ACC 291 Final Exam Guide (New)
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ACC 291 Final Exam Study Guide
Question 207
On January 1, a machine with a useful life of five years and a residual
value of $40,000 was purchased for $120,000. What is the
depreciation expense for year 2 under the double-declining-balance
method of depreciation?
IFRS Multiple Choice Question 01
As a recent graduate of State University you're aware that IFRS
requires component depreciation for plant assets. A friend has asked
you to succinctly explain what component depreciation means. Which
of the following correctly describes component depreciation?
Multiple Choice Question 198
Given the following account balances at year end, compute the total
intangible assets on the balance sheet of Janssen Enterprises.
Cash $1,500,000
Accounts Receivable 4,000,000
Trademarks 1,000,000
Goodwill 2,500,000
Research & Development Costs 2,000,000
Explanation: Intangible Assets = Goodwill + Trademarks =
3,500,000
Multiple Choice Question 146
Bonds with a face value of $300,000 and a quoted price of 97¼ have
a selling price of
Multiple Choice Question 188
Sparks Company received proceeds of $423,000 on 10-year, 8%
bonds issued on January 1, 2013. The bonds had a face value of
$400,000, pay interest annually on December 31st, and have a call
price of 102. Sparks uses the straight-line method of amortization.
What is the carrying value of the bonds on January 1, 2015?
Multiple Choice Question
S. Lawyer performed legal services for E. Corp. Due to a cash
shortage, an agreement was reached whereby E. Corp. would pay S.
Lawyer a legal fee of approximately $15,000 by issuing 8,000 shares
of its common stock (par $1). The stock trades on a daily basis and
the market price of the stock on the day the debt was settled is $1.80
per share. Given this information, the best journal entry for E. Corp.
to record for this transaction is
Multiple Choice Question 110
Logan Corporation issues 50,000 shares of $50 par value preferred
stock for cash at $60 per share. The entry to record the transaction
will consist of a debit to Cash for $3,000,000 and a credit or credits to
IFRS Multiple Choice Question 01
Jahnke Corporation issued 8,000 shares of €2 par value ordinary
shares for €11 per share. The journal entry to record the sale will
include
Multiple Choice Question 80
Zoum Corporation had the following transactions during 2014:
1. Issued $125,000 of par value common stock for cash.
2. Recorded and paid wages expense of $60,000.
3. Acquired land by issuing common stock of par value $50,000.
4. Declared and paid a cash dividend of $10,000.
5. Sold a long-term investment (cost $3,000) for cash of $3,000.
6. Recorded cash sales of $400,000.
7. Bought inventory for cash of $160,000.
8. Acquired an investment in Zynga stock for cash of $21,000.
9. Converted bonds payable to common stock in the amount of
$500,000.
10. Repaid a 6 year note payable in the amount of $220,000.
What is the net cash provided by financing activities?
Multiple Choice Question 176
Colie Company had an increase in inventory of $120,000. The cost of
goods sold was $490,000. There was a $30,000 decrease in accounts
payable from the prior period. Using the direct method of reporting
cash flows from operating activities, what were Colie's cash payments
to suppliers?
IFRS Multiple Choice Question 04
Each of the following items may be classified as operating or
financing activities under IFRS except
Multiple Choice Question 165
The current assets of Orangatte Company are $227,500. The current
liabilities are $130,000. The current ratio expressed as a proportion is
Multiple Choice Question 41
All of the following requirements about internal controls were enacted
under the Sarbanes Oxley Act of 2002 except:
Explanation: Redundant controls are actually a good thing because
they help close potential auditing loopholes.
Multiple Choice Question 85
Which of the following is not an internal control activity for cash?
Multiple Choice Question 92
Before a check authorization is issued, the following documents must
be in agreement, except for the
receiving report.
invoice.
purchase order.
remittance advice.
Multiple Choice Question 115
Mitchell Corporation bought equipment on January 1, 2014 .The
equipment cost $180,000 and had an expected salvage value of
$30,000. The life of the equipment was estimated to be 6 years. The
book value of the equipment at the beginning of the third year would
be
Explanation: Depreciation would be 25K per year, thus 130K at the
beginning of year 3.
Multiple Choice Question 142
Brevard Corporation purchased a taxicab on January 1, 2013 for
$25,500 to use for its shuttle business. The cab is expected to have a
five-year useful life and no salvage value. During 2014, it retouched
the cab's paint at a cost of $1,200, replaced the transmission for
$3,000 (which extended its life by an additional 2 years), and tunedup the motor for $150. If Brevard Corporation uses straight-line
depreciation, what annual depreciation will Brevard report for 2014?
Multiple Choice Question 164
On July 1, 2014, Fleming Company sells machinery for $120,000.
The machinery originally cost $300,000, had an estimated 5-year life
and an expected salvage value of $50,000. The Accumulated
Depreciation account had a balance of $175,000 on January 1, 2014,
using the straight-line method. The gain or loss on disposal is
Multiple Choice Question 180
On July 1, 2014, Linden Company purchased the copyright to
Norman Computer Tutorials for $140,000. It is estimated that the
copyright will have a useful life of 5 years. The amount of
Amortization Expense recognized for the year 2014 would be
Multiple Choice Question 120
The following totals for the month of April were taken from the
payroll records of Metz Company.
Salaries $30,000
FICA taxes withheld 2,295
Income taxes withheld 6,600
Medical insurance deductions 1,200
Federal unemployment taxes 240
State unemployment taxes 1,500
The entry to record accrual of employer’s payroll taxes would
include a
Multiple Choice Question 242
Thayer Company purchased a building on January 2 by signing a
long-term $2,520,000 mortgage with monthly payments of $23,100.
The mortgage carries an interest rate of 10 percent. The amount owed
on the mortgage after the first payment will be
Multiple Choice Question 96
The following data is available for BOX Corporation at December 31,
2014:
Common stock, par $10 (authorized 30,000 shares) $250,000
Treasury stock (at cost $15 per share) $1,200
Based on the data, how many shares of common stock are
outstanding?
Multiple Choice Question 144
Indicate the respective effects of the declaration of a cash dividend on
the following balance sheet sections:
Total Assets Total Liabilities Total Stockholders' Equity
Multiple Choice Question 102
Assume the following cost of goods sold data for a company:
If 2013 is the base year, what is the percentage increase in cost of
goods sold from 2013 to 2015?
Multiple Choice Question 179
A company has an average inventory on hand of $75,000 and its
average days in inventory is 36.5 days. What is the cost of goods
sold?
Multiple Choice Question 199
The following information is available for Patterson Company:
2014 2013
Accounts receivable $ 360,000 $ 340,000
Inventory 280,000 320,000
Net credit sales 3,000,000 2,600,000
Cost of goods sold 1,500,000 840,000
Net income 300,000 170,000
The accounts receivable turnover for 2014 is
Multiple Choice Question 221
All of the following situations below might indicate a company has a
low quality of earnings except
A lack of disclosure about guaranteed payments that were mentioned
in the MD&A of the annual report.
Maintenance costs are capitalized and then depreciated.
Revenue is recognized when earned.
Adoption of a different inventory method for each of the last three
years.
IFRS Multiple Choice Question 05
IFRS
==============================================
ACC 291 Final Exam Guide
For more course tutorials visit
www.uophelp.com
ACC 291 Final Exam Study Guide
Question 207
On January 1, a machine with a useful life of five years and a residual
value of $40,000 was purchased for $120,000. What is the
depreciation expense for year 2 under the double-declining-balance
method of depreciation?
IFRS Multiple Choice Question 01
As a recent graduate of State University you're aware that IFRS
requires component depreciation for plant assets. A friend has asked
you to succinctly explain what component depreciation means. Which
of the following correctly describes component depreciation?
Multiple Choice Question 198
Given the following account balances at year end, compute the total
intangible assets on the balance sheet of Janssen Enterprises.
Cash $1,500,000
Accounts Receivable 4,000,000
Trademarks 1,000,000
Goodwill 2,500,000
Research & Development Costs 2,000,000
Explanation: Intangible Assets = Goodwill + Trademarks =
3,500,000
Multiple Choice Question 146
Bonds with a face value of $300,000 and a quoted price of 97¼ have
a selling price of
Multiple Choice Question 188
Sparks Company received proceeds of $423,000 on 10-year, 8%
bonds issued on January 1, 2013. The bonds had a face value of
$400,000, pay interest annually on December 31st, and have a call
price of 102. Sparks uses the straight-line method of amortization.
What is the carrying value of the bonds on January 1, 2015?
Multiple Choice Question
S. Lawyer performed legal services for E. Corp. Due to a cash
shortage, an agreement was reached whereby E. Corp. would pay S.
Lawyer a legal fee of approximately $15,000 by issuing 8,000 shares
of its common stock (par $1). The stock trades on a daily basis and
the market price of the stock on the day the debt was settled is $1.80
per share. Given this information, the best journal entry for E. Corp.
to record for this transaction is
Multiple Choice Question 110
Logan Corporation issues 50,000 shares of $50 par value preferred
stock for cash at $60 per share. The entry to record the transaction
will consist of a debit to Cash for $3,000,000 and a credit or credits to
IFRS Multiple Choice Question 01
Jahnke Corporation issued 8,000 shares of €2 par value ordinary
shares for €11 per share. The journal entry to record the sale will
include
Multiple Choice Question 80
Zoum Corporation had the following transactions during 2014:
1. Issued $125,000 of par value common stock for cash.
2. Recorded and paid wages expense of $60,000.
3. Acquired land by issuing common stock of par value $50,000.
4. Declared and paid a cash dividend of $10,000.
5. Sold a long-term investment (cost $3,000) for cash of $3,000.
6. Recorded cash sales of $400,000.
7. Bought inventory for cash of $160,000.
8. Acquired an investment in Zynga stock for cash of $21,000.
9. Converted bonds payable to common stock in the amount of
$500,000.
10. Repaid a 6 year note payable in the amount of $220,000.
What is the net cash provided by financing activities?
Multiple Choice Question 176
Colie Company had an increase in inventory of $120,000. The cost of
goods sold was $490,000. There was a $30,000 decrease in accounts
payable from the prior period. Using the direct method of reporting
cash flows from operating activities, what were Colie's cash payments
to suppliers?
IFRS Multiple Choice Question 04
Each of the following items may be classified as operating or
financing activities under IFRS except
Multiple Choice Question 165
The current assets of Orangatte Company are $227,500. The current
liabilities are $130,000. The current ratio expressed as a proportion is
Multiple Choice Question 41
All of the following requirements about internal controls were enacted
under the Sarbanes Oxley Act of 2002 except:
Explanation: Redundant controls are actually a good thing because
they help close potential auditing loopholes.
Multiple Choice Question 85
Which of the following is not an internal control activity for cash?
Multiple Choice Question 92
Before a check authorization is issued, the following documents must
be in agreement, except for the
receiving report.
invoice.
purchase order.
remittance advice.
Multiple Choice Question 115
Mitchell Corporation bought equipment on January 1, 2014 .The
equipment cost $180,000 and had an expected salvage value of
$30,000. The life of the equipment was estimated to be 6 years. The
book value of the equipment at the beginning of the third year would
be
Explanation: Depreciation would be 25K per year, thus 130K at the
beginning of year 3.
Multiple Choice Question 142
Brevard Corporation purchased a taxicab on January 1, 2013 for
$25,500 to use for its shuttle business. The cab is expected to have a
five-year useful life and no salvage value. During 2014, it retouched
the cab's paint at a cost of $1,200, replaced the transmission for
$3,000 (which extended its life by an additional 2 years), and tunedup the motor for $150. If Brevard Corporation uses straight-line
depreciation, what annual depreciation will Brevard report for 2014?
Multiple Choice Question 164
On July 1, 2014, Fleming Company sells machinery for $120,000.
The machinery originally cost $300,000, had an estimated 5-year life
and an expected salvage value of $50,000. The Accumulated
Depreciation account had a balance of $175,000 on January 1, 2014,
using the straight-line method. The gain or loss on disposal is
Multiple Choice Question 180
On July 1, 2014, Linden Company purchased the copyright to
Norman Computer Tutorials for $140,000. It is estimated that the
copyright will have a useful life of 5 years. The amount of
Amortization Expense recognized for the year 2014 would be
Multiple Choice Question 120
The following totals for the month of April were taken from the
payroll records of Metz Company.
Salaries $30,000
FICA taxes withheld 2,295
Income taxes withheld 6,600
Medical insurance deductions 1,200
Federal unemployment taxes 240
State unemployment taxes 1,500
The entry to record accrual of employer’s payroll taxes would
include a
Multiple Choice Question 242
Thayer Company purchased a building on January 2 by signing a
long-term $2,520,000 mortgage with monthly payments of $23,100.
The mortgage carries an interest rate of 10 percent. The amount owed
on the mortgage after the first payment will be
Multiple Choice Question 96
The following data is available for BOX Corporation at December 31,
2014:
Common stock, par $10 (authorized 30,000 shares) $250,000
Treasury stock (at cost $15 per share) $1,200
Based on the data, how many shares of common stock are
outstanding?
Multiple Choice Question 144
Indicate the respective effects of the declaration of a cash dividend on
the following balance sheet sections:
Total Assets Total Liabilities Total Stockholders' Equity
Multiple Choice Question 102
Assume the following cost of goods sold data for a company:
If 2013 is the base year, what is the percentage increase in cost of
goods sold from 2013 to 2015?
Multiple Choice Question 179
A company has an average inventory on hand of $75,000 and its
average days in inventory is 36.5 days. What is the cost of goods
sold?
Multiple Choice Question 199
The following information is available for Patterson Company:
2014 2013
Accounts receivable $ 360,000 $ 340,000
Inventory 280,000 320,000
Net credit sales 3,000,000 2,600,000
Cost of goods sold 1,500,000 840,000
Net income 300,000 170,000
The accounts receivable turnover for 2014 is
Multiple Choice Question 221
All of the following situations below might indicate a company has a
low quality of earnings except
A lack of disclosure about guaranteed payments that were mentioned
in the MD&A of the annual report.
Maintenance costs are capitalized and then depreciated.
Revenue is recognized when earned.
Adoption of a different inventory method for each of the last three
years.
IFRS Multiple Choice Question 05
IFRS
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ACC 291 Week 1 Assignment Comparative Analysis Problem
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Purpose of Assignment
The purpose of this assignment is to help you understand the basics of
financial statement analysis using financial ratios on the assets section
of the balance sheet, data interpretation, and how ratios are used to
gain insight about the management of receivable.
Assignment Steps
Resources: Financial Accounting: Tools for Business Decision
Making
Develop an 875-word analysis providing conclusions concerning the
management of accounts receivable based on the financial statements
of Columbia Sportswear Company presented in Appendix B and the
financial statements of VF Corporation presented in Appendix C,
including the following:
Based on the information contained in these financial statement,
compute the following 2014 values for each company:
What conclusions concerning the management of accounts receivable
can be drawn from this data?
Accounts receivable turnover (For VF, use “Net sales” and assume all
sales were credit sales)
Average collection period for accounts receivable
Use the Week 1 Excel® spreadsheet to show your work
and submit with your analysis.
Click the Assignment Files tab to submit your assignment.
==============================================
ACC 291 Week 1 Wileyplus Assignment E8-4, E8-11, BYP81, and BYP8-2 (New)
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Wiley Plus Assignment Week 1
·E8-4, E8-11, BYP8-1, and BYP8-2 in MS Excel
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Exercise 8-4 Wainwright Company
Exercise 8-11 Fedex Corporation
Broadening your Perspective 8-1 Tootsie Roll
Broadening your Perspective 8-2 Tootsie Roll and Hershey
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ACC 291 Week 2 Assignment Financial Reporting Problem,
Apple Inc
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Purpose of Assignment
The purpose of this assignment is to help you understand the basics of
financial statement analysis related to the assets section of the balance
sheet, data interpretation, and how financial information is obtained to
understand how a company accounts for its long-lived assets.
Assignment Steps
Resources: Financial Accounting: Tools for Business Decision
Making
Note: The financial statements of Apple, Inc. are presented in
Appendix A of Financial Accounting. Instructions for accessing and
using the company's complete annual report, including the notes to the
financial statements, are also provided in Appendix A.
Complete a 1,050-word summary of findings and recommendations
from the following questions:
·
What were the total cost and book value of property, plant,
and equipment at September 27, 2014?
·
Using the notes to find financial statements, what method or
methods of depreciation are used by Apple for financial reporting
purposes?
·
What was the amount of depreciation and amortization
expense for each of the three years 2012-2014? (Hint: Use the
statement of cash flows).
·
Using the statement of cash flows, what are the amounts of
property, plant, and equipment purchased in 2014 and 2013?
·
Using the notes to the financial statements, explain in the
summary how Apple accounted for its intangible assets in 2014.
Use the Week 2 Excel® spreadsheet to show your work
and submit with your summary.
Click the Assignment Files tab to submit your assignment.
==============================================
ACC 291 Week 2 Fordyce and Atwater (New)
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ACC 291 Week 2 - Fordyce and Atwater
P10-5A
Fordyce Electronics issues a $400,000, 8%, 10-year mortgage note on
December 31, 2007. The proceeds from the note are to be used in
financing a new research laboratory. The terms of the note provide for
semiannualinstallment payments, exclusive of real estate taxes and
insurance, of $29,433. Payments are due June 30 and December 31.
Complete the installment payments schedule for the first 2 years.
(Round answers to 0 decimal places, e.g. 125. Use rounded amounts
for future calculations.)
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ACC 291 Week 2 Wileyplus Assignment P8-3A, BE9-11,
DI9-5, E9-7, E9-8, BYP9, P9-2A (New)
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P8-3A, BE9-11, DI9-5, E9-7, E9-8, BYP9, P9-2A.
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Problem 8-3A: Bosworth Company
Brief Exercise 9-11: Nike, Inc.
Do It! 9-5
Exercise 9-7: Wang, Co.
Exercise 9-8: Cleand Company
Broadening Your Perspective 9-1: Tootsie Roll
Broadening Your Perspective 9-2: Tootsie& Hershey
Problem 9-2A: Navaro Corporation
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ACC 291 Week 3 Assignment The Liabilities Section of
O’Brian’s Balance Sheet
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Purpose of Assignment
The purpose of this assignment is to help you understand the balance
sheet presentation for the liabilities of a company.
Assignment Steps
Resources: Financial Accounting: Tools for Business Decision
Making
Prepare the liabilities section of O’Brian’s balance sheet using the
following information:
·
Accounts payable $157,000
·
Notes payable (due May 1, 2018) $20,000
·
Bonds payable (due 2021) $900,000
·
Unearned rent revenue $240,000
·
Discount on bonds payable $41,000
·
FICA taxes payable $7,800
·
Interest payable (due 2019) $80,000
·
Income taxes payable $3,500
·
Sales taxes payable $1,700
The Liabilities Section of O’Brian’s balance sheet must be 525 words.
Show work on the Week 3 Excel® spreadsheet.
Note: This assignment requires that you only submit an
Excel® Workbook file. There are no written or APA guideline
requirements.
Click the Assignment Files tab to submit your assignment.
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ACC 291 Week 3 Wileyplus Assignment P9-7A, E10-5, E108, E10-13, E10-22, E10-24, BYP10, P10-9A, P10-13A,
IFRS10-4 (New)
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P9-7A, E10-5, E10-8, E10-13, E10-22, E10-24, BYP10, P10-9A,
P10-13A, IFRS10-4.
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Exercise 10-5: Olinger Company
Exercise 10-8: Ortega Company
Exercise 10-13: Romine Company
Exercise 10-22: Cole Corporation
Exercise 10-24: Nance, Co.
Broadening Your Perspective 10-1: Tootsie Roll
Broadening Your Perspective 10-2: Tootsie& Hershey
Problem 9-7A: Farr Company
Problem 10-9A: Wempe, Co.
Problem 10-13A: Grace Herron
IFRS10-4: Ratzlaff
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ACC 291 WEEK 4 Stockholders’ Equity Section of the
Balance Sheet (Lachlin Corporation Balance Sheet)
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Purpose of Assignment
The purpose of this assignment is to help you become familiar with
examining the stockholders' equity section of the balance sheet.
Assignment Steps
Resources: Financial Accounting: Tools for Business Decision
Making
Answer the following questions in 1,050 words using the
Lachlin Corporation Balance Sheet (partial) below:
·
How many shares of common stock are outstanding?
·
Assuming there is a stated value, what is the stated value of
the common stock?
·
What is the par value of the preferred stock?
·
If the annual dividend on preferred stock is $36,000, what is
the dividend rate on preferred stock?
·
If dividends of $72,000 were in arrears on preferred stock,
what would be the balance reported for retained earnings?
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ACC 291 Week 4 Wileyplus Assignment Do It 11-1, E11-5,
E11-7, BYP11-1, BYP11-2, P11-5A, P11-8A (New)
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Do It! 11-1, E11-5, E11-7, BYP11-1, BYP11-2, P11-5A, P11-8A.
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Do It! 11-1
Exercise 11-5 Garcia Corporation
Exercise 11-7 Pele Company
Broadening Your Perspective 11-1 Tootsie Roll
Broadening Your Perspective 11-2 Tootsie Roll & Hershey
Problem 11-5A Pringle Corporation
Problem 11-8A Everett Corporation
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ACC 291 Week 5 Assignment Financial Reporting Problem II
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Purpose of Assignment
The purpose of this assignment is to expose you to the basic process
involved in the analysis of the cash flow statement.
Assignment Steps
Resources: Appendix A of Financial Accounting: Tools for Business
Decision Making
Note: This is a two part assignment.
Part 1
Answer questions A-F in problem CT12-1 in Financial Accounting
(p. 640).
Provide an 875-word analysis of your findings.
Include conclusions concerning the management of the company's
cash.
Part 2
Complete a 1,050-word summary of findings and recommendations
from the following questions:
• What is the par or stated value per share of Apple's common stock?
• What percentage of Apple's authorized common stock was issued at
September 27, 2014?
• How many shares of common stock were outstanding at September
28, 2013, and at September 27, 2014?
• Calculate the payout ratio, earnings per share, and return on
common stockholders' equity for 2014.
Use the Week 5 Excel® spreadsheet and submit with your analysis
and summary.
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ACC 291 Week 5 Wileyplus Assignment E7-3, E12-1, E12-8,
P12-9A, P12-10A, E13-3, E13-4, IFRS13-1, P13-2A (New)
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· E7-3, E12-1, E12-8, P12-9A, P12-10A, E13-3, E13-4, IFRS13-1,
P13-2A.
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Exercise 7-3
Exercise 12-1
Exercise 12-8
Problem 12-9A
Problem 12-10A
Exercise 13-3
Exercise 13-4
International Financial Reporting Standards 13-1
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Problem 13-2A
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