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ACC 305 Entire Course (DQs, Assignment, Quizzes)
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ACC 305 Week 1 Assignments E 3-18, E 3-20, Judgement Case 3-5
ACC 305 Week 1 DQ 1 FASB and Ethics
ACC 305 Week 1 DQ 2 Cash versus Accrual & Financial Disclosures
ACC 305 Week 1 Quiz (2 Set)
ACC 305 Week 2 DQ 1 Earnings Management Case 4-3
ACC 305 Week 2 DQ 2 Revenue Recognition Case 5-2
ACC 305 Week 2 Assignment Integrating Case 5-23 (Covington Pike)
ACC 305 Week 2 Quiz
ACC 305 Week 2 Assignment (E4-16, E4-19, E4-22, Case 4-9, E5-3,
E5-10)
ACC 305 Week 3 DQ 1 Present Value of Annuities (Communication
Case 6-3)

ACC 305 Week 3 DQ 2 Internal Control (Judgment Case 7-5)
ACC 305 Week 3 Assignment (P7-10, P7-14)
ACC 305 Week 4 DQ 1 LIFO vs FIFO (Communication Case 8-4)
ACC 305 Week 4 Assignment E8-13, E8-14, E8-18, P8-5, E9-19, E9-
21, P9-1
ACC 305 Week 4 DQ 2 Overstatement of Ending Inventory (Ethics
Case 9-11)
ACC 305 Week 5 DQ 1 Research and Development (Ethics Case 10-12)
ACC 305 Week 5 Assignment P11-5, P11-7
ACC 305 Week 5 DQ 2 Depreciation Methods (Problem E11-5, E11-10)
ACC 305 Week 5 Final Paper FASB (3 Papers)
==============================================

1. Question : Rent collected in advance is:
2. Question : An exception leading to a qualified opinion
would not include:
3. Question : The principal concern with accounting for related
party transactions is:
4. Question : A future economic benefit owned or controlled by
an entity is:
5. Question : When converting an income statement from a
cash basis to an accrual basis, cash received for services:
6. Question : An example of fraud would be:

7. Question : The adjusting entry required to record accrued
expenses includes:
8. Question : In its 2004 annual report, Apple Computer
reported the following in one of its disclosure notes: "Warranty Expense:
The Company provides currently for the estimated cost for product
warranties at the time the related revenue is recognized." This note
exemplifies Apple's use of:
9. Question : When a company pays its bill from a plumber for
previous services on account:
10. Question : The best argument in support of historical cost
information is:
ACC 305 Week 1 Quiz (2 Set) 1
1. Question : Recognizing expected losses immediately, but deferring
expected gains, is an
example of:

2. Question : If an independent auditing firm expresses dissatisfaction
with a company's
financial statement, it issues:
3. Question : Land was acquired in 2006 for a future building site at a
cost of $40,000. The
assessed valuation for tax purposes is $27,000, a qualified appraiser
placed its
value a $48,000, and a recent firm offer for the land was for a cash
payment of
$46,000. The land should be reported in the financial statements at:
4. Question : Hughes Aircraft sold a four passenger airplane for
$380,000, receiving a
$50,000 down payment and a 12% note for the balance. The journal
entry to
record this sale would include a:
5. Question : Rent collected in advance is:

6. Question : When a company pays its bill from a plumber for previous
services on account:
7. Question : The best argument in support of historical cost information
is:
8. Question : When a magazine sells subscriptions to customers, it is an
example of:
9. Question : In its 2004 annual report, Apple Computer reported the
following in one of its
disclosure notes: "Warranty Expense: The Company provides currently
for the
estimated cost for product warranties at the time the related revenue is
10. Question : The adjusting entry required to record accrued expenses
includes:
==============================================

ACC 305 Week 2 Assignment (E4-16, E4-19, E4-22, Case 4-9,
E5-3, E5-10)
E4-16 Bluebonnet Bakers
E4-19 Wainwright Corporation
E4-22 Tiger Enterprises
Judgment Case 4-9
E5-3 Instalment sales
E5-10 Project Contracts
==============================================
ACC 305 Week 2 Assignment Integrating Case 5-23 (Covington
Pike)

ACC 305 Week 2 Problem Integrating Case 5-23
Integrating Case. Review the information pertaining to the audit of
Covington Pike Corporation in problem 5-23 on pages 296-297 of your
text. Use the list of ratios and the notes provided to approximate the
current year’s balances in the form of a balance sheet and income
statement, to the extent the information allows. Accompany those
financial statements with calculations you use to estimate each amount
reported
==============================================
ACC 305 Week 2 DQ 1 Earnings Management Case 4-3
Companies often are under pressure to meet or beat Wall Street earnings
projections in order to increase stock prices and also to increase the

value of stock options. Some resort to earnings management practices to
artificially create desired results.
Required:
Is earnings management always intended to produce higher income?
Explain.
==============================================
ACC 305 Week 2 DQ 2 Revenue Recognition Case 5-2
Revenue earned by a business enterprise is recognized for accounting
purposes at different times, according to the circumstances. In some
situations revenue is recognized approximately as it is earned in the
economic sense. In other situations revenue is recognized at point of
delivery.
Required:
1. Explain and justify why revenue often is recognized as earned at
point of delivery.
2. Explain in what situations it would be useful to recognize
revenue as the productive activity takes place.

3. At what times, other than those included in (1) and (2) above,
may it be appropriate to recognize revenue?
==============================================
ACC 305 Week 2 Quiz
ACC 305 Week 2 Quiz
1. Question : Indiana Co. began a construction project in 2006 that will
provide it $150
million when it is completed in 2008. During 2006, Indiana incurred $36
million
of costs and estimates an additional $84 million of costs to complete the
project.
Suppose that, in 2007, Indiana incurred costs of $63.75 million and
estimated

an additional $42.75 million in costs to complete the project. Using the
provide it $150
million
project.
In 2007, Indiana incurred costs of $58.5 million and estimated an
additional
$40.5 million in costs to complete the project. Using the
percentageofcompletion
method, Indiana:
3. Question : Which of the following is not true about EPS?
provide it $150
million
project.

5. Question : An extraordinary event for financial reporting purposes is
both:
6. Question : The financial statement presentation of a change in
depreciation methods is
most similar to that of reporting:
7. Question : A change in depreciation methods is accounted for:
8. Question : Cash flows from investing does not include cash flows
from:
9. Question : Using the completed contract method of accounting for
longterm
contracts:
10. Question : Merchandise sold FOB destination indicates that:
==============================================

ACC 305 Week 3 Assignment (P7-10, P7-14)
P7-10 (pg388) Evergreen Company
Required:
REQ1- prepare the necessary journal entries for Evergreen for each of
the about dates. For transactions involving the sale of merchandise,
ignore the entry for the cost of goods sold (round all calculations to
nearest dollar).
REQ2-prepare any necessary adjusting entries at December 21, 2011.
Adjusting entries are only recorded at year-end (round all calculations to
nearest dollar).
REQ3-prepare a schedule showing the effect of the journal entries in
requirement 1 and 2 on 2011 income before taxes
P7-14 pg 389 El Gato
REQ1 prepare a bank reconciliation for checking account at December
31st
, 2011
REQ2 prepare any necessary adjusting journal entries indicated

==============================================
ACC 305 Week 3 DQ 1 Present Value of Annuities
(Communication Case 6-3)
Communication Case 6-3 on page 334
Harvey Alexander, an all-league professional football player, has just
declared free agency. Two teams, the San Francisco 49ers and the Dallas
Cowboys, have made Harvey the following offers to obtain his services:
49ers: $1 million signing bonus payable immediately and an annual
salary of $1.5 million for the five-year term of the contract.
Cowboys: $2.5 million signing bonus payable immediately and an
annual salary of $1 million for the five-year term of the contract.
With both contracts, the annual salary will be paid in one lump sum at
the end of the football season.
Required:
You have been hired as a consultant to Harvey’s agent, Phil Marks, to
evaluate the two contracts. Write a short letter to Phil with your

recommendation including the method you used to reach your
conclusion. Assume that Harvey has no preference between the two
teams and that the decision will be based entirely on monetary
considerations. Also assume that Harvey can invest his money and earn
an 8% annual return.
==============================================
ACC 305 Week 3 DQ 2 Internal Control (Judgment Case 7-5)
Judgment Case 7-5 on page 391
For each of the following independent situations, indicate the apparent
internal control weaknesses and suggest alternative procedures to
eliminate the weaknesses.
1. John Smith is the petty cash custodian. John approves all requests for
payment out of the $200 fund, which is replenished at the end of each
month. At the end of each month, John submits a list of all accounts and
amounts to be charged and a check is written to him for the total amount.
John is the only person ever to tally the fund.
2. All of the company’s cash disbursements are made by check. Each
check must be supported by an approved voucher, which is in turn

supported by the appropriate invoice and, for purchases, a receiving
document. The vouchers are approved by Dean Leiser, the chief
accountant, after reviewing the supporting documentation. Betty Hanson
prepares the checks for Leiser’s signature. Leiser also maintains the
company’s check register (the cash disbursements journal) and
reconciles the bank account at the end of each month.
3. Fran Jones opens the company’s mail and makes a listing of all
checks and cash received from customers. A copy of the list is sent to
Jerry McDonald who maintains the general ledger accounts. Fran
prepares and makes the daily deposit at the bank. Fran also maintains the
subsidiary ledger for accounts receivable, which is used to generate
monthly statements to customers.
==============================================

1. Question : On November 10 of the current year, Cherokee
Industries sold materials to a customer for $8,000 with credit terms 2/10,
n/30. Cherokee uses the net method of accounting for cash discounts.
What entry would Cherokee make on November 10?
2. Question : Cash that is restricted and not available for
current operations is reported in the balance sheet as:
3. Question : Which of the following must be known to
compute the interest rate paid from financing an asset purchase with an
annuity?
4. Question : Zulu Corporation hires a new chief executive
officer and promises to pay her a signing bonus of $2 million per year
for 10 years, starting five years after he joins the company. The liability
for this bonus when the CEO is hired:
5. Question : LeAnn wishes to know how much she should set
aside now at 7% interest in order to accumulate a sum of $5,000 in four
years. She should use a table for the:

6. Question : Loan A has the same original principal, interest
rate, and payment amount as Loan B. However, Loan A is structured as
an annuity due, while Loan B is structured as an ordinary annuity. The
maturity date of Loan A will be:
7. Question : A note receivable Mild Max Cycles discounted
with recourse was dishonored on its maturity date. Mild Max would
debit:
8. Question : George Jones is planning on a cruise for his 70th
birthday party. He wants to know how much he should set aside at the
beginning of each month at 6% interest to accumulate the sum of $4,800
in five years. He should use a table for the:
9. Question : Nontrade receivables do not include:
10. Question : Which of the following do not change the balance
in Accounts receivable?

1. Question : Sandra won $5,000,000 in the state lottery which she has
elected to receive at
the end of each month over the next thirty years. She will receive 7%
interest on
unpaid amounts. To determine the amount of her monthly check, she
should use
a table for the:
2. Question : When you use an aging schedule approach for estimating
uncollectible accounts:
Student Answer: Bad debts expense is measured indirectly, and the
Allowance for
uncollectibles balance is measured directly.
3. Question : Which of the following do not change the balance in
Accounts receivable?
4. Question : Cash that is restricted and not available for current
operations is reported in the

balance sheet as:
5. Question : Which of the following is recorded by a credit to Accounts
receivable?
6. Question : George Jones is planning on a cruise for his 70th birthday
party. He wants to
know how much he should set aside at the beginning of each month at
6%
interest to accumulate the sum of $4,800 in five years. He should use a
table for
the:
7. Question : A note receivable Mild Max Cycles discounted with
recourse was dishonored on
its maturity date. Mild Max would debit:
8. Question : Zulu Corporation hires a new chief executive officer and
promises to pay her a
signing bonus of $2 million per year for 10 years, starting five years
after he joins
the company. The liability for this bonus when the CEO is hired:

9. Question : Tammy wants to buy a car that costs $10,000 and wishes to
know the amount of
the monthly payments, which will be made at the first of the month, with
interest
of 12% on the unpaid balance. She should use a table for the:
10. Question : LeAnn wishes to know how much she should set aside
now at 7% interest in
order to accumulate a sum of $5,000 in four years. She should use a
table for
==============================================
ACC 305 Week 4 Assignment E8-13, E8-14, E8-18, P8-5, E9-
19, E9-21, P9-1
ACC 305 Week 4 Assignment E8-13, E8-14, E8-18, P8-5, E9-19, E9-
21, P9-1

==============================================
ACC 305 Week 4 DQ 1 LIFO vs FIFO (Communication Case 8-
4)
Communication Case 8-4 on page 442
You have just been hired as a consultant to Tangier Industries, a newly
formed company. The company president, John Meeks, is seeking your
advice as to the appropriate inventory method Tangier should use to
value its inventory and cost of goods sold. Mr. Meeks has narrowed the
choice to LIFO and FIFO. He has heard that LIFO might be better for
tax purposes, but FIFO has certain advantages for financial reporting to
investors and creditors. You have been told that the company will be
profitable in its first year and for the foreseeable future.
Required:
Prepare a report for the president describing the factors that should be
considered by Tangier in choosing between LIFO and FIFO.
==============================================

ACC 305 Week 4 DQ 2 Overstatement of Ending Inventory
(Ethics Case 9-11)
Ethics Case 9-11 on page 497
Danville Bottlers is a wholesale beverage company. Danville uses the
FIFO inventory method to determine the cost of its ending inventory.
Ending inventory quantities are determined by a physical count. For the
fiscal year- end June 30, 2011, ending inventory was originally
determined to be $3,265,000. However, on July 17, 2011, John Howard,
the company’s controller, discovered an error in the ending inventory
count. He determined that the correct ending inventory amount should
be $2,600,000.
Danville is a privately owned corporation with significant financing
provided by a local bank. The bank requires annual audited financial
statements as a condition of the loan. By July 17, the auditors had
completed their review of the financial statements which are scheduled
to be issued on July 25. They did not discover the inventory error.
John’s first reaction was to communicate his finding to the auditors and
to revise the financial statements before they are issued. However, he
knows that his and his fellow workers’ profit-sharing plans are based on
annual pretax earnings and that if he revises the statements, everyone’s
profit-sharing bonus will be significantly reduced.

Required:
1. Why will bonuses be negatively affected? What is the effect on
pretax earnings?
2. If the error is not corrected in the current year and is discovered
by the auditors during the following year’s audit, how will it be reported
in the company’s financial statements?
3. Discuss the ethical dilemma John Howard faces.
==============================================
1. Question : Nu Company reported the following pretax data
for its first year of operations.

Net sales 2,800 Cost of goods available for sale 2,500 Operating
expenses 880 Effective tax rate 40% Ending inventories: If LIFO is
elected 820 If FIFO is elected 1,060
What is Nu's gross profit percentage if it elects LIFO?
2. Question : During periods when prices are rising and
inventory quantities are stable, cost of goods sold will be:
3. Question : The use of LIFO during a long inflationary period
can result in:
4. Question : So. California Inc., through no fault of its own,
lost an entire plant due to an earthquake on May 1, 2006. In preparing
their insurance claim on the inventory loss, they developed the following
data: Inventory January 1, 2006, $300,000; sales and purchases from
January 1, 2006, to May 1, 2006, $1,300,000 and $875,000, respectively.
So. California consistently reports a 40% gross profit. The estimated
inventory on May 1, 2006, is:
5. Question : In a period when prices are falling and inventory
quantities are stable, the lowest taxable income would be reported by
using the inventory method of:
6. Question : To determine the value of a LIFO layer, using
dollar-value LIFO retail:

7. Question : In a period when prices are rising and inventory
quantities are stable, the inventory method that would result in the
highest ending inventory is:
8. Question : To determine if an increase in the dollar value of
inventory is due to increased quantities, using dollar-value LIFO retail:
9. Question : Under the gross method, purchase discounts taken
are:
10. Question : When reported in financial statements, a LIFO
Allowance account usually:

1.Question : To determine if an increase in the dollar value of inventory
is due to increased
quantities, using dollar-value LIFO retail:
2. Question : A retrospective treatment of prior years' financial
statements is required when
there is a change from:
3. Question : Cost of goods sold is given by:
4. Question : The inventory method that will always produce the same
amount for cost of
goods sold in a periodic inventory system as in a perpetual inventory
system
would be:

5. Question : During periods when prices are rising and inventory
quantities are stable, cost of
goods sold will be:
6. Question : Inventory does not include:
7. Question : Nu Company reported the following pretax data for its first
year of operations.
Net sales 2,800 Cost of goods available for sale 2,500 Operating
expenses 880
Effective tax rate 40% Ending inventories: If LIFO is elected 820 If
FIFO is
elected 1,060
What is Nu's gross profit percentage if it elects LIFO?
8. Question : When using the gross profit method to estimate ending
inventory, it is not
necessary to know:
9. Question : In a period when prices are rising and inventory quantities
are stable, the
inventory method that would result in the highest ending inventory is:

10. Question : Under the gross method, purchase discounts taken are:
==============================================
ACC 305 Week 5 Assignment P11-5, P11-7
ACC 305 Week 5 P11-5, P11-7
Operational Assets & Depletion. Complete the following activities and
submit your answers to your instructor in a Word document formatted to
proper APA specifications. Include any relevant supporting calculations.
P11-5 (Page 608-609) Review the information pertaining to Thompson
Corporation in problem P11-5 on pages 608-609 of your text. Supply the
correct amount for each numbered item on the schedule on page 609.
Round each number to the nearest dollar. P 11-7 (Page 610) Review the
information pertaining to the Marion Company in problem P11-7 on
page 610 of your text and answer questions 1-3.

==============================================
ACC 305 Week 5 DQ 1 Research and Development (Ethics
Case 10-12)
ACC 305 Week 5 Ethics Case 10-12
Ethics Case 10-12 on page 553 - Mayer Biotechnical, Inc - Research and
development ● LO8
Mayer Biotechnical, Inc., develops, manufactures, and sells
pharmaceuticals. Significant research and development (R&D)
expenditures are made for the development of new drugs and the
improvement of existing drugs. During 2011, $220 million was spent on
R&D. Of this amount, $30 million was spent on the purchase of
equipment to be used in a research project involving the development of
a new antibiotic.
The controller, Alice Cooper, is considering capitalizing the equipment
and depreciating it over the five-year useful life of the equipment at $6
million per year, even though the equipment likely will be used on only
one project. The company president has asked Alice to make every
effort to increase 2011 earnings because in 2012 the company will be
seeking significant new financing from both debt and equity sources. “I

guess we might use the equipment in other projects later,” Alice
wondered to herself.
Required:
1. Assuming that the equipment was purchased at the beginning of 2011,
by how much would Alice’s treatment of the equipment increase before
tax earnings as opposed to expensing the equipment cost?
2. Discuss the ethical dilemma Alice faces in determining the treatment
of the $30 million equipment purchase.
==============================================
ACC 305 Week 5 DQ 2 Depreciation Methods (Problem E11-5,
E11-10)
Depreciation Methods. From Chapter 11 complete E11-5 (page 599) and
E11-10 (page 600) and post to the discussion board by Day 3. Complete
all parts of the problems and report back to the group the results of your
analysis. Do not forget to show the necessary steps and explain how you
attained that outcome. You must respond to at least two of your
classmates’ postings to receive full credit.

==============================================
ACC 305 Week 5 Final Paper FASB (3 Papers)
This Tutorial contains 3 Papers
Focus of the Final Paper
Submit a seven to ten page paper on one of the major topics listed
below. The paper should incorporate at least three other appropriately
documented and related articles drawn from the University’s Library.
(Note: you may advance your own topic, but it must be approved by
your instructor.)
Explain the role of the FASB in monitoring and controlling business
reporting and accounting practices in the modern organization. In what
ways do FASB rules limit business practices and reporting financial
information? How do such rules and regulations protect the business and
public stakeholder communities? To whom is the FASB accountable and
who appoints members to FASB?
Explain how external stakeholders use financial information such as
company income statements and balance sheets to make decisions about

the company in such cases as advancing credit or offering leasing
vehicles. Discuss how common financial ratios and investment analysis
is used to conduct due diligence by external parties and how factors such
as accounts receivables, accounts payables, earnings returns, returns on
inventory, etc. are applied to evaluate a firm’s financial and business
health.
Discuss depreciation as a tool for managing and evaluating the life and
utility of assets of the firm. What are the methods and under what
conditions would each method be used and applied? Does a firm’s tax
planning influence the decision? How do external
==============================================
ACC 305 Week 1 Assignments E 3-18, E 3-20, J Case 3-5
ACC 305 Week 1 Assignments E 3-18, E 3-20, J Case 3-5
==============================================

ACC 305 Week 1 DQ 1 FASB and Ethics
Tutorial Purchased: 2 Times, Rating: B+
Research Case 1-3 (page 45)
The purpose of this case is to introduce you to the information available
on the website of the Financial Accounting Standards Board (FASB).
Required:
Access the FASB home page on the Internet. The web address is
www.fasb.org. Answer the following questions.
1. Describe the mission of the FASB.
2. Who are the current Board members? Briefly describe their
backgrounds.
3. How are topics added to the FASB’s technical agenda?
==============================================

ACC 305 Week 1 DQ 2 Cash versus Accrual & Financial
Disclosures
Tutorial Purchased: 1 Times, Rating: No rating
Judgment Case 2-1 (page 109)
You have recently been hired by Davis & Company, a small public
accounting firm. One of the firm’s partners, Alice Davis, has asked you
to deal with a disgruntled client, Mr. Sean Pitt, owner of the city’s
largest hardware store. Mr. Pitt is applying to a local bank for a
substantial loan to remodel his store. The bank requires accrual based
financial statements but Mr. Pitt has always kept the company’s records
on a cash basis. He does not see the purpose of accrual based statements.
His most recent outburst went something like this: “After all, I collect
cash from customers, pay my bills in cash, and I am going to pay the
bank loan with cash. And, I already show my building and equipment as
assets and depreciate them. I just don’t understand the problem.”
Required:
1. Explain the difference between a cash basis and an accrual basis
measure of performance.
2. Why, in most cases, does accrual basis net income provide a
better measure of performance than net operating cash flow?

3. Explain the purpose of adjusting entries as they relate to the
difference between cash and accrual accounting.
==============================================

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