University of Phoenix ACC 290 Principles Of Accounting I Study Guides and Answers
University of Phoenix
ACC 290 Principles Of Accounting I Study Guides and Answers
This course covers the fundamentals of financial accounting as well as the identification, measurement, and reporting of the financial effects of economic events on an enterprise. Students will learn to examine financial information from the perspective of management. Other topics include decision-making, planning, and controlling from the perspective of a practicing manager.
Basic Accounting Principles and Concepts
Identify the four basic financial statements.
Classify transactions using the rules of debit and credit.
Journalize basic transactions.
Post transactions from journals to ledgers.
Starting the Accounting Cycle
Differentiate between accrual basis and cash basis accounting.
Create adjusting entries.
Prepare an adjusted trial balance.
Completing the Accounting Cycle
Prepare closing entries, reversing entries, and a post-closing trial balance.
Prepare a classified income statement, retained earnings statement, and balance sheet.
Analyze the elements in the cost of goods sold calculation.
Analyze the impact of inventory methods on net income or loss.
Record the transactions that involve the purchase and sale of merchandise.
Calculate ending inventory using the LIFO, FIFO, LCM, and average cost methods.
Summarize strengths and weaknesses of an internal control system.
Recommend improvements to internal control systems.
Explain the effects of the Sarbanes-Oxley Act of 2002 on internal controls.
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