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1. ACC 291 Final Exam
Uope Help is providing to nice on line educational path in University of Phoenix
are ACC 291 Final Exam, ACC 291 Complete Assignment, Question and Answer,
ACC 291 Exam Study Guide and Acc 291 Entire Course. It will study have a look
at exercises and its most problem solution are right here. UOP is providing to
specific summary of suitable for each educational route.
ACC 291 Final Exam has relevant to many tutorial courses are here:
ACC 291 Week 1:
ACC 291 Week 1 DQ 1 (With 3 Responses):
Describe the entries to record the disposition of Accounts Receivable and discuss
the function of those entries.
ACC 291 Week 1 DQ 2 (With 3 Responses):
Discuss the nature of intangible assets, using examples, and the basic issues related
to accounting for them. Discuss how they are different from tangible assets.
ACC 291 Week 1 Complete:
DQ1. Describe the entries to record the disposition of Accounts Receivable and
discuss the function of those entries.
DQ2. Discuss the nature of intangible assets, using examples, and the basic issues
related to accounting for them. Discuss how they are different from tangible
assets.
2. ACC 291 Week 2:
ACC 291 Week 2 DQ 1 (With 3 Responses):
Discuss the differences among valuation, depreciation, amortization, and depletion.
Use examples in your discussion.
ACC 291 Week 2 DQ 2 (With 3 Responses):
Discuss the accounting procedures for Notes Payable and Accounts Payable.
Discuss the nature of each account and the differences between these accounts.
ACC 291 Week 2 Wiley PLUS:
Individual Assignment – Wiley PLUS Week Two Practice
Resource: Wiley PLUS
Complete the Wiley PLUS Week Two Practice Quizzes for chapters 8, 9, and 10.
Submit your results through the Grade book ASSIGNMENTS. Screen prints or
shots are acceptable on a WORD document.
Wiley PLUS Assignment Week Two
Resource: Wiley PLUS
Complete the following Wiley PLUS Week Two Exercises and Problem:
• Exercise E8-3
• Exercise BE9-13
• Exercise Do It! 9-4
• Exercise E9-9
• Exercise E9-10
3. • Problem P9-5A
Submit your results through the Grade book ASSIGNMENTS. Screen prints or
shots are acceptable on a WORD document.
ACC 291 Week 2 Complete:
DQ1. Discuss the differences among valuation, depreciation, amortization, and
depletion. Use examples in your discussion.
DQ2. Discuss the accounting procedures for Notes Payable and Accounts Payable.
Discuss the nature of each account and the differences between these accounts.
Individual Assignment – Wiley PLUS Week Two Practice
Resource: Wiley PLUS
Complete the Wiley PLUS Week Two Practice Quizzes for chapters 8, 9, and 10.
Submit your results through the Grade book ASSIGNMENTS. Screen prints or
shots are acceptable on a WORD document.
Wiley PLUS Assignment Week Two
Resource: Wiley PLUS
Complete the following Wiley PLUS Week Two Exercises and Problem:
• Exercise E8-3
• Exercise BE9-13
• Exercise Do It! 9-4
• Exercise E9-9
• Exercise E9-10
• Problem P9-5A
Submit your results through the Grade book ASSIGNMENTS. Screen prints or
shots are acceptable on a WORD document.
4. ACC 291 Week 3
ACC 291 Week 3 DQ 1 (With 3 Responses):
Discuss why a company chooses to form as a corporation and the steps to do this.
Also discuss the advantages and disadvantages of becoming a corporation.
ACC 291 Week 3 DQ 2 (With 3 Responses):
Discuss the different types of dividends that a corporation may issue. Discuss the
process of issuing and paying dividends and why a corporation should issue
dividends. What dividend would you prefer?
ACC 291 Week 3 Complete:
DQ1. Discuss why a company chooses to form as a corporation and the steps to do
this. Also discuss the advantages and disadvantages of becoming a corporation.
DQ2. Discuss the different types of dividends that a corporation may issue.
Discuss the process of issuing and paying dividends and why a corporation should
issue dividends. What dividend would you prefer?
ACC 291 Week 4
ACC 291 Week 4 DQ 1 (With 3 Responses):
Discuss some of the common ratios used to analyze financial
information. Name some examples of how ratios are used in the
decision making process and name the primary users of the information.
Which ratios are used routinely in your organization?
5. ACC 291 Week 4 DQ 2 (With 3 Responses):
Discuss why companies are required to prepare a statement of cash
flows. Discuss also what each of the three sections tells you about the
operations of the company.
ACC 291 Week 4 Wiley PLUS:
Individual Assignment – Wiley PLUS
Week Four Practice Resource: Wiley PLUS
Complete the Wiley PLUS Week Four Practice Quizzes for chapters 13 and 14.
Wiley PLUS Week Four Assignment
Resource: Wiley PLUS
Complete the following Wiley PLUS Week Four Exercises and Problems:
• Exercise Do It! 11-1
• Exercise E11-15
• Exercise E11-16
• Problem P11-6A
• Problem P11-8A
ACC 291 Week 5
ACC 291 Week 5 DQ 1 (With 3 Responses):
Discuss an example of a potentially unethical accounting situation and why it is
unethical. Discuss how ethics affect a company's financial results.
6. ACC 291 Week 5 DQ 2 (With 3 Responses):
Discuss whether or not the Sarbanes-Oxley Act made a difference in the ethical
behavior of companies regarding their financial accounting. Give examples if
necessary.
ACC 291 Week 5 Effect of Unethical Behavior Article Analysis:
Individual Assignment - Effect of Unethical Behavior Article Analysis
Write a 350- to 700-word article analysis in which you identify situations that
might lead to unethical practices and behavior in accounting.
Examine the effect of the Sarbanes-Oxley Act of 2002 on financial statements.
Cite one article from the Electronic Reserve Readings, the Internet, or other
resources.
Format your paper consistent with APA guidelines.
ACC 291 Week 5 Ratio Analysis Memo:
Learning Team Assignment - Ratio Analysis Memo
Resource: Virtual Organizations
Click the Virtual Organization link on the student website to access the Virtual
Organizations.
Select one of the Virtual Organizations as the basis for the assignment.
Obtain faculty approval of your selected organization before beginning the
assignment.
Access the information contained in your selected organization’s balance sheet and
income statement to calculate the following:
• Liquidity ratios
Current ratio
7. Acid-test, or quick, ratio
Receivables turnover
Inventory turnover
• Profitability ratios
Asset turnover
Profit margin
Return on assets
Return on common stockholders’ equity
• Solvency ratios
Debt to total assets
Times interest earned
Show your calculations for each ratio.
Create a horizontal and vertical analysis for the balance sheet and the income
statement.
Write a 350- to 700-word memo to the CEO of your selected organization in which
you discuss your findings from your ratio calculations and our horizontal.
ACC 291 Week 5 Wiley PLUS:
Individual Assignment – Wiley PLUS Week Five Assignment
Resource: Wiley PLUS
Complete the following Week Five Wiley PLUS Exercises and Problems:
8. • Exercise E13-
• Exercise E13-8
• Exercise E14-1
• Problem P13-9A
• Problem P13-10A
• Problem P14-2Al and vertical analysis. In your memo, address the following
questions:
• What do the liquidity, profitability, and solvency ratios reveal about the
company’s financial position?
• Which users may be interested in each type of ratio?
• What does the collected data reveal about the company’s performance and
position?
ACC 291 Week 5 Complete:
DQ1. Discuss an example of a potentially unethical accounting situation and why it
is unethical. Discuss how ethics affect a company's financial results.
DQ2. Discuss whether or not the Sarbanes-Oxley Act made a difference in the
ethical behavior of companies regarding their financial accounting. Give examples
if necessary.
Individual Assignment - Effect of Unethical Behavior Article Analysis
Write a 350- to 700-word article analysis in which you identify situations that
might lead to unethical practices and behavior in accounting.
Examine the effect of the Sarbanes-Oxley Act of 2002 on financial statements.
9. Cite one article from the Electronic Reserve Readings, the Internet, or
other resources.
Format your paper consistent with APA guidelines.
Individual Assignment – Wiley PLUS Week Five Assignment
Resource: Wiley PLUS
Complete the following Week Five Wiley PLUS Exercises and Problems:
• Exercise E13-1
• Exercise E13-8
• Exercise E14-1
• Problem P13-9A
• Problem P13-10A
• Problem P14-2A
Learning Team Assignment - Ratio Analysis Memo
Resource: Virtual Organizations
Click the Virtual Organization link on the student website to access the Virtual
Organizations.
Select one of the Virtual Organizations as the basis for the assignment.
Obtain faculty approval of your selected organization before beginning the
assignment.
Access the information contained in your selected organization’s balance sheet and
income statement to calculate the following:
• Liquidity ratios
Current ratio
10. Acid-test, or quick, ratio
Receivables turnover
Inventory turnover
• Profitability ratios
Asset turnover
Profit margin
Return on assets
Return on common stockholders’ equity
• Solvency ratios
Debt to total assets
Times interest earned
Show your calculations for each ratio.
Create a horizontal and vertical analysis for the balance sheet and the income
statement.
Write a 350- to 700-word memo to the CEO of your selected organization in which
you discuss your findings from your ratio calculations and your horizontal and
vertical analysis. In your memo, address the following questions:
• What do the liquidity, profitability, and solvency ratios reveal about the
company’s financial position?
• Which users may be interested in each type of ratio?
• What does the collected data reveal about the company’s performance and
position?
11. ACC 291 Week 5 Final Exam
Multiple Choice Question 86
An aging of a company's accounts receivable indicates that $4,500 are estimated to
be uncollectible. If Allowance for Doubtful Accounts has a $1,200 credit balance,
the adjustment to record bad debts for the period will require a
debit to Bad Debt Expense for $4,500
debit to Bad Debt Expense for $3,300
credit to Allowance for Doubtful Accounts for $4,500
debit to Allowance for Doubtful Accounts for $3,300
Multiple Choice Questions 182
The financial statements of the Melton Manufacturing Company reports net sales
of $300,000 and accounts receivable of $50,000 and $30,000 at the beginning of
the year and end of year respectively. What is the average collection period for
accounts receivable in days?
60.8
96.1
36.5
48.7
Multiple Choice Questions 119
Stine Company purchased machinery with a list price of $64,000. They were given
a 10% discount by the manufacturer. They paid $400 for shipping and sales tax of
$3,000. Stine estimates that the machinery will have a useful life of 10 years and a
residual value of $20,000. If Stine uses straight-line depreciation, annual
depreciation will be
$3,760.
12. $4,072.
$6,100.
$4,100.
Multiple Choice Questions 198
Given the following account balances at year end, compute the total intangible
assets on the balance sheet of Janssen Enterprises.
Cash $1,500,000
Accounts Receivable 4,000,000
Trademarks 1,000,000
Goodwill 2,500,000
Research & Development Costs 2,000,000
$7,500,000
$5,500,000
$3,500,000
$9,500,000
Multiple Choice Questions 207
On January 1, a machine with a useful life of five years and a residual value of
$40,000 was purchased for $120,000. What is the depreciation expense for year 2
under the double-declining-balance method of depreciation?
$38,400
$48,000
$23,040
$28,800
13. IFRS Multiple Choice Question 01
As a recent graduate of State University you're aware that IFRS requires
component depreciation for plant assets. A friend has asked you to succinctly
explain what component depreciation means. Which of the following correctly
describes component depreciation?
The method that requires that significant parts of a plant asset with different
useful lives be depreciated separately.
The method used to ensure that the depreciation rate remains constant from
year to year.
The method used to prorate annual depreciation on a time basis.
The method of depreciation recommended for an asset that is expected to be
significantly more productive in the first half of its useful life.
Multiple Choice Questions 146
Bonds with a face value of $300,000 and a quoted price of 97¼ have a selling price
$292,500
$291,075
$291,750
$291,006
Multiple Choice Questions 188
Sparks Company received proceeds of $423,000 on 10-year, 8% bonds issued on
January 1, 2013. The bonds had a face value of $400,000, pay interest annually on
December 31st, and have a call price of 102. Sparks uses the straight-line method
of amortization. What is the carrying value of the bonds on January 1, 2015?
$400,000
$420,700
$418,400
$381,600
14. Multiple Choice Questions 90
S. Lawyer performed legal services for E. Corp. Due to a cash shortage, an
agreement was reached whereby E. Corp. would pay S. Lawyer a legal fee of
approximately $15,000 by issuing 8,000 shares of its common stock (par $1). The
stock trades on a daily basis and the market price of the stock on the day the debt
was settled is $1.80 per share. Given this information, the best journal entry for E.
Corp. to record for this transaction is
Legal Expense 14,400 Common Stock 8,000 Paid-in Capital in Excess of
Par - Common 6,400
Legal Expense 15,000 Common Stock 15,000
Legal Expense 15,000 Common Stock 8,000 Paid-in Capital in Excess of
Par – Common 7,000
Legal Expense 14,400 Common Stock 14,400
Multiple Choice Questions 110
Logan Corporation issues 50,000 shares of $50 par value preferred stock for cash
at $60 per share. The entry to record the transaction will consist of a debit to Cash
for $3,000,000 and a credit or credits to
Preferred Stock for $2,500,000 and Paid-in Capital in Excess of Par Value
Preferred Stock for $500,000
Preferred Stock for $2,500,000 and Retained Earnings for $500,000
Paid-in Capital from Preferred Stock for $3,000,000
Preferred Stock for $3,000,000
IFRS Multiple Choice Question 01
Jahnke Corporation issued 8,000 shares of €2 par value ordinary shares for €11 per
share. The journal entry to record the sale will include
a credit to Share Capital–Ordinary for €88,000
a debit to Retained Earnings for €72,000
15. a debit to Cash for €16,000
a credit to Share Premium–Ordinary for €72,000
Multiple Choice Questions 80
Zoum Corporation had the following transactions during 2014:
1. Issued $125,000 of par value common stock for cash.
2. Recorded and paid wages expense of $60,000.
3. Acquired land by issuing common stock of par value $50,000.
4. Declared and paid a cash dividend of $10,000.
5. Sold a long-term investment (cost $3,000) for cash of $3,000.
6. Recorded cash sales of $400,000.
7. Bought inventory for cash of $160,000.
8. Acquired an investment in Zynga stock for cash of $21,000.
9. Converted bonds payable to common stock in the amount of $500,000.
10. Repaid a 6 year note payable in the amount of $220,000.
What is the net cash provided by financing activities?
$395,000.
$<605,000>.
$<105,000>.
$115,000.
Multiple Choice Questions 176
Collie Company had an increase in inventory of $120,000. The cost of goods sold
was $490,000. There was a $30,000 decrease in accounts payable from the prior
16. period. Using the direct method of reporting cash flows from operating
activities, what were Collie’s cash payments to suppliers?
$580,000.
$370,000.
$310,000.
$640,000.
IFRS Multiple Choice Question 04
Each of the following items may be classified as operating or financing activities
under IFRS except
dividends paid
dividends received
interest paid
all of these answer choices may be classified as such
Multiple Choice Questions 165
The current assets of Ornate Company are $227,500. The current liabilities are
$130,000. The current ratio expressed as a proportion is
1.75:1.
175%.
$210,000 ÷ $120,000.
.57:1.
Multiple Choice Questions 41
All of the following requirements about internal controls were enacted under the
Sarbanes Oxley Act of 2002 except:
independent outside auditors must eliminate redundant internal control
17. companies must continually assess the functionality of internal
controls
independent outside auditors must attest to the level of internal control
companies must develop sound internal controls over financial reporting
Multiple Choice Questions 85
Which of the following is not an internal control activity for cash?
The number of persons who have access to cash should be limited.
The functions of record keeping and maintaining custody of cash should be
combined.
Surprise audits of cash on hand should be made occasionally.
All cash receipts should be recorded promptly.
Multiple Choice Questions 92
Before a check authorization is issued, the following documents must be in
agreement, except for the
purchase order
invoice
remittance advice
receiving report
Multiple Choice Questions 115
Mitchell Corporation bought equipment on January 1, 2014 .The equipment cost
$180,000 and had an expected salvage value of $30,000. The life of the equipment
was estimated to be 6 years. The book value of the equipment at the beginning of
the third year would be
$50,000.
$180,000.
18. $150,000.
$130,000.
Multiple Choice Questions 142
Brevard Corporation purchased a taxicab on January 1, 2013 for $25,500 to use for
its shuttle business. The cab is expected to have a five-year useful life and no
salvage value. During 2014, it retouched the cab's paint at a cost of $1,200,
replaced the transmission for $3,000 (which extended its life by an additional 2
years), and tuned-up the motor for $150. If Brevard Corporation uses straight-line
depreciation, what annual depreciation will Brevard report for 2014?
$4,100.
$5,100.
$4,125.
$3,900.
Multiple Choice Questions 164
On July 1, 2014, Fleming Company sells machinery for $120,000. The machinery
originally cost $300,000, had an estimated 5-year life and an expected salvage
value of $50,000. The Accumulated Depreciation account had a balance of
$175,000 on January 1, 2014, using the straight-line method. The gain or loss on
disposal is
$20,000 gain.
$5,000 loss.
$10,000 loss.
$5,000 gain.
19. Multiple Choice Questions 180
On July 1, 2014, Linden Company purchased the copyright to Norman Computer
Tutorials for $140,000. It is estimated that the copyright will have a useful life of 5
years. The amount of Amortization Expense recognized for the year 2014 would be
$14,000.
$25,900.
$28,000.
$13,125.
Multiple Choice Questions 120
The following totals for the month of April were taken from the payroll records of
Metz Company.
Salaries $30,000
FICA taxes withheld 2,295
Income taxes withheld 6,600
Medical insurance deductions 1,200
Federal unemployment taxes 240
State unemployment taxes 1,500
The entry to record accrual of employer’s payroll taxes would include a
credit to FICA Taxes Payable for $1,740
credit to Payroll Tax Expense for $1,740
debit to Payroll Tax Expense for $4,035
credit to Payroll Tax Expense for $4,035
20. Multiple Choice Questions 242
Thayer Company purchased a building on January 2 by signing a long-term
$2,520,000 mortgage with monthly payments of $23,100. The mortgage carries an
interest rate of 10 percent. The amount owed on the mortgage after the first
payment will be
$2,499,000.
$2,496,900.
$2,520,000.
$2,517,900.
Multiple Choice Question 96
The following data is available for BOX Corporation at December 31, 2014:
Common stock, par $10 (authorized 30,000 shares) $250,000
Treasury stock (at cost $15 per share) $1,200
Based on the data, how many shares of common stock are outstanding?
30,000.
24,920.
25,000.
29,920.
Multiple Choice Questions 144
Indicate the respective effects of the declaration of a cash dividend on the
following balance sheet sections:
Total Assets Total Liabilities Total Stockholders' Equity
Decrease Increase Decrease
Increase Decrease No change
Decrease No change Increase
21. No change Increase Decrease
Multiple Choice Questions 102
Assume the following cost of goods sold data for a company:
2015 $1,300,000
2014 1,200,000
2013 1,000,000
If 2013 is the base year, what is the percentage increase in cost of goods sold from
2013 to 2015?
30%
70%
130%
20%
Multiple Choice Questions 179
A company has an average inventory on hand of $75,000 and its average days in
inventory are 36.5 days. What is the cost of goods sold?
$1,680,000
$876,000
$750,000
$1,752,000
22. Multiple Choice Questions 199
The following information is available for Patterson Company:
2014 2013
Accounts receivable $360,000 $340,000
Inventory 280,000 320,000
Net credit sales 3,000,000 2,600,000
Cost of goods sold 1,500,000 840,000
Net income 300,000 170,000
The accounts receivable turnover for 2014 is
4.3 times.
8.6 times.
7.6 times.
8.3 times.
Multiple Choice Questions 221
All of the following situations below might indicate a company has a low quality
of earnings except
Maintenance costs are capitalized and then depreciated.
Revenue is recognized when earned.
A lack of disclosure about guaranteed payments that were mentioned in the
MD&A of the annual report.
Adoption of a different inventory method for each of the last three years.
23. IFRS Multiple Choice Question 05
IFRS
Implies that receivables with different characteristics should be reported as
one unsegregated amount.
Implies that receivables with different characteristics should be reported
separately.
Requires that receivables with different characteristics should be reported as
one unsegregated amount.
Requires that receivables with different characteristics should be reported
separately.
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