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ACC 290 Entire Course Week 1-5 Summary.doc

by: Topseller Notetaker

ACC 290 Entire Course Week 1-5 Summary.doc PRG211

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ACC 290 Entire Course Week 1-5 Summary.doc
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This 0 page Study Guide was uploaded by Topseller Notetaker on Friday November 13, 2015. The Study Guide belongs to PRG211 at Ashford University taught by in Fall 2015. Since its upload, it has received 33 views. For similar materials see in Computer Programming at Ashford University.

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Date Created: 11/13/15
Summary ACC 290 Week 1 Summary During week one I have learned much about recording basic financial transactions The four basic financial statements include income retained earnings balance and statement of cash ows These are important because they provide a way for the organization to judge their financial performance Income statements provide a description of how profitable the business is Retained earnings reports what income was reinvested in the organization and was not distributed to the stockholders Balance statements relay the assets and liabilities of the organization Statement of cash ows shows the gross receipts and gross payments A debit is an asset or increase in cash and a credit is a decrease in cash Debits normally increase assets and decrease liabilities and credits normally decrease assets and increase liabilities Debits and credits are used to record business transactions by the type of account that is used Expenses and assets are listed on the left side and liabilities and revenue is listed on the right side of the T Each time a transactions occurs they are listed in the journal and it will show which accounts are involved in the transactions and if they are debits or credits The general journal provides a breakdown of individual transactions so that tracking the transactions is possible Ledgers summarize the financial information and provide the current balance of each separate account The journal entry posting should always have a reference number or document number and record date of transaction to support details for the transaction This information is taken from the journals and placed in the ledgers because it is another means of control Having control lessens the opportunity for mistakes because discrepancies can be seen when totals do not balance out References Kimmel P D Weygandt J J amp Kieso D E 2011 Financial accounting Tools for business decision making 6th ed Hoboken NJ John Wiley amp Sons University of Phoenix 2011 Week One Supplemental notes debit vs credit Retrieved from University of Phoenix ACC290 Principles of Accounting I website Summary Week 2 Summary In week two I learned that accrual accounting is an accounting method that evaluates the performance of the organization by financial events without regard to when the transaction actually occurs These financial events are identified by matching the revenues to the expenses at the time in which the transaction takes place rather than when the payment is made received I learned that the revenue recognition principle requires that organizations recognize their revenue during the accounting time period that it is earned not necessarily received I learned that adjusting entries was necessary so that revenue and expense recognition principles are complied with and that adjustments occur because events are not always recorded daily some costs expire over time or because a service has not yet billed Each time a financial statement is prepared entries must be adjusted to assure that all the financial information is uptodate There are two types of adjusting entries accruals and deferrals Accruals are accrued revenues and accrued expenses An example of accrued revenue is when the painter is paid ahead of time and has not performed the job of painting yet Deferrals include prepaid expenses and unearned revenues An example of prepaid expenses is when an insurance policy is paid in full for a six month period and has not yet used each month that is paid for Finally I learned that the trial balance is prepared when the ledger accounts have been balanced at the end of the specific accounting period The trail balance helps identify errors that might have been made when posting and journalizing The trail balance does not tell you that ledger is correct Some transactions may not have been posted been posted repeatedly amounts could be incorrect or some posts may be incorrect and not be realized The purpose of the adjusted trail balance is to make sure that the total amount of debit balances in the general ledger equals the total amount of credit balances References A verkamp HE 2011 Accounting basics Accounting Coach LLC Retrieved from httpblOgaccountingcoachcomdebtratio Kimmel P D Weygandt J J amp Kieso D E 2011 Financial accounting Tools for business decision making 6th ed Hoboken NJ John Wiley amp Sons Summary Week 3 Summary This week s lesson on accrual basis and cash accounting was very informative I learned that accrual basis accounting that in most cases accrual basis accounting is preferred over cash basis Accrual basis accounting is adhered to regardless if cash changes hands Cash basis accounting is only recognized when cash is received Also learning the adjusting entries are prepared before the financial statements are prepared Adjusting entries are made to ensure that the company39s financial records adhere to the revenue recognition and matching principals Overall this week s lesson will bring closer to understanding the accounting process as a whole Week 4 Summary During Week Four I learned much more about what happens to inventory than I expected to learn I thought inventory was pretty much cut and dry and that you just put the basics into the equation Goods available beginning inventory purchases Because my organization uses the perpetual inventory system I didn t realize that there was another inventory system called the periodic system I learned the perpetual system of inventory keeps a running tally of inventory that is live and this is done by automatically making changes to the inventory as each item is sold freight cost returned or discounted items I learned the periodic system keeps track of the inventory but does not take into consideration costs for freight items sold returned or discounted items The periodic system updates its inventory by taking a count at the end of the period and subtracting the ending inventory from the available goods Here are two examples of how each system handles the return of merchandise sold in their journal Summary Week 5 Summary In our discussion of internal controls and the control environment I learned that policies and procedures are put into place by an organization to protect not only the organization from dishonesty but to protect the employee The most effective control that I learned was the separation of duties The separation of duties control establishes the requirements that are required for a process such as no one person can handle consecutive duties that are related to one activity An example of this would be an employee orders departmental supplies the order is then sent to a supervisor for approval once approved the order then goes to finance for account codes and finally the order is placed through procurement Having all these steps involved is for the benefit of securing assets Each person involved in the activity of this order is assuring that the supplies were legitimate approved by management and financially acceptable Another example of separation of duties is and employee travel reimbursement The employee turns over their reimbursable travel receipts to their manager who signs off on the reimbursement as an approved activity The manager then forwards the reimbursement to the accountant who creates the reimbursement voucher and attaches the signed documentation to the voucher The voucher then goes through to the accounting system for approval and finally payroll produces the reimbursement into the employee s checking account In each of these examples there are controls in place that prevent someone from having complete control without having to get approval These types of control environments help achieve the requirements of the SarbanesOxley Act of 2002 References Kimmel P D Weygandt J J amp Kieso D E 2011 Financial accounting Tools for business decision making 6th ed Hoboken NJ John Wiley amp Sons


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