This document provides a summary of an ACC 290 final exam study guide. It lists 30 multiple choice questions covering various accounting topics like inventory valuation methods, adjusting entries, internal controls, and differences between IFRS and US GAAP. Clicking the provided links would allow immediate access to solutions for the entire course, final exam, and homework assignments.
Thomas R Frieden - Wikipedia As 020516(HIGHLIGHTED)VogelDenise
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Thomas R Frieden - Wikipedia As 020516(HIGHLIGHTED)VogelDenise
17 USC § 107 Limitations on Exclusive Rights – FAIR USE
This is the WIKIPEDIA Information pulled on Thomas R. Frieden – Director of the United States Center for Disease Control and Prevention. This information was pulled about 02/05/16 for PRESERVATION of BIO Information.
NOW look at HOW much information has been PULLED in the Article when compared to the WIKIPEDIA (Jewish-Owned) Write Up as of 03/25/17: https://en.wikipedia.org/wiki/Tom_Frieden
AFTER Publishing this NOTIFICATION in SlideShare:
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SHAME- - SHAME- - -SHAME! The Jews/Zionists that CONTROL SlideShare NOW should KNOW from their ATTACKS on Newsome that she PRESERVES Items for LATER publishing and/or for her Archives! Just keep watching because we just added a Header!
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Respondiendo cuestionario acerca de la realidad virtual.
Hablando de la realidad virtual, virtualidad, realidad y apariencia, inmersión y navegación, productos/accesorios de la realidad virtual, tecnoética de la realidad virtual y problemáticas de la realidad virtual.
¿Cuál es el efecto de la Gestión de la Calidad en las Operaciones Productivas?Aaron Ruiz
La Gestión de la Calidad es una herramienta que permite cumplir las exigencias en cuanto al producto y servicio brindando al cliente. Para el cliente, el producto o servicio que recibe está lleno de atributos y especificaciones que son evaluados por el mismo, y cuando se menciona que las percepciones han superado las expectativas del cliente, significa que ha existido calidad en el producto. Desde el punto de vista interno de la calidad, esta se mide en el cumplimiento de requisitos de la fabricación del producto, o lo mismo que realiza las actividades de las operaciones productivas. Gracias a diversas herramientas y metodologías de medición de la calidad, se afirma que la gestión de la misma tiene un efecto positivo en la gestión de las operaciones productivas de la empresa. Asimismo, se debe precisar que la calidad no solamente está enfocada en la producción del producto o servicio, si no en la calidad total de la empresa, en todos sus procesos estratégicos, operativos y de soporte, que permitan brinda valor agregado a los clientes y a la consecución de los objetivos y metas de la empresa.
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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?
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Question 1
The best definition of assets is the
collections of resources belonging to the company and the claims on these resources.
cash owned by the company.
owners’ investment in the business.
resources belonging to a company that have future benefit to the company
ACC205 Discussion QuestionsAccounting Equation As you hav.docxannetnash8266
ACC205 Discussion Questions:
Accounting Equation
As you have learned in this week’s readings the Accounting Equation is Assets = Liabilities + Owners’ Equity. Is the accounting equation true in all instances? Provide sample transactions from your own experiences to demonstrate the validity of the Accounting Equation.
Accounts
What does the term account mean? What are the different classifications of accounts? How do the rules for debits and credits impact accounts? Please provide an example of how debits and credits impact accounts.
Accounting Cycle
Financial statements are a product of the accounting cycle. Think about two different companies: a manufacturing company, and a retail company. Why would different companies have different accounting cycles? Would you expect the steps of the accounting cycle to be the same for each company? Why or why not?
Bank Reconciliation
What is the purpose of a bank reconciliation? What are the reasons for differences between the cash reported in the accounting records and the cash balance in the bank statements?
LIFO vs. FIFO
The controller of Sagehen Enterprises believes that the company should switch from the LIFO method to the FIFO method. The controller’s bonus is based on the next income. It is the controller’s belief that the switch in inventory methods would increase the net income of the company. What are the differences between the LIFO and FIFO methods?
Depreciation
A variety of depreciation methods are used to allocate the cost of an asset to all of the accounting periods benefited by the use of the asset. Your client has just purchased a piece of equipment for $100,000. Explain the concept of depreciation. Which of the following depreciation methods would you recommend: straight-line depreciation, double declining balance method, or an alternative method?
Ratios
Ratios provide the users of financial statements with a great deal of information about the entity. Do ratios tell the whole story? How could liquidity ratios be used by investors to determine whether or not to invest in a company?
Profit Margin
Year Ending December 2012
Year Ending December 2011
Year Ending December 2010
Revenues
40,000
35,000
33,000
Operating Expenses
Salaries
15,000
10,000
9,000
Maintenance and Repairs
6,000
9,000
10,000
Rental Expense
2,500
2,500
2,500
Depreciation
2,000
2,000
2,000
Fuel
4,000
3,500
2,500
Total Operating Expenses
29,500
27,000
26,000
Operating Income
10,500
8,000
7,000
Sales and Administrative Expenses
6,000
4,000
3,000
Interest Expense
2,500
2,000
1,000
Net Income
2,000
2,000
3,000
Above is a comparative income statement for Cecil, Inc. for the years 2010, 2011, and 2012. Calculate the profit margin for each of these years. Comment on the profit margin trend.
BWeek Five Exercise Assignment
Financial Ratios
1. Liquidity ratios. Edison, Stagg, and Thornton have the following financial information at the close of business on July 10:
Edi.
On January 1, 2014, Flip Corporation had 560,000 shares of $1 par .docxjuliennehar
On January 1, 2014, Flip Corporation had 560,000 shares of $1 par value common stock issued and outstanding. There was a $3,000,000 balance in the Retained Earnings account at the beginning of the year. During the first quarter of the year, the following transactions occurred:
Jan. 8
Issued 40,000 shares of its own common stock for $400,000.
Jan. 18
Declared a cash dividend of $1 per share to stockholders of record on Jan. 10.
Jan. 31
Paid the $1 cash dividend declared on Jan. 18.
Feb. 2
Purchased 3,000 shares of its own common stock for the treasury at $11 per share.
Feb. 14
Sold 2,000 shares of the treasury stock purchased on Feb. 2 for $12 per share.
March 25
Declared a 2 for 1 stock split on outstanding shares.
Instructions
Prepare journal entries to record the above transactions.
Part B.
The following information is available for Flip Corporation for the year ended December 31, 2014:
Beginning retained earnings
$
340,000
Cost of goods sold
620,000
Declared cash dividends
50,000
Operating expenses
170,000
Other expenses and losses
40,000
Other revenues and gains
60,000
Sales
1,000,000
Tax rate
30%
Instructions:
1.
Prepare a corporate income statement in good form.
2.
Prepare a retained earnings statement for the year.
Question
2: 10 points:
January 1, 2014 Flip Company purchased 35,000 shares of common stock of Flop Corporation as a long-term investment for $900,000. December 31, 2014, Flop Corporation reported net income of $300,000 and paid dividends of $100,000.
Instructions:
a.
Assuming that the 35,000 shares represent a 10% interest in Flop Corporation:
1.
Prepare the journal entry to record the investment in Flop stock.
2.
Prepare any entries that Flip Company should make in accounting for its investment in Flop stock during the year.
3.
What is the balance of the Stock Investments account on Flip Company's books at the end of the year?
b.
Repeat requirement (a) above except assume that the 35,000 shares represent a 20% interest in Flop Corporation.
Question
3: 15 points:
The following information is available for Flip Corporation for the year ended December 31, 2014:
Collection of principal on long-term loan to a supplier
$15,000
Acquisition of equipment for cash
10,000
Proceeds from the sale of long-term investment at book value
20,000
Issuance of common stock for cash
27,000
Depreciation expense
28,000
Redemption of bonds payable at carrying (book) value
35,000
Payment of cash dividends
15,000
Net income
25,000
Purchase of land by issuing bonds payable
45,000
In addition, the following information is available from the comparative balance sheet for Flip at the end of 2013 and 2014:
2014
2013
Cash
$
66,000
$14,000
Accounts receivable (net)
20,000
16,000
Prepaid insurance
18,000
13,000
Total current assets
$104,000
$43,000
Accounts payable
$
30,000
$20,000
Salaries payable
3,000
7,000
Total current liabilities
$
33,000
$27,000
Instruction.
Exercises1. Horizontal analysis. Mary Lynn Corporation has been .docxSANSKAR20
Exercises
1. Horizontal analysis. Mary Lynn Corporation has been operating for several years. Selected data from the 20X1 and 20X2 financial statements follow.
20X2
20X1
Current Assets
$ 76,000
$ 80,000
Property, Plant, and Equipment (net)
99,000
90,000
Intangibles
25,000
50,000
Current Liabilities
40,800
48,000
Long-Term Liabilities
143,000
160,000
Stockholders' Equity
16,200
12,000
Net Sales
500,000
500,000
Cost of Goods Sold
332,500
350,000
Operating Expenses
93,500
85,000
2. Prepare a horizontal analysis for 20X1 and 20X2. Briefly comment on the results of your work.
3. Vertical analysis. Study the data pertaining to Mary Lynn Corporation that appear in Exercise 1. Prepare a vertical analysis for 20X1 and 20X2 and briefly evaluate the results of your work.
4. Liquidity ratios. Edison, Stagg, and Thornton have the following financial information at the close of business on July 10:
Edison
Stagg
Thornton
Cash
$4,000
$2,500
$1,000
Short-Term Investments
3,000
2,500
2,000
Accounts Receivable
2,000
2,500
3,000
Inventory
1,000
2,500
4,000
Prepaid Expenses
800
800
800
Accounts Payable
200
200
200
Notes Payable: Short-Term
3,100
3,100
3,100
Accrued Payables
300
300
300
Long-Term Liabilities
3,800
3,800
3,800
a. Compute the current and quick ratios for each of the three companies. (Round calculations to two decimal places.) Which firm is the most liquid? Why?
b. Suppose Thornton is using FIFO for inventory valuation and Edison is using LIFO. Comment on the comparability of information between these two companies.
c. If all short-term notes payable are due on July 11 at 8 a.m., comment on each company's ability to settle its obligation in a timely manner.
5. Computation and evaluation of activity ratios. The following data relate to Alaska Products Inc.:
20X5
20X4
Net Credit Sales
$832,000
$760,000
Cost of Goods Sold
440,000
350,000
Cash, Dec. 31
125,000
110,000
Accounts Receivable, Dec. 31
180,000
140,000
Inventory, Dec. 31
70,000
50,000
Accounts Payable, Dec. 31
115,000
108,000
6. The company is planning to borrow $300,000 via a 90-day bank loan to cover short-term operating needs.
a. Compute the accounts-receivable and inventory-turnover ratios for 20X5. Alaska rounds all calculations to two decimal places.
b. Study the ratios from part (a) and comment on the company's ability to repay a bank loan in 90 days.
c. Suppose that Alaska's major line of business involves the processing and distribution of fresh and frozen fish throughout the United States. Do you have any concerns about the company's inventory-turnover ratio? Briefly discuss.
7. Profitability ratios, trading on the equity. Digital Relay has both preferred and common stock outstanding. The company reported the following information for 20X7:
Net sales
$1,500,000
Interest Expense
120,000
Income Tax Expense
80,000
Preferred Dividends
25,000
Net Income
130,000
Average Assets
1,100,000
Average Common Stockholders' Equity
400,000
a. Compute the net-profit-margin ratio and the rates of re ...
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What is the purpose of the Sabbath Law in the Torah. It is interesting to compare how the context of the law shifts from Exodus to Deuteronomy. Who gets to rest, and why?
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
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2. ACC 290 Final Exam Guide - New
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 earned 390,000
Cash paid for expenses 170,000
Cash paid for computers on November 1, 2013 that will be used for 3 years 48,000
Expenses incurred including any depreciation 216,000
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.
3. Question 11
Financial information is presented below:
Operating expenses $36,000
Sales revenue 150,000
Cost of goods sold 105,000
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 1 Beginning inventory 20 units at $19 $380
7 Purchases 70 units at $20 1,400
22 Purchases 10 units at $22 220
$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:
Product Cost Market
A $57,000 $60,000
B 40,000 38,000
C 80,000 81,000
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 transit 900
Notes receivable and interest collected by bank 5,100
Bank charge for check printing 120
Outstanding checks 12,000
NSF check 1,020
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 $84,000 Accounts payable $110,000
Accounts receivable 80,000 Salaries and wages payable 20,000
Inventory 140,000 Mortgage payable 180,000
Prepaid insurance 60,000 Total liabilities $310,000
Question 18
4. 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 1 Beginning inventory 15 units at $6.00
5 Purchases 60 units at $6.60
14 Sale 40 units
21 Purchases 30 units at $7.20
30 Sale 28 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 1 Beginning inventory 15 units at $6.00
5 Purchases 60 units at $6.60
14 Sale 40 units
21 Purchases 30 units at $7.20
30 Sale 28 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
