ACC 290 WEEK 1
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ACC 290 WEEK 1
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ACC 290, 2016
ACC 290 WEEK 1
Description:
Week 1 DQ1
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.
Week 1 DQ2
How would the financial statements be useful to
managers and employees? How would the financial statements be useful to
investors and creditors?
DQ3
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
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.
Week 1 summary attached as well
PRODUCT DESCRIPTION
ACC 290 Week 1,
DQ1-
The four basic financial statements are income,
retained earnings, balance, and statement of cash flows. Financial statements
provide a means for the business to judge the results of their operational or
financial performance over a period of time. Income statements provide
investors and the business a description of how profitable the business is
performing within a specific period in time. Retained earnings are income that
is left in the company (reinvested) that was not distributed to the
stockholders. This statement explains why the
DQ2-
Financial statements alert investors of the risk
that is involved in investing in the company. The information from these
reports also allow investors to judge what type of return they will receive on
their investment and it also helps them to determine whether to hold, buy, or
sell. Creditors are concerned with any statistical financial information that
helps them to determine the financial stability of the organization and whether
the business will repay the loan…..
ACC 290 WEEK 1
ART 101 , Test Banks , BUS 401 , ECE 313 , BUS 325, BUS
210 , BUS 250, BUS
303, BUS 402, BUS
201 , BA 215, BUS
230, BUS 211, BUS
307, BUS 235, BUS 308, BUS
475, BUS 415
, BUS 610, BUS
620, BUS 405, BUS
642, MATH 221, BUS
600, BSA 500, BUS
310 , BIO 101 , ECO
100, BUS 370, BIO
100, BUS
226, BUS 640, BUS
630, PSY 101, BUS
372, BUS 680, BUS
501, ECE 311, BUS
311,
ACC 290
WEEK 1
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