ACC 305 Entire Course (DQs, Assignment, Quizzes)
FOR MORE CLASSES VISIT www.acc305tutor.com
Please check All included Assignments/DQs/Quiz Below ACC 305 Week 1 Assignments E 3-18, E 3-20, Judgement Case 3-5 ACC 305 Week 1 DQ 1 FASB and Ethics ACC 305 Week 1 DQ 2 Cash versus Accrual & Financial Disclosures ACC 305 Week 1 Quiz (2 Set) ACC 305 Week 2 DQ 1 Earnings Management Case 4-3 ACC 305 Week 2 DQ 2 Revenue Recognition Case 5-2 ACC 305 Week 2 Assignment Integrating Case 5-23 (Covington Pike) ACC 305 Week 2 Quiz ACC 305 Week 2 Assignment (E4-16, E4-19, E4-22, Case 4-9, E5-3, E5-10) ACC 305 Week 3 DQ 1 Present Value of Annuities (Communication Case 6-3) ACC 305 Week 3 DQ 2 Internal Control (Judgment Case 7-5) ACC 305 Week 3 Assignment (P7-10, P7-14) ACC 305 Week 3 Quiz (2 Set)
ACC 305 Week 4 DQ 1 LIFO vs FIFO (Communication Case 8-4) ACC 305 Week 4 Assignment E8-13, E8-14, E8-18, P8-5, E9-19, E921, P9-1 ACC 305 Week 4 DQ 2 Overstatement of Ending Inventory (Ethics Case 9-11) ACC 305 Week 4 Quiz (2 Set) ACC 305 Week 5 DQ 1 Research and Development (Ethics Case 1012) ACC 305 Week 5 Assignment P11-5, P11-7 ACC 305 Week 5 DQ 2 Depreciation Methods (Problem E11-5, E1110) ACC 305 Week 5 Final Paper FASB (3 Papers)
===============================================
ACC 305 Week 1 Assignments E 3-18, E 3-20, Judgement Case 3-5
FOR MORE CLASSES VISIT www.acc305tutor.com
Week One Exercises. Complete the following activities and submit your answers to your instructor in a Word document formatted to
proper APA specifications. Include any relevant supporting calculations. E3-18 (Page 152) Determine the following 2011 balance sheet items using the information provided in the problem. 1. Current Assets 2. Shareholders’ Equity 3. Noncurrent Assets 4. Long-term liabilities E3-20 (Page 152) Indicate (by letter) whether the actions listed in the table will immediately increase (I), decrease (D), or have no effect (N) on the ratios shown in the table. Assume each ratio is less than 1.0 before the action is taken. Judgment Case 3-5 (Page 161) Review the balance sheet provided for Marcus Clothing Corporation and the additional information provided on page 162. Identify and explain the deficiencies in the statement prepared by the company’s accountant. Include in your answer items that require additional disclosure, either on the face of the statement or in a note. ===============================================
ACC 305 Week 1 DQ 1 FASB and Ethics (Ash Course)
FOR MORE CLASSES VISIT www.acc305tutor.com
Research Case 1-3 (page 45) The purpose of this case is to introduce you to the information available on the website of the Financial Accounting Standards Board (FASB). Required:
Access the FASB home page on the Internet. The web address is www.fasb.org. Answer the following questions. 1. Describe the mission of the FASB. 2. Who are the current Board members? Briefly describe their backgrounds. 3. How are topics added to the FASB’s technical agenda? ===============================================
ACC 305 Week 1 DQ 2 Cash versus Accrual And Financial Disclosures (Ash Course)
FOR MORE CLASSES VISIT www.acc305tutor.com
Judgment Case 2-1 (page 109) You have recently been hired by Davis & Company, a small public accounting firm. One of the firm’s partners, Alice Davis, has asked you to deal with a disgruntled client, Mr. Sean Pitt, owner of the city’s largest hardware store. Mr. Pitt is applying to a local bank for a substantial loan to remodel his store. The bank requires accrual based financial statements but Mr. Pitt has always kept the company’s records on a cash basis. He does not see the purpose of accrual based statements. His most recent outburst went something like this: “After all, I collect cash from customers, pay my bills in cash, and I am going to pay the bank loan with cash. And, I already show my
building and equipment as assets and depreciate them. I just don’t understand the problem.� Required: 1. Explain the difference between a cash basis and an accrual basis measure of performance. 2. Why, in most cases, does accrual basis net income provide a better measure of performance than net operating cash flow? 3. Explain the purpose of adjusting entries as they relate to the difference between cash and accrual accounting.
===============================================
ACC 305 Week 1 Quiz (2 Set)
FOR MORE CLASSES VISIT www.acc305tutor.com
ACC 305 Week 1 Quiz (2 Set)
1.
Question :
Rent collected in advance is:
2. Question : would not include:
An exception leading to a qualified opinion
3. Question : The principal concern with accounting for related party transactions is:
4. Question : by an entity is:
A future economic benefit owned or controlled
5. Question : When converting an income statement from a cash basis to an accrual basis, cash received for services:
6.
Question :
7. Question : expenses includes:
An example of fraud would be:
The adjusting entry required to record accrued
8. Question : In its 2004 annual report, Apple Computer reported the following in one of its disclosure notes: "Warranty Expense: The Company provides currently for the estimated cost for product warranties at the time the related revenue is recognized." This note exemplifies Apple's use of:
9. Question : When a company pays its bill from a plumber for previous services on account:
10. Question : information is:
The best argument in support of historical cost
ACC 305 Week 1 Quiz (2 Set) 1
1. Question : Recognizing expected losses immediately, but deferring expected gains, is an example of:
2. Question : If an independent auditing firm expresses dissatisfaction with a company's financial statement, it issues:
3. Question : Land was acquired in 2006 for a future building site at a cost of $40,000. The assessed valuation for tax purposes is $27,000, a qualified appraiser placed its value a $48,000, and a recent firm offer for the land was for a cash payment of $46,000. The land should be reported in the financial statements at:
4. Question : Hughes Aircraft sold a four passenger airplane for $380,000, receiving a $50,000 down payment and a 12% note for the balance. The journal entry to record this sale would include a:
5. Question : Rent collected in advance is:
6. Question : When a company pays its bill from a plumber for previous services on account:
7. Question : The best argument in support of historical cost information is:
8. Question : When a magazine sells subscriptions to customers, it is an example of:
9. Question : In its 2004 annual report, Apple Computer reported the following in one of its
disclosure notes: "Warranty Expense: The Company provides currently for the estimated cost for product warranties at the time the related revenue is
10. Question : The adjusting entry required to record accrued expenses includes: ===============================================
ACC 305 Week 2 Assignment (E4-16, E4-19, E4-22, Case 4-9, E5-3, E5-10)
FOR MORE CLASSES VISIT www.acc305tutor.com
E4-16 Bluebonnet Bakers E4-19 Wainwright Corporation E4-22 Tiger Enterprises Judgment Case 4-9 E5-3 Instalment sales E5-10 Project Contracts ===============================================
ACC 305 Week 2 Assignment Integrating Case 5-23 (Covington Pike)
FOR MORE CLASSES VISIT www.acc305tutor.com
ACC 305 Week 2 Problem Integrating Case 5-23
Integrating Case. Review the information pertaining to the audit of Covington Pike Corporation in problem 5-23 on pages 296-297 of your text. Use the list of ratios and the notes provided to approximate the current year’s balances in the form of a balance sheet and income statement, to the extent the information allows. Accompany those financial statements with calculations you use to estimate each amount reported ===============================================
ACC 305 Week 2 DQ 1 Earnings Management Case 4-3 (Ash Course)
FOR MORE CLASSES VISIT www.acc305tutor.com
Judgment Case 4-3 (page 225) Companies often are under pressure to meet or beat Wall Street earnings projections in order to increase stock prices and also to increase the value of stock options. Some resort to earnings management practices to artificially create desired results. Required: Is earnings management always intended to produce higher income? Explain.
===============================================
ACC 305 Week 2 DQ 2 Revenue Recognition Case 5-2 (Ash Course)
FOR MORE CLASSES VISIT www.acc305tutor.com
Judgment Case 5-2 (page 291)
Revenue earned by a business enterprise is recognized for accounting purposes at different times, according to the circumstances. In some situations revenue is recognized approximately as it is earned in the
economic sense. In other situations revenue is recognized at point of delivery. Required: 1. Explain and justify why revenue often is recognized as earned at point of delivery. 2. Explain in what situations it would be useful to recognize revenue as the productive activity takes place. 3. At what times, other than those included in (1) and (2) above, may it be appropriate to recognize revenue?
===============================================
ACC 305 Week 2 Quiz
FOR MORE CLASSES VISIT www.acc305tutor.com
ACC 305 Week 2 Quiz
1. Question : Indiana Co. began a construction project in 2006 that will provide it $150
million when it is completed in 2008. During 2006, Indiana incurred $36 million of costs and estimates an additional $84 million of costs to complete the project. Suppose that, in 2007, Indiana incurred costs of $63.75 million and estimated an additional $42.75 million in costs to complete the project. Using the
2. Question : Indiana Co. began a construction project in 2006 that will provide it $150 million when it is completed in 2008. During 2006, Indiana incurred $36 million of costs and estimates an additional $84 million of costs to complete the project. In 2007, Indiana incurred costs of $58.5 million and estimated an additional $40.5 million in costs to complete the project. Using the percentageofcompletion method, Indiana:
3. Question : Which of the following is not true about EPS?
4. Question : Indiana Co. began a construction project in 2006 that will provide it $150 million when it is completed in 2008. During 2006, Indiana incurred $36 million of costs and estimates an additional $84 million of costs to complete the project.
5. Question : An extraordinary event for financial reporting purposes is both:
6. Question : The financial statement presentation of a change in depreciation methods is most similar to that of reporting:
7. Question : A change in depreciation methods is accounted for:
8. Question : Cash flows from investing does not include cash flows from:
9. Question : Using the completed contract method of accounting for longterm contracts:
10. Question : Merchandise sold FOB destination indicates that: ===============================================
ACC 305 Week 3 Assignment (P7-10, P7-14)
FOR MORE CLASSES VISIT www.acc305tutor.com
P7-10 (pg388) Evergreen Company Required: REQ1- prepare the necessary journal entries for Evergreen for each of the about dates. For transactions involving the sale of merchandise, ignore the entry for the cost of goods sold (round all calculations to nearest dollar). REQ2-prepare any necessary adjusting entries at December 21, 2011. Adjusting entries are only recorded at year-end (round all calculations to nearest dollar). REQ3-prepare a schedule showing the effect of the journal entries in requirement 1 and 2 on 2011 income before taxes
P7-14 pg 389 El Gato
REQ1 prepare a bank reconciliation for checking account at December 31st , 2011 REQ2 prepare any necessary adjusting journal entries indicated ===============================================
ACC 305 Week 3 DQ 1 Present Value of Annuities (Communication Case 6-3)
FOR MORE CLASSES VISIT www.acc305tutor.com
ACC 305 Week 3 Communication Case 6-3
Communication Case 6-3 on page 334 Harvey Alexander, an all-league professional football player, has just declared free agency. Two teams, the San Francisco 49ers and the Dallas Cowboys, have made Harvey the following offers to obtain his services: 49ers: $1 million signing bonus payable immediately and an annual salary of $1.5 million for the five-year term of the contract. Cowboys: $2.5 million signing bonus payable immediately and an annual salary of $1 million for the five-year term of the contract.
With both contracts, the annual salary will be paid in one lump sum at the end of the football season. Required: You have been hired as a consultant to Harvey’s agent, Phil Marks, to evaluate the two contracts. Write a short letter to Phil with your recommendation including the method you used to reach your conclusion. Assume that Harvey has no preference between the two teams and that the decision will be based entirely on monetary considerations. Also assume that Harvey can invest his money and earn an 8% annual return. ===============================================
ACC 305 Week 3 DQ 2 Internal Control (Judgment Case 7-5)
FOR MORE CLASSES VISIT www.acc305tutor.com
ACC 305 Week 3 Judgment Case 7-5
Judgment Case 7-5 on page 391 For each of the following independent situations, indicate the apparent internal control weaknesses and suggest alternative procedures to eliminate the weaknesses.
1. John Smith is the petty cash custodian. John approves all requests for payment out of the $200 fund, which is replenished at the end of each month. At the end of each month, John submits a list of all accounts and amounts to be charged and a check is written to him for the total amount. John is the only person ever to tally the fund. 2. All of the company’s cash disbursements are made by check. Each check must be supported by an approved voucher, which is in turn supported by the appropriate invoice and, for purchases, a receiving document. The vouchers are approved by Dean Leiser, the chief accountant, after reviewing the supporting documentation. Betty Hanson prepares the checks for Leiser’s signature. Leiser also maintains the company’s check register (the cash disbursements journal) and reconciles the bank account at the end of each month. 3. Fran Jones opens the company’s mail and makes a listing of all checks and cash received from customers. A copy of the list is sent to Jerry McDonald who maintains the general ledger accounts. Fran prepares and makes the daily deposit at the bank. Fran also maintains the subsidiary ledger for accounts receivable, which is used to generate monthly statements to customers.
===============================================
ACC 305 Week 3 Quiz (2 Set)
FOR MORE CLASSES VISIT www.acc305tutor.com
ACC 305 Week 3 Quiz (2 Set)
1. Question : On November 10 of the current year, Cherokee Industries sold materials to a customer for $8,000 with credit terms 2/10, n/30. Cherokee uses the net method of accounting for cash discounts. What entry would Cherokee make on November 10?
2. Question : Cash that is restricted and not available for current operations is reported in the balance sheet as:
3. Question : Which of the following must be known to compute the interest rate paid from financing an asset purchase with an annuity?
4. Question : Zulu Corporation hires a new chief executive officer and promises to pay her a signing bonus of $2 million per year for 10 years, starting five years after he joins the company. The liability for this bonus when the CEO is hired:
5. Question : LeAnn wishes to know how much she should set aside now at 7% interest in order to accumulate a sum of $5,000 in four years. She should use a table for the:
6. Question : Loan A has the same original principal, interest rate, and payment amount as Loan B. However, Loan A is structured as an annuity due, while Loan B is structured as an ordinary annuity. The maturity date of Loan A will be:
7. Question : A note receivable Mild Max Cycles discounted with recourse was dishonored on its maturity date. Mild Max would debit:
8. Question : George Jones is planning on a cruise for his 70th birthday party. He wants to know how much he should set aside at the beginning of each month at 6% interest to accumulate the sum of $4,800 in five years. He should use a table for the:
9.
Question :
Nontrade receivables do not include:
10. Question : Which of the following do not change the balance in Accounts receivable?
ACC 305 Week 3 Quiz (2 Set) 1
1. Question : Sandra won $5,000,000 in the state lottery which she has elected to receive at the end of each month over the next thirty years. She will receive 7% interest on unpaid amounts. To determine the amount of her monthly check, she should use a table for the:
2. Question : When you use an aging schedule approach for estimating uncollectible accounts: Student Answer: Bad debts expense is measured indirectly, and the Allowance for uncollectibles balance is measured directly.
3. Question : Which of the following do not change the balance in Accounts receivable?
4. Question : Cash that is restricted and not available for current operations is reported in the balance sheet as:
5. Question : Which of the following is recorded by a credit to Accounts receivable?
6. Question : George Jones is planning on a cruise for his 70th birthday party. He wants to know how much he should set aside at the beginning of each month at 6% interest to accumulate the sum of $4,800 in five years. He should use a table for the:
7. Question : A note receivable Mild Max Cycles discounted with recourse was dishonored on its maturity date. Mild Max would debit:
8. Question : Zulu Corporation hires a new chief executive officer and promises to pay her a signing bonus of $2 million per year for 10 years, starting five years after he joins the company. The liability for this bonus when the CEO is hired:
9. Question : Tammy wants to buy a car that costs $10,000 and wishes to know the amount of the monthly payments, which will be made at the first of the month, with interest of 12% on the unpaid balance. She should use a table for the:
10. Question : LeAnn wishes to know how much she should set aside now at 7% interest in order to accumulate a sum of $5,000 in four years. She should use a table for the: ===============================================
ACC 305 Week 4 Assignment E8-13, E8-14, E8-18, P8-5, E9-19, E9-21, P9-1 (Ash Course)
FOR MORE CLASSES VISIT www.acc305tutor.com
ACC 305 Week 4 Assignment E8-13, E8-14, E8-18, P8-5, E9-19, E921, P9-1 ===============================================
ACC 305 Week 4 DQ 1 LIFO vs FIFO (Communication Case 8-4)
FOR MORE CLASSES VISIT www.acc305tutor.com
ACC 305 Week 4 Communication Case 8-4 Communication Case 8-4 on page 442 You have just been hired as a consultant to Tangier Industries, a newly formed company. The company president, John Meeks, is seeking your advice as to the appropriate inventory method Tangier should use to value its inventory and cost of goods sold. Mr. Meeks has narrowed the choice to LIFO and FIFO. He has heard that LIFO might be better for tax purposes, but FIFO has certain advantages for financial reporting to investors and creditors. You have been told that the company will be profitable in its first year and for the foreseeable future. Required: Prepare a report for the president describing the factors that should be considered by Tangier in choosing between LIFO and FIFO.
===============================================
ACC 305 Week 4 DQ 2 Overstatement of Ending Inventory (Ethics Case 9-11)
FOR MORE CLASSES VISIT www.acc305tutor.com
Ethics Case 9-11 on page 497 Danville Bottlers is a wholesale beverage company. Danville uses the FIFO inventory method to determine the cost of its ending inventory. Ending inventory quantities are determined by a physical count. For the fiscal year- end June 30, 2011, ending inventory was originally determined to be $3,265,000. However, on July 17, 2011, John Howard, the company’s controller, discovered an error in the ending inventory count. He determined that the correct ending inventory amount should be $2,600,000. Danville is a privately owned corporation with significant financing provided by a local bank. The bank requires annual audited financial statements as a condition of the loan. By July 17, the auditors had completed their review of the financial statements which are scheduled to be issued on July 25. They did not discover the inventory error. John’s first reaction was to communicate his finding to the auditors and to revise the financial statements before they are issued. However, he knows that his and his fellow workers’ profit-sharing plans are based on annual pretax earnings and that if he revises the statements, everyone’s profit-sharing bonus will be significantly reduced.
Required: 1. Why will bonuses be negatively affected? What is the effect on pretax earnings? 2. If the error is not corrected in the current year and is discovered by the auditors during the following year’s audit, how will it be reported in the company’s financial statements? 3. Discuss the ethical dilemma John Howard faces. ===============================================
ACC 305 Week 4 Quiz (2 Set)
FOR MORE CLASSES VISIT www.acc305tutor.com
ACC 305 Week 4 Quiz (2 Set)
1. Question : Nu Company reported the following pretax data for its first year of operations. Net sales 2,800 Cost of goods available for sale 2,500 Operating expenses 880 Effective tax rate 40% Ending inventories: If LIFO is elected 820 If FIFO is elected 1,060 What is Nu's gross profit percentage if it elects LIFO?
2. Question : During periods when prices are rising and inventory quantities are stable, cost of goods sold will be:
3. Question : period can result in:
The use of LIFO during a long inflationary
4. Question : So. California Inc., through no fault of its own, lost an entire plant due to an earthquake on May 1, 2006. In preparing their insurance claim on the inventory loss, they developed the following data: Inventory January 1, 2006, $300,000; sales and purchases from January 1, 2006, to May 1, 2006, $1,300,000 and $875,000, respectively. So. California consistently reports a 40% gross profit. The estimated inventory on May 1, 2006, is:
5. Question : In a period when prices are falling and inventory quantities are stable, the lowest taxable income would be reported by using the inventory method of:
6. Question : To determine the value of a LIFO layer, using dollar-value LIFO retail:
7. Question : In a period when prices are rising and inventory quantities are stable, the inventory method that would result in the highest ending inventory is:
8. Question : To determine if an increase in the dollar value of inventory is due to increased quantities, using dollar-value LIFO retail:
9. Question : taken are:
Under the gross method, purchase discounts
10. Question : When reported in financial statements, a LIFO Allowance account usually:
ACC 305 Week 4 Quiz (2 Set) 1
1.Question : To determine if an increase in the dollar value of inventory is due to increased quantities, using dollar-value LIFO retail:
2. Question : A retrospective treatment of prior years' financial statements is required when there is a change from:
3. Question : Cost of goods sold is given by:
4. Question : The inventory method that will always produce the same amount for cost of goods sold in a periodic inventory system as in a perpetual inventory system would be:
5. Question : During periods when prices are rising and inventory quantities are stable, cost of goods sold will be:
6. Question : Inventory does not include:
7. Question : Nu Company reported the following pretax data for its first year of operations. Net sales 2,800 Cost of goods available for sale 2,500 Operating expenses 880 Effective tax rate 40% Ending inventories: If LIFO is elected 820 If FIFO is elected 1,060 What is Nu's gross profit percentage if it elects LIFO?
8. Question : When using the gross profit method to estimate ending inventory, it is not necessary to know:
9. Question : In a period when prices are rising and inventory quantities are stable, the inventory method that would result in the highest ending inventory is:
10. Question : Under the gross method, purchase discounts taken are: Related Tutorials ===============================================
ACC 305 Week 5 Assignment P11-5, P11-7
FOR MORE CLASSES VISIT www.acc305tutor.com
ACC 305 Week 5 P11-5, P11-7
Operational Assets & Depletion. Complete the following activities and submit your answers to your instructor in a Word document formatted to proper APA specifications. Include any relevant supporting calculations. P11-5 (Page 608-609) Review the information pertaining to Thompson Corporation in problem P11-5 on pages 608-609 of your text. Supply the correct amount for each numbered item on the schedule on page 609. Round each number to the nearest dollar. P 11-7 (Page 610) Review the information pertaining to the Marion Company in problem P11-7 on page 610 of your text and answer questions 1-3. ===============================================
ACC 305 Week 5 DQ 1 Research and Development (Ethics Case 10-12)
FOR MORE CLASSES VISIT www.acc305tutor.com
ACC 305 Week 5 Ethics Case 10-12 Ethics Case 10-12 on page 553 - Mayer Biotechnical, Inc - Research and development ● LO8 Mayer Biotechnical, Inc., develops, manufactures, and sells pharmaceuticals. Significant research and development (R&D) expenditures are made for the development of new drugs and the improvement of existing drugs. During 2011, $220 million was spent on R&D. Of this amount, $30 million was spent on the purchase of equipment to be used in a research project involving the development of a new antibiotic. The controller, Alice Cooper, is considering capitalizing the equipment and depreciating it over the five-year useful life of the equipment at $6 million per year, even though the equipment likely will be used on only one project. The company president has asked Alice to make every effort to increase 2011 earnings because in 2012 the company will be seeking significant new financing from both debt and equity sources. “I guess we might use the equipment in other projects later,” Alice wondered to herself. Required: 1. Assuming that the equipment was purchased at the beginning of 2011, by how much would Alice’s treatment of the equipment increase before tax earnings as opposed to expensing the equipment cost? 2. Discuss the ethical dilemma Alice faces in determining the treatment of the $30 million equipment purchase.
===============================================
ACC 305 Week 5 DQ 2 Depreciation Methods (Problem E11-5, E11-10)
FOR MORE CLASSES VISIT www.acc305tutor.com
Depreciation Methods. From Chapter 11 complete E11-5 (page 599) and E11-10 (page 600) and post to the discussion board by Day 3. Complete all parts of the problems and report back to the group the results of your analysis. Do not forget to show the necessary steps and explain how you attained that outcome. You must respond to at least two of your classmates’ postings to receive full credit. ===============================================
ACC 305 Week 5 Final Paper FASB (3 Papers)
FOR MORE CLASSES VISIT www.acc305tutor.com This Tutorial contains 3 Papers
Focus of the Final Paper Submit a seven to ten page paper on one of the major topics listed below. The paper should incorporate at least three other appropriately documented and related articles drawn from the University’s Library. (Note: you may advance your own topic, but it must be approved by your instructor.)
Explain the role of the FASB in monitoring and controlling business reporting and accounting practices in the modern organization. In what ways do FASB rules limit business practices and reporting financial information? How do such rules and regulations protect the business and public stakeholder communities? To whom is the FASB accountable and who appoints members to FASB?
Explain how external stakeholders use financial information such as company income statements and balance sheets to make decisions about the company in such cases as advancing credit or offering leasing vehicles. Discuss how common financial ratios and investment analysis is used to conduct due diligence by external parties and how factors such as accounts receivables, accounts payables, earnings returns, returns on inventory, etc. are applied to evaluate a firm’s financial and business health.
Discuss depreciation as a tool for managing and evaluating the life and utility of assets of the firm. What are the methods and under what conditions would each method be used and applied? Does a firm’s tax planning influence the decision? How do external stakeholders assess the validity of depreciation schemes?
===============================================