XACC 280 Financial Accounting Concepts and Principles /Complete
XACC 280 Week 1 CheckPoint: Accounting Assumptions, Principles, and Constraints
• Write an essay in 250 to 300 words, including the following:
o The basic assumptions of accounting
o The principles of accounting
o The constraints of accounting
o A conclusion stating how you think sound financial reporting depends on principles,
assumptions, and constraints. Refer to the U.S. GAAP in your response.
CheckPoint: The Accounting Equation
• View PhxKlips The Accounting Equation on your student Web site.
• Write an explanation of the function of each element in the accounting equation, using 100 to
• Complete E1-5 on p. 34 of Financial Accounting.
• Post your explanation of the elements in the accounting equation with the answers to E1-5.
XACC 280 Week 2 CheckPoint: Debits and Credits
• View PhxKlips Debits and Credits on your student Web site.
• Complete the questions and fill in the Account Changes matrix in Appendix B.
• Post the completed Appendix B as an attachment.
XACC 280 Week 2 Assignment: Journalizing, Posting, and Preparing a Trial Balance
• Complete P2-2A on p. 81 of Financial Accounting, using the templates in Appendix C for
your answers. Each part of the problem corresponds to one tab in Appendix C. Complete all
three tabs of Appendix C.
• Write a message of 250 to 400 words in the body of your posting that justifies what you did in
Appendix C. This message constitutes part d of the assignment. Address your message to
your creditors and explain:
o The general goals of financial reporting
o The steps you took in the recording process
o How the steps you took support the principles of accounting
• Post your message and the completed Appendix C as an attachment.
XACC 280 Week 3 CheckPoint: Adjusting...