ACC 290 NEW UOP Tutorial / Uoptutorial

ACC 290 FINAL EXAM GUIDE

For more course tutorials visit

www.uoptutorial.com

we have another New set of Final Exam which could be found on this link

http://www.uoptutorial.com/index.php?route=product/product&path=737&product_id=11101

1) Which financial statement is used to determine cash generated from operations?


2) In terms of sequence, in what order must the four basic financial statements be prepared?

3) In classifying transactions, which of the following is true in regard to assets?


4) An increase in an expense account must be


5) ABC Corporation issues 100 shares of $1 par common stock at $5 per share, which of the following is the correct journal entry?


6) In the first month of operations, the total of the debit entries to the cash account amounted to $1,400 and the total of the credit entries to the cash account amounted to $600. The cash account has a


7) Which ledger contains control accounts?


8) Smith is a customer of ABC Corporation. Smith typically purchases merchandise from ABC on account. Which ledger would ABC use to keep track of the details of Smith’s account?


9) Under the cash basis of accounting,


10) Under the accrual basis of accounting,

11) The Vintage Laundry Company purchased $6,500 worth of laundry supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indicated only $2,000 on hand. The adjusting entry that should be made by the company on June 30 is


12) Greese Company purchased office supplies costing $4,000 and debited Office Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $1,100 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be


13) Based on the account balance below, what is the total of the debit and credit columns of the adjusted trial balance?


14) An adjusted trial balance


15) Given the following adjusted trial balance, net income for the year is:



16) Given the following adjusted trial balance, what will be the totals for the debit and credit columns of the post-closing trial balance?
Debit Credit
Cash $1,562
Accounts receivable 2,098
Inventory 3,124
Prepaid rent 86
Property, plant, & equipment 300
Accumulated depreciation $52
Accounts payable 82
Unearned revenue 172
Common stock 206
Retained earnings 6,610
Service revenue 218
Interest revenue 56
Salary expense 160
Travel expense 66
Totals $7,396 $7,396







17) Given the following adjusted trial balance:
After closing entries have been posted, the balance in retained earnings will be


18) Net income is recorded on the work sheet under the


19) At the beginning of the year, Uptown Athletic had an inventory of $400,000. During the year, the company purchased goods costing $1,500,000. If Uptown Athletic reported ending inventory of $600,000 and sales of $2,000,000, their cost of goods sold and gross profit rate would be


20) During the year, Sarah’s Pet Shop’s merchandise inventory decreased by $30,000. If the company’s cost of goods sold for the year was $450,000, purchases would have been


21) At the beginning of the year, Wildcat Athletic had an inventory of $200,000. During the year, the company purchased goods costing $700,000. If Wildcat Athletic reported ending inventory of $300,000 and sales of $1,000,000, their cost of goods sold and gross profit rate would be


22) The entry to record of sale of $900 with terms of 2/10, n/30 will include a






23) Dobler Company uses a periodic inventory system. Details for the inventory account for the
Units Per unit price Total
Balance, 1/1/2012 200 $5.00 $1,000
Purchase, 1/15/2012 100 5.3 530
Purchase, 1/28/2012 100 5.5 550
An end of the month (1/31/2012), inventory showed that 140 units were on hand. If the company uses LIFO, what is the value of the ending inventory?


24) The difference between ending inventory using LIFO and ending inventory using FIFO is referred to as


25) A consistent application of an inventory costing method enhances


26) The accountant at Patton Company has determined that income before income taxes amounted to $11,000 using the FIFO costing assumption. If the income tax rate is 30% and the amount of income taxes paid would be $300 greater if the LIFO assumption were used, what would be the amount of income before taxes under the LIFO assumption?


27) A very small company would have the most difficulty in implementing which of the following internal control activities?


28) A system of internal control


29) The custodian of a company asset should

30) The Sarbanes Oxley Act (2002) applies to

-----------------------------------------------------------------------------------------

ACC 290 WEEK 1 INDIVIDUAL ASSIGNMENT FINANCIAL STATEMENTS PAPER

For more course tutorials visit

www.uoptutorial.com

Individual -Financial Statements Paper - Prepare a 700 -1,050 word paper in which you identify the four basic financial statements. Describe the purpose of each of the four financial statements. Discuss how the financial statements would be useful to internal users, such as to managers and employees. Discuss how the financial statements would be useful to external users, such as investors and creditors. Format paper according to APA standards.

-------------------------------------------------------------------------------------------

ACC 290 WEEK 1 PRACTICE QUIZ (NEW)

For more course tutorials visit

www.uoptutorial.com

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.

-------------------------------------------------------------------------------------------

ACC 290 WEEK 2 LT REFLECTION SUMMARY

For more course tutorials visit

www.uoptutorial.com

Discuss the objectives for Week One. How do they relate to the practice of accounting and its uses in business? Identify the four basic financial statements. Classify transactions using the rules of debit and credit. Journalize basic transactions. Discuss how financial statements would be useful to external users such as investors and creditors. Write a 350 to 500 word summary of your Learning Team’s discussion

-----------------------------------------------------------------------------------------

ACC 290 WEEK 2 PRACTICE QUIZ (NEW)

For more course tutorials visit

www.uoptutorial.com

Question 1

Expenses decrease retained earnings.

Question 2

During 2014, Gibson Company assets decreased $50,000 and its liabilities decreased $90,000. Its stockholders’ equity

Question 3

Payment of a dividend

Question 4

An account is a part of the financial information system and is described by all except which one of the following?

Question 5

Which accounts normally have debit balances?

Question 6

Which of the following is the correct sequence of events?

Question 7

Where is the first place every transaction is recorded?

Question 8

What type of account is unearned revenue?

Question 9

Accounts are listed on the trial balance in

Question 10

Which of the following is not one of the primary types of the financing activities in the statement of cash flows?

-------------------------------------------------------------------------------------------

ACC 290 WEEK 3 LT REFLECTION SUMMARY

For more course tutorials visit

www.uoptutorial.com

Discuss the objectives for Week Two. What do you think will be the most important of the skills learned when you are in an accounting position? Differentiate between accrual basis and cash basis of accounting. Create Adjusting Entries. Prepare an adjusted trial balance. Write a 350 to 500 word summary of your Learning Team’s discussion.

-------------------------------------------------------------------------------------------

ACC 290 WEEK 3 PRACTICE QUIZ (NEW)

For more course tutorials visit

www.uoptutorial.com

Question 1

The revenue recognition principle dictates that revenue is recognized in the period in which the cash is received.

Question 2

The generally accepted accounting principle which dictates that revenue be recognized in the accounting period in which the performance obligation is satisfied is the

Question 3

Which statement is correct?

Question 4

Book value is equal to cost minus accumulated depreciation.

Question 5

Adjustments for unearned revenues:

Question 6

At December 31, 2013, before any year-end adjustments, Macarty Company's Prepaid Insurance account had a balance of $2,700. It was determined that $1,500 of the Prepaid Insurance had expired. The adjusted balance for Insurance Expense for the year would be

Question 7

Which of the following is not a typical example of an accrued expense?

Question 8

Saira works for a sports franchise which pays wages and salaries earned on a monthly basis. A new accountant was hired by the sports franchise in late May. Due to inexperience, the new accountant failed to accrue Saira’s salary for May. What is the impact on the May 31 financial statements of the sports franchise?

Question 9

At the end of the accounting period, all balance sheet accounts are closed out.

Question 10

Which is the correct order of steps in the accounting cycle?

----------------------------------------------------------------------------------------------

ACC 290 WEEK 3/4 LEARNING TEAM FINANCIAL REPORTING PROBLEM, PART 1 (**2 DIFFERENT PAPERS**) (NEW)

For more course tutorials visit

www.uoptutorial.com

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.

---------------------------------------------------------------------------------------------

ACC 290 WEEK 4 PRACTICE QUIZ (NEW)

For more course tutorials visit

www.uoptutorial.com

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?

----------------------------------------------------------------------------------------------------

ACC 290 WEEK 4/5 INDIVIDUAL ASSIGNMENT FINANCIAL REPORTING PROBLEM PART II (**2 DIFFERENT PAPERS**) (NEW)

For more course tutorials visit

www.uoptutorial.com

Financial Reporting Problem Part II

Access the internet to acquire a copy of the most recent annual report for the public traded company used to complete the Financial Reporting Problem, Part 1 assignment due in ACC 290 Week Four. Analyze the information contained in the company’s balance sheet and income statement to answer the following questions:

Are the assets included under the company’s current assets listed in the proper order? Explain your answer.

How are the company’s assets classified?

What are cash equivalents?

What are the company’s total current liabilities at the end of its most recent annual reporting period?

What are the company’s total current liabilities at the end of the previous annual reporting period?

Considering all the information you have gathered, why might this information be important to potential creditors, investors, and employees?

Summarizethe analysis in a 1,050-1,400 word paper in a Microsoft® Word document. Include a copy of the company’s balance sheet and income statement. Format your paper and presentation consistent with APA guidelines.

---------------------------------------------------------------------------------------------------------------------

ACC 290 WEEK 5 LEARNING TEAM REFLECTION SUMMARY (NEW)

For more course tutorials visit

www.uoptutorial.com

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.

Comment Stream