- Description
ACC/291
The Latest Version A+ Study Guide
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ACC 291 All Participations Link
https://hwsell.com/category/acc-291-participations/
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ACC 291 Week 1 Learn: Accounting Foundations: Managerial Accounting Video
Click the External Content Launch link on the Video tab to access Lynda.com®.
Type the title “Accounting Foundations: Managerial Accounting” into the Search Bar to find the video by Jim and Earl Stice.
Watch the following:
- Section 1, Purpose of Managerial Accounting
- Section 2, Cost and Cost Behaviors
ACC 291 Week 1 Practice: Week 1 Discussion Question 1
1
Hello class,
How do retail and wholesale businesses differ? What is a trade discount? Why do some firms offer trade discounts to their customers?
2
Trade discounts
What is the difference between a Cash Discount and a Trade Discount? What is an example of these types of transactions and how would it be recorded in the General Journal?
Initial responses to the conversation prompt should be a minimum of 150 words; responses to other students’ posts should be a minimum of 50 words. All posts must meet the originality requirements of the University of Phoenix. Direct copy & paste from resource or outside material will not count toward participation. You may use outside material, however, it must be properly cited and referenced – and the post must be substantively unique to count toward participation (a simple rule is 75% your input / 25% resource material)
ACC 291 Week 1 Practice: Week 1 Discussion Question 2
1
Greetings class,
As noted in the text, the use of credit is considered to be one of the most important factors in the rapid growth of business today. Why do stores grant credit to customers?
When developing credit policies, which includes risk management and collection strategies, how might a store determine how much credit to extend to a customer? What factors may impact credit limits authorized to different individuals?
2
Types of Credit sales
Identify and describe the four type of credit sales discussed in Chapter 7. What are some common traits of these transactions? Which of these has the most common impact with a business you are associated with – please describe.
Initial responses to the conversation prompt should be a minimum of 150 words; responses to other students’ posts should be a minimum of 50 words. All posts must meet the originality requirements of the University of Phoenix. Direct copy & paste from resource or outside material will not count toward participation. You may use outside material, however, it must be properly cited and referenced – and the post must be substantively unique to count toward participation (a simple rule is 75% your input / 25% resource material)
ACC 291 Week 2 Practice: Week 2 Discussion Question 1
1
Hello class,
When a business returns merchandise to a vendor, it makes an opposite entry to that of a purchase, but instead of crediting the Purchases account, a credit is made to the Purchase Returns and Allowances account. Purchase Returns and Allowances account is a contra expense under cost of goods sold that keeps track of all merchandise returns the business made. The Purchase Returns and Allowances account would appear on the Income Statement as a reduction in the cost of purchases.
Why would a business want to keep track of returns it makes?
2
Purchasing
Do you think it would be feasible to allow every person who works at a business to buy and order merchandise? Think about a business like Bed, Bath & Beyond. . . or think about a business you are associated with… please explain.
Initial responses to the conversation prompt should be a minimum of 150 words; responses to other students’ posts should be a minimum of 50 words. All posts must meet the originality requirements of the University of Phoenix. Direct copy & paste from resource or outside material will not count toward participation. You may use outside material, however, it must be properly cited and referenced – and the post must be substantively unique to count toward participation (a simple rule is 75% your input / 25% resource material)
ACC 291 Week 2 Practice: Week 2 Discussion Question 2
1
Hello class,
Do you think it would be feasible to allow every person who works at a business to buy and order merchandise? When preparing your response, consider a business where you have worked, or currently work and provide an example of how it would or would not be feasible.
2
Credit policies
Should lenders avoid loans to individuals with poor credit or a history of delinquency – or should they provide the loans at a higher rate knowing there is an increased risk of default? Granted, higher rates can sometimes result in a higher likelihood of default as repayments become too burdensome for the individual… so, perhaps a Catch 22 situation in which the lender creates the situation and promotes default… but, that goes back to the original question: should lenders avoid loans to individuals with poor credit or a history of delinquency?
Initial responses to the conversation prompt should be a minimum of 150 words; responses to other students’ posts should be a minimum of 50 words. All posts must meet the originality requirements of the University of Phoenix. Direct copy & paste from resource or outside material will not count toward participation. You may use outside material, however, it must be properly cited and referenced – and the post must be substantively unique to count toward participation (a simple rule is 75% your input / 25% resource material)
ACC 291 Week 3 Practice: Week 3 Discussion Question 1
1
Online banking and identity theft.
Hello class,
As a banking customer, what concerns do you have about online banking? What benefits and disadvantages can you identify? What can you do to prevent identity theft?
2
Payment processing
What types of payments could be processed by a small business using electronic banking?
Describe the process and any controls needed to safeguard the transaction.
Initial responses to the conversation prompt should be a minimum of 150 words; responses to other students’ posts should be a minimum of 50 words. All posts must meet the originality requirements of the University of Phoenix. Direct copy & paste from resource or outside material will not count toward participation. You may use outside material, however, it must be properly cited and referenced – and the post must be substantively unique to count toward participation (a simple rule is 75% your input / 25% resource material)
ACC 291 Week 3 Practice: Week 3 Discussion Question 2
1
Cash flow.
Hello class,
By now, you should understand that a business must maintain an adequate cash flow. From a finance perspective, and in your own words, what is cash flow?
2
Petty Cash
Petty cash is an interesting option that many organizations use for reimbursements and small purchases… describe what “petty cash” is, how it is used, and how one might operate such an account.
Initial responses to the conversation prompt should be a minimum of 150 words; responses to other students’ posts should be a minimum of 50 words. All posts must meet the originality requirements of the University of Phoenix. Direct copy & paste from resource or outside material will not count toward participation. You may use outside material, however, it must be properly cited and referenced – and the post must be substantively unique to count toward participation (a simple rule is 75% your input / 25% resource material)
ACC 291 Week 4 Practice: Week 4 Discussion Question 1
1
Inventory Process.
Hello class,
Does anyone work in a merchandising organization? If you can, explain how your company keeps track of the inventory. How often is a physical inventory taken? Does the company do this internally or hire an inventory service to take the physical count? What else can you share about the inventory process?
2
Accrued and prepaid expenses.
Hello class,
What is an accrued expense? Give three examples of items that often become accrued expenses. What is a prepaid expense? Give three examples of prepaid expense items. Explain the difference between accrued expenses and prepaid expenses.
ACC 291 Week 4 Practice: Week 4 Discussion Question 2
1
Accrual basis of accounting.
Hello class,
When financial statements are prepared, in order to comply with Generally Accepted Accounting Principles (GAAP), they must be prepared using the accrual basis of accounting. This differs from the cash basis because rather than record transactions only when money is received or paid, revenues are recognized when earned, and expenses are recorded when incurred. What does the word accrue mean? What types of events or activities in your own daily life represent accrued expenses?
2
Depreciation.
Hello class,
The matching principle requires that businesses match the expenses incurred with the earned revenue. Depreciation is another example of this accounting principle.
Class, what is depreciation and why do we have to make an adjustment for depreciation each accounting period? What are some examples of assets that a business might depreciate?
ACC 291 Week 5 Practice: Week 5 Discussion Question 1
1
Ratio analysis.
Hello class,
Review the five ratios (gross profit percentage, working capital, current ratio, and inventory turnover, & accounts receivable turnover). Pick one of the ratios and provide the formula for the a calculation, where the numbers can be found on the financial statements, and what the ratio can tell creditors, managers, and investors.
2
Cost of Goods Sold and Gross Profit on Sales.
Hello class,
A company may report high net income through a number of means including normal revenues, one-time tax benefits, or other accounting activities. If a company sales merchandise, it is important to understand their operating revenues which will include income statement reporting of both Cost of Goods Sold and Gross Profit on Sales.
Class, what is Cost of Goods Sold? Provide examples of the types of entries recorded to this account. Next, what is Gross Profit on Sales? Why is understanding this section of the Classified Income Statement so important to managers, investors, and creditors?
ACC 291 Week 5 Practice: Week 5 Discussion Question 2
1
Managerial implications.
Hello class,
How can managers use financial statements to learn about a company’s operating efficiency?
2
Financial statements.
Hello class,
According to the text, there are three basic financial statements. Explain the purpose of each of the three financial statements and how the three financial statements are interrelated.