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Tuesday, 17 November 2015

Complete Course ACC400 Complete Course

ACC 400 Complete Course ACC400 Complete Course
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ACC 400 WEEK 1 DQS

1. What is a current asset? What is a non-current asset? What is the differencebetween the two types of assets? In which financial statement would you find theseassets?

2. What is an example of a significant accounting estimate? What is the importanceof these estimates? How do ethics play into the decision-making process? Whichfinancial statements include significant accounting estimates? Why?


3. What are internal controls? Why do companies need them? What are someexamples of internal controls? Who is responsible for developing internal controls?What are some limitations of internal controls?

4. What are intangible assets? How does a business obtain intangible assets?What is goodwill? Why would a business have an account for goodwill?

ACC 400 WEEK 1 E-TEXT INDIVIDUAL ASSIGNMENTS


ACC 400 Week 1: E-text Individual Assignments

ACC 400 WEEK 1 INDIVIDUAL ASSIGNMENT CURRENT AND NONCURRENT ASSETS PAPER


Individual Assignment: Current and Noncurrent Assets Paper (10 pts)
· Prepare a 700-1050 word paper comparing and contrasting current and noncurrent assets. In your paper, address the following:
1. What are current assets?
2. What are noncurrent assets?
3. What differs between current and noncurrent assets?
4. What is the order of liquidity?
5. How does the order of liquidity apply to the balance sheet?
Format your paper according to APA standards. You must cite all references. If you used an electronic source, include the URL. If you used a printed source or reference pages from the virtual organizations, attach a copy of the data to your paper.

ACC 400 WEEK 1 SUMMARY


ACC 400 Week 1 Summary

ACC 400 WEEK 2 DQS


Explain what a current liability is and identify the major types of current liabilities. Explain what a long term liability is and provide examples. In which financial statement would you find these liabilities?

ACC 400 WEEK 2 E-TEXT INDIVIDUAL ASSIGNMENTS


Individual Assignment: Assignments from the Readings
· Resources: Financial Accounting: Tools for Business Decision Making
· Prepare responses to the following assignment from the e-text:
o Ch. 8: Questions 3 (1 pt) & 4 (1 pt)
o Ch. 8: Exercise E8-5 (2 pts)
· Resources: Financial and Managerial Accounting: The Basis for Business Decisions
· Prepare responses to the following assignment from the e-text:
Ch. 9: Exercise E9-9 (2 pts)

ACC 400 WEEK 2 LEARNING TEAM ASSIGNMENTASSIGNMENTS FROM THE READINGS


Learning Team Assignment: Assignments from the Readings
Resources: Financial Accounting: Tools for Business Decision Making.
Prepare responses to the following assignment from the e-text:
Ch. 7: Exercise E7-2 and Problem Set B: P7-2B (5 pts)

ACC 400 WEEK 2 SUMMARY


ACC 400 Week 2 Summary

ACC 400 WEEK 3 DQS


What is horizontal analysis? What is the value in using horizontal analysis? Why woulda company use this analysis? What does this analysis tell you?

ACC 400 WEEK 3 E-TEXT INDIVIDUAL ASSIGNMENTS


Individual Assignment: Assignments from the Readings
Resources: Financial Accounting: Tools for Business Decision Making
Prepare responses to the following assignment from the e-text:
Ch. 10: Questions 1 (1 pt), 7 (1 pt), 8 (1 pt), & 19 (1 pt); Brief Exercise BE10-1 (1 pt); and Financial Reporting Problem BYP10-1 (2 pts)
Ch. 11: Ethics Case: BYP11-10 (2 pts)
· Resources: Financial and Managerial Accounting: The Basis for Business Decisions
· Prepare responses to the following assignment from the e-text:
Ch. 11: Internet Assignment 11-1 (1 pt)

ACC 400 WEEK 3 SUMMARY


ACC 400 Week 3 Summary

ACC 400 WEEK 4 DQS


What are  some of the various lease options?
When would you use one option over the others? What could be the financial impact of this decision?
Under which circumstances would you lease versus purchase?

ACC 400 WEEK 4 SUMMARY


ACC 400 Week 4 Summary

ACC 400 WEEK 4 LEARNING TEAM ASSIGNMENT


Learning Team Assignment: Assignments from the Readings (5 pts)
Resources: Financial Accounting: Tools for Business Decision Making
Prepare responses to the following assignment from the e-text.
Ch. 13: Interpreting Financial Statements BYP13-4

ACC 400 WEEK 5 E-TEXT INDIVIDUAL ASSIGNMENTS


Individual Assignment: Assignments from the Readings
· Resources: Financial Accounting Theory and Analysis
· Prepare responses to the following assignment from the e-text:
Ch. 13: Case 13-4 (2 pts)Application of SFAC No. 13 & Case 13-5 Lease Classifications (2 pts)

ACC 400 WEEK 5 SUMMARY


ACC 400 Week 5 Summary

ACC 400 WEEK 5 DQS


What are the components of a budget?
Are the components the same for every organization? Why or why not?
Should every organization forecast its operating budget? Why or why not?

ACC 400 WEEK 5 INDIVIDUAL ASSIGNMENT ASSIGNMENTS FROM THE READINGS


Individual Assignment: Assignments from the Readings
· Resources: Financial Accounting Theory and Analysis
· Prepare responses to the following assignment from the e-text:
Ch. 13: Case 13-4 (2 pts)Application of SFAC No. 13 & Case 13-5 Lease Classifications (2 pts)

ACC 400 LEARNING TEAM ASSIGNMENT INTERPRETING FINANCIAL STATEMENTS PRESENTATION


Learning Team Assignment: Interpreting Financial Statements Presentation (5 pts)
The CEO of your organization has asked your Learning Team to analyze the companies listed in Problem BYP13-4, of Financial Accounting: Tools for Business Decision Making.
· Resources: Problem BYP13-4 (Ch. 13) of Financial Accounting: Tools for Business Decision Making; and Section 4.2 (Ch. 4) of Communication Skills: Handbook for Accounting
· Provide a written report to your CEO. According to the report structure outlined in Section 4.2 of Communication Skills: Handbook for Accounting, address the following items:
· Provide your calculated ratios and the commentaries derived from the ratios.
· What information outside the annual report may be useful to you as an investor? Why?
· Which company is more profitable? Why?
· Which company’s stock would you purchase? Why?
· Prepare a 5- to 7-slide Microsoft® PowerPoint® presentation evaluating the profitability of the organization to the CEO. The presentation must be no longer than 5 to 10 minutes.

ACC 400 FINAL EXAM


Please answer the five following questions as your final exam. The responses should be a minimum of 300 words for each response (1,500 total word count minimum), anything less will result in a deduction of points. Post your final to the assignment link by the due date in the syllabus. Thank you. 1. What is an example of a significant accounting estimate? What is the importance of these estimates? How do ethics play into the decision-making process? Which financial statements include significant accounting estimates? Why? (300 words) 2. What are examples of irregular items? How does a change in accounting principles affect the financial statements? Who in the organization is responsible for the application of a change in an accounting principle? Why? (300 words) 3. What are some of the various lease options? When would you use one option over the others? What could be the financial influence of this decision? (300 words) 4. Why do you think it is important for clients of accounting firms to be ethical? (300 words) 5. How could a corporation integrate ethical behavior into its code of conduct and internal controls? (300 words)

ACC 400 FINAL EXAM GUIDE (MCQS)


1. A measure of a company’s solvency is the a. acid-test ratio. b. current ratio. c. times interest earned ratio. d. asset turnover ratio.
2. Allowance for Doubtful Accounts is presented as a(n) a. addition to Accounts Receivable on the balance sheet. b. operating expense on the income statement. c. deduction from Sales on the income statement. d. contra asset on the balance sheet.
3. The financial statements of the Colter Manufacturing Company reports net sales of $400,000 and accounts receivable of $80,000 and $40,000 at the beginning of the year and end of year, respectively. What is the receivables turnover ratio for Colter? a. 6.7 times b. 10 times c. 5 times d. 8 times
4 .Lexter Company has a balance of $65,000 in Accounts Receivable and a $5,000 credit balance in Allowance for Doubtful Accounts. If a specific customer's account with a balance of $500 is written off as uncollectible, the cash (or net) realizable value of the accounts receivable will be a. $64,500. b. $60,000. c. $65,500. d. $60,500.
5. Martin Textile purchased machinery for $50,000 eight years ago. It was expected to have a useful life of ten years, no salvage value, and was depreciated using the straight-line method. At the end of its eighth year of use it was retired from service and given to a junk dealer. The entry to record the retirement includes aa. debit to Loss on Disposal for $10,000. b. debit to Machinery for $50,000. c. debit to Depreciation Expense for $10,000. d. credit to Accumulated Depreciation—Machinery for $40,000.
6. The cost of a patent should be amortized over a. 40 years. b. the shorter of its legal life or its useful life. c. the longer of its legal life or its useful life. d. its useful life.
7. On July 1, 2007, Low Enterprises sold equipment with an original cost of $85,000 for $40,000. The equipment was purchased January 1, 2006, and was depreciated using the straight-line method assuming a five year useful life and $5,000 salvage value. The necessary entries for 2007 include aa. debit to Accumulated Depreciation—Equipment for $16,000. b. credit to Gain on Sale of Equipment for $21,000. c. credit to Cash for $40,000. d. debit to Depreciation Expense for $8,000.
8. On the Balance Sheet the current portion of long-term debt should a. be paid immediately.b. be reclassified as a current liability. c. be classified as a long-term liability. d. not be separated from the long-term portion of debt.
9. Bonds that are subject to retirement at a stated dollar amount prior to maturity at the option of the issuer are called a. options. b. early retirement bonds. c. callable bonds. d. debentures.
10. The Muffin Company issued a five-year interest-bearing note payable for $50,000 on January 1, 2005. Each January the company is required to pay $10,000 on the note. How will this note be reported on the December 31, 2006, balance sheet? a. Long-term Debt, $50,000 b. Long-term Debt, $40,000 c. Long-term Debt, $30,000; Long-term Debt due within one year, $10,000 d. Long-term Debt of $40,000; Long-term Debt due within one year, $10,000
11. Toran Manufacturing declared an 10% stock dividend when it had 150,000 shares of $5 par value common stock outstanding. The market price per common share was $12 per share when the dividend was declared. The entry to record this dividend declaration includes a credit to a. Retained Earnings of $180,000. b. Paid-in Capital in Excess of Par for $105,000. c. Common Stock for $180,000. d. Retained Earnings for $75,000.
12. Richer Company paid $21,000 to buy 4,000 shares of its $6 par value common stock for the treasury. The stock was originally sold for $25,000. The entry to record the purchase includes aa. debit to Treasury Stock for $21,000. b. credit to Treasury Stock for $25,000. c. debit to Treasury Stock for $25,000. d. credit to Common Stock for $21,000.
13. The purchase of treasury stock a. increases total assets and decreases total stockholders' equity. b. decreases total assets and increases total stockholders' equity. c. increases total assets and increases total stockholders' equity. d. decreases total assets and decreases total stockholders' equity.
14. Ross Paints reported sales of $350,000, total assets of $150,000, total stock-holders' equity of $60,000, current assets of $50,000, current liabilities of $30,000, and cash of $15,000. In a vertical analysis of the balance sheet, cash would be shown as a. 25%. b. 10%. c. 30%. d. 20%.
15. Common size analysis is one technique of a. ratio analysis. b. horizontal analysis. c. liquidity analysis. d. vertical analysis.
16. Swanson Company had inventory of $220,000 and $180,000 on December 31, 2007, and December 31, 2006, respectively. Cost of goods sold for 2007 was $1,520,000. Average days in inventory is approximately a. 52.9. b. 7.6. c. 48. d. 6.9.
17. If common stock is issued for an amount greater than par value, the excess should be credited to a. Cash. b. Retained Earnings. c. Paid-in Capital in Excess of Par Value. d. Legal Capital.
18. Paid-in Capital in Excess of Par Value a. is credited when no-par stock does not have a stated value. b. is reported as part of paid-in capital on the balance sheet. c. represents the amount of legal capital. d. normally has a debit balance.
19. The financial statements of the Bolton Manufacturing Company reports net sales of $500,000 and accounts receivable of $50,000 and $30,000 at the beginning of the year and end of year, respectively. What is the receivables turnover ratio for Bolton? a. 7 times b. 10 times c. 16.7 times d. 12.5 times
20. The following credit sales are budgeted by Rodriguez Company: February 50,000 March 70,000 April 60,000 The company’s past experience indicates that 80% of the accounts receivable are collected in the month of sale, 20% in the month following the sale. The anticipated cash inflow for the month of April is a. $48,000. b. $56,000. c. $60,000. d. $62,000.
PART II — TRUE/FALSE 3 points each (39 points)
1. Under an operating lease, both the leased asset and the liability are shown on the balance sheet. False
2. Certain types of leases, called capital leases, allow the lessee to account for the transaction as a rental. False
3. The issuance of common stock affects both paid-in capital and retained earnings. False
4. The acquisition of treasury stock by a corporation increases total assets and total stockholders’ equity. False
5. Treasury stock is reported as an asset on the balance sheet because treasury stock may later be resold. False
6. Horizontal analysis is a technique for evaluating a financial statement item in the current year with other items in the current year. False
7. Another name for horizontal analysis is trend analysis. True
8. If a company has sales of $110 in 2007 and $154 in 2006, the percentage decrease in sales from 2006 to 2007 is 140%. False
9. Allowance for Doubtful Accounts is debited under the direct write-off method when an account is determined to be uncollectible. False
10. When the allowance method is used, the write-off of an account receivable results in an expense at the time of write-off. False
11. Allowance for Doubtful Accounts is a contra account that is deducted from Accounts Receivable on the balance sheet. True
12. The Allowance for Doubtful Accounts is a liability account. False
13. When a monthly mortgage payment is made and recorded, the debit to Mortgage Payable represents the reduction in the principal balance. True
PART III — MATCHING 3 points each (42 points) Match the items below by entering the appropriate code letter in the space provided. A. Prenumbered documents G. Cash budget B. Custody of an asset should be kept H. Restricted cash separate from the record-keeping I. Invest idle cash for that asset J. Canceled checks C. Television monitors, garment sensors K. NSF checks and burglar alarms are examples L. Outstanding checks D. Bonding employees M. Petty cash receipt E. Collusion N. Cash equivalents F. Cash 1. Segregation of duties. 2. Cash that is not available for general use, but instead is restricted for a particular purpose. 3. Two or more employees circumventing prescribed procedures. 4. Prevent a transaction from being recorded more than once. 5. Checks which have been returned by the maker's bank for lack of funds. 6. Checks which have been paid by the depositor's bank. 7. A projection of anticipated cash flows. 8. Anything that a bank will accept for deposit. 9. Mechanical and electronic control devices. 10. A basic principle of cash management. 11. Insurance protection against misappropriation of assets. 12. Document indicating the purpose of a petty cash expenditure. 13. Issued checks that have not been paid by the bank. 14. Highly liquid investments.
1. B 6. J 11. D
2. H 7. G 12. M
3. E 8. F 13. L
4. A 9. C 14. N
5. K 10. I
PART IV — MATCHING 3 points each (30 points) Match the items below by entering the appropriate code letter in the space provided. A. Serial bonds F. Current ratio B. Debenture bonds G. Straight-line method of amortization C. Bond indenture H. Times interest earned ratio D. Market interest rate I. Callable bonds E. Discount on bonds payable J. Maturity date ____ 1. Bonds subject to retirement at a stated dollar amount prior to maturity. ____ 2. A legal document that sets forth the terms of a bond issue. ____ 3. Bonds that mature in installments. ____ 4. A measure of a company’s short-term liquidity. ____ 5. The time that the final payment on a bond is due from the bond issuer. ____ 6. A measure of a company’s solvency. ____ 7. The rate investors demand for loaning funds to a corporation. ____ 8. Unsecured bonds issued against the general credit of the borrower. ____ 9. Occurs when the contractual rate of
interest is less than the market rate of interest. ____ 10. Produces a periodic interest expense that is the same amount each interest period.
1. I 6. H
2. C 7. D
3. A 8. B
4. F 9. E
5. J 10. G
ACC 400 Complete Course ACC400 Complete Course
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