ACC 205 (Principles of Accounting)

Week 1

Week 1 DQ 1 (Account Means)

 As you have learned in this week’s readings the Accounting Equation is Assets = Liabilities + 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.

Week 1 DQ2 (Accounting Equation)

 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.

Week 1 Assignments:

ACC 205 Week 1 Exercise Includes Following 7 Questions: (Basic Accounting Equations) & Basic journal entries) & (Balance sheet preparation) & (Basic transaction processing) & (Transaction analysis and statement preparation) & (Entry and trial balance preparation) & Journal entry preparation)

ACC 205 Week 1 Exercises Includes: (Recognition of Normal Balances) & (Basic Journal Entries) & (Balance sheet Preparation) &(Basic Transaction Processing) &(Transaction Analysis & Statement Preparation) &(Entry & Trial Balance Preparation) &(Journal Entries Preparation)

ACC 205 Week 1 Journal.docx

Week 2

Week 2 DQ 1 (Accounting Cycle)

Financial statements are a product of the accounting cycle. Think about two different companies: a manufacturing company, and 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?

Week 2 DQ 2 (Bank Reconciliation)

What is the purpose of bank reconciliation? What are the reasons for differences between the cash reported in the accounting records and the cash balance in the bank statements? Analyze several of your peers’ posts. 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? 

Week 2 Assignments:

ACC 205 Week 2 Exercise Solution Includes: 1-(Classification of items for Ron Carroll Company)2-( Computing prepaid account balance of Action Sign Company)-3(Understanding the closing process)4-( Adjusting entries and financial statements for Fixation Enterprises)5-( Adjusting entries preparation for Kathy’s Day Care Center)6-( Palmetto Company’s Bank reconciliation and adjusting entries)7-( Direct write-off method)8-( Allowance method) 9-(Direct write-off and allowance methods)10-( Allowance method)

ACC 205 Week 2 Exercise Assignment Includes: (Recognition of concepts) 2-(. Analysis of prepaid account balance)3-( Understanding the closing process)4-( Adjusting entries and financial statements)5-( Adjusting entries)6-( Bank reconciliation and entries)7-( Direct write-off method)8-( Allowance method: estimation and balance sheet disclosure) 9-(Direct write-off and allowance methods: matching approach)10-( Allowance method: analysis of receivables)

ACC 205 Week 2 Income Statement Journal.docx

Week 3

Week 3 DQ 1

. The controller of Sagehen Enterprises believes that the company should switch from the LIFO method to the FIFO method.  The controller 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?  

Week 3 DQ 2

 A variety of depreciation methods are 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?

Week 3 Assignments:

ACC 205 Week 3 Exercise Assignment (Inventory) 1-(Specific identification method) 2-(. Inventory valuation methods: basic computations)3-( Perpetual inventory system: journal entries)4-( Inventory valuation methods: computations and concepts)5-( Depreciation methods)6-( Depreciation computations)7-( Depreciation computations: change in estimate)

ACC 205 Week 3 Exercise Solution Includes: 1-( Specific identification method)2-( Inventory valuation methods)3-( Perpetual inventory system)4-( Inventory valuation methods)5-( Depreciation methods)6-( Depreciation computations)

ACC 205 Week 3 Inventory Journal

Week 4

Week 4 DQ 1 (Current Liability)

What is a current liability?  From the perspective of a user of financial statements, why do you believe current liabilities are separated from long-term liabilities?  Based on your current experience as well as 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.

Week 4 DQ 2 (Advantages & Disadvantages)

A client comes to you thinking about starting a consulting business.  Your client is specifically 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. 

Week 4 Assignments:

ACC 205 Week 4 Exercise Assignment (Liability) Includes: 1-(Payroll accounting) 2-(Current liabilities: entries and disclosure)3-( Notes payable.)4-(

ACC 205 Week 4 Solution (Liability) Includes: 1-(Payroll accounting) 2-(Current liabilities: entries and disclosure)3-( Notes payable.)4-(

ACC 205 Week 4 Journal (Future Obligations).

Week 5

Week 5 DQ 1

Ratios provide the users of financial statements with a great deal of information about the entity.  Do ratios tell the whole story?  How could liquidity ratios be used by investors to determine whether or not to invest in a company?

Week 5 DQ 2

Profit Margin

Week 5 Assignments:

ACC 205 Week Five Exercise Assignment (Financial Ratio’s) 1-( Liquidity ratios)2-( Computation and evaluation of activity ratios)3-( Profitability ratios, trading on the equity)4-( Horizontal analysis)5-( Vertical analysis.)6-(Ratio computation.)

ACC 205 Week Five Solution (Financial Ratio’s). 1-( Liquidity ratios)2-( Activity ratio)3-( Profitability ratios)4-( Horizontal analysis)5-( Vertical analysis)6-( Ratio computation)

ACC 205 Week 5 Most Important Ratio Journal

ACC 205 Final Papers

ACC 205 Final Paper- Google (1800+ Words).

ACC 205 Final Paper Microsoft (1750+ Words).

ACC 205 Final Paper-Boeing (2000+ Words).

ACC 205 Final Paper Question.