ACC/291

PRINCIPLES OF ACCOUNTING II

The Latest Version A+ Study Guide

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ACC 291 All Participations Link

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ACC 291 Week 1 Financial Accounting, Ch. 8: Reporting and Analyzing Receivables

Consider the following as you read:

Credit is an essential part of doing business, and many small and large businesses would not be able to generate targeted sales if they did not offer their customers a buy now, pay later option. As you read through Ch. 8, consider the following:

1. How can companies manage credit accounts effectively to minimize losses?
2. What kind of credit policies should businesses implement to keep customers buying while increasing their receivables turnover rate?

ACC 291 Week 1 University of Phoenix Learning Teams: Why We Have Them

Watch the “University of Phoenix Learning Teams: Why We Have Them” video.

ACC 291 Week 1 Ch. 8: Overview with Paul Kimmel

Watch the “Ch. 8: Overview with Paul Kimmel” video located in the Week 1 Video Assignments in WileyPLUS.

Consider the following as you view:

• The purpose of this video is to help you understand why accounts receivable management is important. In this video, Paul Kimmel, the co-author of your text, shares examples from real world experience and sets the tone for what is ahead in Ch. 8.
• If you were a small business owner, how would your inability to collect your receivable timely affect your business operations?

ACC 291 Week 1 Similar to Exercise 8-5

Watch the “Similar to Exercise 8-5” video located in the Week 1 Video Assignments in WileyPLUS.

Consider the following as you view:

• The purpose of this video is to show how to calculate the allowance for doubtful accounts and account for bad debts expense. As you watch this video, please reflect on the process the instructor uses to arrive at the answers and the various explanations provided in the video to help you understand why each step is taken.

ACC 291 Week 1 Most Challenging Concepts

Recall the readings and activities you have completed this week and describe the one or two points that were least clear to you. What questions do you have that would help you understand these points better?

ACC 291 Week 2 Financial Accounting, Ch. 9: Reporting and Analyzing Long-Lived Assets

Consider the following as you read:

In business, assets are not just things that a business owns, assets are used to generate revenues. For example, if you operate a local restaurant and provide catering services, the truck used to make the deliveries to customers is more than a vehicle you own, it is an asset used to generate additional streams of income into the business. The longer your assets can be used in the business to create income, the better the return on the investment in that particular asset. However, this is not always possible because of the wear and tear that occurs.

1. What should companies consider before choosing a method of expensing long-lived-assets cost?
2. What are some benefits and risk of various depreciation methods on a company’s net income?

ACC 291 Week 2 Ch. 9: Overview with Paul Kimmel

Watch the “Ch. 9: Overview with Paul Kimmel” video located in the Week 2 Video Assignments in WileyPLUS.

Consider the following as you view:

• Companies spend thousands of dollars investing in long-lived assets. In accounting, we commonly referr to these asset types as property plant and equipment. In this video, Paul Kimmel, the co-author of your text, shares facts companies must consider related to the long-lived assets and sets the tone for what’s ahead in Ch. 9.
• Keep in mind long-lived assets are used in business operations to generate revenue. These assets decline in their service life overtime. Therefore, businesses must expense their cost over its estimated useful life. Since expenses impact net income, how should management decide which accounting method is suitable for valuing their long-lived assets?

ACC 291 Week 2 Similar to Exercise 9-5

Watch the “Similar to Exercise 9-5” video located in the Week 2 Video Assignments in WileyPLUS. 

Consider the following as you view:

• The purpose of this video is to show how to determine depreciation expense under the straight-line depreciation. As you watch this video, please reflect on the process the instructor uses to arrive at the answers and the various explanations provided in the video to help you understand why each step is taken.

ACC 291 Week 2 Similar to Problem 9-1A

Watch the “Similar to Problem 9-1A” video located in the Week 2 Video Assignments in WileyPLUS. 

Consider the following as you view:

• The purpose of this video is to show how to evaluate a sequence of transactions related to plant assets. As you watch this video, please reflect on the process the instructor uses to arrive at the answers, the various explanations provided in the video to help you understand why each step is taken, and how each transactions impacts the financial statements.

ACC 291 Week 2 Similar to Problem 9-8A

Watch the “Similar to Problem 9-8A” video located in the Week 2 Video Assignments in WileyPLUS. 

Consider the following as you view:

• The matching principle requires expenses be matched with revenues, and in the accounting period, the effort is made to generate those revenues. However, unlike general operating expenses, plant assets cost is generally not expensed in a single accounting period, but rather over the estimated useful life of the asset.
• The choice of method used to account for plant assets will impact net income. In this video, you will learn how to apply these methods using the straight-line, double declining balance and units of production. As you watch this video, please reflect on the process the instructor uses to arrive at the answers and the various explanations provided in the video to help you understand why each step is taken.

ACC 291 Week 3 Financial Accounting, Ch. 10: Reporting and Analyzing Liabilities

Consider the following as you read:

Reflecting back on the accounting equation, assets = liabilities + plus stockholders equity, one can conclude that businesses acquire plant assets and fund major projects by investing their own capital, borrowing funds from a financial institution, or acquiring money from investors.

As you learn to report and evaluate liabilities consider the following:

1. What factors should management consider in determining if borrowing funds is a viable solution?
2. In acquiring funds to finance major projects, how should management choose from among the alternatives?

ACC 291 Week 3 Ch. 10: Overview with Paul Kimmel

Watch the “Ch. 10: Overview with Paul Kimmel” video located in the Week 3 Video Assignments in WileyPLUS.

Consider the following as you view:

• The purpose of this video is to give an overview of liabilities and why debt management is important. In this video, Paul Kimmel, the co-author of your text, shares debt scenarios and sets the tone for what’s ahead in Ch. 10.
• As you watch this video, think about how debt mismanagement has impacted you or the company at which you work,and what behaviors helped to improve the financial situation.

ACC 291 Week 3 Similar to Problem 10-4A

Watch the “Similar to Problem 10-4A” video located in the Week 3 Video Assignments in WileyPLUS. 

Consider the following as you view:

• The purpose of this video is to show how to journalize transactions related to bonds and prepare the balance sheet presentation. As you watch this video, please reflect on the process the instructor uses to arrive at the answers and the various explanations provided in the video to help understand why each step is taken.

ACC 291 Week 3 Similar to Problem 10-5A

Watch the “Similar to Problem 10-5A” video located in the Week 3 Video Assignments in WileyPLUS.

Consider the following as you view:

• The purpose of this video is to show how to record a bond that has been issued at a discount. The journal entries in this video reflect the general process from the issuance of the bond, to the retirement of the bond, and then the balance sheet presentation. As you watch this video, please reflect on the process the instructor uses to arrive at the answers and the various explanations provided in the video to help you understand why each step is taken.

ACC 291 Week 3 Similar to Problem 10-6A

Watch the “Similar to Problem 10-6A” video located in the Week 3 Video Assignments in WileyPLUS. 

Consider the following as you view:

• The purpose of this video is to show how to analyze accounts liabilities on the balance sheet and a company’s financial performance using the current ratio, free cash flow, debt to assets ratio, and times interest earned. As you watch this video, please reflect on the process the instructor uses to arrive at the answers and the various explanations provided in the video to help you understand why each step is taken.
• In addition, consider how businesses can use debt appropriately while maintaining a good current ratio.

ACC 291 Week 4 Financial Accounting, Ch. 11: Reporting and Analyzing Stockholders’ Equity

Consider the following as you read:

One of the greatest benefits of a publicly held corporation is its ability to raise large amounts of capital from the issuance of stock. The higher the value of each share of stock, the more money a corporation can raise in a short amount of time. However, corporations are also faced with the pressure to keep stockholders happy with increasing profits and good dividend payouts. As you read through the lessons consider the following:

1. How can companies control the value of their stock?
2. What are some methods that investors can use to determine if a corporation is worth investing in?

ACC 291 Week 4 Ch. 11: Overview with Paul Kimmel

Watch the “Ch. 11: Overview with Paul Kimmel” video located in the Week 4 Video Assignments in WileyPLUS.

Consider the following as you view:

• The purpose of this video is to introduce common terms related to the stockholder’s equity section of the balance sheet. In this video, Paul Kimmel, the co-author of your text, shares with you examples from real world experiences to enhance your understanding of the topics in Ch. 11 and sets the tone for what you will be learning.

ACC 291 Week 4 Similar to Exercise 11-12

Watch the “Similar to Exercise 11-12” video located in the Week 4 Video Assignments in WileyPLUS.

Consider the following as you view:

• The purpose of this video is to show how to compute the payout ratio and return on common stockholder’s equity. These are methods used to analyze how much profit was generated with money from stockholders’ and assess what portion of earnings was allocated to dividends. As you watch this video, please reflect on the process the instructor uses to arrive at the answers and the various explanations provided in the video to help you understand why each step is taken.

ACC 291 Week 4 Similar to Exercise 11-16

Watch the “Similar to Exercise 11-16” video located in the Week 4 Video Assignments in WileyPLUS.

Consider the following as you view:

• The purpose of this video is to show how to journalize entries related to a corporation’s issuance of a stock dividend to its shareholders. As you watch this video, please reflect on the process the instructor uses to arrive at the answers, the various explanations provided in the video to help you understand why each step is taken, and how each transactions impacts the financial statements.

ACC 291 Week 4 Most Challenging Concepts

Recall the readings and activities you have completed this week and describe the one or two points that were least clear to you. What questions do you have that would help you understand these points better?

ACC 291 Week 5 Financial Accounting, Ch. 12: Statement of Cash Flows

Consider the following as you read:

While the income statement discloses revenues from operations and what it costs to generate those revenues for the operating period, it does not reflect how much cash was actually collected and how it was spent. This is one of the reasons many investors and decision makers within a company will look to the cash flow statement to assess the sources and uses of cash. As you go through the lessons consider the following:

1. How can management use data from the cash flow statement to improve its management of cash?
2. As an investor, how will you use information from the cash flow statement?
3. How can management use the knowledge about the company’s operating cycle and data from the cash flow statement to control cash?

ACC 291 Week 5 Financial Accounting, Ch. 13: Financial Analysis: The Big Picture

Consider the following as you read:

1. What are the limitations of using financial ratios and how can management maximize the use of financial ratios?

ACC 291 Week 5 Ch. 12: Overview with Paul Kimmel

Watch the “Ch. 12: Overview with Paul Kimmel” video located in the Week 5 Video Assignments in WileyPLUS.

Consider the following as you view:

• In this video, Paul Kimmel, the co-author of your text, helps you gain insight into what’s ahead in Ch. 12. As you watch the Ch. 12 overview video, note the reasons why a cash flow statement is important and how insufficient cash can impact a company.
• Reflect on what you have learned in this course and consider how you will apply the skills learned at your current job or future anticipated work.

ACC 291 Week 5 Similar to Exercise 12-4

Watch the “Similar to Exercise 12-4” video located in Week 5 Video Assignments in WileyPLUS.

Consider the following as you view:

• The purpose of this video is to show how to prepare the operating activities section of a cash flow statement using the indirect method. As you watch this video, please reflect on the process the instructor uses to arrive at the answers and the various explanations provided in the video to help you understand why each step is taken.

ACC 291 Week 5 Similar to Exercise 12-5

Watch the “Similar to Exercise 12-5” video located in the Week 5 Video Assignments in WileyPLUS.

Consider the following as you view:

• The purpose of this video is to show how to prepare a cash flow statement using the indirect method. As you watch this video, please note the reasoning for the adjustments, reflect on the process the instructor uses to arrive at the answers, and the various explanations provided in the video to help you understand why each step is taken.