ACC 290 Week 1 Discussion Question 2
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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?
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ACC 290 Week 2 Discussion Question 2
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What accounts are subject to adjusting journal entries and why?
How would you explain the purpose of the adjusted trial balance?
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ACC 290 Week 3 Discussion Question 1
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What are the steps in completing the accounting cycle? How do the different steps affect the financial statements? What is the effect on the financial statements of missing a step when completing the accounting cycle? What are the four closing journal entries? Why are they necessary? What are reversing entries? Why are they used? What are the pros and cons of using reversing entries? Why are reversing entries optional?
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ACC 290 Week 4 Discussion Question 1
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How would you calculate cost of goods sold? What items make up cost of goods sold? How does beginning and...