they relate to
the practice of accounting and its uses in business" Identify the four
basic financial statements. lassify transactions using the rules of
debit and credit. Qournalize basic transactions. 3iscuss how financial
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statements would be useful to e7ternal users such as in#estors and
creditors. !rite a :)( to )(( word summary of your 9earning Deam’s
discussion.
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ACC 290 Week 2 Practice .)i &e'%
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4uestion ' 67penses decrease retained earnings. 4uestion / 3uring
/('+% ibson ompany assets decreased ;)(%((( and its liabilities
decreased ;0(%(((. Its stoc1holders’ equity 4uestion : Payment of a
di#idend 4uestion + An account is a part of the financial information
system and is described by all e7cept which one of the following"
4uestion ) !hich accounts normally ha#e debit balances" 4uestion @
!hich of the following is the correct sequence of e#ents" 4uestion 8
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!here is the first place e#ery transaction is recorded" 4uestion G
!hat type of account is unearned re#enue" 4uestion 0 Accounts are
listed on the trial balance in 4uestion '( !hich of the following is
not one of the primary types of the financing acti#ities in thestatement of cash flows"
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ACC 290 Week 2 ocab)lar Actiit &e'%
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!ileyP9M& Assignment !ee1 / Nocabulary Acti#ity Resource
!ileyP9M& omplete the following !ee1 / Assignment in
!ileyP9M& O hapter / !iley P9M& rossword Puzzle '
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ACC 290 Week 2 WilePl)$ A$$ignment 67P252, FR258,
*354, *35, 67P 352, FR 352, P35:, P358 &e'%
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A /0( !ee1 2ne * 34 5' !hat are the four basic financial
statements" !hat is the primary purpose of each of the four basic
financial statements" In your opinion% which financial statement is themost important" 67plain why. $ow would the financial statements be
useful to managers and employees" $ow would the financial
statements be useful to in#estors and creditors"
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ACC 290 Week 3 "i$c)$$ion .)e$tion 1
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!hat are the steps in completing the accounting cycle" $ow do the
different steps affect the financial statements" !hat is the effect on
the financial statements of missing a step when completing the
accounting cycle" !hat are the four closing Lournal entries" !hy are
they necessary" !hat are re#ersing entries" !hy are they used" !hat
are the pros and cons of using re#ersing entries" !hy are re#ersing
entries optional"
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ACC 290 Week 3 "i$c)$$ion .)e$tion 2
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!hat are the pros and cons of using re#ersing entries" !hy arere#ersing entries optional" !hat is the main purpose of a financial
statement wor1sheet and its benefits" $ow has automation aided the
preparation% accuracy% and use of the financial statement wor1sheet"
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ACC 290 Week 3 LT Re#lection )mmar
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3iscuss the obLecti#es for A /0( !ee1 Dwo. !hat do you thin1will be the most important of the s1ills learned when you are in an
accounting position" 3ifferentiate between accrual basis and cash
basis of accounting. reate AdLusting 6ntries. Prepare an adLusted
trial balance. !rite a :)( to )(( word summary of your 9earning
Deam’s discussion.
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ACC 290 Week 3 Practice .)i &e'%
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4uestion ' Dhe re#enue recognition principle dictates that re#enue is
recognized in the period in which the cash is recei#ed. 4uestion / Dhe
generally accepted accounting principle which dictates that re#enue
be recognized in the accounting period in which the performance
obligation is satisfied is the 4uestion : !hich statement is correct"
4uestion + Boo1 #alue is equal to cost minus accumulateddepreciation. 4uestion ) AdLustments for unearned re#enues
4uestion @ At 3ecember :'% /(':% before any year*end adLustments%
,acarty ompany
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ACC 290 Week 3 ocab)lar Actiit &e'%
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!ileyP9M& Assignment !ee1 : Practice 4uiz Resource
!ileyP9M& omplete the following !ee1 : Assignment in
!ileyP9M& O hapter + Practice 4uiz
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ACC 290 Week 3 WilePl)$ A$$ignment 6*451, P452A, P45
3A, 67P451, FR P.51, P.52, P.53, P.54 &e'%
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Assignment !ee1 : Assignment omplete the following !ee1 :
Assignment O Brief 67ercise +*' O Problem +*/A O Problem +*:A O
BSP +*' O IFR& Practice 4uestion ' O IFR& Practice 4uestion / O
IFR& Practice 4uestion : O IFR& Practice 4uestion +
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ACC 290 Week 4 "i$c)$$ion .)e$tion 1
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$ow would you calculate cost of goods sold" !hat items ma1e up
cost of goods sold" $ow does beginning and ending in#entory affect
cost of goods sold" !hat are the Lournal entries a merchandising
organization would use to record the purchase and subsequent sale of
merchandise" $ow would these transactions differ with a periodic
#ersus a perpetual in#entory system" !hy are perpetual in#entory
systems so much more popular today than bac1 in the early '0@(s and
earlier" !hy would a company employing a perpetual in#entory
system still ta1e a physical in#entory periodically"
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ACC 290 Week 4 "i$c)$$ion .)e$tion 2
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!hat are the three different in#entory cost flow assumptions
commonly used in commerce today and allowed by generally
accepted accounting principles" $ow does a company determine what
cost flow assumption they should use" $ow does first in% first out costflow assumption wor1" !hen it is most appropriate to use" $ow does
last in% first out cost flow assumption wor1" !hen it is most
appropriate to use" $ow does an a#erage cost flow assumption wor1"
!hen it is most appropriate to use"
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ACC 290 Week 4 LT Re#lection )mmar
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Reflection and Financial Reporting Problem Part I. 3iscuss the
obLecti#es for A /0( !ee1 Dhree. $ow do they relate to the
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practice of accounting and its uses in business" Prepare closing
entries% re#ersing entries% and a post closing trial balance. Prepare a
financial statement wor1 sheet. Prepare a classified income statement%
retained earnings statement and balance sheet. !rite a :)( to )((word summary of your 9earning Deam’s discussion.
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ACC 290 Week 4 Practice .)i &e'%
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4uestion ' A ser#ice company
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a ser#ice company. Dhe operating cycle of a merchandising company
is ordinarily TTTTTTTTTTTTTTTTTTT that of a ser#ice firm. 4uestion :
Dhe cost of ha#ing merchandise deli#ered to the store is part of the
cost of getting the in#entory ready to sell. All costs incurred to getin#entory ready to sell are included as part of In#entory account with
a debit. Qa7 ompany uses a perpetual in#entory system and on
=o#ember :( purchased merchandise for which it must pay the
shipping charges. !hich of the following is one part of the required
Lournal entry when Qa7 pays the shipping charges of ;/((" 4uestion +
&ales 3iscounts is a contra account to &ales Re#enue. It is reported on
the income statement as a deduction from &ales Re#enue. 4uestion )Dwo entries are required. 2ne will record the sale with a debit to cash
and a credit to sales re#enue. Dhe second entry is to reduce the
in#entoryC debit cost of goods sold and credit in#entory. !hich
statement is true when recording the sale of goods for cash in a
perpetual in#entory system" 4uestion @ &ales less cost of goods sold
equals gross profit. &ubtracting operating e7penses from gross profit
equals net income. =et income is ;')%(((% operating e7penses are;/(%(((% and net sales total ;8)%(((. $ow much is cost of goods sold"
4uestion 8 ost of goods sold is subtracted from net sales to calculate
gross profit. !hich one of the following will result in gross profit"
4uestion G Mnder the periodic in#entory system% cost of goods sold
for the period is calculated by adding purchases for the period to the
beginning in#entory balance and subtracting the ending in#entory
balance. Mnder what system is cost of goods sold determined at theend of an accounting period" 4uestion 0 =et income >;')%(((?
di#ided by net sales >;8)%(((? equals profit margin of /(H. =et
income is ;')%(((% operating e7penses are ;/(%(((% net sales total
;8)%(((% and sales re#enues total ;0)%(((. $ow much is the profit
margin" 4uestion '( Mnli1e the perpetual system% companies do not
attempt to record the cost of merchandise sold on the date of the sale.
At the end of the period% a physical in#entory is ta1en to determine
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the cost of merchandise sold. In a periodic in#entory system% when is
the cost of the merchandise sold determined"
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ACC 290 Week 4 ocab)lar Actiit &e'%
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!ileyP9M& Assignment !ee1 + Nocabulary Acti#ity Resource!ileyP9M& omplete the following !ee1 + Assignment in
!ileyP9M& O hapter ) rossword Puzzle '
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ACC 290 Week 4 Wilepl)$ A$$ignment P45A, 67P:51,
67P:52, 6*:51, 6*:52, FR:52, FR:54, P.51, P.52,
P.53 &e'%
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!ee1 + Assignment omplete the following !ee1 + Assignment in
Problem +*GA Brief 67ercise )*' Brief 67ercise )*/ BSP )*' BSP )*
/ IFR& )*/ IFR& )*+ Practice 4uestion ' Practice 4uestion / Practice
4uestion :
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ACC 290 Week : "i$c)$$ion .)e$tion 1
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!hat is the control en#ironment" $ow does the control en#ironment
affect a company’s internal controls" !hat are the negati#e and
positi#e elements of a control en#ironment" !hat are two e7amples
of strong and wea1 internal controls in organizations where you ha#e
wor1ed or ha#e first*hand 1nowledge" $ow are these different" $ow
would you describe the 1ey internal controls that should be in place to
protect cash in a cash rich en#ironment such as a merchandiser" !hatare the 1ey internal controls that should be in place to protect
in#entory for a merchandiser that sells highly desirable and #ery
e7pensi#e in#entory% such as Lewelry" !ould this be different if the
business had a less desirable and less e7pensi#e in#entory" 67plain
why or why not.
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ACC 290 Week : FR Paper &e'%
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IFR& /*' In what ways does the format of a statement of financial of
position under IFR& often differ from a balance sheet presented under
AAP" IFR& /*/ 3o the IFR& and AAP conceptual framewor1sdiffer in terms of the obLecti#e of financial reporting" 67plain. IFR&
/*: !hat terms commonly used under IFR& are synonymous with
common stoc1 and balance sheet" IFR& :*' 3escribe some of the
issues the &6 must consider in deciding whether the Mnited &tates
should adopt IFR&. IFR& +*' ompare and contrast the rules
regarding re#enue recognition under IFR& #ersus AAP. IFR& +*/
Mnder IFR&% do the definitions of re#enues and e7penses includegains and losses" 67plain. FR& 8*' &ome people argue that the
internal control requirements of the &arbanes*27ley Act >&2E? put
M.&. companies at a competiti#e disad#antage to companies outside
the Mnited &tates. 3iscuss the competiti#e implications >both pros and
cons? of &2E.
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ACC 290 Week : Learning Team Re#lection )mmar
&e'%
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Reflection and Financial Reporting Problem Part II. 3iscuss the
obLecti#es for A /0( !ee1 Four. In the wa1e of accounting
scandals o#er the past se#eral years% how has the &arbanes*27ley Act
>&2E? of /((/ affected the practice of accounting" !hat is the role of
internal controls in complying with &2E >/((/?" !rite a :)( to )((
word summary of your 9earning Deam’s discussion.
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ACC 290 Week : WilePl)$ A$$ignment 6*85:, 6*85;,
67P851, 67P852, 6*;54, 6*;58, FR P.51, PFR P.5
2&e'%
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Assignment !ee1 ) Assignment omplete the following !ee1 )
Assignment IFR& Practice 4uestion ' IFR& Practice 4uestion / Brief
67ercise @*) Brief 67ercise @*8 BSP @*' BSP @*/ Brief 67ercise 8*+
Brief 67ercise 8*@
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ACC 290 Week 4/: n-ii-)al A$$ignment Financial
Reporting Problem Part !!2 "i##erent Paper$!!%&e'%
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Financial Reporting Problem Part II Access the internet to acquire a
copy of the most recent annual report for the public traded company
used to complete the Financial Reporting Problem% Part ' assignment
due in A /0( !ee1 Four. Analyze the information contained in thecompany’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" 67plain your answer. $ow
are the company’s assets classified" !hat are cash equi#alents" !hat
are the company’s total current liabilities at the end of its most recent
annual reporting period" !hat are the company’s total current
liabilities at the end of the pre#ious annual reporting period"onsidering all the information you ha#e gathered% why might this
information be important to potential creditors% in#estors% and
employees" &ummarize the analysis in a '%()(*'%+(( word paper in a
,icrosoft- !ord document. Include a copy of the company’s balance
sheet and income statement. Format your paper and presentation
consistent with APA guidelines.
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