term1 Definition1term2 Definition2term3 Definition3
Please sign in to your Google account to access your documents:
ACC 290 Complete Class + Final Exam
ACC 290 Complete Class + Final Exam Guide
To purchase this material clickhttp://www.assignmentcloud.com/ACC-290/ACC-290-Complete-Class-Final-ExamFor more classes visitwww.assignmentcloud.com
ACC 290 Complete Class Solution with APA Format
To purchase this material clickhttp://www.assignmentcloud.com/ACC-290/ACC-290-Complete-Class. For more classes visitwww.assignmentcloud.com
ACC 290 Final Exam
1) Which financial statement is used to determine cash generated from operations?
A. Income statement
B. Statement of operations
C. Statement of cash flows
D. Retained earnings statement
2) In terms of sequence, in what order must the four basic financial statements be prepared?
A. Balance sheet, income statement, statement of cash flows, and capital statement
B. Income statement, capital statement, statement of cash flows, and balance sheet
C. Balance sheet, capital statement, statement of cash flows, and income statement
D. Income statement, capital statement, balance sheet, and statement of cash flows
3) In classifying transactions, which of the following is true in regard to assets?
A. Normal balances and increases are debits.
B. Normal balances and decreases are credits.
C. Normal balances can either be debits or credits for assets.
D. Normal balances are debits and increases can be debits or credits.
4) An increase in an expense account must be
A. debited
B. credited
C. either debited or credited, depending on the circumstances
D. capitalized
To purchase this material clickhttp://www.assignmentcloud.com/ACC-290/ACC-290-Final-Exam.For more classes visitwww.assignmentcloud.com
ACC 290 Week 1 DQ 1
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?
To purchase this material clickhttp://www.assignmentcloud.com/ACC-290/ACC-290-Week-1-DQ-1 For more classes visitwww.assignmentcloud.com
ACC 290 Week 1 DQ 2
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?
To purchase this material clickhttp://www.assignmentcloud.com/ACC-290/ACC-290-Week-1-DQ-2For more classes visitwww.assignmentcloud.com
ACC 290 Week 1 Indivudal Financial Statements Paper
Prepare a 700 -1,050 word paper in which you 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.
To purchase this material clickhttp://www.assignmentcloud.com/ACC-290/ACC-290-Week-1-Indivudal-Financial-Statements-Paper
For more classes visitwww.assignmentcloud.com
ACC 290 Week 2 DQ 1
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 are accruals? Provide examples of accruals. Why do accruals require adjusting entries? What are deferrals? What are some examples of deferrals? Why do deferrals require adjusting entries?
To purchase this material clickhttp://www.assignmentcloud.com/ACC-290/ACC-290-Week-2-DQ-1
ACC 290 Week 2 DQ 2
What accounts are subject to adjusting journal entries and why? How would you explain the purpose of the adjusted trial balance?
To purchase this material clickhttp://www.assignmentcloud.com/ACC-290/ACC-290-Week-2-DQ-2
ACC 290 Week 2 Individual WileyPLUS Assignment
Exercise E3-4
A tabular analysis of the transactions made during August 2010 by Witten Company during its first month of operations is shown below. Each increase and decrease in stockholders' equity is explained.
Assets
=
Liabilities
+
Stockholders' Equity
Cash
Accounts Receivable
Supplies
Office Equipment
Accounts Payable
Common Stock
Retained Earnings
Rev.
-
Exp.
Div.
1.
$20,000
Com. Stock
2.
-1,000
$5,000
$4,000
3.
-750
$750
4.
4,400
$5,400
$9,800
Serv. Rev
5.
-1,500
6.
-2,000
7.
-800
Rent Exp.
8.
450
-450
9.
-3,000
Sal. Exp.
10.
500
-500
Util. Exp.
Determine how much stockholders' equity increased for the month.
Exercise E3-9
This information relates to Pickert Real Estate Agency.
Oct. 1
Stockholders invested $30,000 in exchange for common stock of the corporation.
Oct. 2
Hires an administrative assistant at an annual salary of $42,000.
Oct. 3
Buys office furniture for $4,600, on account.
Oct. 6
Sells a house and lot for M.E. Petty; commissions due from Petty, $10,800 (not paid by Petty at this time).
Oct. 10
Receives cash of $140 as commission for acting as rental agent renting an apartment.
Oct. 27
Pays $700 on account for the office furniture purchased on October 3.
Oct. 30
Pays the administrative assistant $3,500 in salary for October.
Post the transactions to T-accounts and complete the following trial balance.
Problem 3-5A
Sunflower Architects incorporated as licensed architects on April 1, 2010. During the first month of the operation of the business, these events and transactions occurred:
April 1
Stockholders invested $15,000 cash in exchange for common stock of the corporation.
1
Hired a secretary-receptionist at a salary of $375 per week, payable monthly.
2
Paid office rent for the month $900.
3
Purchased architectural supplies on account from Spring Green Company $1,000.
10
Completed blueprints on a carport and billed client $1,500 for services.
11
Received $500 cash advance from J. Madison to design a new home.
20
Received $2,300 cash for services completed and delivered to M. Svetlana.
30
Paid secretary-receptionist for the month $1,500.
Paid $300 to Spring Green Company for accounts payable due.
Problem 3-6A
This is the trial balance of Slocombe Company on September 30.
SLOCOMBE COMPANY
Trial Balance
September 30, 2010
Debit
Credit
$8,300
2,600
2,100
Equipment
8,000
$5,100
Unearned Revenue
900
15,000
$21,000
The October transactions were as follows.
Oct. 5
Received $1,300 in cash from customers for accounts receivable due.
Billed customers for services performed $5,100.
15
Paid employee salaries $1,400.
17
Performed $600 of services for customers who paid in advance in August.
Paid $1,500 to creditors for accounts payable due.
29
Paid a $300 cash dividend.
31
Paid utilities $500
To purchase this material clickhttp://www.assignmentcloud.com/ACC-290/ACC-290-Week-2-Individual-WileyPLUS-Assignment
ACC 290 Week 3 DQ 1
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?
To purchase this material clickhttp://www.assignmentcloud.com/ACC-290/ACC-290-Week-3-DQ-1
Need help typing ? See our FAQ (opens in new window)
Please sign in to create this set. We'll bring you back here when you are done.
Discard Changes Sign in
Please sign in to add to folders.
Sign in
Don't have an account? Sign Up »
You have created 2 folders. Please upgrade to Cram Premium to create hundreds of folders!