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ACC 290The Latest Version A+ Study Guide

Entire Course

https://uopcourses.com/category/acc-290/

ACC 290 Week 1 Assignment WileyPLUS Assignment

Click Assignment: Week 1 Assignmentwithin WileyPLUS to complete the

following exercises:

DO IT! 1-3

Exercise 1-3

Exercise 1-4

Exercise Excel E 2-4

IFRS 2-4

Resource: WileyPLUS



DO IT! Review 1-3 Exercise 1-3

Exercise 1-4

Exercise 2-4

IFRS 2-4
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Resource: WileyPLUS



BYP 2-2

IFRS 2-6

Exercise 3-4

BYP 3-2

IFRS 3-2

Problem 3-5

Problem 3-6

Resource: WileyPLUS



BYP 2-2

IFRS 2-6

Exercise 3-4

Exercise 3-8

Exercise 3-10

BYP 3-2

IFRS 3-2

Problem 3-5A

Problem 3-6A

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Resource: WileyPLUS



Brief Exercise 4-1

Problem 4-2A

Problem 4-3A

BYP 4-1

IFRS Practice Question 1




Resource: WileyPLUS



Brief Exercise 4-1

Problem 4-2A

Problem 4-3A

BYP 4-1






Resource: WileyPLUS

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Problem 4-8A

BYP 5-1

BYP 5-2

Question 2

Brief Exercise 5-1

Brief Exercise 5-2

IFRS 5-2

IFRS 5-4

Practice Question 1

Practice Question 2

Practice Question 3

Resource: WileyPLUS



Problem 4-8A

Brief Exercise 5-1

Brief Exercise 5-2

BYP 5-1

BYP 5-2

IFRS 5-2

IFRS 5-4

Practice Question 1

Practice Question 2

Practice Question 3


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Resource: WileyPLUS





Brief Exercise 6-5

Brief Exercise 6-7

BYP 6-1

BYP 6-2

Brief Exercise 7-4

Brief Exercise 7-6

Resource: WileyPLUS





Brief Exercise 6-5

Brief Exercise 6-7

BYP 6-1

BYP 6-2

Brief Exercise 7-4

Brief Exercise 7-6

ACC 290 Comparing IFRS to GAAP Paper

Writea 700- to 1,050-word summary of your teams discussion regarding

IFRS versus. GAAP. The summary should be structured in a

subject-by-subject format. Includean introduction and a conclusion. Your

discussion should include the answers to the following:

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

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.

IFRS 7-1: Some people argue that the internal control requirements of

the Sarbanes-Oxley Act (SOX) of 2002 put U.S. companies at a competitive

disadvantage to companies outside the United States. Discuss the competitive

implications (both pros and cons) of SOX.

Formatyour paper consistent with APA guidelines.

Useyour Financial Accountingtext and at least two additional

scholarly-reviewed references.

Click the Assignment Files tab to submit your assignment.

ACC 290 WileyPLUS Final Examination

Resource: WileyPLUS

Click Assignment: Final Examinationwithin WileyPLUS to complete the

exam. You are allowed one attempt to complete the exam. Results are auto

graded and sent to your instructor.

(Note. Final Examination questions are adapted from Financial Accounting:

Tools for Business Decision Making.)

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Question 1

Youransweriscorrect.

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.

What was Jacksons net cash provided by operating activities?

$110,000

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$35,000

$89,000

$95,000

Question 2


Which of the following describes the classification and normal balance of the Unearned

Rent Revenue account?

Revenues,credit

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Liability,credit

Expense,debit

Asset,debit

Question 3

Your answer is correct.

Posting

should be performed in account number order.

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accumulates the effects of journalized transactions in the individual accounts.

involves transferring all debits and credits on a journal page to the trial balance.

is accomplished by examining ledger accounts and seeing which ones need updating

Question 4


The following is selected information from L Corporation for the fiscal year ending

October 31, 2014.

Cashreceivedfromcustomers $300,00

Revenueearned 390,000

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Cashpaidforexpenses 170,000

CashpaidforcomputersonNovember1,2013thatwillbeusedfor3years 48,000

Expensesincurredincludinganydepreciation 216,000

Proceedsfromabankloan,partofwhichwasusedtopayforthecomputers 100,000

Based on the accrual basis of accounting, what is L Corporations net income for the

year ending October 31, 2014?

$220,000

$174,000

$204,000

$158,000

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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

What is La Mores 2013 net income using cash basis accounting?

$675

$5,175

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$425

$4,925

Question 6


Which one of the following is not a justification for adjusting entries?

Adjusting entries are necessary to bring the general ledger accounts in line with the budget.

Adjusting entries are necessary to ensure that the revenue recognition principle is followed.

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Adjusting entries are necessary to ensure that the expense recognition principle is followed.

Adjusting

entries are necessary to enable financial statements to be in conformity with GAAP.

Question 7


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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:

debit Laundry, $1,000

; credit Laundry Supplies Expense, $1,000.

debit Laundry Expense, $5,500; credit Laundry Supplies, $5,500.

debit Laundry Expense, $1,000; credit Laundry Supplies, $1,000.

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debit Laundry, $5,500; credit Laundry Supplies Expense, $5,500.

Question 8


Similarities between International Financial Reporting Standards (IFRS) and

U.S. GAAP in-clude all of the following except

Cash-basis accounting is not in accordance with either IFRS or U.S. GAAP.

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The form and content of financial statement

s are very similar under IFRS and U.S. GAAP.

Both IFRS and U.S. GAAP allow revaluation of items such as land and buildings to fair value.

Both IFRS and U.S. GAAP divide the eco

nomic life of companies into artificial time periods.

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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?

$8,820

$8,100

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$8,280

$9,000

Question 10

Your ans

wer is correct.

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Stans 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.

As a result of these events, the companys inventory

increased by $86,877.


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Question 11


Financial information is presented below:

Operating expenses

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$36,000

Sal

es revenue

150,000

Cost of goods sold105,000

Gross profit would be

$114,000.

$24,000.

$36,000.

$45,000.

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Question 12


At December 31, 2014 Mohling Companys 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 6 th

$6,000 of goods received on consignment from Dollywood Company

What is Mohlings correct ending inventory balance at December 31, 2014?

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$484,000

$490,000

$596,000

$410,000

Question 13


Olympus Climbers Company has the following inventory data:

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July1

Beginninginventory

20unitsat$19

$380

7

Purchases

70unitsat$20

1,400

22

Purchases

10unitsat$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

$620.

$1,380.

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$660.

$1,340.

Question 14


If companies have identical inventoriable costs but use different inventory flow

assumptions when the price of goods have not been constant, then the

ending inventory of the companies will be identical.

net income of the companies will be identical.

cost of goods sold of the companies will be identical.

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cost of goods purchased during the year will be identical.

Question 15


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

If Jenks applies the LCM basis, the value of the inventory reported on the balance sheet

would be

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$175,000.

$181,000.

$177,000.

$179,000.

Question 16


The following information was available for Bowyer Company at December 31,

2014: beginning inventory $90,000; ending inventory $70,000; cost of goods

sold $880,000; and sales $1,200,000. Bowyers inventory turnover ratio in

2014 was

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11.0 times.

15.0 times.

12.6 times.

9.8 times.

Question 17


Use the following data to determine the total dollar amount of assets to be classified as

property, plant, and equipment.

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EddyAutoSupplies

BalanceSheet

December31,2014

Cash

$84,000

Accountspayable $110,000

Accounts

receivable

80,000

Salariesandwagespayable 20,000

Inventory

140,000

Mortgagepayable 180,000

Prepaidinsurance

60,000

Totalliabilities $310,000

StockInvestments

170,000

Land

190,000

Buildings $226,000

Commonstock $240,000

Less:Accumulated

depreciation

(40,000) 186,000

Retainedearnings 500,000

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Trademarks

140,000

Total

stockholdersequity

$740,000

Totalassets

$1,050,000

Total

liabilitiesandstockholders

equity

$1,050,000

$556,000

$686,000

$516,000

$376,000

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Question 18


Accounting information is relevant to business decisions because it

confirmspriorexpectations.

ispreparedonanannualbasis.

isneutralinitsrepresentations.

hasbeenverifiedbyexternalaudit.

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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)

repayment of a $5,000 bank loan.

purchase of office equipment for $12,000, paying $7,000 cash and issuing a note payable for

the balance.

investment of $5,000 cash in the business by the stockholders.

purchase of office equipment for $5,000 cash.

Question 20

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Can financial statements be prepared directly from the adjusted trial balance?

No, the adjusted trial balance merely proves the equality of the total debit and total credit

balances in the ledger after adjustments are posted. It has no other purpose.

Yes, adjusting entries have been recorded in the general journal and posted to the ledger

accounts.

They can because that is the only reason that an adjusted trial balance is prepared.

They cannot. The general ledger must be used.

Question 21

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Which trial balance will consist of the greatest number of accounts?

Adjustedtrialbalance

Post-closingtrialbalance

Trialbalance

Alloftheseanswerchoiceswillcontainthesamenumberofaccounts.

Question 22


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All of the following are required steps in the accounting cycle except:

preparingaworksheet.

preparinganadjustedtrialbalance.

preparingapost-closingtrialbalance.

journalizingandpostingclosingentries.

Question 23


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A sales discount does not

providethepurchaserwithacashsaving.

increaseacontrarevenueaccount.

increaseanoperatingexpenseaccount.

reducetheamountofcashreceivedfromacreditsale.

Question 24


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American Importers reports net income of $50,000 and cost of goods sold of $450,000.

If the companys gross profit rate was 40%, net sales were

$750,000.

$1,125,000.

$825,000.

$1,175,000.

Question 25

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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 managers bonus if FIFO is adopted instead

of LIFO?

$1,800

$9,000

$6,300

$12,600

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Question 26

Classic Floors has the following inventory data:

July1

Beginninginventory

15unitsat$6.00

5

Purchases

60unitsat$6.60

14

Sale

40units

21

Purchases

30unitsat$7.20

30

Sale

28units

Assuming that a perpetual inventory system is used, what is the cost of goods sold on a

LIFO basis for July?

$465.60

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$236.40

$702.00

$348.00

Question 27

(because15*8+60*8.8040*8.80+30*9.6028*9.60=315.20)

Classic Floors has the following inventory data:

July1

Beginninginventory

15unitsat$6.00

5

Purchases

60unitsat$6.60

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14

Sale

40units

21

Purchases

30unitsat$7.20

30

Sale

28units

Assuming that a perpetual inventory system is used, what is the value of ending

inventory on a LIFO basis for July?

$702.00

$354.00

$236.40

$465.60

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Question 28


Which of the following is not

one of the main factors that contribute to fraudulent

activity?

Opportunity.

Incompatibleduties.

Financialpressure.

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Rationalization.

Question 29


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

Segregationofdutiescausescompaniestohiremoreemployeesandthusitsuppo

theeconomy.

Historyhasshownthatemployeesaregenerallydishonestandthuscannotbeentrus

withperformingrelatedduties.

Controlismosteffectivewhenonlyonepersonisresponsibleforagivetask.

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Theworkofoneemployeeshould,withoutduplicationofeffort,providearelia

basisforevaluatingtheworkofanotheremployee.

Question 30


Under IFRS

comparative prior-period information is not required, but financial statements must be provided

annually.

comparative prior-period information must be presented, but financial statements need not be

provided annually.

comparative prior-period information is not required, but financial statements need not be

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provided annually.

comparative prior-period information must be presented, and financial statements must be

provided annually.

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