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Tuesday, 17 November 2015

Complete Course ACC290 Complete Course

ACC 290 Complete Course ACC290 Complete Course
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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

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
ACC 290 Complete Course ACC290 Complete Course
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