ACC 280 Week 2

ACC 280 Week 2

ACC 280 Week 2

ACC 280 Week 2

ACC 280 Week 2,

ACC 280 Week 2

Week 2 DQ 1

What are the four different adjusting entries? What accounting assumptions necessitate the use of adjusting entries?

What accounts are subject to adjusting journal entries? What are the advantages and disadvantages

of using automated accounting systems to do adjusting entries? What are your thoughts on making adjusting entries;

are they really needed or is this just extra work by accountants?

Week 2 DQ 2

Which basis of accounting does most companies use, cash or accrual? Why? Which method is approved by GAAP?

Why? What are the positives and negatives of each? Is it legal for an organization to keep two sets of

accounting records; one for tax and one for book? Why or why not? What transactions might fall under a dual method?

Week 2 DQ 3

http://www.hwsoloutions.com/product/acc-280-week-2/

Please post your response to the following discussion question by clicking on Reply.

When is the trial balance prepared? What is the purpose of preparing a trial balance?

What does the trial balance tell you? What does the trial balance not tell you?

Why not use the Trial Balance to report financial information internally and externally?

What limitations does it have over formal financial statements?

Week 2 DQ 4

Fiscal Year

Week 2 Assignments from the Readings

Prepare written answers to the following assignments from the text, Financial Accounting 6th ed:

Chapter 1:

1) Exercise E1-1

2) Exercise E1-5

3) Exercise E1-12

4) Exercise E1-1

Chapter 2:

1) Exercise E2-2

2) Exercise E2-3

Chapter 7:

Exercise E7-3

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ACC 280 Week 2