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Acc 290 Complete Course Material Week 1-5 Essay

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ACC 290 Complete Course Material Week 1-5

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ACC 290 Complete Course Material Week 1-5
ACC 290 Week 1 DQ 1
Week One – DQ #1 What are the four basic financial statements? What is the primary purpose of each of the four basic financial statements? In your opinion, which financial statement is the most important? Explain why. How would the financial statements be useful to managers and employees? How would the financial statements be useful to investors and creditors?
ACC 290 Week 1 DQ 2
What are debits and credits? How are debits and credits used to record business transactions? Why do accountants debit asset accounts to increase them but credit liability accounts to increase them? Why do accountants debit expenses to increase them but credit revenues to increase them?
ACC 290 Week 1 Individual Assignment Financial Statements Paper
Individual – Financial Statements Paper – Prepare a 700 -1,050 word paper in which you identify the four basic financial statements. Describe the purpose of each of the four financial statements. Discuss how the financial statements would be useful to internal users, such as to managers and employees. Discuss how the financial statements would be useful to external users, such as investors and creditors.
Format paper according to APA standards.
ACC 290 Week 2 DQ 1
What is the revenue recognition principle? What is the expense recognition principle? Why are they important to financial reporting?
What are adjusting entries and why are they necessary?
What are accruals? Provide examples of accruals. Why do accruals require adjusting entries?
What are deferrals? What are some examples of deferrals? Why do deferrals require adjusting entries?
ACC 290 Week 2 DQ 2
What accounts are subject to adjusting journal entries and why?
How would you explain the purpose of the adjusted...

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