Preview

ACC 290 Week 3 Discussion Questions and Responses

Satisfactory Essays
Open Document
Open Document
714 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
ACC 290 Week 3 Discussion Questions and Responses
ACC 290 Week 3 Discussion Questions and Responses www.paperscholar.com DIRECT LINK TO THIS STUDY GUIDE: http://www.paperscholar.com/acc-290-week-3-discussion-questions-and-responses/

Instantly Download! Get Better Grades in Less Time!
100% Satisfaction Guarantee
DESCRIPTION FOR THIS STUDY GUIDE:
All discussion questions and responses to other students are included for each week. Week 3:
DQ1: What 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?
DQ 2: What are the four closing journal entries? In your opinion, why are these necessary?

ACC 290 Week 3 Discussion Questions and Responses www.paperscholar.com DIRECT LINK TO THIS STUDY GUIDE: http://www.paperscholar.com/acc-290-week-3-discussion-questions-and-responses/

Instantly Download! Get Better Grades in Less Time!
100% Satisfaction Guarantee
DESCRIPTION FOR THIS STUDY GUIDE:
All discussion questions and responses to other students are included for each week. Week 3:
DQ1: What 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?
DQ 2: What are the four closing journal entries? In your opinion, why are these necessary?

ACC 290 Week 3 Discussion Questions and Responses www.paperscholar.com DIRECT LINK TO THIS STUDY GUIDE: http://www.paperscholar.com/acc-290-week-3-discussion-questions-and-responses/

Instantly Download! Get Better Grades in Less Time!
100% Satisfaction Guarantee
DESCRIPTION FOR THIS STUDY GUIDE:
All discussion questions and responses to other students are included for each week. Week 3:
DQ1: What are the steps in completing the accounting cycle? How do the different steps affect the financial statements? What is the effect

You May Also Find These Documents Helpful

  • Good Essays

    Accounting Homework 3

    • 1054 Words
    • 5 Pages

    Learning Objective: 04-02 Explain the purpose of adjustments and analyze the adjustments necessary at the end of the period to update balance sheet and income statement accounts.…

    • 1054 Words
    • 5 Pages
    Good Essays
  • Satisfactory Essays

    • Write a 1,400- to 1,750-word final report on your selected step of the accounting cycle. Include revised versions of your previous Learning Team assignments.…

    • 135 Words
    • 1 Page
    Satisfactory Essays
  • Satisfactory Essays

    4. What is the first step to be performed by most organizations in their accounting cycles?…

    • 721 Words
    • 4 Pages
    Satisfactory Essays
  • Satisfactory Essays

    Business: Ratio Analysis

    • 539 Words
    • 3 Pages

    The unit is divided into two parts. In the first part, Assignment 1, you developed an understanding of the accounting processes necessary to provide accurate and relevant financial information. The second part of the unit (Assignments 2, 3 and 4) cover the practical aspect of carrying out those accounting activities.…

    • 539 Words
    • 3 Pages
    Satisfactory Essays
  • Good Essays

    The factors that may influence the nature and speed of the transition to accrual accounting which the system of government and the political environment are the major basic requirement. Beside that issue whether the reforms are focused solely on accounting change or whether they encompass other wider scale reforms also the key transition to the accrual accounting. Further the factor changes are being driven from the top down, or bottom up for example the changes driven by the top level of government may be mandatory for all entities within that government and may have fixed time frames can be also influence the nature and speed of the transition.…

    • 1041 Words
    • 5 Pages
    Good Essays
  • Powerful Essays

    Cost Accounting Chapter 11

    • 13665 Words
    • 55 Pages

    Horngren, C.T., Datar, S.M. and Foster, G. (2003) Cost Accounting - A Managerial Emphasis, Pearson Education, Inc., New Jersey, Eleventh Edition CHAPTER 11 DECISION MAKING AND RELEVANT INFORMATION 11-1 The five steps in the decision process outlined in Exhibit 11-1 of the text are:…

    • 13665 Words
    • 55 Pages
    Powerful Essays
  • Powerful Essays

    The accounting cycle is a series of steps that are taken to process your paperwork and generate meaningful financial reports. The accounting cycle is the same for every business. But you can determine the frequency of the cycle based on your business structure (sole proprietor, S-Corp, Corporation, etc.) and reporting period requirements. A reporting period is the date range that you want to report on. Standard reporting periods include month, quarter, and year. A lot of business owners want to see how their business is doing month-to-month, so their reporting period is month. For them, the accounting cycle starts at the beginning of the month and closes at the end of the month. Businesses that choose this frequency tend to have many transactions per day or month, want to keep a close eye on revenue and expenses, and don 't want to fall behind on…

    • 3894 Words
    • 16 Pages
    Powerful Essays
  • Satisfactory Essays

    Steps one and two occur as often as needed during an accounting period. Steps three, four, five, and six occur at the end of each accounting period. Steps seven and eight usually occur only at the end of each fiscal year, but these steps may be completed at the end of each accounting period if the company chooses to do so.…

    • 346 Words
    • 2 Pages
    Satisfactory Essays
  • Satisfactory Essays

    The nine steps of the accounting cycle helps you prepare an accurate closing trail balance. By doing these steps correctly will eliminate recording errors whether they are positive or negative. The first step is to analyze all the transactions made during the period of time the trial balance is for whether it is weekly, monthly or quarterly which really depends on how big is the business. The next step is to document what each transaction was for with the amount, date and why the transaction was made. The next step is to translate over to the ledger accounts. All the ledger account comes over on to the trial balance which the debits and credits should equal out if not there is a mistake somewhere on the first three steps of the process. Next step is to check over and record adjusting account amounts. These amounts are the depreciation amounts of accounts that are paid for multiple months ahead. After that step is to prepare the adjusted trial balance which should equal out as well if not there are misleading information on the accounts. In this step the business record salaries expenses and service revenues. The next step is to prepare the financial statement report. On this report the business record expenses and revenue for that period of time. This step shows the net income which should be a positive amount to increase the total income of the business. The nest steps are the final steps. After reviewing the closing entries which are permanent balance sheet accounts they then get transfer to the post trial balance which again is zero out if not there are mistake within the process which will need further reviewing. This cycle is a great tool but it “doesn’t prove that all transactions were recorded or the ledger is correct (Weygandt, J. J., Kimmel, P. D., & Kieso, D. E.).”…

    • 338 Words
    • 2 Pages
    Satisfactory Essays
  • Powerful Essays

    Mgmt 351 Study

    • 1394 Words
    • 6 Pages

    Instructions: (assume a tax rate of 35%) (b) What entry(ies) are necessary to adjust the accounting records for the change in accounting principle? (a) What is the amount of net income and retained earnings that would be reported in 2012?…

    • 1394 Words
    • 6 Pages
    Powerful Essays
  • Satisfactory Essays

    Assignment 1

    • 356 Words
    • 2 Pages

    a) Prepare income statements for Q1, Q2, and Q3 using variable costing and absorption costing.…

    • 356 Words
    • 2 Pages
    Satisfactory Essays
  • Powerful Essays

    Fluid Mechanics 1st year

    • 18528 Words
    • 75 Pages

    attend them. Should you fail to attend either one you will be asked to complete…

    • 18528 Words
    • 75 Pages
    Powerful Essays
  • Satisfactory Essays

    ACC 460 Week 1 DQs

    • 484 Words
    • 3 Pages

    DQ2: What is fund accounting? How does it compare to proprietary accounting? Why is fund accounting necessary? What are the major fund types?…

    • 484 Words
    • 3 Pages
    Satisfactory Essays
  • Good Essays

    Page 3: The Nature of Accounting Page 5: The Balance Sheet & Transaction Analysis Page 8: The Income Statement & Transaction Analysis Page 13: Financial Reporting Principles Page 18: Adjustment to Accounting Entries Page 23: Completing the Accounting Cycle Page 26: Accounting for Cash Holdings & Receivables Page 30: Accounting for Inventory Page 37: Accounting for Non-Current Assets I Page 42: Accounting for Non-Current Assets II Page 45: Accounting for Liabilities…

    • 9448 Words
    • 38 Pages
    Good Essays
  • Good Essays

    Next, we have to prepare an adjusted Trial Balance and Financial Statements by posting information from the adjustment to get the latest Trial Balance and Financial Statements that can be used directly in the preparation of the statement of changes in stockholders' equity, income statement and the balance sheet (Accountingcoach). Finally, closing entries is the last step in the accounting cycle. All the general ledger need to be closed in order to start the accounting cycle for the next accounting period (Accountingcoach).…

    • 1674 Words
    • 7 Pages
    Good Essays

Related Topics