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ACC 422 NERD Educational Resources - acc422nerd.com

ACC 422 NERD is a truly special teacher is very wise and sees tomorrow in every student’s eyes

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ACC 422 NERD Educational Resources - acc422nerd.com

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  1. ACC 422 NERD Educational Resources / acc422nerd.com

  2. ACC 422 NERD Educational Resources ACC 422 Entire Course FOR MORE CLASSES VISIT www.acc422nerd.com ACC 422 Week 1 DQ 1 ACC 422 Week 1 DQ 2 ACC 422 Week 1 DQ 3 ACC 422 Week 1 Individual Assignment Disclosure Analysis Paper (2 Papers) ACC 422 Week 1 CPA Practice Exam ACC 422 Week 1 Team Assignment Audited Financial Statements (Nordstrom Inc.) ACC 422 Week 1 Individual WileyPlus Assignment (Exercise 7-2, 7-4, 7-8, 7-9, 7-13, 7-16, 8-3, 8-13) 100% Score ACC 422 Week 2 DQ 1

  3. ACC 422 NERD Educational Resources ACC 422 Final Exam Guide 1 FOR MORE CLASSES VISIT www.acc422nerd.com 1. Kraft Enterprises owns the following assets at December 31, 2012. Cash in bank–savings account 67,516 Checking account balance 26,445 Cash on hand 9,478 Postdated checks 753 Cash refund due from IRS 40,324 Certificates of deposit (180-day) 94,754 What amount should be reported as cash? Question 2 Presented below is information related to Rembrandt Inc.’s inventory. (per unit) Skis Boots Parkas Historical Cost

  4. ACC 422 NERD Educational Resources ACC 422 Final Exam Guide 2 FOR MORE CLASSES VISIT www.acc422nerd.com 1) Which of the following is NOT considered cash for financial reporting purposes?
2) What is the preferable presentation of accounts receivable from officers, employees, or affiliated companies on a balance sheet?
3) Which of the following is considered cash?
4) If a company employs the gross method of recording accounts receivable from customers, then sales discounts taken should be reported as5) Assuming that the ideal measure of short-term receivables in the balance sheet is the discounted value of

  5. ACC 422 NERD Educational Resources ACC 422 Final Exam Guide 3 FOR MORE CLASSES VISIT www.acc422nerd.com SET 3 1) Which of the following is NOT considered cash for financial reporting purposes? 2) What is the preferable presentation of accounts receivable from officers, employees, or affiliated companies on a balance sheet? 3) Which of the following items should NOT be included in the Cash caption on the balance sheet? 4) The advantage of relating a company's bad debt expense to its outstanding accounts receivable is that this approach 5) Which of the following is a generally accepted method of determining

  6. ACC 422 NERD Educational Resources ACC 422 Final Exam Guide All 3 Sets FOR MORE CLASSES VISIT www.acc422nerd.com Details of All 180 Questions Given Below SET 1 1. Kraft Enterprises owns the following assets at December 31, 2012. Cash in bank–savings account 67,516 Checking account balance 26,445 Cash on hand 9,478 Postdated checks 753 Cash refund due from IRS 40,324 Certificates of deposit (180-day) 94,754 What amount should be reported as cash? Question 2 Presented below is information related to Rembrandt Inc.’s inventory. (per unit) Skis Boots Parkas Historical Cost 273.79 152.75 76.37 Selling Price 312.70 208.95 106.27 Cost to distribute 27.38 11.53 3.60 Current replacement

  7. ACC 422 NERD Educational Resources ACC 422 Week 1 CPA Practice Exam FOR MORE CLASSES VISIT www.acc422nerd.com 1. What amount should Herc report as inventory in its December 31, 2005, balance sheet? 2. What dollar-value LIFO inventory cost would be reported in Cobb's December 31, 2006, balance sheet? 3. Garson Co. recorded goods in transit purchased FOB shipping point at year-end as purchases. The goods were excluded from the ending inventory. What effect does the omission have on Garson's assets and retained earnings at year end? 4. In accordance with ASC Topic 255, the Consumer Price Index for All Urban

  8. ACC 422 NERD Educational Resources ACC 422 Week 1 DQ 1 FOR MORE CLASSES VISIT www.acc422nerd.com Consider how an organization must manage cash, receivables, and inventory. Which of the three variables is the most important to manage? Is one more susceptible to fraud and errors than the others? Explain your answer. How would a misstatement in each affect the organization?

  9. ACC 422 NERD Educational Resources ACC 422 Week 1 DQ 2 FOR MORE CLASSES VISIT www.acc422nerd.com What is the perpetual method of tracking inventory? How does it differ from the periodic method of tracking inventory? Why would a company choose one method over the other method? Which is the best method? Why?

  10. ACC 422 NERD Educational Resources ACC 422 Week 1 DQ 3 FOR MORE CLASSES VISIT www.acc422nerd.com What are the different ways to estimate bad debt? How does this affect net income? What does Generally Accepted Accounting Principles (GAAP) require? Why? Should all companies have bad debt? Explain your answer.

  11. ACC 422 NERD Educational Resources ACC 422 Week 1 Individual Assignment Disclosure Analysis Paper FOR MORE CLASSES VISIT www.acc422nerd.com Resource: Internet Select a publicly held company to use as the basis for this assignment. Research your selected company and acquire the company’s most recent financial statements using the Internet.

  12. ACC 422 NERD Educational Resources ACC 422 Week 1 Individual WileyPlus Assignment (Exercise 7-2, 7-4, 7-8, 7-9, 7-13, 7-16, 8-3, 8-13) FOR MORE CLASSES VISIT www.acc422nerd.com Complete the following Week 1 Assignment in WileyPLUS: • Exercise 7-2 • Exercise 7-4 • Exercise 7-8 • Exercise 7-9 • Exercise 7-13 • Exercise 7-16 • Exercise 8-3 • Exercise 8-13 Take a screenshot of your completed work, and Click the Assignment Files tab to submit your screenshot.

  13. ACC 422 NERD Educational Resources ACC 422 Week 1 Team Assignment Audited Financial Statements (Nordstrom Inc.) FOR MORE CLASSES VISIT www.acc422nerd.com Each team is assigned a publically traded company that they will use to answer the questions in the Financial Scavenger Hunt assigned each week. Team A: Nordstrom Inc. Team B: Macy's Inc. Locate your assigned company's latest audited financial statements and post them on the assignment tab. Review the financial statements, including any notes and supplemental information, and answer the following

  14. ACC 422 NERD Educational Resources ACC 422 Week 2 CPA Practice Exam FOR MORE CLASSES VISIT www.acc422nerd.com 1. On June 18, 2005, Dell Printing Co. incurred the following costs for one of its printing presses: 2. The overhaul resulted in a significant increase in production. Neither the attachment nor the overhaul increased the estimated useful life of the press. What amount of the above costs should be capitalized? 3. The following two inventory items were purchased as a group in a liquidation sale for $1,000. 4. The firm purchasing the inventory records item A at what amount? 5. Which of the following statements are correct

  15. ACC 422 NERD Educational Resources ACC 422 Week 2 DQ 1 FOR MORE CLASSES VISIT www.acc422nerd.com Under what circumstances would a company need to estimate its inventory? What are the differences between using the gross profit method and retail inventory method for estimating inventory? Which method of estimation, gross profit or retail inventory, is best? Explain your answer.

  16. ACC 422 NERD Educational Resources ACC 422 Week 2 DQ 2 FOR MORE CLASSES VISIT www.acc422nerd.com What are the criteria for capitalization of fixed assets? What items are included in the cost of a fixed asset? Should interest be included in the cost of a fixed asset? Explain why or why not.

  17. ACC 422 NERD Educational Resources ACC 422 Week 2 DQ 3 FOR MORE CLASSES VISIT www.acc422nerd.com How do we account for the disposition of fixed assets? What are the differences in how the exchanges of assets are handled, pending on whether they are similar or dissimilar? What is the rationale for these differences? What is the impact to the companies’ financial statements?

  18. ACC 422 NERD Educational Resources ACC 422 Week 2 Individual WileyPlus Assignment (Exercise 9-3, 9-12, 9-19, 10-2, 10-23, 10-24) FOR MORE CLASSES VISIT www.acc422nerd.com Complete the following Week Two Assignment in WileyPLUS: • Exercise 9-3 • Exercise 9-12 • Exercise 9-19 • Exercise 10-2 • Exercise 10-23 • Exercise 10-24 Take a screenshot of your completed work, and Click the Assignment Files tab to submit your screenshot.

  19. ACC 422 NERD Educational Resources ACC 422 Week 2 Team Assignment Textbook Problems (P7-1, P7-2, P8-4) FOR MORE CLASSES VISIT www.acc422nerd.com Prepare written responses to the following assignments from Ch. 7 & 8 of Intermediate Accounting: • Problem 7-1 • Problem 7-2 • Problem 8-4 Click the Assignment Files tab to submit your assignment.

  20. ACC 422 NERD Educational Resources ACC 422 Week 3 CPA Practice Exam FOR MORE CLASSES VISIT www.acc422nerd.com 1. Alta Co. spent $400,000 during the current year developing a new idea for a product that was patented during the year. The legal cost of applying for a patent license was $40,000. Also, $50,000 was spent to successfully defend the rights of the patent against a competitor. The patent has a life of 20 years. Under U.S. GAAP, what amount should Alta capitalize related to the patent? 2. In 2005, Ball Labs incurred the following costs: 3. What was Ball's total research and development expense in 2005? 4. South Co. purchased a machine that was installed and placed in service on January 1, 2004 at a cost of $240,000.

  21. ACC 422 NERD Educational Resources ACC 422 Week 3 DQ 1 FOR MORE CLASSES VISIT www.acc422nerd.com What is the purpose of depreciation? Does the book value of a fixed asset (cost minus accumulated depreciation) communicate to a user what the asset is worth? Explain why or why not. Should the financial statements reflect the value of fixed assets? Explain why or why not.

  22. ACC 422 NERD Educational Resources ACC 422 Week 3 DQ 2 FOR MORE CLASSES VISIT www.acc422nerd.com What are the different methods used to calculate depreciation? How does a company decide which method it should utilize? How does its choice affect the financial statements? Should companies standardize the method of depreciation to enhance comparability? Explain your answer.

  23. ACC 422 NERD Educational Resources ACC 422 Week 3 DQ 3 FOR MORE CLASSES VISIT www.acc422nerd.com What is an intangible asset? Should all intangible assets be subject to amortization? Explain why or why not. Why are some intangible assets not amortized? What is the implication to the financial statements?

  24. ACC 422 NERD Educational Resources ACC 422 Week 3 Individual WileyPlus Assignment Exercise 11-6, 11-9, 11-21, 12-1, 12-6, 12-8, 12-17 FOR MORE CLASSES VISIT www.acc422nerd.com Complete the following Week Three Assignment in WileyPLUS: • Exercise 11-6 • Exercise 11-9 • Exercise 11-21 • Exercise 12-1 • Exercise 12-6 • Exercise 12-8 • Exercise 12-17 Take a screenshot of your completed work, and Click the Assignment Files tab to submit your screenshot.

  25. ACC 422 NERD Educational Resources ACC 422 Week 3 Team Assignment Textbook Problems (P9-2, P9-4, P10-3, P10-4) FOR MORE CLASSES VISIT www.acc422nerd.com Prepare written responses to the following assignments from Ch. 9 & 10 of Intermediate Accounting: Problem 9-2 Problem 9-4 Problem 10-3 Problem 10-4 Click the Assignment Files tab to submit your assignment.

  26. ACC 422 NERD Educational Resources ACC 422 Week 4 CPA Practice Exam FOR MORE CLASSES VISIT www.acc422nerd.com 1. On September 30, World Co. borrowed $1,000,000 on a 9% note payable. World paid the first of four quarterly payments of $264,200 when due on December 30. In its December 31, balance sheet, what amount should World report as note payable? 2. Gain contingencies are usually recognized in the income statement when 3. For a bond issue which sells for less than its par value, the market rate of interest is 4. In December year 1, Mill Co. began including one coupon in each package of candy that it sells and offering a toy in exchange for 50 cents and five coupons. The toys cost Mill 80 cents each. Eventually

  27. ACC 422 NERD Educational Resources ACC 422 Week 4 DQ 1 FOR MORE CLASSES VISIT www.acc422nerd.com What are the criteria for classifying an item as a current liability? What are some examples of current liabilities? Why is it important to classify a portion of long-term debt on a yearly basis as a current liability? What is the implication of misclassifying a liability as current or long-term?

  28. ACC 422 NERD Educational Resources ACC 422 Week 4 DQ 2 FOR MORE CLASSES VISIT www.acc422nerd.com What is a contingency? Why are contingencies important to users of financial statements? What are the criteria for recording contingencies? Should companies record a liability for threatened litigation? Explain why or why not.

  29. ACC 422 NERD Educational Resources ACC 422 Week 4 DQ 3 FOR MORE CLASSES VISIT www.acc422nerd.com What is a bond? What are some features of a bond? How do you value bonds? What factors can affect that value?

  30. ACC 422 NERD Educational Resources ACC 422 Week 4 Individual Wileyplus Assignment Exercise 13-1, 13-3, 13-5, 13-8, 13-11, 14-4, 14-13 FOR MORE CLASSES VISIT www.acc422nerd.com Resource: WileyPLUS Complete the following Week Four Assignment in WileyPLUS: • Exercise 13-1 • Exercise 13-3 • Exercise 13-5 • Exercise 13-8 • Exercise 13-11 • Exercise 14-4 • Exercise 14-13 Take a screenshot of your completed work, and Click the Assignment Files tab to submit your screenshot.

  31. ACC 422 NERD Educational Resources ACC 422 Week 4 Team Assignment Financial Scavenger Hunt #3 FOR MORE CLASSES VISIT www.acc422nerd.com Review the financial statements, including any notes and supplemental information, and answer the following questions. Indicate where you found the answer to the questions. If calculations are required, show your work. Fixed Assets and Intangibles 1. How are plant and equipment recorded? 2. How are leasehold improvements accounted for? 3. How are assets depreciated? 4. How is impairment

  32. ACC 422 NERD Educational Resources ACC 422 Week 4 Team Assignment Textbook Problems (P11-1, P12-1) FOR MORE CLASSES VISIT www.acc422nerd.com Prepare written responses to the following assignments from Ch. 11 & 12 of Intermediate Accounting: • Problem 11-1 • Problem 12-1 Click the Assignment Files tab to submit your assignment.

  33. ACC 422 NERD Educational Resources ACC 422 Week 5 DQ 1 FOR MORE CLASSES VISIT www.acc422nerd.com What are the differences between a direct-financing and a sales-type lease for a lessor? Why would a lessor provide direct-financing to a lessee? What types of organizations provide direct-financing leases?

  34. ACC 422 NERD Educational Resources ACC 422 Week 5 DQ 2 FOR MORE CLASSES VISIT www.acc422nerd.com What are the criteria for classifying a lease as operating or capital? Why is there a difference between the two? What are the implications of an operating lease versus a capital lease on an entity’s financial statements?

  35. ACC 422 NERD Educational Resources ACC 422 Week 5 DQ 3 FOR MORE CLASSES VISIT www.acc422nerd.com What is residual value? What is the implication to the lessee if the residual value is guaranteed or unguaranteed? What is the implication to the lessor?

  36. ACC 422 NERD Educational Resources ACC 422 Week 5 DQ 4 FOR MORE CLASSES VISIT www.acc422nerd.com Week 5 – DQ 4 What are the advantages of operating and capital leases? What are the disadvantages? Why would a company pick one over the other?

  37. ACC 422 NERD Educational Resources ACC 422 Week 5 Individual WileyPlus Assignment Exercise 21-2, 21-4, 21-8 (Essay), 21-8, 21-13 FOR MORE CLASSES VISIT www.acc422nerd.com Complete the following Week Five Assignment in WileyPLUS: • Exercise 21-2 • Exercise 21-4 • Exercise 21-8 (Essay) • Exercise 21-8 • Exercise 21-13 Take a screenshot of your completed work, and Click the Assignment Files tab to submit your screenshot.

  38. ACC 422 NERD Educational Resources ACC 422 Week 5 Team Assignment Textbook Problems (P13-10,P14-2, P21-3) FOR MORE CLASSES VISIT www.acc422nerd.com Prepare written responses to the following assignments from Ch. 13,14 & 21 of Intermediate Accounting: Problem 13-10 Problem 14-2 Problem 21-3 Click the Assignment Files tab to submit your assignment.

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