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ACC 291 Whole Class All 5 Weeks (ANSWER KEY)

ACC 291 Whole Class All 5 Weeks (ANSWER KEY)
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Solution Guide / Answer Key:

ACC 291 Whole Class Wk 1-5 – All DQs, Assignments (Individual and Team)

Week 1

Resources: Ch. 9 of Financial Accounting

Complete Exercise E9-2.

Submit as either a Microsoft® Excel® or Word document.

Week 2

Resources: Ch. 9 of Financial Accounting

Complete Exercise E9-1 (2 points), E9-7 (2 points), & E9-12(1 point).

Complete Problem P9-7B (3 points).

Submit as a Microsoft® Excel® or Word document.

Discuss the objectives for Week One. How do they relate to the practice of accounting and its uses in business?

    Prepare journal entries to account for transactions related to accounts receivable and bad debt using both percentage of sales and the percentage of receivables methods.
    Distinguish between tangible and intangible assets.
    Identify the entries associated with the acquisition, disposal, and sales of plant assets.
    Distinguish between revenue and capital expenditures, and the entries associated with each.

Write a 350- to 500-word summary of your Learning Team’s discussion.

Week 3

Resources: Ch. 10 of Financial Accounting.

Complete Exercise E10-6 (1 points), E10-8 (1 point), & E10-18 (1 point).

Complete Problem 10-3A (2 points) &10-6A (2 points).

Submit as a Microsoft® Excel® or Word document.

Discuss the objectives for Week Two. How do they relate to the practice of accounting and its uses in business?

    Differentiate accounts payable, notes payable, and accrued expenses.
    Prepare necessary journal entries to record the issuance of bonds, the periodic interest, and amortization of bond premiums and discounts.
    Calculate depreciation and amortization expense using various methods.

Write a 350- to 500-word summary of your Learning Team’s discussion.

Week 3

Resources: Ch. 11 & 12 of Financial Accounting.

Complete Exercises E11-15 (2 points), E12-1 (1 point)  & E12-2 (1 point).

Complete Problem 11-6A (3 points).

Submit as a Microsoft® Excel® or Word document.

Discuss the objectives for Week Three. How do they relate to the practice of accounting and its uses in business?

    Differentiate types of stocks issued by corporations.
    Calculate stocks, dividends, and stock splits.
    Record treasury stock transactions.

Write a 350- to 500-word summary of your Learning Team’s discussion.

Week 4

    Resources: Ch. 11 & 12 of Financial Accounting.
    Complete Exercises E11-15 (2 points), E12-1 (1 point)  & E12-2 (1 point).
    Complete Problem 11-6A (3 points).
    Submit as a Microsoft® Excel® or Word document.
    Discuss the objectives for Week Three. How do they relate to the practice of accounting and its uses in business?
    •     Differentiate types of stocks issued by corporations.
    •     Calculate stocks, dividends, and stock splits.
    •     Record treasury stock transactions.
    Write a 350- to 500-word summary of your Learning Team’s discussion.

Week 5

Resource: Ch. 13 & 14 of Financial Accounting

Complete Exercise E13-8 (2 points) & E14-3 (3 points).

Submit as a Microsoft® Excel or Word® document.

Write a 350- to 700-word article analysis in which you identify situations that might lead to unethical practices and behavior in accounting.

Examine the effect of the Sarbanes-Oxley Act of 2002 on financial statements.

Prepare at least one question based on your article analysis for class discussion.

Cite one article from the Electronic Reserve Readings, the Internet, or other resources.

Format your paper consistent with APA guidelines.

Discuss the objectives for Weeks Four and Five. How do they relate to the practice of accounting and its uses in business?

    Prepare a statement of cash flows using both direct and indirect methods.
    Apply ratio, vertical, and horizontal analysis to financial statements.
    Prepare journal entries associated with the issuance of preferred and common stocks and the declaration and payment of dividends.
    Identify situations that might lead to unethical accounting practices.
        Examine the effect of unethical behavior and the Sarbanes-Oxley Act on financial statements.

Write a 350- to 500-word summary of your Learning Team’s discussion.

Resources: Virtual Organizations

 

Click the Virtual Organization link on the student website to access the Virtual Organizations.

Select one of the Virtual Organizations as the basis for the assignment.

Obtain faculty approval of your selected organization before beginning the assignment.

Access the information contained in your selected organization’s balance sheet and income statement to calculate the following:

    Liquidity ratios
    Current ratio
    Acid-test, or quick, ratio
    Receivables turnover
    Inventory turnover
        Profitability ratios
        Asset turnover
        Profit margin
        Return on assets
        Return on common stockholders’ equity
            Solvency ratios
            Debt to total assets
            Times interest earned

Show your calculations for each ratio.

Create a horizontal and vertical analysis for the balance sheet and the income statement.

Prepare a 350- to 700-word memo to the CEO of your selected organization in which you discuss your findings from your ratio calculations and your horizontal and vertical analysis. In your memo, address the following questions:

    What do the liquidity, profitability, and solvency ratios reveal about the financial position of the company?
    Which users may be interested in each type of ratio?

What does the collected data reveal about the performance and position of the company?

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