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ACC 205 New course tutorial / TutorialRank

For more course tutorials visit<br>www.tutorialrank.com<br><br>ACC 205 Week 1 DQ 1 Accounting Equation<br>ACC 205 Week 1 DQ 2 Accounts<br>ACC 205 Week 1 Journal Balance Sheet Journal<br>ACC 205 Week 2 DQ 1 Accounting Cycle<br>ACC 205 Week 2 DQ 2 Bank Reconciliation<br>ACC 205 Week 2 Journal Income Statement Journal<br>ACC 205 Week 3 DQ 1 LIFO vs. FIFO<br>ACC 205 Week 3 DQ 2 Depreciation<br>ACC 205 Week 3 Journal Inventory Journal<br>ACC 205 Week 4 DQ 1 Current Liability<br>ACC 205 Week 4 DQ 2 Client Recommendations<br>ACC 205 Week 4 Journal Future Obligations Journal<br>ACC 205 Week 5 Journal Most Important Ratio Journal<br>ACC 205 Week 5 Journal Most Important Ratio Journal<br>ACC 205 Week 5 Exercise Assignment Financial Ratios<br>ACC 205 Week 4 Exercise Assignment Liability<br>ACC 205 Week 1 Exercise Assignment Basic Accounting Equations<br>ACC 205 Week 3 Exercise Assignment Inventory<br>ACC 205 Week 2 Exercise Assignment Revenue and Expenses<br>

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ACC 205 New course tutorial / TutorialRank

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  1. ACC 205 (NEW) Course Tutorial For more course tutorials visit www.tutorialrank.com

  2. ACC 205 (NEW) Course Tutorial ACC 205 Entire Course (New) ACC 205 Week 1 DQ 1 Accounting Equation (New) • ACC 205 Week 1 DQ 1 Accounting Equation • ACC 205 Week 1 DQ 2 Accounts • ACC 205 Week 1 Journal Balance Sheet Journal • ACC 205 Week 2 DQ 1 Accounting Cycle • ACC 205 Week 2 DQ 2 Bank Reconciliation • ACC 205 Week 2 Journal Income Statement Journal • ACC 205 Week 3 DQ 1 LIFO vs. FIFO • ACC 205 Week 3 DQ 2 Depreciation • ACC 205 Week 3 Journal Inventory Journal 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. Guided Response: Review several of your peers’ postings and identify some core components that you feel should be included in every transaction. Respond to at least two of your peers and provide recommendations to extend their thinking.

  3. ACC 205 (NEW) Course Tutorial ACC 205 Week 1 Exercise Assignment Basic Accounting Equations (New) ACC 205 Week 1 DQ 2 Accounts (New) • 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: • Analyze several of your peers’ postings. Let at least two of your peers know if this knowledge could be used in their everyday lives. Is so, how? If not, why not? 1) Basic concepts. Jean's Marine Supply specializes in the sale of boating equipment and acces­sories. Identify the items that follow as an asset (A), liability (L), revenue (R), or expense (E) from the firm's viewpoint The inventory of boating supplies owned by the company. (A) Monthly rental charges paid for store space. (L) A loan owed to Citizens Bank. (L) New computer equipment purchased to handle daily record keeping. (A)

  4. ACC 205 (NEW) Course Tutorial ACC 205 Week 1 Journal Balance Sheet Journal (New) ACC 205 Week 2 DQ 1 Accounting Cycle (New) 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: Review several of your peers’ postings and identify what steps of the accounting cycle that you feel are the most critical. • The 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? • Carefully review the Grading Rubric for the criteria that will be used to evaluate your journal

  5. ACC 205 (NEW) Course Tutorial ACC 205 Week 2 DQ 2 Bank Reconciliation (New) ACC 205 Week 2 Exercise Assignment Revenue and Expenses (New) • 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? • Analyze several of your peers’ postings. Let at least two of your peers know what happens to the discrepancies between the book balance and the bank balance. Could these differences just be written off. • Guided Response: 1. Recognition of concepts. Ron Carroll operates a small company that books entertainers for theaters, parties, conventions, and so forth. The company’s fiscal year ends on June 30. Consider the following items and classify each as either (1) prepaid expense, (2) unearned revenue, (3) accrued expense, (4) accrued revenue, or (5) none of the foregoing. a. Amounts paid on June 30 for a 1-year insurance policy b. Professional fees earned but not billed as of June 30

  6. ACC 205 (NEW) Course Tutorial ASHFORD ACC 205 (NEW) Week 3 DQ 1 Ethical Issue 5-1 ASHFORD ACC 205 (NEW) Week 3 DQ 2 FIFO and LIFO • have a New Set of ACC 205 (NEW) Course Tutorial which you can find on this link • http://www.tutorialrank.com/ACC/ACC-205-New • From Chapter 5, Ethical Issue 5-1 • Under Dobbs’ FOB policy, when should the company record a sale? • Do you approve or disapprove of Dobbs’ manner of deciding when to ship goods to customers and record the sales revenue? If you approve, give your reason. If you disapprove, identify a better way to decide when to ship goods. We have a New Set of ACC 205 (NEW) Course Tutorial which you can find on this link http://www.tutorialrank.com/ACC/ACC-205-New Describe the inventory valuation methods FIFO and LIFO. Which items are included in ending inventory under each method? Respond to at least two of your classmates’ postings.

  7. ACC 205 (NEW) Course Tutorial ACC 205 Week 2 Journal Income Statement Journal (New) ACC 205 Week 3 DQ 1 LIFO vs. FIFO (New) 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 and FIFO methods? Guided Response: Analyze several of your peers’ postings. Let at least two of your peers know if a company is better off it switches from a LIFO method to a FIFO method? Why or why not? 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? Carefully review the Grading Rubric for the criteria that will be used to evaluate your journal entry.

  8. ACC 205 (NEW) Course Tutorial ACC 205 Week 3 DQ 2 Depreciation (New) ACC 205 Week 3 Exercise Assignment Inventory (New) • 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 depreciation, double declining balance method, or an alternative method? • Guided Response: 1. Specific identification method. Boston Galleries uses the specific identification method for inventory valuation. Inventory information for several oil paintings follows. PaintingCost 1/2 Beginning inventory Woods$11,000 4/19 Purchase Sunset21,800 6/7 Purchase Earth31,200 12/16 Purchase Moon4,000

  9. ACC 205 (NEW) Course Tutorial ACC 205 Week 3 Journal Inventory Journal (New) ACC 205 Week 4 DQ 1 Current Liability (New) • 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? • Carefully review the Grading Rubric for the criteria that will be used to evaluate your journal entry. 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 have done provide two examples of situations where businesses collect monies from customers and employees and reports these amounts as a current liability.

  10. ACC 205 (NEW) Course Tutorial ACC 205 Week 4 DQ 2 Client Recommendations (New) ACC 205 Week 4 Exercise Assignment Liability (New) • 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 corporation. Based on these advantages and disadvantages provide a clear recommendation to your client. 1. Partner investments; journal entries. The LP partnership was formed on January 1, 19X7, by investments from Bill Levy and Marv Parcells. Levy contributed $30,000 cash and $80,000 of land. Parcells contributed cash of $50,000 and equipment with a value of $20,000. a. Prepare the journal entries needed to record the investments of Levy and Parcells. 2. Payroll accounting. Assume that the following tax rates and payroll information pertain to Brookhaven Publishing:

  11. ACC 205 (NEW) Course Tutorial ACC 205 Week 4 Journal Future Obligations Journal (New) ACC 205 Week 5 DQ 1 (New) • 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? • Carefully review the Grading Rubric for the criteria that will be used to evaluate your journal entry. ACC 205 Week 5 DQ 1

  12. ACC 205 (NEW) Course Tutorial ACC 205 Week 5 DQ 2 (New) ACC 205 Week 5 Exercise Assignment Financial Ratios (New) • ACC 205 Week 5 DQ 2 1. Liquidity ratios. Edison, Stagg, and Thornton have the following financial information at the close of business on July 10: EdisonStaggThorntonCash $4,000$2,500$1,000 Short-term investments 3,000 2,500 2,000 Accounts receivable 2,000 2,500 3,000 Inventory 1,0002,5004,000

  13. ACC 205 (NEW) Course Tutorial For more course tutorials visit www.tutorialrank.com

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