ACCT 304 Week 1 Complete Intermediate Accounting I (Devry)

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ACCT 304 Week 1 Discussions,Homework & Quiz Intermediate Accounting I



Week 1

ACCT 304 Week 1 DQ 1 Development of Accounting Standards:

Generally Accepted Accounting Principles (GAAP) are guidelines for companies to follow as they prepare and issue financial statements. Let’s start by getting an understanding of why the guidelines were developed in the first place? Who relies on the financial statements (external users)? What happens if an External User relies on financial statements that are inaccurate? What negative consequences can arise from relying on inaccurate financial statements? 


ACCT 304 Week 1 DQ 2 Accounting Conceptual Framework :

A sound foundation is necessary for success in any task from building a house to putting on make-up. In terms of U.S. Accounting Standards, it is also necessary to have a sound foundation, referred to as the conceptual framework. Let’s discuss it step by step starting with the objective. What is the objective of accounting standards?


ACCT 304 Week 1 Homework Assignments:

Chapter 1: E 1-7 , Research Case 1-4

Chapter 2: E 2-4, E 2-8, E 2-12


ACCT 304 Week 1 Quiz includes:

(TCO 1) c

(TCO 2) The enhancing qualitative characteristic of understandability means that information should be understood by

(TCO 3) XYZ Corporation receives $100,000 from investors for issuing them shares of its stock. XYZ’s journal entry to record this transaction would include a

(TCO 3) Cal Farms reported a supplies expense of $2,000,000 this year. The supplies account decreased by $200,000 during the year to an ending balance of $400,000. What was the cost of supplies Cal Farms purchased during the year?

(TCO 3) Temporary accounts would not include

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    ACCT 304 Week 1 Complete Intermediate Accounting I (Devry)
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