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ACC 290 Week 2 Complete

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ACC 290 Week 2 Complete -

DQ1.What is the revenue recognition principle? What is the expense recognition principle? Why are they important to financial reporting?

What are adjusting entries and why are they necessary?

What are accruals? Provide examples of accruals. Why do accruals require adjusting entries?

What are deferrals? What are some examples of deferrals? Why do deferrals require adjusting entries?

DQ2.What accounts are subject to adjusting journal entries and why?

How would you explain the purpose of the adjusted trial balance?

LT Reflection Summary

Discuss the objectives for ACC 290 Week One.  How do they relate to the practice of accounting and its uses in business?  Identify the four basic financial statements.  Classify transactions using the rules of debit and credit.  Journalize basic transactions.  Discuss how financial statements would be useful to external users such as investors and creditors.  Write a 350 to 500 word summary of your Learning Team’s discussion.

Individual Assignment - WileyPLUS Assignment

WileyPLUS and Financial Accounting.

Complete the following in WileyPLUS: Exercise E3-4, Exercise E3-9,        Problem 3-5A, Problem 3-6A