ACC 290 Whole Class Wk 1-5 – All Assignments, DQs and Summaries
Week 1 Financial Statements Paper
Write a 700- to 1,050-word paper 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 to managers and employees.
· Discuss how the financial statements would be useful to external users, such as investors and creditors.
Format the paper consistent with APA guidelines.
Resource: Chapter 1 and Chapter 2 of Financial Accounting
Complete Chapter 1: Questions # 5, 12, 14, 16 and Exercise E1-10
Chapter 2: Question: # 6
Resource: Chapter 2 and Chapter 3 of Financial Accounting
Complete Chapter 2: Exercises E2-10, E2-12, and Chapter 3: Problem 3-3A
Resource: Ch. 4 of Financial Accounting
Complete Chapter 4: Questions # 2, 3, 4; Brief Exercises BE4-2, BE4-12, BE4-14 and BE4-15 and Exercise E4-5
Resource: Chapter 3 and Chapter 4 of Financial Accounting
Complete Chapter 3: Problem 3-5A and Chapter 4: Exercises E4-3 and E4-15.
Resource: Ch. 5 and 6 of Financial Accounting
Complete Chapter 5: Brief Exercises BE5-1, BE5-3, BE5-4, BE5-7 and Chapter 6: Brief Exercises BE6-1, BE6-2 and BE6-3
Resource: Chapter 5 and Chapter 6 of Financial Accounting
Complete Chapter 5: Problem P5-7A and Chapter 6: Problem P6-3A
Internal Control Paper/Presentation
Internal Controls Paper:
Prepare a 5-7 page paper, in which your entire team analyzes and answers the following:
a. What is the purpose of internal control?
b. Why is internal control important?
c. How can internal controls help or hinder a company’s success?
For the reminder of the paper, each team member will discuss and provide examples from current (or prior) professional private, public, not-for-profit, government or military experience, to answer the following individually:
d. Who is (or was) responsible for establishing internal controls within the organization? In your opinion, are (were) they successful in accomplishing employee adherence to the corporate controls? Why or why not?
e. Identify and discuss three examples of internal controls that your organization uses (used)?
f. How does (did) your organization determine if its internal controls are (were) effective and adhered to?
Properly cite all references for this paper.
Internal Controls Presentation:
The team will prepare a 15-20 minute oral presentation (accompanied by approximately 5-8 Microsoft® PowerPoint® slides) illustrating each member’s individual portion of the paper (items d, e and f as identified above). During the presentation the team members will briefly share one or more of their own real-life examples.
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.
How would the financial statements be useful to managers and employees? How would the financial statements be useful to investors and creditors?
What are debits and credits? How are debits and credits used to record business transactions? 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?
What is accrual accounting? Why do generally accepted accounting principles require accrual accounting? What is the difference between accrual and cash accounting? When might an accountant use cash basis accounting without violating generally accepted accounting principles?
What is the revenue recognition principle? What is the expense recognition principle? Why are they important to financial reporting?
What are adjusting entries and why are they necessary? What accounts are subject to adjusting journal entries and why? What are the types of adjusting entries (provide examples)?
When is the trial balance prepared? What does the trial balance tell you? What does the trial balance not tell you. How would you explain the purpose of the adjusted trial balance?
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?
What are the four closing journal entries? Why are they necessary? What are reversing entries? Why are they used? What are the pros and cons of using reversing entries? Why are reversing entries optional?
What is the main purpose of a financial statement worksheet and its benefits? How has automation aided the preparation, accuracy, and use of the financial statement worksheet?
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?
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?
Why do generally accepted accounting principles require the use of lower of cost or market in valuing inventory? What are the three different inventory cost flow assumptions commonly used in commerce today and allowed by generally accepted accounting principles? How does a company determine what cost flow assumption they should use?
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? What are two examples of strong and weak internal controls in organizations where you have worked or have first-hand knowledge?
How would you describe the key internal controls that should be in place to protect cash in a cash rich environment such as a merchandiser?
What is the Sarbanes-Oxley Act of 2002? Why did it come about? How have the new rules in the Sarbanes-Oxley Act of 2002 affected the way accounting departments and companies operate? What are some positive outcomes from these changes?
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