University of Phoenix ACC 280 Principles of Accounting Study

University of Phoenix ACC 280 Principles of Accounting Study Guides and Answers
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University of Phoenix
ACC 280 Principles of Accounting 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 the enterprise. Financial information is examined from the perspective of effective management decision making with special emphasis on the planning and controlling responsibilities of practicing managers.
Completing the Accounting Cycle
•	Prepare closing entries, reversing entries, and a post-closing trial balance.
•	Prepare classified income statements and balance sheets, and the statement of retained earnings.
•	Prepare a financial statement worksheet.
Starting the Accounting Cycle
•	Prepare an adjusted trial balance.
•	Identify and calculate adjusting entries.
Basic Accounting Principles and Concepts
•	Post journal entries to the general ledger.
•	Analyze transactions using the rules of debit and credit.
•	Explain the four basic financial statements and how they are interrelated with each other.
•	Identify the basic assumptions, principles, and constraints of accounting.
•	Define the purpose of accounting.
Financial Statement Analysis
•	Perform ratio, vertical, and horizontal analysis on financial statements.
Internal Controls, Regulatory Bodies, and Ethics
•	Examine the impact of unethical behavior on accounting practices.
•	Identify the various accounting regulatory bodies.
•	Summarize strengths and weaknesses of an internal control system.