Assignment2 question 100413-023928
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Mr. Greed, an accounts assistant at a furniture shop, alters some financial transactions to improperly increase reported profits and thereby increase his year-end bonus, which is based on a percentage of profits. Specifically, he records a purchase of furniture for resale as a purchase of fixed assets, and a disposal of used office furniture as a sale of merchandise. These alterations would decrease expenses and increase revenues, respectively, inflating reported profits. The document asks how these altered transactions would affect reported profits, to comment on Mr. Greed's actions, and what the shop owner Mr. Trust should do if he discovers Mr. Greed's intentions. It also provides a scenario about ticket sales for a fundraiser and asks about controls
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LIBRARY USE
lllillllllllllllll LA TROBE UNIVERSITY
3 2934 02374381 0
SEMESTER TWO EXAMINATION PERIOD
2010
student ID: Seat Number:
Unit Code: LST2LBA
Unit Name:
Paper Name:
Reading Time:
Writing Time:
Paper No: 1
Law of Business Association
Final
30 minutes
3 hours
No. of Pages (including cover sheet): 9
OFFICE USE ONLY (FACULTY/SCHOOL STAFF):
CAMPUS AW BE BU MI SH
Number
102
92
ALLOWABLE MATERIALS
Description
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Students may make notes during reading time (not on script books or multiple
choice answer sheets)
INSTRUCTIONS TO CANDIDATES
1. This examination Is in three parts:
i. Part A: This Is a set of 20 multiple choice questions, worth 1 mark each. You may tear off the
answer sheet at the back of the examination paper. Write your student number on the answer
sheet. Circle the appropriate letter for each question.
li. Part B: This comprises three questions worth 10 marks each. Answer all questions.
III. Part C: Answer ONE of the two questions In Part C. It Is worth 20 marks.
2. This examination is worth 70 marks, being 70% of the marks for the course.
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LIBRARY USE
lllillllllllllllll LA TROBE UNIVERSITY
3 2934 02374381 0
SEMESTER TWO EXAMINATION PERIOD
2010
student ID: Seat Number:
Unit Code: LST2LBA
Unit Name:
Paper Name:
Reading Time:
Writing Time:
Paper No: 1
Law of Business Association
Final
30 minutes
3 hours
No. of Pages (including cover sheet): 9
OFFICE USE ONLY (FACULTY/SCHOOL STAFF):
CAMPUS AW BE BU MI SH
Number
102
92
ALLOWABLE MATERIALS
Description
Open book, including electronic dictionary
Students may make notes during reading time (not on script books or multiple
choice answer sheets)
INSTRUCTIONS TO CANDIDATES
1. This examination Is in three parts:
i. Part A: This Is a set of 20 multiple choice questions, worth 1 mark each. You may tear off the
answer sheet at the back of the examination paper. Write your student number on the answer
sheet. Circle the appropriate letter for each question.
li. Part B: This comprises three questions worth 10 marks each. Answer all questions.
III. Part C: Answer ONE of the two questions In Part C. It Is worth 20 marks.
2. This examination is worth 70 marks, being 70% of the marks for the course.
This paper MUST NOT BE REMOVED from the examination venue
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LIBRARY USE
lllillllllllllllll LA TROBE UNIVERSITY
3 2934 02374381 0
SEMESTER TWO EXAMINATION PERIOD
2010
student ID: Seat Number:
Unit Code: LST2LBA
Unit Name:
Paper Name:
Reading Time:
Writing Time:
Paper No: 1
Law of Business Association
Final
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3 hours
No. of Pages (including cover sheet): 9
OFFICE USE ONLY (FACULTY/SCHOOL STAFF):
CAMPUS AW BE BU MI SH
Number
102
92
ALLOWABLE MATERIALS
Description
Open book, including electronic dictionary
Students may make notes during reading time (not on script books or multiple
choice answer sheets)
INSTRUCTIONS TO CANDIDATES
1. This examination Is in three parts:
i. Part A: This Is a set of 20 multiple choice questions, worth 1 mark each. You may tear off the
answer sheet at the back of the examination paper. Write your student number on the answer
sheet. Circle the appropriate letter for each question.
li. Part B: This comprises three questions worth 10 marks each. Answer all questions.
III. Part C: Answer ONE of the two questions In Part C. It Is worth 20 marks.
2. This examination is worth 70 marks, being 70% of the marks for the course.
This paper MUST NOT BE REMOVED from the examination venue
Part A
This Part of the examination consists of twenty (20) multiple choice questions, each worth
one (1) marlc. The suggested time for completion is fifty minutes; that is, two minutes and
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Final Examination
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For this exam, omit all general journal entry explanations.
Question 1: Suggested time 20 minutes: 15% points:
The account balances appearing on the trial balance (below) were taken from the general ledger of Flip's Copy Shop at June 30, 2012.
Additional information for the month of June which has not yet been recorded in the accounts is as follows:
(a)
A physical count of supplies indicates $300 on hand at June 30.
(b)
The amount of insurance that expired in the month of June was $200.
(c)
Depreciation on equipment for June was $400.
(d)
Rent owed on the copy shop for the month of June was $600 but will not be paid until July.
Flip’s Copy Shop
Trial Balance
For the Month Ended June 30, 2012
Account Titles
Debit
Credit
Cash
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Supplies
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Prepaid Insurance
2,200
Equipment
24,000
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Flip’s Drawings
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$31,100
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Acct220a
Page 1 of 9
Question 2: Suggested time 15 minutes: 15% points:
The following items were taken from the post adjusted trial balance of Flip Company. (All balances are normal.)
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Accumulated depreciation
3,655
Prepaid expenses
880
Accounts payable
1,444
Equipment
11,000
Notes payable after 2015
1,200
Long-term investments
1,100
Flip’s capital
13,480
Short-term investments
3,690
Accounts receivable
1,696
Notes payable in 2014
1,000
Inventories
1,756
Cash
2,100
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Question 3: Suggested time 15 minutes: 15% points:
The following information is available for Flip Company:
Beginning inventory
600 units at $4
First purchase
900 units at $6
Second purchase
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Acct220a
Page 2 of 9
Question 4: Suggested time 15 minutes: 10% points:
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2012
June
1
Accepted a $10,000, 12%, 1-year note from Flop as full payment on her account.
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1
Sold merchandise on account to Flap, Inc. for $12,000, terms 2/10, n/30.
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5
Flap, Inc. returned merchandise worth $500.
Nov.
9
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Dec.
31
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June
1
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Question 1
Mark Davies has started a lawn mowing business (MD Lawnmowing) as a temporary job/business which he intends to run until he starts his business degree at the University of South Australia in four months. Mark has never owned or run a business before. To start the business on 1 March 2014, he deposited $2,400 into a new bank account opened in the name of the business. The $2,400 consisted of a $2000 loan from his father and $400 of his own money. Mark rented some equipment, purchased supplies, and hired friends to mow and trim his customer’s lawns.
At the end of each month Mark sent invoices to his customers. On 30th June, he was ready to dissolve the business and start his university studies. As he was so busy, he kept few records other than his cheque book and a list of amounts owed to him by customers.
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To transport employees and equipment to jobs, Mark used a trailer that he bought for $660. He believes that the period’s work used up one-third of the trailer’s service potential. The business cheque book lists a payment of $660 for private cash withdrawals by Mark during the period. In June Mark paid back a quarter of the amount his father had lent to him.
Mark estimates that he spent approximately 80 hours working on the business during the period. He plans to recommence operations on a similar basis during major breaks in his university study and believes he will do better in later periods as he now has an existing customer base to work from.
Required
1. Prepare the business Income Statement for the period.
(9 marks)
2. Prepare the classified Balance Sheet at the end of the period.
(11 marks)
3. Was Mark’s venture successful? Give the reasons for your answer. 150 – 250 words only.
(5 marks)
Total for Quest.
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For a 1-year, $1,000 deposit you will earn
$. (Round to the nearest cent).
c. 1.5-years.
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Fall 2013
Group Exercise #4
Sapienti Co. sells $400,000 of 12% bonds on June 1, 2014, the contract date. The bonds pay interest on December 1 and June 1. The due date of the bonds is June 1, 2018. The bonds yield 10%. After the second interest payment, Sapienti buys back the bonds when the market interest rate is 8%.
Required:
1. Record the journal entry for the issuance of the bond.
2. Record the journal entry for the first interest payment.
3. Record the journal entry on December 31, 2014.
4. Record the journal entry for the second interest payment.
5. Record the journal entry for the buy back of the bonds.
1
Question: If inflation is anticipated to be 5 percent during the next year, while the real rate of interest for a one-year loan is 5 percent, then what should the nominal rate of interest be for a risk-free one-year loan?
A
5 percent
B
10 percent
C
25 percent
D
None of the above
2
Question: Which one of the following statements is not true?
A
The value of a dollar invested at a positive interest rate grows over time
B
The further in the future you receive a dollar, the less it is worth today
C
A dollar in hand today is worth more than a dollar to be received in the future
D
The further in the future you receive a dollar, the more it is worth today
3
Question: Efficiency ratio: Jet, Inc., has net sales of $712,478 and accounts receivables of $167,435. What are the firm's accounts receivables turnover and days' sales outstanding?
A
0.24 times; 78.5 days
B
4.26 times; 85.7 days
C
5.2 times; 61.3 days
D
None of the above
4
Question: If you have loaned capital to a firm, then you could be
A
A shareholder
B
A stakeholder
C
A partner
D
All of the above
5
Question: Which one of the following is not an advantage of using ROE as a goal?
A
ROE is highly correlated with shareholder wealth maximization
B
ROE and the DuPont analysis allow management to break down the performance and identify areas of strengths and weaknesses
C
ROE does not consider risk
D
All of the above are advantages of using ROE as a goal
6
Question: The future value of multiple cash flows is
A
Greater than the sum of the cash flows
B
Equal to the sum of all the cash flows
C
Less than the sum of the cash flows
D
None of the above
7
Question: The major players in the direct financial markets are
A
Investment banks
B
Money center banks
C
Regional banks
D
Both A and B
8
Question: One of the main services offered by investment banks to companies is
A
Helping companies sell new debt or equity issues in the security markets
B
Making loans to companies
C
Taking deposits from companies
D
All of the above
9
Question: Shane Matthews has invested in an investment that will pay him $6,200, $6,450, $7,225, and $7,500 over the next four years. If his opportunity cost is 10 percent, what is the future value of the cash flows he will receive? (Round to the nearest dollar.)
A
$27,150
B
$29,900
C
$30,455
D
$3.
BUSINESS COMMUNICATION - Comment on the terms and conditions placed by the co...
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LIBRARY USE
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student ID: Seat Number:
Unit Code: LST2LBA
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Acct220: Principles of Accounting I
For this exam, omit all general journal entry explanations.
Question 1: Suggested time 20 minutes: 15% points:
The account balances appearing on the trial balance (below) were taken from the general ledger of Flip's Copy Shop at June 30, 2012.
Additional information for the month of June which has not yet been recorded in the accounts is as follows:
(a)
A physical count of supplies indicates $300 on hand at June 30.
(b)
The amount of insurance that expired in the month of June was $200.
(c)
Depreciation on equipment for June was $400.
(d)
Rent owed on the copy shop for the month of June was $600 but will not be paid until July.
Flip’s Copy Shop
Trial Balance
For the Month Ended June 30, 2012
Account Titles
Debit
Credit
Cash
$1,000
Supplies
1,100
Prepaid Insurance
2,200
Equipment
24,000
Accum. Depreciation— Equipment
$4,500
Accounts Payable
2,400
Notes Payable
4,000
Flip’s Capital
15,300
Flip’s Drawings
2,400
Service Revenue
4,900
Utilities Expense
400
Totals
$31,100
$31,100
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Acct220a
Page 1 of 9
Question 2: Suggested time 15 minutes: 15% points:
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$ 1,443
Accumulated depreciation
3,655
Prepaid expenses
880
Accounts payable
1,444
Equipment
11,000
Notes payable after 2015
1,200
Long-term investments
1,100
Flip’s capital
13,480
Short-term investments
3,690
Accounts receivable
1,696
Notes payable in 2014
1,000
Inventories
1,756
Cash
2,100
Instructions: Prepare a classified balance sheet in good form as of December 31, 2013.
Question 3: Suggested time 15 minutes: 15% points:
The following information is available for Flip Company:
Beginning inventory
600 units at $4
First purchase
900 units at $6
Second purchase
500 units at $7.20
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Instructions: Compute the cost of ending inventory and Cost of Good Sold under the
(a)
LIFO method.
(b)
FIFO method.
(c)
Average-cost method
Acct220a
Page 2 of 9
Question 4: Suggested time 15 minutes: 10% points:
Prepare journal entries to record the following transactions entered into by Flip Company:
2012
June
1
Accepted a $10,000, 12%, 1-year note from Flop as full payment on her account.
Nov.
1
Sold merchandise on account to Flap, Inc. for $12,000, terms 2/10, n/30.
Nov.
5
Flap, Inc. returned merchandise worth $500.
Nov.
9
Received payment in full from Flap, Inc.
Dec.
31
Accrued interest on Flop's note.
2013
June
1
Flop honored her promissory note by sending the face amount plus interest. No interest has been accrued in 2013
Question 5: Suggested time 20 minutes ...
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Assignment must be in word format only.
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Question 1. You can earn $40 in interest on a $1,000 deposit for.docx
Question 1.
You can earn $40 in interest on a $1,000 deposit for 8 months. If the EAR is the same regardless of the length of the investment, how much interest will you earn on a
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The NPV in this case (EAR equals 5.0 %) is $. (Round to the nearest dollar.)
b. What is the NPV of this project if the 5-year interest rate is 10.0% (EAR)?
The NPV in this case (EAR equals 10.0 %) is $. (Round to the nearest dollar.)
c. What is the highest 5-year interest rate such that this project is still profitable?
The highest EAR such that this project is still profitable is % (Round to two decimal places.)
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In the summer of 2008, at Heathrow airport in London, Bestofthebest (BB), a private company, offered a lottery to win a Ferrari or 87,000 British pounds, equivalent at the time to about $174,000. Both the Ferrari and themoney, in 100 pound notes, were on display. If the U.K. interest rate was 4% per year, and the dollar interest rate was 2% per year (EARs), how much did it cost the company in dollars each month to keep the cash on display? That is, what was the opportunity cost of keeping it on display rather than in a bank account? (Ignore taxes.)Hint: Make sure to round all intermediate calculations to at least five decimal places.
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A 30-year bond with a face value of $1,000 has a coupon rate of 5.50%, with semiannual payments.
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b. Enter the cash flows for the bond on a timeline
a. What is the coupon payment for this bond?
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ACCT 3220Fall 2013Group Exercise #4Sapienti Co. sells $400.docx
ACCT 3220
Fall 2013
Group Exercise #4
Sapienti Co. sells $400,000 of 12% bonds on June 1, 2014, the contract date. The bonds pay interest on December 1 and June 1. The due date of the bonds is June 1, 2018. The bonds yield 10%. After the second interest payment, Sapienti buys back the bonds when the market interest rate is 8%.
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Question: If inflation is anticipated to be 5 percent during the next year, while the real rate of interest for a one-year loan is 5 percent, then what should the nominal rate of interest be for a risk-free one-year loan?
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5 percent
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None of the above
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Question: Which one of the following statements is not true?
A
The value of a dollar invested at a positive interest rate grows over time
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A dollar in hand today is worth more than a dollar to be received in the future
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The further in the future you receive a dollar, the more it is worth today
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Question: Efficiency ratio: Jet, Inc., has net sales of $712,478 and accounts receivables of $167,435. What are the firm's accounts receivables turnover and days' sales outstanding?
A
0.24 times; 78.5 days
B
4.26 times; 85.7 days
C
5.2 times; 61.3 days
D
None of the above
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Question: If you have loaned capital to a firm, then you could be
A
A shareholder
B
A stakeholder
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A partner
D
All of the above
5
Question: Which one of the following is not an advantage of using ROE as a goal?
A
ROE is highly correlated with shareholder wealth maximization
B
ROE and the DuPont analysis allow management to break down the performance and identify areas of strengths and weaknesses
C
ROE does not consider risk
D
All of the above are advantages of using ROE as a goal
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Question: The future value of multiple cash flows is
A
Greater than the sum of the cash flows
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Equal to the sum of all the cash flows
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Less than the sum of the cash flows
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None of the above
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Question: The major players in the direct financial markets are
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Investment banks
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Money center banks
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Regional banks
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Both A and B
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Helping companies sell new debt or equity issues in the security markets
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Question: Shane Matthews has invested in an investment that will pay him $6,200, $6,450, $7,225, and $7,500 over the next four years. If his opportunity cost is 10 percent, what is the future value of the cash flows he will receive? (Round to the nearest dollar.)
A
$27,150
B
$29,900
C
$30,455
D
$3.
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Need Answer Sheet of this Question paper, contact
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www.mbacasestudyanswers.com
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Need Answer Sheet of this Question paper, contact
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ARAVIND – 09901366442 – 09902787224
Business Communication - Analyse the reasons for arvind pandey’s dilemma.
Need Answer Sheet of this Question paper, contact
aravind.banakar@gmail.com
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ARAVIND – 09901366442 – 09902787224
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- KFC's vision is to be the leading integrated food services group in Asia Pacific based on quality products and customer service while its mission is to be the leader in quick service restaurants through friendly service, quality food, and clean atmosphere.
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Dokumen tersebut membahas tentang berbagai jenis diskriminasi yang terjadi di Malaysia, termasuk diskriminasi jenis kelamin, kaum, pekerjaan, dan umur. Diskriminasi sering terjadi terhadap wanita dan kaum tertentu dalam sektor swasta dan pekerjaan, yang dapat menghambat pembangunan dan produktivitas negara. Untuk mencegah diskriminasi, perlu dijalankan langkah-langkah untuk memperkuat kerukunan antar masyar
Assignment 1
This document discusses market segmentation and target markets. It defines a market and explains that segmentation is important because demand is often heterogeneous. It then defines market segmentation as dividing the total market into smaller segments. Several types of segmentation variables are described such as demographic, geographic, psychographic, and benefits-sought segmentation. Demographic variables like age, income level, family, education, and ethnicity are discussed in more detail. The document also covers target marketing, describing it as a set of buyers who share common needs. It outlines the steps in the target marketing process and discusses strategies for reaching target markets like undifferentiated, differentiated, concentrated, and micro marketing.
Assignment answer
This document contains the accounting records and trial balance of Encik Ultraman for the month of July 2012. It provides details of transactions recorded in various ledger accounts for assets, expenses, revenues and capital. The trial balance at the end summarizes the debit and credit balances of each account as of July 31, 2012, and shows total debits equaling total credits, indicating accurate recording of transactions.
Assignment1 question 010313-121000
This document contains instructions for two assignments for a course. It states that there are only two assignments, each worth 20 marks. It provides the due dates for Assignment 1 as March 18 and Assignment 2 as April 8. It then provides the questions for Assignment 1, which involves examining a trial balance and answering multiple questions about accounting terms and classifications. It asks the student to record transactions in ledger accounts and prepare a trial balance for Assignment 2. Both assignments require accounting knowledge and skills to analyze financial information and journalize transactions.
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- 1. PRINCIPLES OF ACCOUNTING ASSIGNMENT 2 (20%) Question 1 (10 marks) Mr Greed works as an accounts assistant in a furniture shop run by Mr Trust. Since Mr Trust is too busy in the management of the business, he leaves everything relating to accounts to Mr Greed. Mr Greed is paid a fixed monthly salary plus a year end bonus. The bonus varies with business performance. The bonus paid is based on a fixed percentage of the profit earned. Hence, the higher the profit, the higher the bonus. In anticipation of his financial needs in the coming year end, he decided to do some alterations to the following transactions. The alterations are: Case A: Enter purchase of furniture for resale RM5,000 from See Lah Ltd as purchase of fixed asset in the General Journal. Case B: Enter disposal of used office furniture RM2,000 to Rammy as sales of merchandise in the Sales Journal. The above are recorded as follows: General Journal Office Furniture RM5,000 See Lah Ltd RM5,000 Sales Journal Rammy RM5,000 Answer the following questions: a. Who are the stakesholders in this situation? b. Which book of prime entry should Case A and Case B be recorded? c. How do Case A and Case B affect the profit? d. Comment on Mr Greed’s action. e. If you were Mr Trust and you discover the undesirable intention of Mr Greed, what would you do?
- 2. Question 2 (10 marks) Your friend and you are organising a show to raise funds for your co-curriculum activities. The tickets for the show have been printed and the show will be held in the annexe hall. Due to the lack of manpower, the committee members suggested appointing one of your friends to sell tickets at the entrance of the hall. They are of the opinion that such an arrangement will not give rise to any problems. There is no way that fraud will occur since at the end of the day, the money collected should be equal to the value of the tickets supplied and sold. a. Do you agree with such an arrangement? Give your reasons and support them by giving TWO (2) examples. b. Suggest THREE (3) ways that would provide a better control over cash collected. ***end of assignment2 question***