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ACC 290 WEEK 1
DISCUSSION QUESTION 1
Week One - DQ #1
What are the four
basic financial statements? What is the primary purpose of each of the four
basic financial statements? In your opinion, which financial statement is the
most important? Explain why. How would the financial statements be useful to
managers and employees? How would the financial statements be useful to
investors and creditors?
ACC 290 WEEK 1
DISCUSSION QUESTION 2
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?
ACC 290 WEEK 1
INDIVIDUAL ASSIGNMENT FINANCIAL STATEMENTS PAPER
Individual - Financial Statements
Paper - Prepare a 700 -1,050 word paper in which you identify the
four basic financial statements. Describe
the purpose of each of the four financial statements. Discuss how the financial
statements would be useful to internal users, such as to managers and
employees. Discuss how the
financial statements would be useful to external users, such as investors and
creditors. Format paper
according to APA standards.
ACC 290 WEEK 2
DISCUSSION QUESTION 1
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?
ACC 290 WEEK 2
DISCUSSION QUESTION 2
What accounts are subject to adjusting journal entries and why?
How would you explain the purpose of the adjusted trial balance?
ACC 290 WEEK 2 LT
REFLECTION SUMMARY
Discuss the objectives for 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.
ACC 290 WEEK 3
DISCUSSION QUESTION 1
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?
ACC 290 WEEK 3
DISCUSSION QUESTION 2
What are
the pros and cons of using reversing entries? Why are reversing entries
optional? What is the main purpose of a financial statement worksheet and its
benefits? How has automation aided the preparation, accuracy, and use of the
financial statement worksheet?
ACC 290 WEEK 3 LT
REFLECTION SUMMARY
Discuss the objectives for Week Two. What do you think will be the most
important of the skills learned when you are in an accounting position? Differentiate between accrual basis
and cash basis of accounting. Create
Adjusting Entries. Prepare
an adjusted trial balance. Write
a 350 to 500 word summary of your Learning Team’s discussion.
ACC 290 WEEK 4
DISCUSSION QUESTION 1
How
would you calculate cost of goods sold? What items make up cost of goods sold?
How does beginning and ending inventory affect cost of goods sold? What are the
journal entries a merchandising organization would use to record the purchase
and subsequent sale of merchandise? How would these transactions differ with a
periodic versus a perpetual inventory system? Why are perpetual inventory
systems so much more popular today than back in the early 1960s and earlier?
Why would a company employing a perpetual inventory system still take a
physical inventory periodically?
ACC 290 WEEK 4
DISCUSSION QUESTION 2
What are
the three different inventory cost flow assumptions commonly used in commerce
today and allowed by generally accepted accounting principles? How does a
company determine what cost flow assumption they should use? How does first in,
first out cost flow assumption work? When it is most appropriate to use? How
does last in, first out cost flow assumption work? When it is most appropriate
to use? How does an average cost flow assumption work? When it is most
appropriate to use?
ACC 290 WEEK 5
DISCUSSION QUESTION 1
What is
the control environment? How does the control environment affect a company’s
internal controls? What are the negative and positive elements of a control
environment? What are two examples of strong and weak internal controls in
organizations where you have worked or have first-hand knowledge? How are these
different? How would you describe the key internal controls that should be in
place to protect cash in a cash rich environment such as a merchandiser? What
are the key internal controls that should be in place to protect inventory for
a merchandiser that sells highly desirable and very expensive inventory, such
as jewelry? Would this be different if the business had a less desirable and
less expensive inventory? Explain why or why not.
ACC 290 FINAL
EXAM GUIDE
we
have another New set of Final Exam which could be found on this link
http://www.uoptutorial.com/index.php?route=product/product&path=737&product_id=11101
1) Which financial
statement is used to determine cash generated from operations?
2) In terms of sequence, in what order must the four basic financial statements be prepared?
3) In classifying transactions, which of the following is true in regard to assets?
4) An increase in an expense account must be
5) ABC Corporation issues 100 shares of $1 par common stock at $5 per share, which of the following is the correct journal entry?
6) In the first month of operations, the total of the debit entries to the cash account amounted to $1,400 and the total of the credit entries to the cash account amounted to $600. The cash account has a
7) Which ledger contains control accounts?
8) Smith is a customer of ABC Corporation. Smith typically purchases merchandise from ABC on account. Which ledger would ABC use to keep track of the details of Smith’s account?
9) Under the cash basis of accounting,
10) Under the accrual basis of accounting,
11) The Vintage Laundry Company purchased $6,500 worth of laundry supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indicated only $2,000 on hand. The adjusting entry that should be made by the company on June 30 is
12) Greese Company purchased office supplies costing $4,000 and debited Office Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $1,100 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be
13) Based on the account balance below, what is the total of the debit and credit columns of the adjusted trial balance?
14) An adjusted trial balance
15) Given the following adjusted trial balance, net income for the year is:
16) Given the following adjusted trial balance, what will be the totals for the debit and credit columns of the post-closing trial balance?
Debit Credit
Cash $1,562
Accounts receivable 2,098
Inventory 3,124
Prepaid rent 86
Property, plant, & equipment 300
Accumulated depreciation $52
Accounts payable 82
Unearned revenue 172
Common stock 206
Retained earnings 6,610
Service revenue 218
Interest revenue 56
Salary expense 160
Travel expense 66
Totals $7,396 $7,396
17) Given the following adjusted trial balance:
After closing entries have been posted, the balance in retained earnings will be
18) Net income is recorded on the work sheet under the
19) At the beginning of the year, Uptown Athletic had an inventory of $400,000. During the year, the company purchased goods costing $1,500,000. If Uptown Athletic reported ending inventory of $600,000 and sales of $2,000,000, their cost of goods sold and gross profit rate would be
20) During the year, Sarah’s Pet Shop’s merchandise inventory decreased by $30,000. If the company’s cost of goods sold for the year was $450,000, purchases would have been
21) At the beginning of the year, Wildcat Athletic had an inventory of $200,000. During the year, the company purchased goods costing $700,000. If Wildcat Athletic reported ending inventory of $300,000 and sales of $1,000,000, their cost of goods sold and gross profit rate would be
22) The entry to record of sale of $900 with terms of 2/10, n/30 will include a
23) Dobler Company uses a periodic inventory system. Details for the inventory account for the
Units Per unit price Total
Balance, 1/1/2012 200 $5.00 $1,000
Purchase, 1/15/2012 100 5.3 530
Purchase, 1/28/2012 100 5.5 550
An end of the month (1/31/2012), inventory showed that 140 units were on hand. If the company uses LIFO, what is the value of the ending inventory?
24) The difference between ending inventory using LIFO and ending inventory using FIFO is referred to as
25) A consistent application of an inventory costing method enhances
26) The accountant at Patton Company has determined that income before income taxes amounted to $11,000 using the FIFO costing assumption. If the income tax rate is 30% and the amount of income taxes paid would be $300 greater if the LIFO assumption were used, what would be the amount of income before taxes under the LIFO assumption?
27) A very small company would have the most difficulty in implementing which of the following internal control activities?
28) A system of internal control
29) The custodian of a company asset should
30) The Sarbanes Oxley Act (2002) applies to
2) In terms of sequence, in what order must the four basic financial statements be prepared?
3) In classifying transactions, which of the following is true in regard to assets?
4) An increase in an expense account must be
5) ABC Corporation issues 100 shares of $1 par common stock at $5 per share, which of the following is the correct journal entry?
6) In the first month of operations, the total of the debit entries to the cash account amounted to $1,400 and the total of the credit entries to the cash account amounted to $600. The cash account has a
7) Which ledger contains control accounts?
8) Smith is a customer of ABC Corporation. Smith typically purchases merchandise from ABC on account. Which ledger would ABC use to keep track of the details of Smith’s account?
9) Under the cash basis of accounting,
10) Under the accrual basis of accounting,
11) The Vintage Laundry Company purchased $6,500 worth of laundry supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indicated only $2,000 on hand. The adjusting entry that should be made by the company on June 30 is
12) Greese Company purchased office supplies costing $4,000 and debited Office Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $1,100 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be
13) Based on the account balance below, what is the total of the debit and credit columns of the adjusted trial balance?
14) An adjusted trial balance
15) Given the following adjusted trial balance, net income for the year is:
16) Given the following adjusted trial balance, what will be the totals for the debit and credit columns of the post-closing trial balance?
Debit Credit
Cash $1,562
Accounts receivable 2,098
Inventory 3,124
Prepaid rent 86
Property, plant, & equipment 300
Accumulated depreciation $52
Accounts payable 82
Unearned revenue 172
Common stock 206
Retained earnings 6,610
Service revenue 218
Interest revenue 56
Salary expense 160
Travel expense 66
Totals $7,396 $7,396
17) Given the following adjusted trial balance:
After closing entries have been posted, the balance in retained earnings will be
18) Net income is recorded on the work sheet under the
19) At the beginning of the year, Uptown Athletic had an inventory of $400,000. During the year, the company purchased goods costing $1,500,000. If Uptown Athletic reported ending inventory of $600,000 and sales of $2,000,000, their cost of goods sold and gross profit rate would be
20) During the year, Sarah’s Pet Shop’s merchandise inventory decreased by $30,000. If the company’s cost of goods sold for the year was $450,000, purchases would have been
21) At the beginning of the year, Wildcat Athletic had an inventory of $200,000. During the year, the company purchased goods costing $700,000. If Wildcat Athletic reported ending inventory of $300,000 and sales of $1,000,000, their cost of goods sold and gross profit rate would be
22) The entry to record of sale of $900 with terms of 2/10, n/30 will include a
23) Dobler Company uses a periodic inventory system. Details for the inventory account for the
Units Per unit price Total
Balance, 1/1/2012 200 $5.00 $1,000
Purchase, 1/15/2012 100 5.3 530
Purchase, 1/28/2012 100 5.5 550
An end of the month (1/31/2012), inventory showed that 140 units were on hand. If the company uses LIFO, what is the value of the ending inventory?
24) The difference between ending inventory using LIFO and ending inventory using FIFO is referred to as
25) A consistent application of an inventory costing method enhances
26) The accountant at Patton Company has determined that income before income taxes amounted to $11,000 using the FIFO costing assumption. If the income tax rate is 30% and the amount of income taxes paid would be $300 greater if the LIFO assumption were used, what would be the amount of income before taxes under the LIFO assumption?
27) A very small company would have the most difficulty in implementing which of the following internal control activities?
28) A system of internal control
29) The custodian of a company asset should
30) The Sarbanes Oxley Act (2002) applies to
ACC 290 WEEK 1
PRACTICE QUIZ (NEW)
ACC 290 Week 1 Quiz
Question 1
Current assets are expected
to be converted to cash or consumed within the next year or the normal
operating cycle, whichever is longer.
Current assets are economic
resources that are expected to be converted to cash or used up by the business
within one year or the normal operating cycle, whichever is shorter.
Question 2
Land or a building which is
currently not used in operation is considered to be a long-term investment.
A company purchased a tract
of land on which it expects to build a production plant on in approximately
five years. During the five years before construction, the land will be idle.
In what classification should the land be reported?
Question 3
Common stock and retained
earnings are both elements of stockholders’ equity. Common stock of $50,000
plus retained earnings of $70,000 equals $120,000 in stockholders’ equity.
Current liabilities are
$10,000, long-term liabilities are $20,000, common stock is $50,000, and
retained earnings totals $70,000. How much is total stockholders' equity?
Question 4
Net income ($24,000)
divided by average shares outstanding (6,000) = $4.00/share.
For 2014, Stoneland
Corporation reported net income, $24,000; net sales, $400,000; and average
shares outstanding, 6,000. There were no preferred stock dividends. How much
was the 2014 earnings per share?
Question 5
The beginning balance of
retained earnings is the ending balance minus net income plus dividends.
Working backwards, $X + $402,000 - $34,000 = $2,184,000. Therefore, beginning
retained earnings = $1,816,000.
At December 31, 2014,
Shorts Company had retained earnings of $2,184,000. During 2014, the company
issued stock for $98,000, and paid dividends of $34,000. Net income for 2014
was $402,000. How much was the retained earnings balance at the beginning of
2014?
Question 6
The current ratio measures
liquidity and higher means the company is more liquid. The debt to assets ratio
measures solvency and higher is not always better. We don’t know how many
outstanding shares each company has so we cannot compare profitability.
The following ratios are
available for Leer Inc. and Stable Inc.
Current Ratio
Debt to Assets Ratio
Earnings per Share
Leer Inc.
2:1
75% $3.50
Stable Inc.
1.5:1 40%
$2.75
Question 7
Solvency ratios are good
indicators of a company’s ability to survive over an extended period of time.
Which of the following
ratios measures the ability of the company to survive over a long period of
time?
Question 8
Free cash flow can be used
to pay dividends; acquire property, plant, and equipment; and pay off debts.
Question 9
Generally accepted
accounting principles, or “GAAP” have substantial authoritative support, and
are recognized as a general guide for financial reporting purposes.
Question 10
Management can justify a
new method of accounting if the financial information is more meaningful.
ACC 290 WEEK 2
PRACTICE QUIZ (NEW)
Question 1
Expenses
decrease retained earnings.
Question
2
During
2014, Gibson Company assets decreased $50,000 and its liabilities decreased
$90,000. Its stockholders’ equity
Question
3
Payment
of a dividend
Question
4
An
account is a part of the financial information system and is described by all
except which one of the following?
Question
5
Which
accounts normally have debit balances?
Question
6
Which
of the following is the correct sequence of events?
Question
7
Where
is the first place every transaction is recorded?
Question
8
What
type of account is unearned revenue?
Question
9
Accounts
are listed on the trial balance in
Question
10
Which
of the following is not one of the primary types of the financing activities in
the statement of cash flows?
ACC 290 WEEK 3
PRACTICE QUIZ (NEW)
Question 1
The revenue recognition principle dictates that
revenue is recognized in the period in which the cash is received.
Question 2
The generally accepted accounting principle
which dictates that revenue be recognized in the accounting period in which the
performance obligation is satisfied is the
Question 3
Which statement is correct?
Question 4
Book value is equal to cost minus accumulated
depreciation.
Question 5
Adjustments for unearned revenues:
Question 6
At December 31, 2013, before any year-end
adjustments, Macarty Company's Prepaid Insurance account had a balance of
$2,700. It was determined that $1,500 of the Prepaid Insurance had expired. The
adjusted balance for Insurance Expense for the year would be
Question 7
Which of the following is not a typical
example of an accrued expense?
Question 8
Saira works for a sports franchise which pays
wages and salaries earned on a monthly basis. A new accountant was hired by the
sports franchise in late May. Due to inexperience, the new accountant failed to
accrue Saira’s salary for May. What is the impact on the May 31 financial
statements of the sports franchise?
Question 9
At the end of the accounting period, all balance
sheet accounts are closed out.
Question 10
Which is the correct order of steps in the
accounting cycle?
ACC 290 WEEK 4
PRACTICE QUIZ (NEW)
Question 1
A service company's operating cycle is
ordinarily shorter than that of a merchandising company.
The
operating cycle of a merchandising company is ordinarily shorter than that of a
service company.
Question 2
Due to the turnover time of inventory,
merchandising companies have an operating cycle that is longer than a service
company.
The
operating cycle of a merchandising company is ordinarily ___________________
that of a service firm.
Question 3
The
cost of having merchandise delivered to the store is part of the cost of
getting the inventory ready to sell. All costs incurred to get inventory ready
to sell are included as part of Inventory account with a debit.
Jax
Company uses a perpetual inventory system and on November 30 purchased
merchandise for which it must pay the shipping charges. Which of the following
is one part of the required journal entry when Jax pays the shipping charges of
$200?
Question 4
Sales
Discounts is a contra account to Sales Revenue. It is reported on the income
statement as a deduction from Sales Revenue.
Question 5
Two
entries are required. One will record the sale with a debit to cash and a
credit to sales revenue. The second entry is to reduce the inventory; debit
cost of goods sold and credit inventory.
Which
statement is true when recording the sale of goods for cash in a perpetual
inventory system?
Question 6
Sales
less cost of goods sold equals gross profit. Subtracting operating expenses
from gross profit equals net income.
Net
income is $15,000, operating expenses are $20,000, and net sales total $75,000.
How much is cost of goods sold?
Question 7
Cost of goods sold is subtracted from net sales
to calculate gross profit.
Which
one of the following will result in gross profit?
Question 8
Under
the periodic inventory system, cost of goods sold for the period is calculated
by adding purchases for the period to the beginning inventory balance and subtracting
the ending inventory balance.
Under
what system is cost of goods sold determined at the end of an accounting
period?
Question 9
Net
income ($15,000) divided by net sales ($75,000) equals profit margin of 20%.
Net
income is $15,000, operating expenses are $20,000, net sales total $75,000, and
sales revenues total $95,000. How much is the profit margin?
Question 10
Unlike
the perpetual system, companies do not attempt to record the cost of
merchandise sold on the date of the sale. At the end of the period, a physical
inventory is taken to determine the cost of merchandise sold.
In
a periodic inventory system, when is the cost of the merchandise sold
determined?
ACC 290 WEEK 3/4
LEARNING TEAM FINANCIAL REPORTING PROBLEM, PART 1 (**2 DIFFERENT PAPERS**)
(NEW)
Financial Reporting Problem
Part I
Browse the Internet to
acquire a copy of the most recent annual report for a publicly traded company.
Analyze the information contained in the company’s balance sheet and income
statement to answer the following questions:
What are the company’s
total assets at the end of its most recent annual reporting
period? Why is this important?
What are the total assets
at the end of the previous annual reporting period?
How much cash and cash
equivalents did the company have at the end of its most recent annual reporting
period?
What amount of accounts
payable did the company have at the end of its most recent annual reporting
period?
What amount of accounts
payable did the company have at the end of the previous annual reporting
period?
What are the company’s net
revenues for the last three annual reporting periods?
What is the change in
dollars in the company’s net income from its most recent annual reporting
period to the previous annual reporting period?
What are the company’s
total current assets at the end of its most recent annual reporting
period?
What are the total current
assets at the end of the previous annual reporting period?
What in the information
above would be important to a potential investor, employee, and so on?
Summarize the analysis in a
1,050-1,400 word paper in a Microsoft® Word document. Include a copy of
the company’s balance sheet and income statement. Format your paper
consistent with APA guidelines.
ACC 290 WEEK 4/5
INDIVIDUAL ASSIGNMENT FINANCIAL REPORTING PROBLEM PART II (**2 DIFFERENT
PAPERS**) (NEW)
Financial Reporting
Problem Part II
Access
the internet to acquire a copy of the most recent annual report for the public
traded company used to complete the Financial Reporting Problem, Part 1
assignment due in ACC 290 Week Four. Analyze the information contained in
the company’s balance sheet and income statement to answer the following
questions:
Are
the assets included under the company’s current assets listed in the proper
order? Explain your answer.
How
are the company’s assets classified?
What
are cash equivalents?
What
are the company’s total current liabilities at the end of its most recent
annual reporting period?
What
are the company’s total current liabilities at the end of the previous annual
reporting period?
Considering
all the information you have gathered, why might this information be important
to potential creditors, investors, and employees?
Summarize the
analysis in a 1,050-1,400 word paper in a Microsoft® Word document.
Include a copy of the company’s balance sheet and income statement.
Format your paper and presentation consistent with APA guidelines.
ACC 290 WEEK 5
LEARNING TEAM REFLECTION SUMMARY (NEW)
Reflection and Financial Reporting Problem Part II. Discuss
the objectives for ACC 290 Week Four. In the wake of accounting scandals over
the past several years, how has the Sarbanes-Oxley Act (SOX) of 2002 affected
the practice of accounting? What is the role of internal controls in complying
with SOX (2002)? Write a 350 to 500 word summary of your Learning Team’s
discussion.
ACC 290 WEEK 2 LT
REFLECTION SUMMARY (NEW)
Discuss the objectives for ACC 290 Week
Two.
What do you think will be the most
important of the skills learned when you are in an accounting position?
Differentiate between accrual basis and
cash basis of accounting.
Create Adjusting Entries.
Prepare an adjusted trial balance.
Write a 350 to 500 word summary of
your Learning Team’s discussion.
ACC 290 WEEK 1
VOCABULARY ACTIVITY (NEW)
WileyPLUS
Assignment: Week 1 Vocabulary Activity
Resource:
WileyPLUS
Complete
the following Week 1 Assignment in WileyPLUS:
•
Chapter 1 WileyPLUS Crossword Puzzle 1
ACC 290 WEEK 2
VOCABULARY ACTIVITY (NEW)
WILEYPLUS ASSIGNMENT: WEEK 2 VOCABULARY ACTIVITY
RESOURCE: WILEYPLUS
COMPLETE THE FOLLOWING WEEK 2 ASSIGNMENT IN WILEYPLUS:
• Chapter 2 Wiley PLUS Crossword Puzzle 1
ACC 290 WEEK 3
VOCABULARY ACTIVITY (NEW)
WILEYPLUS ASSIGNMENT: WEEK 3 PRACTICE QUIZ
RESOURCE: WILEYPLUS
COMPLETE THE FOLLOWING WEEK 3 ASSIGNMENT IN WILEYPLUS:
• Chapter 4 Practice Quiz
ACC 290 WEEK 4
VOCABULARY ACTIVITY (NEW)
WileyPLUS Assignment: Week 4 Vocabulary Activity
Resource: WileyPLUS
Complete the following Week 4 Assignment in WileyPLUS:
• Chapter 5 Crossword Puzzle 1
ACC 290 WEEK 1
WILEYPLUS ASSIGNMENT DI1-3, E1-3,E1-4, E2-4, IFRS2-4 (NEW)
WileyPLUS Assignment: Week 1 Assignment
Resource: WileyPLUS
Complete the following Week 1 Assignment in WileyPLUS:
• DO IT! 1-3
• Exercise 1-3
• Exercise 1-4
• Exercise Excel E 2-4
• IFRS 2-4
ACC 290 WEEK 2
WILEYPLUS ASSIGNMENT BYP2-2, IFRS2-6, E3-4, E3-8, BYP 3-2, IFRS 3-2, P3-5, P3-6
(NEW)
WILEYPLUS ASSIGNMENT: WEEK 2 ASSIGNMENT
RESOURCE: WILEYPLUS
COMPLETE THE FOLLOWING WEEK 2 ASSIGNMENT IN WILEYPLUS:
• BYP 2-2
• IFRS 2-6
• EXERCISE 3-4
• EXERCISE 3-8
• EXERCISE 3-10
• BYP 3-2
• IFRS 3-2
• PROBLEM 3-5
• Problem 3-6
ACC 290 WEEK 3
WILEYPLUS ASSIGNMENT BE4-1, P4-2A, P4-3A, BYP4-1 (NEW)
WILEYPLUS ASSIGNMENT: WEEK 3 ASSIGNMENT
RESOURCE: WILEYPLUS
COMPLETE THE FOLLOWING WEEK 3 ASSIGNMENT IN
WILEYPLUS:
• BRIEF EXERCISE 4-1
• PROBLEM 4-2A
• PROBLEM 4-3A
• BYP 4-1
ACC 290 WEEK 4
WILEYPLUS ASSIGNMENT P4-8A, BYP5-1, BYP5-2, BE5-1, BE5-2, IFRS5-2, IFRS5-4, DO
IT 5-3, 5-4 (NEW)
WileyPLUS
Assignment: Week 4 Assignment
Resource:
WileyPLUS
Complete
the following Week 4 Assignment in WileyPLUS:
•
Problem 4-8A
•
BYP 5-1
•
BYP 5-2
•
Question 2
•
Brief Exercise 5-1
•
Brief Exercise 5-2
Brief
Exercise 5-3
•
IFRS 5-2
•
IFRS 5-4
Do
it ! 5-3
Do
it! 5-4
ACC 290 WEEK 5
WILEYPLUS ASSIGNMENT BE6-5, BE6-7, BYP6-1, BYP6-2, BE7-4, BE7-6, BE5-1, BE5-2,
BE7-5, E4-17, E4-18 (NEW)
WileyPLUS
Assignment: Week 5 Assignment
Resource:
WileyPLUS
Complete
the following Week 5 Assignment in WileyPLUS:
•
Brief Exercise 6-5
•
Brief Exercise 6-7
•
BYP 6-1
•
BYP 6-2
•
Brief Exercise 7-4
•
Brief Exercise 7-5
•
Brief Exercise 7-6
•
Brief Exercise 5-1
•
Brief Exercise 5-2
E4-17
E4-18
ACC 290 WEEK 5
IFRS PAPER (NEW)
IFRS
2-1: In what ways does the format of a statement of financial of position under
IFRS often differ from a balance sheet presented under GAAP?
IFRS
2-2: Do the IFRS and GAAP conceptual frameworks differ in terms of the
objective of financial reporting? Explain.
IFRS
2-3: What terms commonly used under IFRS are synonymous with common stock and
balance sheet?
IFRS
3-1: Describe some of the issues the SEC must consider in deciding whether the
United States should adopt IFRS.
IFRS
4-1: Compare and contrast the rules regarding revenue recognition under IFRS
versus GAAP.
IFRS
4-2: Under IFRS, do the definitions of revenues and expenses include gains and
losses? Explain.
FRS
7-1: Some people argue that the internal control requirements of the
Sarbanes-Oxley Act (SOX) put U.S. companies at a competitive disadvantage to
companies outside the United States. Discuss the competitive implications (both
pros and cons) of SOX.
ACC 290 FINAL
EXAM GUIDE (NEW)
ACC 290
Finals
Question
1
Jackson
Company recorded the following cash transactions for the year:
Paid
$135,000 for salaries.
Paid
$60,000 to purchase office equipment.
Paid
$15,000 for utilities.
Paid
$6,000 in dividends.
Collected
$245,000 from customers.
Question
2
Which of
the following describes the classification and normal balance of the Unearned
Rent Revenue account?
Question 3
Posting
Question
4
The
following is selected information from L Corporation for the fiscal year ending
October 31, 2014.
Cash
received from customers$300,000
Revenue
earned390,000
Cash paid
for expenses170,000
Cash paid
for computers on November 1, 2013 that will be used for 3 years48,000
Expenses
incurred including any depreciation216,000
Question 5
La More
Company had the following transactions during 2013.
• Sales of
$4,500 on account
•
Collected $2,000 for services to be performed in 2014
• Paid
$1,325 cash in salaries
•
Purchased airline tickets for $250 in December for a trip to take place in 2014
Question
6
Which one
of the following is not a justification for adjusting entries?
Question 7
The
Vintage Laundry Company purchased $6,500 worth of laundry supplies on June 2
and recorded the purchase as an asset. On June 30, an inventory of the laundry
supplies indi-cated only $1,000 on hand. The adjusting entry that should be
made by the company on June 30 is:
Question 8
Similarities
between International Financial Reporting Standards (IFRS) and U.S. GAAP
in-clude all of the following except
Question 9
Conway
Company purchased merchandise inventory with an invoice price of $9,000 and
credit terms of 2/10, n/30. What is the net cost of the goods if Conway Company
pays within the discount period?
Question
10
Stan’s
Market recorded the following events involving a recent purchase of inventory:
Received goods for $90,000, terms 2/10, n/30.
Returned $1,800 of the shipment for credit.
Paid $450 freight on the shipment.
Paid the invoice within the discount period.
Question
11
Financial
information is presented below:
Operating
expenses$36,000
Sales
revenue150,000
Cost of
goods sold105,000
Question
12
At
December 31, 2014 Mohling Company’s inventory records indicated a balance of
$602,000. Upon further investigation it was determined that this amount
included the following:
▪ $112,000
in inventory purchases made by Mohling shipped from the seller 12/27/14 terms
FOB destination, but not due to be received until January 2nd
▪ $74,000
in goods sold by Mohling with terms FOB destination on December 27th. The goods
are not expected to reach their destination until January 6th
▪ $6,000
of goods received on consignment from Dollywood Company
Question
13
Olympus
Climbers Company has the following inventory data:
July
1Beginning inventory20 units at $19$380
7Purchases70
units at $201,400
22Purchases10
units at $22220
$2,000
A physical
count of merchandise inventory on July 30 reveals that there are 32 units on
hand. Using the FIFO inventory method, the amount allocated to cost of goods
sold for July is
Question
14
Jenks
Company developed the following information about its inventories in applying
the lower of cost or market (LCM) basis in valuing inventories:
ProductCostMarket
A$57,000$60,000
B40,00038,000
C80,00081,000
Question
15
Nilson
Company gathered the following reconciling information in preparing its August
bank reconciliation:
Cash
balance per books, 8/31$21,000
Deposits
in transit900
Notes
receivable and interest collected by bank5,100
Bank
charge for check printing120
Outstanding
checks12,000
NSF
check1,020
Question
16
Which of
the following is not a basic principle of cash management?
Question
17
Use the
following data to determine the total dollar amount of assets to be classified
as property, plant, and equipment.
Eddy Auto
Supplies
Balance
Sheet
December
31, 2014
Cash$84,000Accounts
payable$110,000
Accounts
receivable80,000Salaries and wages payable20,000
Inventory140,000Mortgage
payable180,000
Prepaid
insurance60,000Total liabilities$310,000
Question
18
Accounting
information is relevant to business decisions because it
Question
19
Howard
Company had a transaction that caused a $5,000 increase in both assets and
total liabilities. This transaction could have been a(n)
Question
20
Can
financial statements be prepared directly from the adjusted trial
balance?
Question
21
Which
trial balance will consist of the greatest number of accounts?
Question
22
All of the
following are required steps in the accounting cycle except:
Question
23
A sales
discount does not
Question
24
American
Importers reports net income of $50,000 and cost of goods sold of $450,000. If
the company’s gross profit rate was 40%, net sales were
Question
25
The
manager of Weiser is given a bonus based on net income before taxes. The net
income after taxes is $35,700 for FIFO and $29,400 for LIFO. The tax rate is
30%. The bonus rate is 20%. How much higher is the manager's bonus if FIFO is
adopted instead of LIFO?
Question
26
Classic
Floors has the following inventory data:
July
1Beginning inventory15 units at $6.00
5Purchases60
units at $6.60
14Sale40
units
21Purchases30
units at $7.20
30Sale28
units
Assuming
that a perpetual inventory system is used, what is the cost of goods sold on a
LIFO basis for July
Question
27
Classic
Floors has the following inventory data:
July
1Beginning inventory15 units at $6.00
5Purchases60
units at $6.60
14Sale40
units
21Purchases30
units at $7.20
30Sale28
units
Assuming
that a perpetual inventory system is used, what is the value of ending
inventory on a LIFO basis for July?
Question
28
Which of
the following is not one of the main factors that contribute to fraudulent
activity?
Question
29
What is
the rationale for the internal control principle, segregation of duties?
Question
30
Under IFRS
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