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Week 1 – DQ 1Week One - 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?
get the solution: http://entirecourse.com/course/ACC-290-Principles-of-Accounting-I-new/ACC290-week-1-DQ-1
Week 1 – DQ 2What 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?
get the solution: http://entirecourse.com/course/ACC-290-Principles-of-Accounting-I-new/ACC290-week-1-DQ-2
Week 2 – DQ 1What 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?
get the solution: http://entirecourse.com/course/ACC-290-Principles-of-Accounting-I-new/ACC290-week-2-DQ-1
Week 2 – DQ 2What accounts are subject to adjusting journal entries and why?How would you explain the purpose of the adjusted trial balance?
get the solution: http://entirecourse.com/course/ACC-290-Principles-of-Accounting-I-new/ACC290-week-2-DQ-2
Week 2 LT Reflection Summaryhttp://entirecourse.com/course/ACC-290-Principles-of-Accounting-I-new/ACC290-Week-2-LT-Reflection-Summary
Week 3 – DQ 1What 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?
get the solution: http://entirecourse.com/course/ACC-290-Principles-of-Accounting-I-new/ACC290-week-3-DQ-1
Week 3 – DQ 2What 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?
get the solution: http://entirecourse.com/course/ACC-290-Principles-of-Accounting-I-new/ACC290-week-3-DQ-2
Week 3 Individual WileyPLUS Assignment Week Three - Exercise BE4-1, Problem P4-2A and P4-3Ahttp://entirecourse.com/course/ACC-290-Principles-of-Accounting-I-new/ACC290-Week-3-Individual-WileyPLUS-Assignment-Week-Three
Week 4 – DQ 1How 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 are perpetual inventory systems so much more popular today than back in the early 1960s and earlier? Why would a company employing a perpetual inventory system still take a physical inventory periodically?
get the solution: http://entirecourse.com/course/ACC-290-Principles-of-Accounting-I-new/ACC290-week-4-DQ-1
Week 4 – DQ 2What 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? How does first in, first out cost flow assumption work? When it is most appropriate to use? How does last in, first out cost flow assumption work? When it is most appropriate to use? How does an average cost flow assumption work? When it is most appropriate to use?
get the solution: http://entirecourse.com/course/ACC-290-Principles-of-Accounting-I-new/ACC290-week-4-DQ-2
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