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ACC 205 Effective Communication / snaptutorial.com

For more classes visit<br>www.snaptutorial.com<br><br>Exercises 2. <br> <br> Basic computations. The following selected balances were extracted from the accounting records of Rossi Enterprises on December 31, 20X3:<br>a. Determine Rossi's total assets as of December 31.<br>b. Determine the company's total liabilities as of December 31.<br>c. Compute 20X3 net income or loss.<br>

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ACC 205 Effective Communication / snaptutorial.com

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  1. ACC 205 Effective Communication / snaptutorial.com

  2. ACC 205 Effective Communication / snaptutorial.com • ACC 205 Week 1 Assignment Student Guidance Report • For more classes visit • www.snaptutorial.com • Exercises 2.     •  Basic computations. The following selected balances were extracted from the accounting records of Rossi Enterprises on December 31, 20X3: • a.         Determine Rossi's total assets as of December 31.

  3. ACC 205 Effective Communication / snaptutorial.com • ACC 205 Week 1 Chapter 1 2 Quiz and Video Quiz • For more classes visit • www.snaptutorial.com • ACC 205 Week 1 Chapter 1,2 Quiz and Video Quiz • 1. In accounting the concept of materiality refers to ________________.       • Question 2. 2. Typically accounting transactions are recorded and reported at _______________. • Question 3. 3. The accounting equation is ____________________________. 

  4. ACC 205 Effective Communication / snaptutorial.com ACC 205 Week 1 DQ 1 Accounting Equation For more classes visit www.snaptutorial.com As you have learned in this week’s readings the Accounting Equation is + Owners’ Equity.  Is the accounting equation true in all instances?  Provide sample transactions from your own experiences to demonstrate the validity of the Accounting Equation.  

  5. ACC 205 Effective Communication / snaptutorial.com ACC 205 Week 1 DQ 2 Accounts For more classes visit www.snaptutorial.com What does the term “account” mean?  What are the different classifications of accounts?  How do the rules for Debits and Credits impact accounts?  Please provide an example of how debits and credits impact accounts.Guided Response: 

  6. ACC 205 Effective Communication / snaptutorial.com ACC 205 Week 1 Journal Balance Sheet Journal For more classes visit www.snaptutorial.com Balance Sheet JournaThe Balance Sheet is a financial snap shot of a company at  a particular point in time.  The Balance Sheet lists the assets, liabilities, and equity of the company.  Reflect on your personal financial situation, can you apply the concepts of the Balance Sheet?  What did you learn from this reflection?

  7. ACC 205 Effective Communication / snaptutorial.com ACC 205 Week 2 Assignment Student Guidance Report For more classes visit www.snaptutorial.com Exercise 4 4. Accounting for prepaid expenses and unearned revenues. Hawaii-Blue began business on January 1 of the current year and offers deep-sea fishing trips to tourists. Tourists pay $125 in advance for an all-day outing off

  8. ACC 205 Effective Communication / snaptutorial.com • ACC 205 Week 2 Chapter 3 4 Quiz and Video Quiz • For more classes visit • www.snaptutorial.com • ACC 205 Week 2 Chapter 3,4 Quiz and Video Quiz • 1. The accrual basis of accounting means_______________________.       • Question 2. 2. Under accrual basis accounting revenue is not recognized until _________________.          

  9. ACC 205 Effective Communication / snaptutorial.com ACC 205 Week 2 DQ 1 Accounting Cycle For more classes visit www.snaptutorial.com Financial statements are a product of the accounting cycle.  Think about two different companies, one a manufacturing company, the other a retail company.  Why would different companies have different accounting cycles?  Would you expect the steps of the accounting cycle to be the same for each company?  Why or why not? Guided Response:

  10. ACC 205 Effective Communication / snaptutorial.com ACC 205 Week 2 DQ 2 Bank Reconciliation For more classes visit www.snaptutorial.com What is the purpose of a bank reconciliation?  What are the reasons there are differences between the cash reported in the accounting records and the cash balance in the bank statements?

  11. ACC 205 Effective Communication / snaptutorial.com ACC 205 Week 2 Journal Income Statement Journal For more classes visit www.snaptutorial.com The Income Statement measures the income and expenses of a company over a specific period of time.  Reflecting on your personal financial statement for the past month, can you apply the principles of the Income Statement?  What did you learn from this experience?

  12. ACC 205 Effective Communication / snaptutorial.com • ACC 205 Week 3 Assignment Student Guidance Report • For more classes visit • www.snaptutorial.com • Chapter 5, Exercise 1 • Inventory errors and income measurement. The income statements of Keagle Company for 20X3 and 20X4 follow. • 20X3                           20X4 • Sales                                        $100,000                     $109,000 • Cost of goods sold                  62,000                         74,000

  13. ACC 205 Effective Communication / snaptutorial.com ACC 205 Week 3 Chapter 5 6 Quiz and Video Quiz For more classes visit www.snaptutorial.com ACC 205 Week 3 Chapter 5,6 Quiz and Video Quiz   1. Gross Profit is ___________________.       Question 2. 2. All of the following are considered part of inventory cost except__________.        Question 3. 3. In a period of rising raw material costs the inventory cost flow assumption that will provide the firm with the highest net income would be ______________________

  14. ACC 205 Effective Communication / snaptutorial.com ACC 205 Week 3 DQ 1 LIFO vs. FIFO For more classes visit www.snaptutorial.com The controller of Sagehen Enterprises believes that the company should switch from the LIFO method to the FIFO method.  The controller’s bonus is based on the next income.  It is the controller’s belief that the switch in inventory methods would increase the net income of the company.  What are the differences between the LIFO

  15. ACC 205 Effective Communication / snaptutorial.com ACC 205 Week 3 DQ 2 Depreciation For more classes visit www.snaptutorial.com There is a variety of depreciation methods used to allocate the cost of an asset to all of the accounting periods benefited by the use of the asset.  Your client has just purchased a piece of equipment for $100,000.  Explain the concept of depreciation.  Which of the following depreciation methods would you recommend: straight-line

  16. ACC 205 Effective Communication / snaptutorial.com ACC 205 Week 3 Journal Inventory Journal For more classes visit www.snaptutorial.com Reflect for a moment on the LIFO (Last in First Out) and FIFO (First in First Out) inventory methods. If you were starting a small manufacturing company, what inventory method do you believe would provide the most accurate financial statements? Why do you believe this is the case?

  17. ACC 205 Effective Communication / snaptutorial.com ACC 205 Week 4 Assignment Student Guidance Report For more classes visit www.snaptutorial.com Chapter 7 Exercise 2 and 4 2.         Accrued liability: current portion of long-term debt. On July 1, 20X1, Hall Company borrowed $225,000 via a long-term loan. Terms of the loan require that Hall pay interest and $75,000 of principal on July 1, 20X2,

  18. ACC 205 Effective Communication / snaptutorial.com • ACC 205 Week 4 Chapter 7 8 Quiz and Video Quiz • For more classes visit • www.snaptutorial.com • ACC 205 Week 4 Chapter 7,8 Quiz and Video Quiz • 1. Current Liabilities are _____________________________. (Points : 1) • Question 2. 2. The Unearned Revenue account is used to record ____________________. (Points : 1)

  19. ACC 205 Effective Communication / snaptutorial.com ACC 205 Week 4 DQ 1 Current Liability For more classes visit www.snaptutorial.com What is a current liability?  From a user of financial statements perspective why do you believe current liabilities are separated from long-term liabilities?  Based on your current experience and any additional research you may

  20. ACC 205 Effective Communication / snaptutorial.com ACC 205 Week 4 DQ 2 Client Recommendations For more classes visit www.snaptutorial.com A client comes to you thinking about starting a consulting business.  Specifically your client is interested in what type of entity should be created for this new business.  Based on your readings or any additional research you may have done, discuss the advantages and disadvantages of the following: sole proprietorship, partnership, and

  21. ACC 205 Effective Communication / snaptutorial.com ACC 205 Week 4 Journal Future Obligations Journal For more classes visit www.snaptutorial.com The current liability section of the balance sheet lists the liabilities that are due within the next 12 months.  Reflecting on your current financial situation, apply the concept of current liabilities.  What does this analysis tell you about your future obligations?  What did you learn from this experience?

  22. ACC 205 Effective Communication / snaptutorial.com • ACC 205 Week 5 Assignment Student Guidance Report • For more classes visit • www.snaptutorial.com • Chapter 9 Exercise 3 • Liquidity ratios. Edison, Stagg, and Thornton have the following financial information at the close of business on July 10: • Compute the current and quick ratios for each of the three companies. (Round calculations to two decimal places.) Which firm is the most liquid? Why?

  23. ACC 205 Effective Communication / snaptutorial.com ACC 205 Week 5 Chapter 9 Quiz and Video Quiz For more classes visit www.snaptutorial.com ACC 205 Week 5 Chapter 9 Quiz and Video Quiz Question 1. 1. Common-size financial statements means___________________.    Question 2. 2. Vertical analysis of a financial statement involves_______________.  

  24. ACC 205 Effective Communication / snaptutorial.com • ACC 205 Week 5 DQ 1 • For more classes visit • www.snaptutorial.com • ACC 205 Week 5 DQ 1

  25. ACC 205 Effective Communication / snaptutorial.com • ACC 205 Week 5 DQ 2 • For more classes visit • www.snaptutorial.com • ACC 205 Week 5 DQ 2

  26. ACC 205 Effective Communication / snaptutorial.com • ACC 205 Week 5 Final Paper Paper (Boeing General Electric Lowes Home) (3 Papers) • For more classes visit • www.snaptutorial.com • This Tutorial contains 3 Papers • Paper 1: Boeing • Paper 2: General Electric • Paper 3: Lowe’s Home

  27. ACC 205 Effective Communication / snaptutorial.com • ACC 205 Week 5 Final Paper Paper (Microsoft StarBucks) (2 Papers) • For more classes visit • www.snaptutorial.com • This Tutorial contains 2 Papers • Paper 1: Microsoft • Paper 2: StarBucks

  28. ACC 205 Effective Communication / snaptutorial.com ACC 205 Week 5 Final Paper Paper (Walmart, Qualcomm) (2 Papers) For more classes visit www.snaptutorial.com This Tutorial contains 2 Papers Paper 1: Walmart Paper 2: Qualcomm Final Paper

  29. ACC 205 Effective Communication / snaptutorial.com ACC 205 Week 5 Journal Most Important Ratio Journal For more classes visit www.snaptutorial.com Most Important Ratio Journal Reflect for a moment on the ratios (working capital, current ratio, quick ratio, debt to asset, debt to equity, times interest earned, gross margin and net margin) presented this week.  If you were considering investing in a

  30. ACC 205 Effective Communication / snaptutorial.com

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