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ACC 497 Entire Course (2 Sets)

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This Tutorial contains 2 Papers/Presentation for most of the Assignments (See Details Below) ACC 497 Individual Assignment FASB Codification System Orientation Paper ACC 497 Week 1 Case Study Cash Basis or Accrual Basis? (2 Sets) ACC 497 Week 1 DQ 1 ACC 497 Week 1 DQ 2 ACC 497 Week 2 Individual Assignment Financial Statements Paper Part I (2 Papers) ACC 497 Week 2 Team Assignment Case Study Assignment (2 Papers) ACC 497 Week 2 DQ 1 ACC 497 Week 2 DQ 2 ACC 497 Week 3 Individual Assignment Financial Statements Paper Part II (2 Papers) ACC 497 Week 3 Individual Assignment From the Readings Exercise 17(E1-17) ACC 497 Week 3 Learning Team Assignment From the Reading (2 Sets) ACC 497 Week 3 Learning Team Case Study Assignment (2 Papers) ACC 497 Week 3 DQ 1 ACC 497 Week 3 DQ 2 ACC 497 Week 4 Individual Assignment From the Reading ACC 497 Week 4 Learning Team Assignment From the Reading ACC 497 Week 4 DQ 1 ACC 497 Week 4 DQ 2 ACC 497 Week 5 Individual Assignment from the Text ACC 497 Week 5 Learning Team Case Study Assignment (2 Papers) ACC 497 Week 5 Learning Team Case Study Presentation (2 Sets) ACC 497 Week 5 DQ 1 ACC 497 Week 5 DQ 2 ************************************************ ACC 497 Final Exam Guide

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ACC 497 Final Exam


1) The uniform law, issued in 1984 by the Committee on Corporate Laws of the American Bar Association, that regulates the formation, operation, and termination of corporations is 2) Which of the following statements is true? 3) Which of the following statements is true? 4) What effect would a decrease in interest rates by the Federal Reserve most likely have in the nation’s manufacturing sector, all other factors remaining constant? 5) A table that shows the relationship between the price of a good and the quantity demanded of that good is called 6) If policymakers increase aggregate demand, the price level 7) Which table would show the largest factor for an interest rate of 8% for five periods? 8) Financial service 9) As the interest rate increases for any given period, the future value interest factor will 10) The specific cost of each source of long-term financing is based on ________ and ________ costs. 11) At the operating break-even point, ________ equals zero. Section 4: Information Technology (IT) Implications in the Business Environment 12) Justifying expenditures for new technologies is especially difficult because 13) The hardware of a computer system includes the computer itself and other devices that help the computer perform its tasks. These other devices are commonly also called 14) Software that enables businesses and government agencies to transmit and manipulate financial data on an organization-wide basis best describes 15) A simple diagram that shows estimated completion times versus actual completion times for the various activities in a systems implementation project 16) What would be the best explanation for the absence of complete information on computer crime? 17) Which of the following processes would be accounted for using a job order cost system? 18) In traditional costing systems, overhead is generally applied based on 19) If standard costs are incorporated into the accounting system 20) Generally accepted accounting principles are 21) Luca Company overapplied manufacturing overhead during 2006. Which one of the following is part of the year end entry to dispose of the overapplied amount assuming the amount is material? 22) The cost to produce Part A was $10 per unit in 2005. During 2006, it has increased to $11 per unit. In 2006, Supplier Company has offered to supply Part A for $9 per unit. For the make-or-buy decision, 23) Disney’s variable costs are 30% of sales. The company is contemplating an advertising campaign that will cost $22,000. If sales are expected to increase $40,000, by how much will the company's net income increase?


24) Kershaw Bookstore had 600 units on hand at January 1, costing $18 each. Purchases and sales during the month of January were as follows: Kershaw does not maintain perpetual inventory records. According to a physical count, 450 units were on hand at January 31. The cost of the inventory at January 31, under the LIFO method is: 25) The process of formally recording or incorporating an item in the financial statements of an entity is 26) The primary purpose of the statement of cash flows is to provide information 27) Which of the following is considered cash? 28) A company offers a cash rebate of $1 on each $4 package of batteries sold during 2007. Historically, 10% of customers mail in the rebate form. During 2007, 6,000,000 packages of batteries are sold, and 210,000 $1 rebates are mailed to customers. Assuming there is no beginning liability balance, what is the rebate expense and liability, respectively, shown on the 2007 financial statements dated December 31? 29) Which of the following is a debt security? 30) The balance in Newsprint Corp.'s foreign exchange loss account was $10,000 on December 31, 2008, before any necessary year-end adjustment relating to the following: 31) Costs incurred internally to create intangibles are 32) The amount to be recorded as the cost of an asset under capital lease is equal to the 33) In computations of weighted average of shares outstanding, when a stock dividend or stock split occurs, the additional shares are 34) Debt securities that are accounted for at amortized cost, NOT fair value, are 35) Elvis Company purchases inventory for $70,000 on March 19, 2008, and sells it to Graceland Corporation for $95,000 on May 14, 2008. Graceland still holds the inventory on December 31, 2008, and determines that its market value (replacement cost) is $82,000 at that time. Graceland writes the inventory down from $95,000 to its lower market value of $82,000 at the end of the year. Elvis owns 75% of Graceland. Based on this information, what amount of inventory should be eliminated in the consolidation workpaper for 2008? 36) Which of the following objectives is considered the cornerstone of financial reporting by a governmental entity? 37) Expenditures should be budgeted by character. An example of a character classification is 38) Which of the following funds is accounted for on the modified accrual basis of accounting? 39) Several years ago, Durham City issued $1 million in zero coupon bonds due and payable in 2010. The bonds were sold at an amount to yield investors 6% over the life of the bonds. During the current year, how much interest expenditures would Durham City recognize related to these bonds? 40) As used in governmental accounting, interperiod equity refers to a concept of


41) The state has a legally separate State Building Authority, which has a board appointed by the Governor. The authority issues debt in its name, holds title to buildings in its name, and leases its building exclusively to the state. The authority would be considered a(n) 42) Revenues of a not-for-profit organization should be reported as 43) Financial statements for a church-supported college should be prepared according to standards set by the 44) For a not-for-profit hospital, which of the following financial statements is required? 45) What agency has the ultimate authority in defining independence for publicly traded companies? 46) A report on internal control effectiveness by management of public companies is required by which of the following: 47) Once sufficient predication has been established, what is the first step a fraud examiner following the fraud theory approach should take? 48) Which of the following best describes the objective of a fraud examination? 49) Damages intended to punish a defendant and deter the defendant and others from engaging in the same tortious conduct in the future are called 50) Where a contract calls for action that violates a statute, in a breach of contract case the court will 51) Ted’s Gifts and Sweets enters into a written contract with Bannon Candies to supply Ted’s with 60 boxes containing a dozen coconut clusters each month for sale to the public. The agreement contained an integration clause. Before the first delivery under the contract, Ted and his warehouse manager called Debbie, the Bannon’s account representative, to request that the candies be delivered in special Valentine’s Day boxes. Debbie told Ted, ―Don’t worry, I’ll tell the shipping department to take care of that.‖ When the candies were delivered, they were in standard cardboard boxes. Ted called Bannon and threatened to sue for beach of contract. Will Ted prevail in his suit? 52) Jane and Bill are married. They purchase a house and lot as tenants by the entirety. Then Jane is killed in a car accident. Her will leaves everything to her sister, Ruth. What will happen to Jane’s interest in the property? 53) Which of the following is a correct statement of the requirements for a bona fide occupational qualification? 54) Which of the following statements accurately describes the workers’ compensation rules? 55) When a company holds between 20% and 50% of the outstanding stock of an investee, which of the following statements applies? 56) On December 31, 2008, Kean Company changed its method of accounting for inventory from weighted-average cost method to the FIFO method. This change caused the 2008 beginning inventory to increase by $420,000. The cumulative effect of this accounting change to be reported for the year ended December 31, 2008, assuming a 40% tax rate, is


57) Which of the following serves as the highest authority for tax research, planning, and compliance activities? 58) The retail inventory method is based on the assumption that the 59) When an item of expense is paid and recorded in advance, it is normally called 60) Antonio owns land held for investment with a basis of $28,000. The city of Lafayette exercises the right of eminent domain and Antonio receives a payment of $48,000. What is Antonio's realized gain? 61) In April 2009 of this year, Emma acquired a machine for $50,000 for use in her business. The machine is classified as 7-year property. Emma elects out of bonus depreciation and does not expense the asset under Sec. 179. Emma's depreciation on the machine this year is 62) During the current year, a corporation sells equipment for $300,000 that it had purchased and placed in service in 2007. The equipment cost $270,000, and $60,000 of depreciation deductions was allowed. The results of the sale are 63) Susie owns a ranch in Wyoming, which Pat offers to purchase. Susie is not willing to sell the ranch but is willing to exchange the ranch for an apartment complex in Louisiana. The complex is available for sale. Pat purchases the apartment complex in Louisiana from Jody and transfers it to Susie in exchange for Susie's ranch. The ranch and the complex each have a $1,000,000 fair market value. Which of the following is true? 64) A married person who files a separate return can claim a personal exemption for his or her spouse if the spouse is not the dependent of another and has 65) Ricky has rented a house from Sarah since last year. The rent is usually $800 per month, but Sarah reduced the monthly rent down to $600 for all 12 months this year in exchange for Ricky constructing an addition to the house. The addition has a fair market value of $3,500. How much total rental income must Sarah report this year? 66) Alex is a calendar-year sole proprietor. He began business on December 1 of this year. He uses the accrual method of accounting. Alex had the following collections in the same month: He collected $7,000 in December from clients who paid cash for services to be performed next year. He collected $5,000 in December for services performed during December, which he deposited in an operating account on December 31 of this year. He collected $9,000 in December on accounts receivable for services performed in December, which he deposited in an operating account on January 2 of next year. What is the amount Alex must include in his income for December? 67) Bianca is beneficiary of an $80,000 insurance policy on her father's life. Upon his death, she may elect to receive the proceeds in 5 yearly installments of $17,500 or may take the $80,000 lump sum. She elects to take the lump sum payment. What are the tax consequences in year one? 68) Nonrefundable tax credits 69) Paul makes the following property transfers in the current year: $22,000 cash to his wife, $34,000 cash to a qualified charity, $120,000 house to his son, and


$3,000 computer to an unrelated friend. The total of Paul's taxable gifts, assuming he does not elect gift splitting with his spouse, subject to the unified transfer tax, is ************************************************ ACC 497 Week 1 Case Study Cash Basis or Accrual Basis? (2 Sets)

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This Tutorial contains 2 different Papers Resources: Brain Teaser 4: Cash Basis or Accrual Basis? in Ch. 4 of Mastery of the Financial Accounting Research System (FARS) Through Cases Write a 350- to 700-word response to the questions that follow the case study. Note. Although Brain Teaser 4 references the Financial Accounting Research System, refer to the Financial Accounting Standards Board when answering the questions ************************************************ ACC 497 Week 1 DQ 1

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What is the FASB Codification System? What is the purpose of the FASB Codification System? How can it be used to make better accounting decisions? ************************************************ ACC 497 Week 1 DQ 2

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What are Generally Accepted Accounting Principles (GAAP)? How do GAAP affect financial reporting? How might GAAP need to change to accommodate today’s dynamic business environment? ************************************************ ACC 497 Week 1 Individual Assignment FASB Codification System Orientation Paper


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Resources: FASB Codification System website accessible through the FASB Online link located on your student website Access the FASB Online website and familiarize yourself with the contents. Write a 350-word paper in which you answer the following questions: · What is the FASB Codification System? · What is the purpose of the FASB Codification System? · What are the nine content areas located in the FASB Codification System? What types of items are located under each content area? Format your paper consistent with APA guidelines. ************************************************ ACC 497 Week 2 DQ 1

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What are at least three International Accounting Standards? Are these standards the same as U.S. standards? Explain your response. Is it necessary to have global standards? Explain your response. ************************************************ ACC 497 Week 2 DQ 2

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What are some nonfinancial performance measures? What do they tell us about the performance of an organization? Why is it important for managers to include nonfinancial performance standards in their analysis of their operations? ************************************************ ACC 497 Week 2 Individual Assignment Financial Statements Paper Part I (2 Papers)

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This Tutorial contains 2 different Papers Resources: Appendix A: The Home Depot, Inc. Annual Report in Fundamentals of Financial Accounting Write a 1,050- to 1,750-word paper in which you answer the following questions: · What does the Consolidated Statements of Earnings—the income statement—tell you about the company? Why is this statement important? What business decisions could be made using the income statement? · What does the balance sheet tell you about the company? Why is the balance sheet important? What business decisions could be made using the balance sheet? · What does the statement of cash flows tell you about the company? What business decisions could be made using the statement of cash flows? · What information is provided in the statements that will assist you in making these business decisions? What information is not provided that could assist in managerial decision making? Format your paper consistent with APA guidelines. ************************************************ ACC 497 Week 2 Team Assignment Case Study Assignment (2 Papers)

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This Tutorial contains 2 different Papers Resources: Ch. 1 & 2 of Financial Accounting Theory and Analysis: Text and Cases Write a 350-word response for each of the following cases answering the questions located at the end of each case. Case 1-3 Politicalization of Accounting Standards in Ch. 1 Case 1-4 Generally Accepted Accounting Principles in Ch. 1 Case 2-2 The Theoretical Foundation of Accounting Principles in Ch. 2 ************************************************ ACC 497 Week 3 DQ 1

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What is tax research? What is the purpose of conducting tax research? Are results of tax research conclusive? Explain your response.


************************************************ ACC 497 Week 3 DQ 2

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What is the purpose of tax planning? How do we conduct tax planning? How could tax planning lead to unethical behavior? ************************************************ ACC 497 Week 3 Individual Assignment Financial Statements Paper Part II (2 Papers)

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This Tutorial contains 2 different Papers Resources: Appendix A, The Home Depot, Inc. Annual Report in Fundamentals of Financial Accounting Write a 1,050- to 1,750-word paper in which you address the following: · Does management’s assessment of the financial condition agree with your assessment from the Financial Statements Paper Part I? Explain your response. Support your answer using trend analysis, vertical analysis, or ratio analysis. · In the Annual Report, there are several concerns from management. Discuss these concerns, and identify other weaknesses not discussed by management. Then, recommend a course of action addressing these concerns. Format your paper consistent with APA guidelines. ************************************************ ACC 497 Week 3 Individual Assignment From the Readings Exercise 17(E1-17)

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Resources: Ch. 1 of Managerial Accounting: Tools for Business Decision Making Prepare a written response to the following exercise: Exercise 17 (E1-17) at the end of Ch. 1


************************************************ ACC 497 Week 3 Learning Team Assignment From the Reading (2 Sets)

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This tutorial contains 2 Sets of response Resources: Ch. 1 of Managerial Accounting: Tools for Business Decision Making Write responses to the following assignment: Broadening Your Perspective, Managerial Analysis (BYP1-2) at the end of Ch. 1 ************************************************ ACC 497 Week 3 Learning Team Case Study Assignment (2 Papers)

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This Tutorial contains 2 different Papers Resources: Case 3-5: International versus U.S. Standards in Ch. 3 of Financial Accounting Theory and Analysis: Text and Cases Write a 350- to 700-word response to the questions located at the end of the case study. ************************************************ ACC 497 Week 4 DQ 1

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What are the risks and liability factors in an audit? What are the implications to the auditor? What are the implications to the organization? How can the auditor mitigate these risks and liability factors? ************************************************ ACC 497 Week 4 DQ 2


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What is the Sarbanes-Oxley Act? How does act affect the audits for the accounting firm and for the organization? Has the Sarbanes-Oxley Act improved the quality of the audit? Explain your response. ************************************************ ACC 497 Week 4 Individual Assignment From the Reading

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Resources: Ch. 1 of Prentice Hall’s Federal Taxation 2011: Individuals Respond to the following problems by conducting tax research and including tax-planning advice: I:1-48 Tax Strategy Problem I:1-49 Case Study Problem ************************************************ ACC 497 Week 4 Learning Team Assignment From the Reading

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Resources: Ch. 15 of Prentice Hall’s Federal Taxation2011: Individuals Conduct tax research and formulate tax-planning advice in your response to the following problems: I:15-61 Tax Strategy Problem I:15-62 Case Study Problem ************************************************ ACC 497 Week 5 DQ 1

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What are the differences in reporting guidance in a for-profit and not-for-profit organization? What are the similarities in reporting guidance in a for-profit and not-for-profit organization? How do these differences and


similarities affect the comparability of financial reports? Should these reports be comparable? Explain your response. ************************************************ ACC 497 Week 5 DQ 2

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What are the differences in financial reporting in a for-profit and government organization? What are the similarities in financial reporting in a for-profit and government organization? How do these differences and similarities affect the comparability of financial reports? Should these reports be comparable? Explain your response. ************************************************ ACC 497 Week 5 Individual Assignment from the Text

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Resources: Ch. 4 & 5 of Modern Auditing Write answers to the following problems: Learning Check 4–15 & 4–17 in Ch. 4 Comprehensive Questions 5–34 & 5–35 in Ch. 5 ************************************************ ACC 497 Week 5 Learning Team Case Study Assignment (2 Papers)

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This Tutorial contains 2 different Papers Resources: Case 3: Charitable Contributions and Debt: A Comparison of St. Jude Children’s Research Hospital/ALSAC and Universal Health Services located on your student website in Ch. 5 of Mastery of the Financial Accounting Research System (FARS) Through Cases Write a 1,050- to 1,400-word response in which you address the following questions from the case study:


· Questions from Requirement A · Questions from Requirement B · How would your answers to Requirements A and B differ if the government owned and operated the hospital? Format your paper consistent with APA guidelines. ************************************************ ACC 497 Week 5 Learning Team Case Study Presentation (2 Sets)

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This Tutorial contains 2 different Presentations Create 5- or 6-slide Microsoft® PowerPoint® presentation with speaker notes illustrating your findings to Case 3, Charitable Contributions and Debt: A Comparison of St. Jude Children’s Research Hospital/ALSAC and Universal Health Services in Ch. 5 of Mastery of the Financial Accounting Research System (FARS) Through Cases.

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FOR MORE CLASSES VISIT www.acc497genius.com This Tutorial contains 2 Papers/Presentation for most of the Assignments (See Details Below)...