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ACC 400 Entire Course

FOR MORE CLASSES VISIT www.acc400aid.com ACC 400 Week 1 DQs

ACC 400 Week 1 Individual Assignment Financial Accounting Versus Managerial Accounting

ACC 400 Week 1 Assignment from the Textbook ( BE16.9, E16.1, E16.2, E16.3, E16.6)

ACC 400 Week 2 DQs

ACC 400 Week 2 Learning Team Assignment Job Order Costing A Simulation and Vehicle for Conceptual Discussion

ACC 400 Week 2 Assignment from the Textbook ( E17.15, E18.10, E18.11, E19.2, P19.1A)

ACC 400 Week 3 DQs


ACC 400 Week 3 Assignment from the Textbook ( E20.1, E20.7, E21.2, E21.6, BE22.9, P22.1A)

ACC 400 Week 4 DQs

ACC 400 Week 4 Learning Team Assignment Standard Cost and Variance Analysis

ACC 400 Week 4 Assignment from the Textbook ( BE23.6, E23.1, E23.8, E23,9, E24.2, E24.4, E24.6)

ACC 400 Week 5 Assignment from the Textbook ( E25.4, E25.5, E25.6, E25.7, E26.8, E26.9, E26.10)

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ACC 400 Final Exam (Written Type)

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1.) Trim Force Corp. had the following information in their accounting records: Work in process inventory, beginning balance

$50,000

Cost of direct materials used

$350,000

Direct labor cost applied to production

$200,000

Cost of finished goods manufactured

$750,000

Manufacturing overhead during production was $250,000. What was the work in process inventory on hand at the end of the year? 2.) Walsh Corp. uses direct labor hours to determine their applied manufacturing overhead. They use a rate of $30 per direct labor hour. During the production period, company employees worked 10,000 direct labor hours, and had actual overhead costs of $305,000. a.) Record the year-end journal entry to close out the Manufacturing Overhead account to the Cost of Goods Sold account. b.) Was manufacturing overhead underapplied or was it overapplied?

3.) Sorin Corp. uses process costing for its two production departments: Cutting and Painting. The company’s manufacturing information for the month of August is provided below:


Cutting

Painting

Beginning work in process

$1,000

$1,200

Costs transferred in

?

?

Costs incurred in Aug

$3,500

$5,000

Ending work in process $2,000

$2,500

a.) Record the transfer costs from the cutting department to the painting department in Aug. b.) Record the transfer costs from the painting department to the finished goods inventory account in Aug.

4.) Badin Corp. has the following information about its most popular product line: Sales price per unit

$50

Variable cost per unit

$25

Total fixed manufacturing & overhead costs

$400,000

Compute the following: a.) Unit contribution margin.


b.) Units that must be sold to break even. c.) Units that must be sold to earn an operating income of $500,000.

5.) Complete Dillon Corp.’s flexible budget for 75,000 units using the information listed below: 25,000 Units

50,000 Units

Sales

$375,000

$750,000

Cost of Goods Sold

$250,000

$500,000

Gross Profit on Sales

$125,000

$250,000

Operating expenses ($10,000 of it is fixed)

$35,000

$60,000

Operating Income

$90,000

$190,000

Income Taxes (30% of operating income)

$27,000

$57,000

Net Income

$63,000

$133,000

75,000 Units

Assume that cost of goods sold and any variable operating expenses vary directly with sales and that income taxes remain constant at 30%. 6.) Del Sol Healthcare is considering two capital investment proposals. The information for both projects is listed below:


Proposal #1 Cost of the investment

Proposal #2

$250,000

$300,000

Estimated salvage value

$25,000

$30,000

Average estimated net income

$50,000

$60,000

Calculate the return on average investment for both proposals and discuss which one would be the best option for investment. ==============================================

ACC 400 Final Exam

FOR MORE CLASSES VISIT www.acc400aid.com 1. Zelma Company's last financial statements provided the following ratios:

Current ratio 3:2

Quick ratio 1:2


Accounts receivable turnover 9.0 times

Inventory turnover 8.0 times

Net income percentage 12.5%

Return on equity 22.6%

Return on assets

9.8%

To the nearest day, what is the operating cycle for Zelma?

a)

80 days

b)

86 days

c)

172 days

d)

129 days


2. The following events have been projected:

A. Cash sales and collections from customers totaling $980,000

B. Cash payments for operating expenses of $560,000

C. Cash payments for income taxes and interest expense of $45,000

D. Cash payments of prior period accruals of $80,000

E. Borrowed $50,000 cash by issuing a note payable

F. Cash dividends of $20,000

The beginning balance of cash is $45,000. What is the budgeted ending balance of cash?


a.

$325,000

b.

$370,000

c.

$275,000

d.

$245,000

3. On January 1, a business exchanged a plant asset with a cost of $18,000 and accumulated depreciation of $16,500 for a similar asset that had a list price of $23,000. The business received a trade-in allowance of $2,100 on the old plant asset. What was the result of the exchange?

a. A $600 gain on the disposal of a plant asset.


b. A $1,000 unrecognized gain on the exchange of a plant asset.

c. A cost basis of $22,400 for the new plant asset

d. A cost basis of $23,600 for the new plant asset

4. Which one of the following is not an objective of a system of internal controls?

a.

Safeguard company assets

b.

Overstate liabilities in order to be conservative

c.

Enhance the accuracy and reliability of accounting

d.

Reduce the risks of errors

records


5. A company’s past experience indicates that 60% of its credit sales are collected in the month of sale, 30% in the next month, and 5 % in the second month after the sale; the remainder is never collected. Budgeted credit sales were:

July

August

September

$120,000

72,000

180,000

The cash inflow in the month of September is expected to be

a.

$135,600

b.

$102,600

c.

$108,000


d.

$129,600

6. A check for $275 is incorrectly recorded by a company as $257. On the bank reconciliation, the $18 error should be

a.

Added to the balance per books.

b.

Deducted from the balance per book.

c.

Added to the balance per bank.

d.

Deducted from the balance per bank.

7.

The Allowance for Doubtful Accounts is necessary because


a. when recording uncollectible accounts expense, it is not possible to know which specific accounts will not pay.

b. uncollectible accounts that are written off must be accumulated in a separate account.

c.

a liability results when a credit sale is made.

d. management needs to accumulate all the credit losses over the years.

8. Under the direct write-off method of accounting for uncollectible accounts, Bad Debts Expense is debited

a.

when a credit sale is past due.

b.

at the end of each accounting period.

c. have been made.

whenever a pre-determined amount of credit sales


d.

when an account is determined to be uncollectible

9. Manning Company uses the percentage of receivables method for recording bad debts expense. The accounts receivable balance is $200,000 and credit sales are $1,000,000. Management estimates that 5% of accounts receivable will be uncollectible. What adjusting entry will Manning Company make if the Allowance for Doubtful Accounts has a credit balance of $2,000 before adjustment?

a.

Bad Debts Expense

10,000

Allowance for Doubtful Accounts 10,000

b.

Bad Debts Expense

8,000

Allowance for Doubtful Accounts 8,000

c.

Bad Debts Expense

Accounts Receivable

8,000

8,000


d.

Bad Debts Expense

10,000

Accounts Receivable

10.

10,000

The receivables turnover ratio

a. Is computed by dividing net credit sales for the accounting period by the cash realizable value of accounts receivable on the last day of the accounting period.

b.

Can be used to compute the average collection period.

c.

Is a method of evaluating the solvency of net accounts receivable.

d.

Is only important to internal users of accounting information.

11.

A measure of a company’s solvency is the


12.

a.

acid-test ratio.

b.

current ratio.

c.

times interest earned ratio.

d.

asset turnover ratio.

The times interest earned ratio is computed by dividing

a.

net income by interest expense.

b.

income before income taxes by interest expense.

c.

income before interest expense by interest expense.

d. income before interest expense and income taxes by interest expense.


13. The 2007 financial statements of Shadow Co. contain the following selected data (in millions).

Current Assets

$ 75

Total Assets 120

Current Liabilities

40

Total Liabilities

85

Cash 8

Interest Expense

5

Income Taxes 10

Net Income

16

The debt to total assets ratio is


a.

70.8%

b.

53.3%

c.

1.41%

d.

6.2 times

14. The statement "Bond prices vary inversely with changes in the market rate of interest" means that if the

a. market rate of interest increases, the contractual interest rate will decrease.

b. contractual interest rate increases, then bond prices will go down.

c. will go up.

market rate of interest decreases, then bond prices


d. contractual interest rate increases, the market rate of interest will decrease.

15. A company would not acquire treasury stock

a.

in order to reissue shares to officers.

b.

as an asset investment.

c.

in order to increase trading of the company’s stock.

d. to have additional shares available to use in acquisitions of other companies.

16. Which of the following is the appropriate general journal entry to record the declaration of cash dividends?

a.

Cash

Retained Earnings


b.

Dividends Payable

Cash

c.

Paid-in Capital

Dividends Payable

d.

Retained Earnings

Dividends Payable

17. Allstate, Inc., has 10,000 shares of 6%, $100 par value, cumulative preferred stock and 100,000 shares of $1 par value common stock outstanding at December 31, 2007. If the board of directors declares a $50,000 dividend, the

a. preferred stockholders will receive 1/10th of what the common stockholders will receive.

b.

preferred stockholders will receive the entire $50,000.


c. $50,000 will be held as restricted retained earnings and paid out at some future date.

d. preferred stockholders will receive $25,000 and the common stockholders will receive $25,000.

18.

When a change in accounting principle occurs

a. prior years' financial statements should not be changed to reflect the newly adopted principle.

b. the new principle should be used in reporting the results of operations of the current year.

c. the cumulative effect of the change in principle should be reflected on the income statement as of the beginning of the next year.

d. the cumulative effect of the change in accounting principle should be classified as an extraordinary item on the income statement.


19. Which of the following is not an irregular item on the income statement?

a.

Discontinued operations

b.

Extraordinary items

c.

Other revenues and expenses

20. Vertical analysis is a technique that expresses each item in a financial statement

value.

a.

in dollars and cents.

b.

as a percent of the item in the previous year.

c.

as a percent of a base amount.

d.

starting with the highest value down to the lowest


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ACC 400 Week 1 Assignment from the Textbook ( BE16.9, E16.1, E16.2, E16.3, E16.6)

FOR MORE CLASSES VISIT www.acc400aid.com ACC 400 Week 1 Assignment from the Textbook Complete the following activities from the Financial & Managerial Accounting textbook: BE16.9 E16.1 E16.2 E16.3 E16.6 Click the Assignment Files tab to submit your assignment ==============================================

ACC 400 Week 1 Individual Assignment Financial Accounting Versus Managerial Accounting


FOR MORE CLASSES VISIT www.acc400aid.com ACC 400 Week 1 Individual assignment Financial Accounting Versus Managerial Accounting Complete the Role of Financial Accounting Versus Managerial Accounting Matrix. Click the Assignment Files tab to submit your assignment. ==============================================

ACC 400 Week 2 Assignment from the Textbook ( E17.15, E18.10, E18.11, E19.2, P19.1A)

FOR MORE CLASSES VISIT www.acc400aid.com ACC 400 Week 2 Assignment from the Textbook Complete the following activities from the Financial & Managerial Accounting textbook: E17.15 E18.10 E18.11


E19.2 P19.1A Write a 350-word paper that compares and contrasts the approaches to costing in E17.15 and E18.10. Distinguish production procedures that match with process costing from those that correspond with job order costing. Additionally, explain how job order costing, when used in conjunction with activity-based costing, can contribute to the allocation of indirect costs. Click the Assignment Files tab to submit your assignment. ==============================================

ACC 400 Week 2 Learning Team Assignment Job Order Costing A Simulation and Vehicle for Conceptual Discussion

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Read "Job Order Costing: A Simulation and Vehicle for Conceptual Discussion" from the Week 2 Electronic Reserve Reading list. Complete Figures 2, 3 and 5 with your Learning Team.


Discuss with your Learning Team how to allocate overhead between various jobs. Also discuss how to select an activity base and whether it is best to use one plant-wide cost driver. Write a 350-word paper detailing your Learning Team's discussion response. Click the Assignment Files tab to submit the completed figures and discussion response.

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ACC 400 Week 3 Assignment from the Textbook ( E20.1, E20.7, E21.2, E21.6, BE22.9, P22.1A)

FOR MORE CLASSES VISIT www.acc400aid.com ACC 400 Week 3 Assignment from the Textbook Complete the following activities from the Financial & Managerial Accounting textbook: E20.1 E20.7 E21.2


E21.6 BE22.9 P22.1A Click the Assignment Files tab to submit your assignment. ==============================================

ACC 400 Week 4 Assignment from the Textbook ( BE23.6, E23.1, E23.8, E23,9, E24.2, E24.4, E24.6)

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Complete the following activities from Financial & Managerial Accounting textbook: BE23.6 E23.1 E23.8 E23,9 E24.2 E24.4


E24.6 Click the Assignment Files tab to submit your assignment.

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ACC 400 Week 4 Learning Team Assignment Standard Cost and Variance Analysis

FOR MORE CLASSES VISIT www.acc400aid.com ACC 400 Week 4 Learning Team Assignment Standard Cost and Variance Analysis Read "Standard Cost and Variance Analysis" from the Week 4 Electronic Reserve Reading list. Complete the provided Standard Cost and Variance Analysis Matrix with your Learning Team, providing at least two reasons why you agree with the author's statements from page 17 and at least two reasons why you would disagree with the author's statement. Each agreement/disagreement statement should be 125 words, at a minimum. Click the Assignment Files tab to submit your assignment.


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ACC 400 Week 5 Assignment from the Textbook ( E25.4, E25.5, E25.6, E25.7, E26.8, E26.9, E26.10)

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Complete the following activities from the Financial & Managerial Accounting textbook: E25.4 E25.5 E25.6 E25.7 E26.8 E26.9 E26.10 Click the Assignment Files tab to submit your assignment.


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