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ACC 290 Entire Course (New Syllabus With Final Guide)
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ACC 290 Final Exam Guide(Latest)
ACC 290 Week 1 Assignment Preparing an Income Statement Retained
Earnings Statement and Balance Sheet
ACC 290 Week 2 Analyzing the Effect of Transactions E3-1 (New)
ACC 290 Week 2 Text Exercise Ex 1-9, Ex 2-10 (Donavan, Myeneke
Corporation)
ACC 290 Week 3 Preparing a Multiple-Step Income Statement Problem
5-5A (Simon Company)
ACC 290 Week 3 Text Exercise 4-14 Villa Company
ACC 290 Week 2 Charter for Collaborative Learning Activities
ACC 290 Week 4 Comparative Analysis Problem Amazon.com, Inc. vs.
Wal-Mart Stores, Inc.
ACC 290 Week 4 Text Exercise Exercise 6-3 GatoInc

ACC 290 Week 5 Preparing Comprehensive Bank Reconciliation with
Theft and Internal Control Deficiencies
(Daisey Company)
ACC 290 Week 1 Discussion 1
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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 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.
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
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
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
14 Sale 40 units

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
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ACC 290 Final Exam Guide(Latest)
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.
Question 2

Which of the following is not a liability?
Accounts Payable
Accounts Receivable
Interest Payable
Unearned Service Revenue
Question 3
Which of the following financial statements is divided into major
categories of operating, investing, and financing activities?

The statement of cash flows.
The income statement.
The balance sheet.
The retained earnings statement.
Question 4
Ending retained earnings for a period is equal to beginning

Retained earnings + Net income – Dividends.
Retained earnings – Net income + Dividends
Retained earnings – Net income – Dividends.
Retained earnings + Net income + Dividends.
Question 5
Which of the following is not an advantage of the corporate form of
business organization?

No personal liability
Easy to raise funds
Easy to transfer ownership
Favorable tax treatment
Question 6
An advantage of the corporate form of business is that

it is simple to establish.
it has limited life.
its owner’s personal resources are at stake.
its ownership is easily transferable via the sale of shares of stock
Question 7
A small neighborhood barber shop that is operated by its owner would
likely be organized as a

proprietorship.
partnership.
joint venture.
corporation.
Question 8

If services are rendered for cash, then
stockholders’ equity will decrease.
liabilities will increase.
liabilities will decrease.
assets will increase.
Question 9
A revenue generally

increases assets and stockholders’ equity.
increases assets and liabilities.
increases assets and decreases stockholders’ equity.
leaves total assets unchanged.
Question 10
A revenue account
has a normal balance of a debit.

is decreased by credits.
is increased by credits.
is increased by debits.
Question 11
Which accounts normally have debit balances?
Assets, expenses, and dividends

Assets, expenses, and revenues
Assets, expense, and retained earnings
Assets, liabilities, and dividends
Question 12
In recording an accounting transaction in a double-entry system
the number of debit accounts must equal the number of credit accounts.
there must only be two accounts affected by any transaction.

there must always be entries made on both sides of the accounting
equation.
the amount of the debits must equal the amount of the credits.
Question 13
The usual sequence of steps in the transaction recording process is

journalize, analyze, post to the ledger.
post to the ledger, journalize, analyze.
analyze, journalize, post to the ledger.
journalize, post to the ledger, analyze.
Question 14
Under the expense recognition principle expenses are recognized when

they contribute to the production of revenue.
they are billed by the supplier.
they are paid.
the invoice is received.
Question 15
The revenue recognition principle dictates that revenue should be
recognized in the accounting records:

in the period that income taxes are paid.
when cash is received.
when the performance obligation is satisfied.
at the end of the month.
Question 16
Merchandising companies that sell to retailers are known as

brokers.
corporations.
wholesalers.
service firms.
Question 17
Gross profit equals the difference between

sales revenue and cost of goods sold.
sales revenue and operating expenses.
net income and operating expenses.
sales revenue and cost of goods sold plus operating expenses
Question 18
Net income will result if gross profit exceeds

purchases.
cost of goods sold.
operating expenses.
cost of goods sold plus operating expenses.
Question 19
Under the perpetual system, cash freight costs incurred by the buyer for
the transporting of goods is recorded in which account?

Freight-In
Inventory
Freight Expense
Freight-Out
Question 20
Operating expenses $ 25000
Sales revenue 175000
Cost of goods sold 125000

The profit margin ratio would be
Question 21
Sales returns and allowances 6000

Sales discounts 5000
The gross profit rate would be
Question 22

Sales returns and allowances 5000
Sales discounts 5000
Gross Profit would be
$102000.

$92000.
$97000.
$87000
Question 23
The LIFO inventory method assumes that the cost of the latest units
purchased are
not allocated to cost of goods sold or ending inventory.
the first to be allocated to cost of goods sold.

the last to be allocated to cost of goods sold.
the first to be allocated to ending inventory.
Question 24
Which of the following statements is correct with respect to inventories?
FIFO seldom coincides with the actual physical flow of inventory.
The FIFO method assumes that the costs of the earliest goods acquired
are the last to be sold.

It is generally good business management to sell the most recently
acquired goods first.
Under FIFO, the ending inventory is based on the latest units purchased.
Question 25
All of the following are examples of internal control procedures except

reconciling the bank statement.
customer satisfaction surveys.
insistence that employees take vacations.
using prenumbered documents.
Question 26
Each of the following is a feature of internal control except

recording of all transactions.
bonding of employees.
an extensive marketing plan.
separation of duties.
Question 27
For which of the following errors should the appropriate amount be
subtracted from the balance per books on a bank reconciliation?

Check written for $95, but recorded by the company as $59
Deposit of $500 recorded by the bank as $50.
Check written for $53, but recorded by the company as $35.
A returned $200 check recorded by the bank as $20.
Question 28
A check written by the company for $126 is incorrectly recorded by a
company as $162. On the bank reconciliation, the $36 error should be

deducted from the balance per books.
added to the balance per bank.
added to the balance per books.
deducted from the balance per bank.
Question 29
The following information was available for Blossom Company at
December 31, 2017: beginning inventory $93000; ending inventory

$146000; cost of goods sold $676000; and sales $824000. Blossom
inventory turnover ratio (rounded) in 2017 was
7.3 times.
4.6 times.
6.9 times.
5.7 times.
Question 30

The following information was available for Sheridan Company at
December 31, 2017: beginning inventory $80000; ending inventory
$132000; cost of goods sold $644000; and sales $816000. Sheridan days
in inventory (rounded) in 2017 was
47.4 days.
45.1 days.
59.8 days.
74.5 days.
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ACC 290 Final Exam guide

we have another New set of Final Exam which could be found on this
link
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
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ACC 290 Week 1 Assignment Preparing an Income
Statement Retained Earnings Statement and
Balance Sheet
Purpose of Assignment
The purpose of this assignment is to help students become familiar with
the presentation of the income statement and the retained earnings
statement, including how parts of the financial statement is evaluated to
determine the operational success of the business.
Assignment Steps
Resources: Financial Accounting: Tools for Business Decision Making p.
36
Scenario: On June 1, 2017, Elite Service Co. was started with an initial
investment in the company of $22,100 cash. Below are the assets,

liabilities, and common stock of the company June 30, 2017, and the
revenues and expenses for the month of June, its first month of
operations:
Cash
$ 4,600
Notes payable
$12,000
Accounts receivable
4,000
Accounts payable
500
Service revenue

7,500
Supplies expense
1,000
Supplies
2,400
Maintenance and repairs expense
600
Advertising expense
400
Utilities expense

300
Equipment
26,000
Salaries and wages expense
1,400
Common stock
22,100
In June, the company issues no additional stock but paid dividends of
$1,400.

Prepare an income statement retained earnings statement and balance
sheet analyzing your findings using the questions below in a total of
1050 words:
· Briefly address whether the company’s first month of operations
was a success.
· Discuss the company’s decision to distribute a dividend.
Use the Excel® spreadsheet to show your work and submit it with your
analysis.
Click the Assignment Files tab to submit your assignment.
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ACC 290 Week 1 Discussion Question 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?
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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?
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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.
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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
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ACC 290 Week 1 Wiley Plus Assignment DI 1-3, E1-
3,E1-4, E2-4, IFRS2-4 (New)
WileyPLUS Assignment: Week 1 Assignment
Resource: WileyPLUS
• DO IT! 1-3
• Exercise 1-3
• Exercise 1-4

• Exercise Excel E 2-4
• IFRS 2-4
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ACC 290 Week 2 Chapter 1,2,3 Orion WileyPlus
Proficiency and Practice Quiz
ACC 290 Chapter 1 Orion WileyPlus Build your Proficiency
Q 1.1: What is the primary purpose of the statement of cash flows?
Q 1.2: Which financial statement summarizes the financial position of a
company?
Q 1.3: Which financial statement provides information for a specific
point in time?

Q 1.4: The reports revenues and expenses and resulting net income or
less for a period in time.
Q 1.5: The income statement does not report cash received from the sale
of stock because it is not considered revenue.
Q 1.6: Torres Travel’s stockholders' equity at the beginning of March
2014 was $200,000. During the month, the company earned net income
of $50,000 and paid dividends of $10,000. At the end of March 2014,
what is the amount of stockholders' equity?
Q 1.7: According to the basic accounting equation, must equal liabilities
plus stockholders' equity on the balance sheet.
Q 1.8: Tonelli Trucking buys a $65,000 truck on credit. Which financial
statement will be affected by this transaction?
Q 1.9: Which of the following financial statements would be included in
an annual report?Q 1.10: An independent audit of an annual report must
be completed by a
Q 1.11: An owner who wants to have limited liability should form
which type of business enterprise?
Q 1.12: Which of the following statements about accounting
information is true?
Q 1.13: Which of the following would NOT be considered internal
users of accounting information for a company?
Q 1.14: Ethics are the principles of conduct that are used to judge
whether decisions are
Q 1.15: When a company borrows money from a bank to purchase
equipment, this action is called

Q 1.16: Companies can borrow money if they need a source of outside
funds. Borrowing money is
Q 1.17: Purchasing plant assets that a company needs in order to
operate is called
Q 1.18: The main purpose of operating activities is to
Q 1.19: Which of the following components supplement the financial
statements in an annual report?
Q 1.20: Which of the following is true of a partnership?
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ACC 290 Week 2 Charter for Collaborative Learning
Activities
Resources: Week 2 Learning Team Collaborative Discussion and the
Learning Team Charter for Collaborative Learning Activities
Write a 150- to 200-word individual response to the following:

· Consider the multiple definitions of collaboration.
· Define collaboration and how you will apply it in this course
based upon the discussion with your Learning Team. Be sure to
reference and cite your sources.
· Answer the question individually.
Click the Assignment Files tab to submit your assignment and be sure to
attach a copy of your Learning Team Charter for Collaborative Learning
Activities.
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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?
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What accounts are subject to adjusting journal entries and why?
How would you explain the purpose of the adjusted trial balance?
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ACC 290 Week 2 LT Reflection Summary
Discuss the objectives for ACC 290 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.
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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.
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Discuss the objectives for ACC 290 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.
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ACC 290 Week 2 Quiz
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?
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Resource: WileyPLUS
• Chapter 2 Wiley PLUS Crossword Puzzle 1t of cash flows?
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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
• 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

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ACC 290 Week 3 by 4 Learning Team Financial
Reporting Problem Part 1 (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?

Summarizethe 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 3 Chapter 4,5 Orion WileyPlus
Proficiency and Practice Quiz
Q 4.1: Which of the following statements about accrual-basis
accounting is NOT true?
Q 4.2: If a company spends $12 million dollars for a warehouse, when
should the cost be written off?
Q 4.3: If an expense has been used or consumed but a bill has not been
received at the end of the accounting period, which of the following is
needed?

Q 4.4: Which of the following is true about unearned revenues?
Q 4.5: Which of the following exemplify an asset-expense relationship?
Q 4.6: If an adjustment is needed for unearned revenues, the liability is
Q 4.7: Which of the following explains the process of depreciation?
Q 4.8: The of an asset is the difference between the cost of a
depreciable asset and its related accumulated depreciation.
Q 4.9: From an accounting standpoint, the acquisition of a long-lived
asset such as a building can be thought of as a long-term
Q 4.10: What does the time period assumption state?
Q 4.11: Which of the following are common time periods that
businesses use as their accounting period? Select all that apply.
Q 4.12: A is an accounting period that is one year long
Q 4.13: basis accounting is in accordance with generally accepted
accounting principles.
Q 4.14: According to the revenue recognition principle, when should
revenue be recognized in the accounting period?
Q 4.15: Companies must make adjusting entries
Q 4.16: Suppose that a company did not make an adjusting entry to
record revenue earned but not yet billed to customers. The result of this
error would be to
Q 4.17: If an adjusting entry for depreciation is NOT made, will be
understated.
Q 4.18: The adjusted trial balance is the primary basis of the financial
statements.

Q 4.19: All balance sheet accounts are considered accounts because
their balances are carried over into future accounting periods.
Q 4.20: Closing entries and a post-closing trial balance are steps in the
accounting cycle that occur
ACC 290 Chapter 4 Orion
ACC 290 Ch 4 practice quiz
Practice Question 01 The revenue recognition principle dictates that
revenue is recognized in the period in which the cash is received.
Practice Question 05 The generally accepted accounting principle which
dictates that revenue be recognized in the accounting period in which the
performance obligation is satisfied is the
Practice Question 10 Which statement is correct?
Practice Question 16 Book value is equal to cost minus accumulated
depreciation
Practice Question 21 Adjustments for unearned revenues:
Practice Question 26 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 adjusting entry for Insurance Expense for the
year would be

Practice Question 31 Which of the following is not a typical example of
an accrued expense?
Practice Question 36 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 ?
Practice Question 42 At the end of the accounting period, all balance
sheet accounts are closed out.
Practice Question 53 Which is the correct order of steps in the
accounting cycle?
Q 5.1: All of the following would be considered merchandising
companies EXCEPT
Q 5.2: A department store uses a perpetual inventory system. At year-
end, the balance in the merchandise inventory account is $2 million.
Assuming that the inventory records have been maintained properly, a
year-end physical inventory
Q 5.3: In a inventory system, the cost of goods is determined only at the
end of the accounting period

Q 5.4: A company receives a discount for paying for merchandise
purchased within the discount period. How will the amount of the
discount be recorded in a perpetual inventory system?
Q 5.5: What does the freight term “FOB destination” mean?
Q 5.6: A retailer acquires merchandise for resale. How would this be
recorded in a perpetual inventory system?
Q 5.7: If the credit terms on a sales invoice read “2/10, n/30,” what does
this mean?
Q 5.8: In which of the following scenarios would a Sales and Returns
and Allowances account NOT be debited?
Q 5.9: ________ has a normal credit balance.
Q 5.10: Which of the following is NOT a contra revenue account?
Q 5.11: In a perpetual inventory system, when is the Cost of Goods
Sold account used?
Q 5.12: ________ is shown on a multiple-step but not on a single-step
income statement.
Q 5.13: Why might a company choose to use the single-step income
statement? Select all that apply.
Q 5.14: At the beginning of January 2014, a company reported
inventory of $4,000. During the month, the company made purchases of
$17,800. On January 31, 2014, a physical count of inventory reported
$4,200 on hand. Find the cost of goods sold for the month.
Q 5.15: ________ requires a physical count of goods on hand to
compute the cost of goods sold.

Q 5.16: During the year, a company’s inventory decreased by $20,000.
If the company’s cost of goods sold for the year was $400,000, find the
amount for purchases.
Q 5.17: How is the gross profit rate computed
Q 5.18: How is the profit margin computed?
Q 5.19: How is the quality of earnings ratio computed?
Q 5.20: How do you calculate the cost of goods for sale if closing
inventory is nil?
• Question 1 The operating cycle of a merchandising company is
ordinarily shorter than that of a service company.
• Question 2 The operating cycle of a merchandising company is
ordinarily ___________________ that of a service firm.
• Question 3 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 asset account.

• Question 5 Which statement is true when recording the sale of goods
for cash in a perpetual inventory system?
• Question 6 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 Which one of the following will result in gross profit?
• Question 8 Under what system is cost of goods sold determined at the
end of an accounting period?
• Question 9 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 In a periodic inventory system, when is the cost of the
merchandise sold determined?
**********************************************************
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?
**********************************************************
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?
**********************************************************

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 3 Quiz
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 3 Problem 5-5A (Simon Company)
Purpose of Assignment
The purpose of this assignment is to help you become familiar with the
parts of the multiple-step income statement.
Assignment Steps

Resources: Financial Accounting: Tools for Business Decision Making
Scenario: An inexperienced accountant prepared this condensed income
statement for Simon Company a retail firm that has been in business for
a number of years.
SIMON COMPANY
Income Statement
For the Year Ended December 31, 2017
Revenues
Net sales
$850,000

Other revenues
22,000
872,000
Cost of goods sold
555,000
Gross profit
317,000
Operating expenses

Selling expenses
109,000
Administrative expenses
103,000
212,000
Net earnings
$105,000
As an experienced, knowledgeable accountant, you review the statement
and determine the following facts:
1. Net sales consist of: sales $911,000, less freight-out on
merchandise sold $33,000, an d sales returns and allowances $28,000.

2. Other revenues consist of sales discounts $18,000 and rent revenue
$4,000.
3. Selling expenses consist of salespersons’ salaries $80,000,
depreciation on equipment $10,000, advertising $13,000, and sales
commissions $6,000. The commissions represent commissions paid. At
December 21, $3,000 of commissions have been earned by salespersons
but have not been paid. All compensation should be recorded as Salaries
and Wages Expense.
4. Administrative expenses consist of office salaries $17,000,
dividends $18,000, utilities $12,000, interest expense $2,000, and rent
expense $24,000, which includes prepayments totaling $6,000 for the
first quarter of 2018.
Assume a 25% tax rate.
Prepare a detailed multi-step income statement with a brief explanation
of 700 words. Assume a 25% tax rate.

Show your work on the Excel® spreadsheet and submit with your
explanation.
**********************************************************
WileyPLUS Assignment: Week 3 Practice Quiz
Resource: WileyPLUS
• Chapter 4 Practice Quiz
**********************************************************

ACC 290 Week 3 WileyPlus Assignment BE4-1, P4-
2A, P4-3A, BYP4-1, IFRS PQ-1, PQ-2, PQ-3, PQ-
4(New)
Assignment: Week 3 Assignment
Complete the following Week 3 Assignment
• Brief Exercise 4-1
• Problem 4-2A
• Problem 4-3A
• BYP 4-1
• IFRS Practice Question 1

**********************************************************
ACC 290 Week 4 by 5 Individual Assignment Financial
Reporting Problem Part II (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?
Summarizethe 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 4 Chapter 6 Orion WileyPlus Proficiency
and Practice Quiz

Q 6.1: Where is inventory reported?
Q 6.2: ________ are items that will eventually be used in production
Q 6.3: How is inventory ready for sale classified in a manufacturing
company?
Q 6.4: In the perpetual inventory system, which of the following is NOT
a reason to take physical inventory?
Q 6.5: Which of the following is NOT considered an inventory cost?
Q 6.6: What is the beginning inventory plus the cost of goods
purchased?
Q 6.7: A new company purchased three inventory items at the following
costs: first purchase $60; second purchase $40; third purchase $50. If
the company sells two units for $200, what would the gross profit for the
period be, using FIFO costing?
Q 6.8: What does the LIFO inventory method assume about the cost of
the latest units purchased?
Q 6.9: Which inventory flow assumption should a company choose if it
is interested in the lowest amount of income tax expense in a period of
increasing prices?

Q 6.10: Phantom or paper profits can result in periods of inflation when
a company is using the
Q 6.11: Based on the net income of the shop, the sales staff at
Francesca’s Fashions receive performance bonuses. In periods of
declining prices, which inventory costing method would bring the sales
staff the most benefit?
Q 6.12: When determining the cost of inventory items before lower-of-
cost-or-market is applied, which of the following costing methods can be
used?
Q 6.13: How is market defined under the lower-of-cost-or-market basis
in valuing inventory?
Q 6.14: An error was made with the physical count of goods on hand at
the end of a period that resulted in a $25,000 overstatement of the
ending inventory. What is the effect of this error on cost of goods sold
and net income, respectively?
Q 6.15: American Supply sold merchandise on account to Decker
Plumbing on March 31. The sales price was $2,300, and the cost of
goods sold was $1,500. Sales revenue was reported immediately, but the
cost of goods sold was not reported until April 3. What happened to the
net income for March as a result?
Q 6.16: To compute the inventory turnover ratio, cost of goods sold
should be divided by which of the following?
Q 6.17: On December 31, 2012, Jameson reported the following
numbers: beginning inventory $80,000; ending inventory $120,000; cost
of goods sold $700,000; and sales $1,200,000. What was Jameson’s
inventory turnover in 2012?

Q 6.18: Where should a company report inventory?
Q 6.19: If beginning inventory is understated, which of the following
will also be understated?
Q 6.20: Managers at Birdie’s Branch Removal, Inc. are confused
because they maintain lower inventory amounts than the industry
average, but they are a highly successful company, outselling even the
big box companies in the chain saw market. Which of the following is
the best answer to the managers’ confusion?
Q 6.21: Simpson’s Sandals, Inc. has five cases of flip-flops that have
not been sold and are part of inventory for more than two years. Each
case costs $300 and originally retailed for $500. Each case has a current
replacement cost of $200. What is the amount of loss that Simpson’s
should report for the year?
ACC 290 Chapter 6 Orion
• Question 1 When the terms of a sale are FOB destination, legal title to
the goods passes to the buyer when the goods reach the buyer's place of
business.
• Question 2 As a result of a thorough physical inventory, Railway
Company determined that it had inventory worth $180,000 at December
31, 2014. This count did not take into consideration the following
transactions:

• Question 3 Ownership passes to the buyer when the public carrier
accepts the goods if the goods are shipped
• Question 4 Inventory costing methods place primary reliance on
assumptions about the flow of
• Question 5 Which of the following statements is true?
• Question 6 In a period of inflation, LIFO produces a higher net
income than FIFO.
• Question 7 In a period of falling prices, which of the following
methods will give the largest net income?
• Question 8 What is the underlying rationale for the lower-of-cost-or-
market rule?
• Question 9 The following information came from the income
statement of the Wilkens Company at December 31, 2014: sales revenue
$1,800,000; beginning inventory $160,000; ending inventory $240,000;
and gross profit $600,000. What is Wilkens' inventory turnover ratio for
2014?
lllustration 6-17
• Question 1 If the ending inventory is overstated, what occurs?
**********************************************************

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?
**********************************************************

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?
**********************************************************
Reflection and Financial Reporting Problem Part I.
Discuss the objectives for ACC 290 Week Three. How do they relate to
the practice of accounting and its uses in business? Prepare closing
entries, reversing entries, and a post closing trial balance. Prepare a
financial statement work sheet. Prepare a classified income statement,

retained earnings statement and balance sheet. Write a 350 to 500 word
summary of your Learning Team’s discussion.
**********************************************************
ACC 290 Week 4 Practice Quiz
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?
**********************************************************
Resource: WileyPLUS
• Chapter 5 Crossword Puzzle 1
**********************************************************

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