## ACC 290 New Tutorial/Uoptutorial

ACC 290 Week 1 Practice Quiz (New)

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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 2 Practice Quiz (New)

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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 5Which 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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ACC 290 Week 3 Practice Quiz (New)

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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

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?

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ACC 290 Week 4 Practice Quiz (New)

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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?

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ACC 290 Final Exam Guide (New)

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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.

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

21 Purchases 30 units at \$7.20

30 Sale 28 units

Assuming that a perpetual inventory system is used, what is the cost of goods sold on a LIFO basis for July?

Question 27

Classic Floors has the following inventory data:

July 1 Beginning inventory 15 units at \$6.00

5 Purchases 60 units at \$6.60

14 Sale 40 units

21 Purchases 30 units at \$7.20

30 Sale 28 units

Assuming that a perpetual inventory system is used, what is the value of ending inventory on a LIFO basis for July?

Question 28

Which of the following is not one of the main factors that contribute to fraudulent activity?

Question 29

What is the rationale for the internal control principle, segregation of duties?

Question 30

Under IFRS

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ACC 290 Week 1 Vocabulary Activity (New)

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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 2 Vocabulary Activity (New)

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WileyPLUS Assignment: Week 2 Vocabulary Activity

Resource: WileyPLUS

Complete the following Week 2 Assignment in WileyPLUS:

• Chapter 2 Wiley PLUS Crossword Puzzle 1

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ACC 290 Week 3  Vocabulary Activity (New)

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WileyPLUS Assignment: Week 3 Practice Quiz

Resource: WileyPLUS

Complete the following Week 3 Assignment in WileyPLUS:

• Chapter 4 Practice Quiz

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ACC 290 Week 4 Vocabulary Activity (New)

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WileyPLUS Assignment: Week 4 Vocabulary Activity

Resource: WileyPLUS

Complete the following Week 4 Assignment in WileyPLUS:

• Chapter 5 Crossword Puzzle 1
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ACC 290 Week 1 WILEYPLUS ASSIGNMENT DI1-3, E1-3,E1-4, E2-4, IFRS2-4 (NEW)

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WileyPLUS Assignment: Week 1 Assignment

Resource: WileyPLUS

Complete the following Week 1 Assignment in 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 WILEYPLUS ASSIGNMENT BYP2-2, IFRS2-6, E3-4, E3-8, BYP 3-2, IFRS 3-2, P3-5, P3-6 (NEW)

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WILEYPLUS ASSIGNMENT: WEEK 2 ASSIGNMENT

RESOURCE: WILEYPLUS

COMPLETE THE FOLLOWING WEEK 2 ASSIGNMENT IN 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 WILEYPLUS ASSIGNMENT BE4-1, P4-2A, P4-3A, BYP4-1 (NEW)

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WILEYPLUS ASSIGNMENT: WEEK 3 ASSIGNMENT

RESOURCE: WILEYPLUS

COMPLETE THE FOLLOWING WEEK 3 ASSIGNMENT IN WILEYPLUS:

• BRIEF EXERCISE 4-1
• PROBLEM 4-2A
• PROBLEM 4-3A
• BYP 4-1
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ACC 290 Week 4 Wileyplus Assignment P4-8A, BYP5-1, BYP5-2, BE5-1, BE5-2, IFRS5-2, IFRS5-4, Do it 5-3, 5-4 (New)

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WileyPLUS Assignment: Week 4 Assignment

Resource: WileyPLUS

Complete the following Week 4 Assignment in WileyPLUS:

• Problem 4-8A
• BYP 5-1
• BYP 5-2
• Question 2
• Brief Exercise 5-1
• Brief Exercise 5-2
• Brief Exercise 5-3

• IFRS 5-2
• IFRS 5-4
• Do it ! 5-3

Do it! 5-4

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ACC 290 Week 5 WileyPlus Assignment BE6-5, BE6-7, BYP6-1, BYP6-2, BE7-4, BE7-6, BE5-1, BE5-2, BE7-5, E4-17, E4-18 (New)

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WileyPLUS Assignment: Week 5 Assignment

Resource: WileyPLUS

Complete the following Week 5 Assignment in WileyPLUS:

• Brief Exercise 6-5
• Brief Exercise 6-7
• BYP 6-1
• BYP 6-2
• Brief Exercise 7-4
• Brief Exercise 7-5
• Brief Exercise 7-6
• Brief Exercise 5-1
• Brief Exercise 5-2
• E4-17

E4-18

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ACC 290 Week 5 LEARNING TEAM REFLECTION SUMMARY (NEW)

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Reflection and FINANCIAL REPORTING Problem Part II. Discuss the objectives for ACC 290 Week Four. In the wake of accounting scandals over the past several years, how has the Sarbanes-Oxley Act (SOX) of 2002 affected the practice of accounting? What is the role of internal controls in complying with SOX (2002)? Write a 350 to 500 word summary of your Learning Team’s discussion.

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ACC 290 Week 5 IFRS Paper (New)

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IFRS 2-1: In what ways does the format of a statement of financial

of position under IFRS often differ from a balance sheet presented under GAAP?

IFRS 2-2: Do the IFRS and GAAP conceptual frameworks differ in terms of the objective of financial reporting? Explain.

IFRS 2-3: What terms commonly used under IFRS are synonymous with common stock and balance sheet?

IFRS 3-1: Describe some of the issues the SEC must consider in deciding whether the United States should adopt IFRS.

IFRS 4-1: Compare and contrast the rules regarding revenue recognition under IFRS versus GAAP.

IFRS 4-2: Under IFRS, do the definitions of revenues and expenses include gains and losses? Explain.

FRS 7-1: Some people argue that the internal control requirements of the Sarbanes-Oxley Act (SOX) put U.S. companies at a competitive disadvantage to companies outside the United States. Discuss the competitive implications (both pros and cons) of SOX.

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ACC 290 Week 4 5 INDIVIDUAL ASSIGNMENT FINANCIAL REPORTING PROBLEM PART II 2 DIFFERENT PAPERS NEW

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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?

Summarize the 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.

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ACC 290 Week 3 4 LEARNING TEAM FINANCIAL REPORTING PROBLEM, PART 1 2 DIFFERENT PAPERS NEW

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FINANCIAL REPORTING Problem Part I

Browse the Internet to acquire a copy of the most recent annual report for a publicly traded company. Analyze the information contained in the company’s balance sheet and income statement to answer the following questions:

What are the company’s total assets at the end of its most recent annual reporting period? Why is this important?

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?

Summarize the 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.

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ACC 290 Week 2 LT Reflection Summary (New)

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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.