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ACC 290 New Instant Education/uophelp

ACC 290 Finals<br>Question 1<br> <br>Jackson Company recorded the following cash transactions for the year:<br> <br>Paid $135,000 for salaries.<br>Paid $60,000 to purchase office equipment.<br>Paid $15,000 for utilities.<br>Paid $6,000 in dividends.<br>Collected $245,000 from customers.<br> <br>Question 2<br> <br>Which of the following describes the classification and normal balance of the Unearned Rent Revenue account?<br> <br>Question 3<br> <br>Posting<br> <br>Question 4<br> <br>The following is selected information from L Corporation for the fiscal year ending October 31, 2014.<br> <br>Cash received from customers $300,000<br>Revenue earned 390,000<br>Cash paid for expenses 170,000<br>Cash paid for computers on November 1, 2013 that will be used for 3 years 48,000<br>Expenses incurred including any depreciation 216,000<br> <br>Question 5<br> <br>La More Company had the following transactions during 2013.<br>• Sales of $4,500 on account<br>• Collected $2,000 for services to be performed in 2014<br>• Paid $1,325 cash in salaries<br>• Purchased airline tickets for $250 in December for a trip to take place in 2014<br> <br> <br>Question 6<br> <br>Which one of the following is not a justification for adjusting entries?<br> <br>Question 7<br> <br>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:<br> <br>Question 8<br> <br>Similarities between International Financial Reporting Standards (IFRS) and U.S. GAAP in-clude all of the following except<br> <br>Question 9<br> <br>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?<br> <br> <br>Question 10<br> <br>Stan’s Market recorded the following events involving a recent purchase of inventory:<br> Received goods for $90,000, terms 2/10, n/30.<br> Returned $1,800 of the shipment for credit.<br> Paid $450 freight on the shipment.<br> Paid the invoice within the discount period.<br> <br>Question 11<br> <br>Financial information is presented below:<br>Operating expenses $36,000<br>Sales revenue 150,000<br>Cost of goods sold 105,000<br> <br> <br>Question 12<br> <br>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:<br> <br>▪ $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<br>▪ $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<br>▪ $6,000 of goods received on consignment from Dollywood Company<br> <br> <br>Question 13<br> <br>Olympus Climbers Company has the following inventory data:<br> <br>July 1 Beginning inventory 20 units at $19 $380<br>7 Purchases 70 units at $20 1,400<br>22 Purchases 10 units at $22 220<br>$2,000<br> <br>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<br> <br>Question 14<br> <br>Jenks Company developed the following information about its inventories in applying the lower of cost or market (LCM) basis in valuing inventories:<br> <br>Product Cost Market<br>A $57,000 $60,000<br>B 40,000 38,000<br>C 80,000 81,000<br> <br> <br>Question 15<br> <br>Nilson Company gathered the following reconciling information in preparing its August bank reconciliation:<br> <br>Cash baA 8

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ACC 290 New Instant Education/uophelp

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  1. ACC 290 New Instant Education/uophelp For more course tutorials visit www.uophelp.com

  2. ACC 290 New Instant Education/uophelp ACC 290 Final Exam Guide (New) For more course tutorials visit www.uophelp.com 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.

  3. ACC 290 New Instant Education/uophelp ACC 290 Week 1 Discussion Question 1 For more course tutorials visit www.uophelp.com ACC 290 Week One - DQ #1 What are the four basic financial statements? What is the primary purpose of each of the four basic financial statements? In your opinion, which financial statement is the most important? Explain why. How would the financial statements be useful to managers and employees?

  4. ACC 290 New Instant Education/uophelp ACC 290 Week 1 Discussion Question 2 For more course tutorials visit www.uophelp.com What are debits and credits? How are debits and credits used to record business transactions? Why do accountants debit asset accounts to increase them but credit liability accounts to increase them? Why do accountants debit expenses to increase them but credit revenues to increase them?

  5. ACC 290 New Instant Education/uophelp ACC 290 Week 1 Individual Assignment Financial Statements Paper For more course tutorials visit www.uophelp.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.

  6. ACC 290 New Instant Education/uophelp ACC 290 Week 1 Practice Quiz(New) For more course tutorials visit www.uophelp.com 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.

  7. ACC 290 New Instant Education/uophelp ACC 290 Week 1 Vocabulary Activity (New) For more course tutorials visit www.uophelp.com WileyPLUS Assignment: Week 1 Vocabulary Activity Resource: WileyPLUS Complete the following Week 1 Assignment in WileyPLUS: • Chapter 1 WileyPLUS Crossword Puzzle 1

  8. ACC 290 New Instant Education/uophelp ACC 290 Week 1 WileyPlus Assignment DI1-3, E1-3,E1-4, E2-4, IFRS2-4 (New) For more course tutorials visit www.uophelp.com 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

  9. ACC 290 New Instant Education/uophelp ACC 290 Week 2 Discussion Question 1 For more course tutorials visit www.uophelp.com What is the revenue recognition principle? What is the expense recognition principle? Why are they important to financial reporting? What are adjusting entries and why are they necessary? What are accruals? Provide examples of accruals. Why do accruals require adjusting entries? What are deferrals? What are some examples of deferrals? Why do deferrals require adjusting entries?

  10. ACC 290 New Instant Education/uophelp ACC 290 Week 2 Discussion Question 2 For more course tutorials visit www.uophelp.com What accounts are subject to adjusting journal entries and why? How would you explain the purpose of the adjusted trial balance?

  11. ACC 290 New Instant Education/uophelp ACC 290 Week 2 LT Reflection Summary (New) For more course tutorials visit www.uophelp.com 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. Create Adjusting Entries.

  12. ACC 290 New Instant Education/uophelp ACC 290 Week 2 LT Reflection Summary For more course tutorials visit www.uophelp.com Discuss the objectives for ACC 290 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.

  13. ACC 290 New Instant Education/uophelp ACC 290 Week 2 Practice Quiz (New) For more course tutorials visit www.uophelp.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

  14. ACC 290 New Instant Education/uophelp ACC 290 Week 2 Vocabulary Activity (New) For more course tutorials visit www.uophelp.com WileyPLUS Assignment: Week 2 Vocabulary Activity Resource: WileyPLUS Complete the following Week 2 Assignment in WileyPLUS:

  15. ACC 290 New Instant Education/uophelp 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) For more course tutorials visit www.uophelp.com WileyPLUS Assignment: Week 2 Assignment Resource: WileyPLUS Complete the following Week 2 Assignment in WileyPLUS:

  16. ACC 290 New Instant Education/uophelp ACC 290 Week 3 Discussion Question 1 For more course tutorials visit www.uophelp.com What are the steps in completing the accounting cycle? How do the different steps affect the financial statements? What is the effect on the financial statements of missing a step when completing the accounting cycle? What are the four closing journal entries? Why are they necessary? What are reversing entries? Why are they used? What are the pros and cons of using reversing entries? Why are reversing entries optional?

  17. ACC 290 New Instant Education/uophelp ACC 290 Week 3 Discussion Question 2 For more course tutorials visit www.uophelp.com What are the pros and cons of using reversing entries? Why are reversing entries optional? What is the main purpose of a financial statement worksheet and its benefits? How has automation aided the preparation, accuracy, and use of the financial statement worksheet?

  18. ACC 290 New Instant Education/uophelp ACC 290 Week 3 LT Reflection Summary For more course tutorials visit www.uophelp.com 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. Create Adjusting Entries. Prepare an adjusted trial balance. Write a 350 to 500 word summary of your Learning Team’s discussion.

  19. ACC 290 New Instant Education/uophelp ACC 290 Week 3 of 4 Learning Team Financial Reporting Problem, Part 1 (New) For more course tutorials visit www.uophelp.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:

  20. ACC 290 New Instant Education/uophelp ACC 290 Week 3 Practice Quiz (New) For more course tutorials visit www.uophelp.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

  21. ACC 290 New Instant Education/uophelp ACC 290 Week 3 Vocabulary Activity (New) For more course tutorials visit www.uophelp.com WileyPLUS Assignment: Week 3 Practice Quiz Resource: WileyPLUS Complete the following Week 3 Assignment in WileyPLUS: • Chapter 4 Practice Quiz

  22. ACC 290 New Instant Education/uophelp ACC 290 Week 3 WileyPlus Assignment BE4-1, P4-2A, P4-3A, BYP4- (New) For more course tutorials visit www.uophelp.com WileyPLUS Assignment: Week 3 Assignment Resource: WileyPLUS Complete the following Week 3 Assignment in WileyPLUS:

  23. ACC 290 New Instant Education/uophelp ACC 290 Week 4 Discussion Question 1 For more course tutorials visit www.uophelp.com How would you calculate cost of goods sold? What items make up cost of goods sold? How does beginning and ending inventory affect cost of goods sold? What are the journal entries a merchandising organization would use to record the purchase and subsequent sale of merchandise? How would these transactions differ with a periodic versus a perpetual inventory system?

  24. ACC 290 New Instant Education/uophelp ACC 290 Week 4 Discussion Question 2 For more course tutorials visit www.uophelp.com What are the three different inventory cost flow assumptions commonly used in commerce today and allowed by generally accepted accounting principles? How does a company determine what cost flow assumption they should use? How does first in, first out cost flow assumption work? When it is most appropriate to use? How does last in, first out cost flow assumption work?

  25. ACC 290 New Instant Education/uophelp ACC 290 Week 4 LT Reflection Summary For more course tutorials visit www.uophelp.com Reflection and Financial Reporting Problem Part I. Discuss the objectives for ACC 290 Week Three. How do they relate to the practice of accounting and its uses in business? Prepare closing entries, reversing entries, and a post closing trial balance. Prepare a financial statement work sheet. Prepare a classified income statement, retained earnings statement and balance sheet. Write a 350 to 500 word summary of your Learning Team’s discussion.

  26. ACC 290 New Instant Education/uophelp ACC 290 Week 4 of 5 Individual Assignment Financial Reporting Problem Part II (New) For more course tutorials visit www.uophelp.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:

  27. ACC 290 New Instant Education/uophelp ACC 290 Week 4 Practice Quiz (New) For more course tutorials visit www.uophelp.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.

  28. ACC 290 New Instant Education/uophelp ACC 290 Week 4 Vocabulary Activity (New) For more course tutorials visit www.uophelp.com WileyPLUS Assignment: Week 4 Vocabulary Activity Resource: WileyPLUS Complete the following Week 4 Assignment in WileyPLUS: • Chapter 5 Crossword Puzzle 1

  29. ACC 290 New Instant Education/uophelp 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) For more course tutorials visit www.uophelp.com WileyPLUS Assignment: Week 4 Assignment Resource: WileyPLUS Complete the following Week 4 Assignment in WileyPLUS: • Problem 4-8A • BYP 5-1

  30. ACC 290 New Instant Education/uophelp ACC 290 Week 5 Discussion Question 1 For more course tutorials visit www.uophelp.com What is the control environment? How does the control environment affect a company’s internal controls? What are the negative and positive elements of a control environment? What are two examples of strong and weak internal controls in organizations where you have worked or have first-hand knowledge? How are these different?

  31. ACC 290 New Instant Education/uophelp ACC 290 Week 5 IFRS Paper (New) For more course tutorials visit www.uophelp.com 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?

  32. ACC 290 New Instant Education/uophelp ACC 290 Week 5 Learning Team Reflection Summary (New) For more course tutorials visit www.uophelp.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.

  33. ACC 290 New Instant Education/uophelp 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) For more course tutorials visit www.uophelp.com WileyPLUS Assignment: Week 5 Assignment Resource: WileyPLUS Complete the following Week 5 Assignment in WileyPLUS: • Brief Exercise 6-5 • Brief Exercise 6-7

  34. ACC 290 New Instant Education/uophelp

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