Course+Syllabus+ACC+280+05092011

Course+Syllabus+ACC+280+05092011 - Week Two The Recording...

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Week Two The Recording Process Analyze transactions using the rules of debit and credit. Define the goals of financial reporting. Identify the major steps in the recording process. Post journal entries to the general ledger. Course Assignments 1. CheckPoint: Debits and Credits View PhxKlips Debits and Credits on your student Web site. Complete the questions and fill in the Account Changes matrix in Appendix B. Post the completed Appendix B as an attachment. 2. Assignment: Journalizing, Posting, and Preparing a Trial Balance Complete P2-2A on p. 81 of Financial Accounting , using the templates in Appendix C for your answers. Each part of the problem corresponds to one tab in Appendix C. Complete all three tabs of Appendix C. Write a message of 250 to 400 words in the body of your posting that justifies what you did in Appendix C. This message constitutes part d of the assignment. Address your message to your creditors and explain: o The general goals of financial reporting o The steps you took in the recording process o How the steps you took support the principles of accounting Post your message and the completed Appendix C as an attachment Weekly Reminders Summary of Week 2 Deliverables Assignment Due Debits and Credits CheckPoint Thursday Journalizing, Posting and Preparing a Trial Balance Sunday
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Week Three Starting the Accounting Cycle Calculate adjusting entries. Prepare an adjusted trial balance. Analyze revenue and expense relationships. Contrast accrual basis accounting with cash basis accounting. Course Assignments 1. Readings Read Ch. 3 & pp. 142–150 (Ch. 4) of Financial Accounting . 2. CheckPoint: Adjusting Entries, Posting, and Preparing an Adjusted Trial Balance Complete parts a, b, and c of P3-1A on pp. 128–129 of Financial Accounting . Use the templates in Appendix D. Complete all three tabs. Post the completed Appendix D as an attachment. 3. Discussion Questions What would be the effect of removing either the Matching Principle or the Revenue Recognition Principle from the process? Use a concrete example of how doing so might affect accounting in a given period. Respond to your classmates’ postings by commenting on what might happen, if expenses are recognized over a period that is longer or shorter than that used for revenues. What is the difference between the cash basis of accounting and the accrual basis of accounting? Which one would you select for a company that has inventory and why? Does the size of the company make a difference? Explain how. What would be the advantages and disadvantages of using one basis of accounting over the other? Respond to your classmates by commenting on which basis of accounting might be best for a large company with inventory and a small company with inventory. Also, comment on the advantages of each basis of accounting. Weekly Reminders
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Course+Syllabus+ACC+280+05092011 - Week Two The Recording...

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