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Tuesday, 17 November 2015

Complete Course ACC421 Complete Course

ACC 421 Complete Course  ACC421 Complete Course
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ACC 421 WEEK 1 DISCUSSION QUESTION 1


What are the major objectives of financial reporting?

ACC 421 WEEK 1 DISCUSSION QUESTION 2


What is the purpose of GAAP and the accounting cycle?

ACC 421 WEEK 1 DISCUSSION QUESTION 3


What organizations are responsible for governing financial reporting and what are their roles?

ACC 421 WEEK 1 ACCOUNTING CYCLE PAPER


Prepare a 700- to 1,050-word paper explaining the overall accounting cycle at your organization.
Include a description of the people, processes, and systems that are integral to the cycle.

ACC 421 WEEK 1 INDIVIDUAL ASSIGNMENT CA1-11 & CA1-12


Resource: Intermediate Accounting
Write responses to Concepts for Analysis CA1-11 & CA1-12 in Ch. 1 ofIntermediate Accounting.

ACC 421 WEEK 2 DISCUSSION QUESTION 1


What are the different criteria for recognizing revenue?

ACC 421 WEEK 2 DISCUSSION QUESTION 2


What are the differences between regular and irregular items on an income statement?

ACC 421 WEEK 2 DISCUSSION QUESTION 3


What is included in other comprehensive income?

ACC 421 WEEK 2 TEAM ASSIGNMENT P3-5 AND P3-9 SOLUTION


Resource: Intermediate Accounting
Write responses to Problems P3-5 and P3-9 in Ch.3 of Intermediate Accounting.

ACC 421 WEEK 2 INDIVIDUAL ASSIGNMENT P1, P2, P3 AND P4 SOLUTION


Problem 1:

Grading: This problem is worth a total of 18.75 points.  There are 10 grading elements each worth 18.75 x 2/3 / 10 = 1.25 points.  There are 18.75 x 1/3 = 6.25 points available for effort. 
Consider each one of the following in light of the characteristics of accounting:
A: The economic consequences of a standard or rule are not considered.
B: Two other qualitative characteristics related to both reliability and relevance.

C: Exists when a particular measurement is agreed to by the majority.

D: Two large retail chains employ the same accounting principles.

E: Accounting information is useful because of these two primary qualities.

F: Users’ expectations are confirmed by accounting information.

G: This primary quality has predictive value as a component.

H: This primary component of relevance is illustrated by quarterly financial statements issued in addition to annual financial statements.

I: A component of this primary quality of accounting information is neutrality.

J: This quality is necessary in order to compare the results of a company over time.
Problem 2: 
Grading: This problem is worth a total of 18.75 points.  There are 10 grading elements each worth 18.75 x 2/3 / 10 = 1.25 points.  There are 18.75 x 1/3 = 6.25 points available for effort. 
Consider each of the following in light of accounting assumptions, principles, and constraints: 
A: Potential gains are not recorded in the financial records; however potential losses are recorded in the financial records. 
B: Financial information for personal finances and financial information for business finances are kept separate. 
C: The value of land increases after it was purchased, however the increase in value is not recorded in the financial records. (Do not use the revenue recognition principle.) 
D: In the United States, the dollar is the quantitative measure used in financial statements. 
E: Allows a dealer in gold to revalue gold inventory up to market value, for instance. 
F: Requires the recording of expenses in the same period the revenue resulting from those expenses is recorded. 
G: A company’s assets are not reported at liquidation value.  (Do not use the historical cost principle.) 
H: Allows information that will not influence the decisions of reasonably informed uses to be omitted from the financial statements but requires the inclusion of information that will affect such decisions.  (Do not use the full disclosure principle.) 
I: Financial statements are issued at regular intervals 
J: Financial statements contain all relevant information. 
Problem 3:

Grading: This problem is worth a total of 18.75 points.  There are 12 grading elements each worth 18.75 x 2/3 / 12 = 1.0417 points.  There are 18.75 x 1/3 = 6.25 points available for effort. 
Consider each of the following items recorded by the SWN Company: 
A: The SWN Company has received the proper documents indicating that it is being sued by the WWK Company for $300,000 because the WWK Companyclaims that one of SWN Company’s products failed causing damage to WWK Company’s factory machines.  SWN Company’s attorneys have carefully reviewed the suit and have concluded that there is very little probability that the suit will be successful and SWN Company will have no liability for the damages.  However, in order to be conservative, SWN Company records the following entry: 
(Note that generally accepted accounting principles specify that potential losses are recorded if (1) the amount of the potential loss can be reasonably estimated and (2) it is probable that the loss will be incurred.)
B: The SWN Company acquired factory equipment for $135,000 at a liquidation sale of a local company that was in bankruptcy.  Because the company was selling due to a bankruptcy liquidation, the sale prices were significantly below the actual fair market value of the equipment.  In fact, the fair market value of the equipment purchased by the SWN Company was $180,000.  Upon purchase the SWN Company recorded the following: 
Equipment
180,000


Cash

135,000

Gain on acquisition of equipment

45,000
To record acquisition of equipment sold in liquidation 
C: Although the SWN Company is doing reasonably well, management is concerned that, in the event of a liquidation, certain assets could not be sold for their current value as shown on the balance sheet.  Management’s major concern is the amount of $450,000 paid in goodwill when acquiring a competitor company this year.  Therefore the company wrote off the goodwill with the following entry: Loss on impairment of goodwill

ACC 421 WEEK 3 DISCUSSION QUESTION 1


What are the limitations of using ratios for financial statement analysis? What are the benefits?
Response #1 Limitations of Ratios Analysis:

ACC 421 WEEK 3 DISCUSSION QUESTION 2


What does full disclosure mean? How does full disclosure affect financial reporting?

ACC 421 WEEK 3 DISCUSSION QUESTION 3


What information is provided in the auditors’ report?          

ACC 421 WEEK 3 TEAM ASSIGNMENT P4-3,E18-15 AND P18-7


Resources: Intermediate Accounting
Write responses to Problems P4-3 in Ch. 4 and Problems P18-7 & E18-15 in Ch. 18 of Intermediate Accounting.

ACC 421 WEEK 3 INDIVIDUAL ASSIGNMENT P1,P2,P3 AND P4


Submit responses to the individual assignment for  week 3 posted in the Course-Materials forum.

Problem 1:

Grading: This problem is worth a total of 18.75 points.  There are 23 grading elements each worth 18.75 x 2/3 / 23 = 0.5435 points.  There are 18.75 x 1/3 = 6.25 points available for effort. 

The following are general ledger balances of the RTQ Company as of December 31, 2013:

Cost of goods sold
$585,000
Fair Market Value appreciation on land above cost
42,000
Cash dividends declared and paid
32,000
Rental revenue
32,000
Administrative salaries
86,000
Sales salaries
92,000
Sales supplies expense
22,000
Interest expense on notes payable
50,000
Depreciation expense on sales related assets
34,000
Depreciation expense on administrative related assets
46,000
Other administrative expense
22,000
Net sales
1,078,000
Income tax
42,000

The company had 49,000 shares of common stock issued and outstanding during the entire year.

The company ends its fiscal accounting year on December 31.

Instructions:

A: Prepare a multiple-step income statement in good form.
B: Prepare a single-step income statement in good form.

Problem 2:

Grading: This problem is worth a total of 18.75 points.  There are 22 grading elements each worth 18.75 x 2/3 / 22 = 0.5682 points.  There are 18.75 x 1/3 = 6.25 points available for effort. 

The following information pertains to the BBR Company for the year ending December 31, 2010:

Administrative expenses
$303,000
Cash dividends declared
189,000
Cost of goods sold
1,074,000
Extraordinary gain
120,000
Extraordinary loss
76,000
Income tax applicable to continuing operations
236,200
Income tax applicable to extraordinary gain
40,800
Income tax applicable to extraordinary loss
25,700
Income tax applicable to discontinued operations
32,200
Loss on discontinued operations
95,000
Rent revenue
51,000
Retained earnings, January 1, 2010
758,000
Sales
2,400,000
Selling expenses
379,000
Unrealized holding gain on available-for-sale securities
19,000
Common shares outstanding during 2010
126,000

Instructions:

ACC 421 WEEK 4 DISCUSSION QUESTION 1


What does the statement of cash flows tell you about a company?

ACC 421 WEEK 4 DISCUSSION QUESTION 2


What is included in each section of the statement of cash flows?
ACC 421 WEEK 4 DISCUSSION QUESTION 3

What are the differences between the direct and indirect method of presenting a statement of cash flows?

ACC 421 WEEK 4 TEAM ASSIGNMENT P5-3 AND CA24-2


Resource: Intermediate Accounting
Write responses to Problem P5-3 in Ch. 5 and Concepts for Analysis CA24-2 in Ch. 24 of Intermediate Accounting.

ACC 421 WEEK 4 INDIVIDUAL ASSIGNMENT P1,P2,P3 AND P4


Submit responses to the individual assignment for  week 4 posted in the Course-Materials forum.

Problem 1: 
Grading: This problem is worth a total of 18.75 points.  There are 22 grading elements each worth 18.75 x 2/3 / 22 = 0.5682 points.  There are 18.75 x 1/3 = 6.25 points available for effort. 

The FJF Company does not employ a full-time accountant.  However they do employ a bookkeeper that records entries and attempts to prepare drafts of financial statements.  You have been retained by the company to review the bookkeeper’s work and prepare correct financial statements for 2014.  You have completed your review of the bookkeeper’s work and, based upon your review, the bookkeeper has prepared the following draft balance sheet for your review.

The company ends its fiscal accounting year on December 31.
The accumulated depreciation on the building totals $237,000.
The accumulated depreciation on the office equipment totals $155,000.
The allowance for doubtful accounts has a balance of $25,000.
The pension obligation is considered a long-term liability.
The bookkeeper did not know how to compute retained earnings.
Instructions: 
Prepare a correct balance sheet is good form. 
Problem 2:

Grading: This problem is worth a total of 18.75 points.  There are 24 grading elements each worth 18.75 x 2/3 / 24 = 0.5208 points.  There are 18.75 x 1/3 = 6.25 points available for effort. 

The WLO Company has prepared the following trial balance as of the end of its fiscal accounting year on December 31, 2013.


Problem 3:

Grading: This problem is worth a total of 18.75 points.  There are 11 grading elements each worth 18.75 x 2/3 / 11 = 1.1364 points.  There are 18.75 x 1/3 = 6.25 points available for effort.

Consider each of the following independent post –balance-sheet events (subsequent events) related to the ILJ Company.

1.      The ILJ Company was sued by a competitor in a prior year for trademark infringement.  The suit is now settled.
2.      A large customer of the ILJ Company, representing 10% of ILJ Company’s annual revenues, cancelled their contract with the ILJ Company.
3.      The ILJ Company was in litigation with the Internal Revenue Service concerning a tax matter related to a previous year’s income tax return.  The matter was settled at a cost significantly in excess of the amount expected at year-end.
4.      The ILJ Company sold one of its factories representing approximately 30% of its total assets.
5.      The ILJ Company merged with the NYP Company.  Both companies were approximately the same size prior to the merger.
6.      A large customer of the ILJ Company filed for bankruptcy resulting in a significant loss on the year-end accounts receivables.
7.      The ILJ Company launched a new product line.
8.      The ILJ Company experienced an extended strike by its employees.
9.      The ILJ Company hired a new president to replace the prior president that retired.
10.  The ILJ Company experienced a fire at an administrative office.  The building was a total loss.
11.  The ILJ Company issued 100,000 shares of common stock increasing the total number of shares outstanding to 250,000.

ACC 421 WEEK 5 INDIVIDUAL ASSIGNMENT P1,P2,P3& P4


Submit responses to the individual assignment for  week 5 posted in the Course-Materials forum.
Problem 1
Compute the present value of each of the following periodic amounts.                    
Each amount is paid/received at the end of each period.                               
                                                                                   
A: $15,000 received at the end of each period for 9 periods compounded at 8%.     
                                                                                   
Present Value = $93,703,30.                                                 
                                                                                   
B: $40,000 paid at the end of each period for 7 periods compounded at 4%.                       
                                   
C: $15,000 paid at the end of the tenth, eleventh, twelfth, and thirteenth periods
compounded at 11%                                                              
                                                                                                             
ACC421                                                                                 
                                                                                   
Compute the requested item for each of the following:                                                                                 
                                                                                   
A: A bank account has a current balance of $408,029.  If the money is left in the account and                                                                                
earns 9% compounded annually, how many years will it take for the balance to grow to            
                                                                              
B: A bank account has a current balance of $174,439.  If the money is left in the account for 25                                                                             
years and grows to $1,890,000, what is the annual rate of interest compounded annually?

ACC 421 WEEK 5 TEAM ASSIGNMENT P6-7 & P23-7


Resource: Intermediate Accounting
Write responses to Problems P6-7 in Ch. 6 and P23-7 in Ch. 23 of Intermediate Accounting.
ACC 421 Complete Course  ACC421 Complete Course
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