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ACC 290 Entire Course New Syllabus With Final Guide

For more classes visit www.snaptutorial.com ACC 290 Final Exam Guide(Latest) ACC 290 Week 1 Assignment Preparing an Income Statement Retained Earnings Statement and Balance Sheet ACC 290 Week 2 Analyzing the Effect of Transactions E3-1 (New) ACC 290 Week 2 Text Exercise Ex 1-9, Ex 2-10 (Donavan, Myeneke Corporation) ACC 290 Week 3 Preparing a Multiple-Step Income Statement Problem 5-5A (Simon Company) ACC 290 Week 3 Text Exercise 4-14 Villa Company ACC 290 Week 2 Charter for Collaborative Learning Activities ACC 290 Week 4 Comparative Analysis Problem Amazon.com, Inc. vs. Wal-Mart Stores, Inc. ACC 290 Week 4 Text Exercise Exercise 6-3 GatoInc ACC 290 Week 5 Preparing Comprehensive Bank Reconciliation with Theft and Internal Control Deficiencies (Daisey Company) ACC 290 Week 1 Discussion 1 ACC 290 Week 1 Discussion 2


ACC 290 Week 2 Discussion 1 ACC 290 Week 2 Discussion 2 ACC 290 Week 3 Discussion 1 ACC 290 Week 3 Discussion 2 ACC 290 Week 4 Discussion 1 ACC 290 Week 4 Discussion 2 ACC 290 Week 5 Discussion 1 ACC 290 Week 5 Discussion 2 **********************************************************

ACC 290 Final Exam Guide (New, 2018, 100% Score)

For more classes visit www.snaptutorial.com Question 1 The best definition of assets is the collections of resources belonging to the company and the claims on these resources. cash owned by the company. owners’ investment in the business. resources belonging to a company that have future benefit to the company.


Question 2 Which of the following is not a liability? Accounts Payable Accounts Receivable Interest Payable Unearned Service Revenue Question 3 Which of the following financial statements is divided into major categories of operating, investing, and financing activities? The statement of cash flows. The income statement. The balance sheet. The retained earnings statement. Question 4 Ending retained earnings for a period is equal to beginning Retained earnings + Net income – Dividends. Retained earnings – Net income + Dividends Retained earnings – Net income – Dividends. Retained earnings + Net income + Dividends. Question 5 Which of the following is not an advantage of the corporate form of business organization?


No personal liability Easy to raise funds Easy to transfer ownership Favorable tax treatment

Question 6 An advantage of the corporate form of business is that it is simple to establish. it has limited life. its owner’s personal resources are at stake. its ownership is easily transferable via the sale of shares of stock Question 7 A small neighborhood barber shop that is operated by its owner would likely be organized as a proprietorship. partnership. joint venture. corporation.

Question 8 If services are rendered for cash, then stockholders’ equity will decrease. liabilities will increase.


liabilities will decrease. assets will increase. Question 9 A revenue generally increases assets and stockholders’ equity. increases assets and liabilities. increases assets and decreases stockholders’ equity. leaves total assets unchanged. Question 10 A revenue account has a normal balance of a debit. is decreased by credits. is increased by credits. is increased by debits. Question 11 Which accounts normally have debit balances? Assets, expenses, and dividends Assets, expenses, and revenues Assets, expense, and retained earnings Assets, liabilities, and dividends Question 12 In recording an accounting transaction in a double-entry system


the number of debit accounts must equal the number of credit accounts. there must only be two accounts affected by any transaction. there must always be entries made on both sides of the accounting equation. the amount of the debits must equal the amount of the credits. Question 13 The usual sequence of steps in the transaction recording process is journalize, analyze, post to the ledger. post to the ledger, journalize, analyze. analyze, journalize, post to the ledger. journalize, post to the ledger, analyze. Question 14 Under the expense recognition principle expenses are recognized when they contribute to the production of revenue. they are billed by the supplier. they are paid. the invoice is received. Question 15 The revenue recognition principle dictates that revenue should be recognized in the accounting records:


in the period that income taxes are paid. when cash is received. when the performance obligation is satisfied. at the end of the month. Question 16 Merchandising companies that sell to retailers are known as brokers. corporations. wholesalers. service firms. Question 17 Gross profit equals the difference between sales revenue and cost of goods sold. sales revenue and operating expenses. net income and operating expenses. sales revenue and cost of goods sold plus operating expenses Question 18 Net income will result if gross profit exceeds purchases. cost of goods sold. operating expenses.


cost of goods sold plus operating expenses. Question 19 Under the perpetual system, cash freight costs incurred by the buyer for the transporting of goods is recorded in which account? Freight-In Inventory Freight Expense Freight-Out Question 20 Financial information is presented below: Operating expenses $ 25000 Sales revenue 175000 Cost of goods sold 125000 The profit margin ratio would be Question 21 Financial information is presented below: Operating expenses $ 31000 Sales returns and allowances 6000 Sales discounts 5000 Sales revenue 180000 Cost of goods sold 87000 The gross profit rate would be


Question 22 Financial information is presented below: Operating expenses $ 54000 Sales returns and allowances 5000 Sales discounts 5000 Sales revenue 206000 Cost of goods sold 109000 Gross Profit would be

$102000. $92000. $97000. $87000 Question 23 The LIFO inventory method assumes that the cost of the latest units purchased are not allocated to cost of goods sold or ending inventory. the first to be allocated to cost of goods sold. the last to be allocated to cost of goods sold. the first to be allocated to ending inventory. Question 24 Which of the following statements is correct with respect to inventories? FIFO seldom coincides with the actual physical flow of inventory.


The FIFO method assumes that the costs of the earliest goods acquired are the last to be sold. It is generally good business management to sell the most recently acquired goods first. Under FIFO, the ending inventory is based on the latest units purchased.

Question 25 All of the following are examples of internal control procedures except reconciling the bank statement. customer satisfaction surveys. insistence that employees take vacations. using prenumbered documents. Question 26 Each of the following is a feature of internal control except recording of all transactions. bonding of employees. an extensive marketing plan. separation of duties. Question 27 For which of the following errors should the appropriate amount be subtracted from the balance per books on a bank reconciliation?


Check written for $95, but recorded by the company as $59 Deposit of $500 recorded by the bank as $50. Check written for $53, but recorded by the company as $35. A returned $200 check recorded by the bank as $20. Question 28 A check written by the company for $126 is incorrectly recorded by a company as $162. On the bank reconciliation, the $36 error should be deducted from the balance per books. added to the balance per bank. added to the balance per books. deducted from the balance per bank. Question 29 The following information was available for Blossom Company at December 31, 2017: beginning inventory $93000; ending inventory $146000; cost of goods sold $676000; and sales $824000. Blossom inventory turnover ratio (rounded) in 2017 was 7.3 times. 4.6 times. 6.9 times. 5.7 times. Question 30 The following information was available for Sheridan Company at December 31, 2017: beginning inventory $80000; ending inventory


$132000; cost of goods sold $644000; and sales $816000. Sheridan days in inventory (rounded) in 2017 was 47.4 days. 45.1 days. 59.8 days. 74.5 days. **********************************************************

ACC 290 Final Exam Guide(Latest) To Purchase This Material Click below Link

For more classes visit www.snaptutorial.com Question 1 The best definition of assets is the collections of resources belonging to the company and the claims on these resources. cash owned by the company. owners’ investment in the business. resources belonging to a company that have future benefit to the company. Question 2 Which of the following is not a liability?


Accounts Payable Accounts Receivable Interest Payable Unearned Service Revenue Question 3 Which of the following financial statements is divided into major categories of operating, investing, and financing activities? The statement of cash flows. The income statement. The balance sheet. The retained earnings statement. Question 4 Ending retained earnings for a period is equal to beginning Retained earnings + Net income – Dividends. Retained earnings – Net income + Dividends Retained earnings – Net income – Dividends. Retained earnings + Net income + Dividends. Question 5 Which of the following is not an advantage of the corporate form of business organization? No personal liability Easy to raise funds Easy to transfer ownership


Favorable tax treatment

Question 6 An advantage of the corporate form of business is that it is simple to establish. it has limited life. its owner’s personal resources are at stake. its ownership is easily transferable via the sale of shares of stock Question 7 A small neighborhood barber shop that is operated by its owner would likely be organized as a proprietorship. partnership. joint venture. corporation.

Question 8 If services are rendered for cash, then stockholders’ equity will decrease. liabilities will increase. liabilities will decrease. assets will increase.


Question 9 A revenue generally increases assets and stockholders’ equity. increases assets and liabilities. increases assets and decreases stockholders’ equity. leaves total assets unchanged. Question 10 A revenue account has a normal balance of a debit. is decreased by credits. is increased by credits. is increased by debits. Question 11 Which accounts normally have debit balances? Assets, expenses, and dividends Assets, expenses, and revenues Assets, expense, and retained earnings Assets, liabilities, and dividends Question 12 In recording an accounting transaction in a double-entry system the number of debit accounts must equal the number of credit accounts. there must only be two accounts affected by any transaction.


there must always be entries made on both sides of the accounting equation. the amount of the debits must equal the amount of the credits. Question 13 The usual sequence of steps in the transaction recording process is journalize, analyze, post to the ledger. post to the ledger, journalize, analyze. analyze, journalize, post to the ledger. journalize, post to the ledger, analyze. Question 14 Under the expense recognition principle expenses are recognized when they contribute to the production of revenue. they are billed by the supplier. they are paid. the invoice is received. Question 15 The revenue recognition principle dictates that revenue should be recognized in the accounting records: in the period that income taxes are paid. when cash is received.


when the performance obligation is satisfied. at the end of the month. Question 16 Merchandising companies that sell to retailers are known as brokers. corporations. wholesalers. service firms. Question 17 Gross profit equals the difference between sales revenue and cost of goods sold. sales revenue and operating expenses. net income and operating expenses. sales revenue and cost of goods sold plus operating expenses Question 18 Net income will result if gross profit exceeds purchases. cost of goods sold. operating expenses. cost of goods sold plus operating expenses.


Question 19 Under the perpetual system, cash freight costs incurred by the buyer for the transporting of goods is recorded in which account? Freight-In Inventory Freight Expense Freight-Out Question 20 Financial information is presented below: Operating expenses $ 25000 Sales revenue 175000 Cost of goods sold 125000 The profit margin ratio would be Question 21 Financial information is presented below: Operating expenses $ 31000 Sales returns and allowances 6000 Sales discounts 5000 Sales revenue 180000 Cost of goods sold 87000 The gross profit rate would be Question 22


Financial information is presented below: Operating expenses $ 54000 Sales returns and allowances 5000 Sales discounts 5000 Sales revenue 206000 Cost of goods sold 109000 Gross Profit would be

$102000. $92000. $97000. $87000 Question 23 The LIFO inventory method assumes that the cost of the latest units purchased are not allocated to cost of goods sold or ending inventory. the first to be allocated to cost of goods sold. the last to be allocated to cost of goods sold. the first to be allocated to ending inventory. Question 24 Which of the following statements is correct with respect to inventories? FIFO seldom coincides with the actual physical flow of inventory. The FIFO method assumes that the costs of the earliest goods acquired are the last to be sold.


It is generally good business management to sell the most recently acquired goods first. Under FIFO, the ending inventory is based on the latest units purchased.

Question 25 All of the following are examples of internal control procedures except reconciling the bank statement. customer satisfaction surveys. insistence that employees take vacations. using prenumbered documents. Question 26 Each of the following is a feature of internal control except recording of all transactions. bonding of employees. an extensive marketing plan. separation of duties. Question 27 For which of the following errors should the appropriate amount be subtracted from the balance per books on a bank reconciliation? Check written for $95, but recorded by the company as $59


Deposit of $500 recorded by the bank as $50. Check written for $53, but recorded by the company as $35. A returned $200 check recorded by the bank as $20. Question 28 A check written by the company for $126 is incorrectly recorded by a company as $162. On the bank reconciliation, the $36 error should be deducted from the balance per books. added to the balance per bank. added to the balance per books. deducted from the balance per bank. Question 29 The following information was available for Blossom Company at December 31, 2017: beginning inventory $93000; ending inventory $146000; cost of goods sold $676000; and sales $824000. Blossom inventory turnover ratio (rounded) in 2017 was 7.3 times. 4.6 times. 6.9 times. 5.7 times. Question 30 The following information was available for Sheridan Company at December 31, 2017: beginning inventory $80000; ending inventory $132000; cost of goods sold $644000; and sales $816000. Sheridan days in inventory (rounded) in 2017 was


47.4 days. 45.1 days. 59.8 days. 74.5 days. **********************************************************

ACC 290 Week 1 Assignment Preparing an Income Statement Retained Earnings Statement and Balance Sheet

For more classes visit www.snaptutorial.com Purpose of Assignment The purpose of this assignment is to help students become familiar with the presentation of the income statement and the retained earnings statement, including how parts of the financial statement is evaluated to determine the operational success of the business. Assignment Steps Resources: Financial Accounting: Tools for Business Decision Making p. 36 Scenario: On June 1, 2017, Elite Service Co. was started with an initial investment in the company of $22,100 cash. Below are the assets, liabilities, and common stock of the company June 30, 2017, and the


revenues and expenses for the month of June, its first month of operations: Cash $ 4,600 Notes payable $12,000 Accounts receivable 4,000 Accounts payable 500 Service revenue 7,500 Supplies expense 1,000 Supplies 2,400 Maintenance and repairs expense 600 Advertising expense 400 Utilities expense 300 Equipment 26,000 Salaries and wages expense 1,400 Common stock 22,100 In June, the company issues no additional stock but paid dividends of $1,400. Prepare an income statement retained earnings statement and balance sheet analyzing your findings using the questions below in a total of 1050 words: • Briefly address whether the company’s first month of operations was a success. • Discuss the company’s decision to distribute a dividend. Use the Excel® spreadsheet to show your work and submit it with your analysis. Click the Assignment Files tab to submit your assignment. **********************************************************

ACC 290 Week 1 Discussion Question 1 To Purchase This Material Click below Link

For more classes visit www.snaptutorial.com ACC 290 Week One - DQ #1


What are the four basic financial statements? What is the primary purpose of each of the four basic financial statements? In your opinion, which financial statement is the most important? Explain why. How would the financial statements be useful to managers and employees? How would the financial statements be useful to investors and creditors? **********************************************************

ACC 290 Week 1 Discussion Question 2 To Purchase This Material Click below Link

For more classes visit www.snaptutorial.com What are debits and credits? How are debits and credits used to record business transactions? Why do accountants debit asset accounts to increase them but credit liability accounts to increase them? Why do accountants debit expenses to increase them but credit revenues to increase them? **********************************************************

ACC 290 Week 1 Individual Assignment Financial Statements Paper


For more classes visit www.snaptutorial.com Individual - Financial Statements Paper - Prepare a 700 -1,050 word paper in which you identify the four basic financial statements. Describe the purpose of each of the four financial statements. Discuss how the financial statements would be useful to internal users, such as to managers and employees. Discuss how the financial statements would be useful to external users, such as investors and creditors. Format paper according to APA standards. **********************************************************

ACC 290 Week 1 Practice Quiz

For more classes visit www.snaptutorial.com Question 1 Current assets are expected to be converted to cash or consumed within the next year or the normal operating cycle, whichever is longer.


Current assets are economic resources that are expected to be converted to cash or used up by the business within one year or the normal operating cycle, whichever is shorter. Question 2 Land or a building which is currently not used in operation is considered to be a long-term investment. A company purchased a tract of land on which it expects to build a production plant on in approximately five years. During the five years before construction, the land will be idle. In what classification should the land be reported? Question 3 Common stock and retained earnings are both elements of stockholders’ equity. Common stock of $50,000 plus retained earnings of $70,000 equals $120,000 in stockholders’ equity. Current liabilities are $10,000, long-term liabilities are $20,000, common stock is $50,000, and retained earnings totals $70,000. How much is total stockholders' equity? Question 4 Net income ($24,000) divided by average shares outstanding (6,000) = $4.00/share. For 2014, Stoneland Corporation reported net income, $24,000; net sales, $400,000; and average shares outstanding, 6,000. There were no preferred stock dividends. How much was the 2014 earnings per share? Question 5 The beginning balance of retained earnings is the ending balance minus net income plus dividends. Working backwards, $X + $402,000 $34,000 = $2,184,000. Therefore, beginning retained earnings = $1,816,000.


At December 31, 2014, Shorts Company had retained earnings of $2,184,000. During 2014, the company issued stock for $98,000, and paid dividends of $34,000. Net income for 2014 was $402,000. How much was the retained earnings balance at the beginning of 2014? Question 6 The current ratio measures liquidity and higher means the company is more liquid. The debt to assets ratio measures solvency and higher is not always better. We don’t know how many outstanding shares each company has so we cannot compare profitability. The following ratios are available for Leer Inc. and Stable Inc. Current Ratio Debt to Assets Ratio Earnings per Share Leer Inc. 2:1 75% $3.50 Stable Inc. 1.5:1 40% $2.75 Question 7 Solvency ratios are good indicators of a company’s ability to survive over an extended period of time. Which of the following ratios measures the ability of the company to survive over a long period of time? Question 8 Free cash flow can be used to pay dividends; acquire property, plant, and equipment; and pay off debts. Question 9 Generally accepted accounting principles, or “GAAP” have substantial authoritative support, and are recognized as a general guide for financial reporting purposes.


Question 10 Management can justify a new method of accounting if the financial information is more meaningful. **********************************************************

ACC 290 Week 1 Vocabulary Activity

For more classes visit www.snaptutorial.com WileyPLUS Assignment: Week 1 Vocabulary Activity Resource: WileyPLUS Complete the following Week 1 Assignment in WileyPLUS: • Chapter 1 WileyPLUS Crossword Puzzle 1 **********************************************************

ACC 290 Week 1 WileyPlus Assignment DI1-3, E1-3,E1-4, E2-4, IFRS2-4

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www.snaptutorial.com WileyPLUS Assignment: Week 1 Assignment Resource: WileyPLUS Complete the following Week 1 Assignment in WileyPLUS: • DO IT! 1-3 • Exercise 1-3 • Exercise 1-4 • Exercise Excel E 2-4 • IFRS 2-4 **********************************************************

ACC 290 Week 2 Chapter 1,2,3 Orion WileyPlus Proficiency and Practice Quiz

For more classes visit www.snaptutorial.com ACC 290 Chapter 1 Orion WileyPlus Build your Proficiency Q 1.1: What is the primary purpose of the statement of cash flows? Q 1.2: Which financial statement summarizes the financial position of a company?


Q 1.3: Which financial statement provides information for a specific point in time? Q 1.4: The reports revenues and expenses and resulting net income or less for a period in time. Q 1.5: The income statement does not report cash received from the sale of stock because it is not considered revenue. Q 1.6: Torres Travel’s stockholders' equity at the beginning of March 2014 was $200,000. During the month, the company earned net income of $50,000 and paid dividends of $10,000. At the end of March 2014, what is the amount of stockholders' equity? Q 1.7: According to the basic accounting equation, must equal liabilities plus stockholders' equity on the balance sheet. Q 1.8: Tonelli Trucking buys a $65,000 truck on credit. Which financial statement will be affected by this transaction? Q 1.9: Which of the following financial statements would be included in an annual report?Q 1.10: An independent audit of an annual report must be completed by a Q 1.11: An owner who wants to have limited liability should form which type of business enterprise? Q 1.12: Which of the following statements about accounting information is true? Q 1.13: Which of the following would NOT be considered internal users of accounting information for a company? Q 1.14: Ethics are the principles of conduct that are used to judge whether decisions are Q 1.15: When a company borrows money from a bank to purchase equipment, this action is called Q 1.16: Companies can borrow money if they need a source of outside funds. Borrowing money is Q 1.17: Purchasing plant assets that a company needs in order to operate is called Q 1.18: The main purpose of operating activities is to Q 1.19: Which of the following components supplement the financial statements in an annual report? Q 1.20: Which of the following is true of a partnership?


ACC 290 Chapter 1 Orion

• Question 1 Corporations generally receive more favorable tax treatment than sole proprietorships and partnerships. • Question 2 In which forms of business organization are the owners personally liable for all the debts of the business? • Question 3 Which of the following is not an external user of accounting data? • Question 4 Which of the following is required as a result of SOX? • Question 5 Which of the following is not one of the three primary business activities? • Question 6 In terms of the principal types of business activities, paying salaries expense is an example of • Question 7 How much was Harold’s net income? • Question 8 In which of the following sequences are the financial statements usually prepared? • Question 9 What section of a cash flow statement shows the cash spent on new equipment during the past accounting period? • Question 10 Which of the following are not considered to be primary users of financial statements in countries outside the U.S.? ACC 290 Chapter 2 Orion WileyPlus Build your Proficiency

Q 2.1: Which of the following are current liabilities? Select all that apply. Q 2.2: Long-term investments include which of the following? Select all that apply.


Q 2.3: The operating cycle of a company is Q 2.4: ________ measure the ability of a company to survive over a long period of time. Q 2.5: measures the net income earned on each share of common stock. Q 2.6: Earnings per share is considered a measure of a company's Q 2.7: A company is more likely to Q 2.8: The difference between current assets and current liabilities Q 2.9: The debt to assets ratio measures the percentage of total financing provided by Q 2.10: Because is a measure of a company's ability to turn assets into cash, it is of particular interest to short-term creditors Q 2.11: Free cash flow describes the net cash Q 2.12: A company reported $50,000 net cash provided by operating activities. It invested $1,000 in equipment and paid $1,000 in dividends. Its free cash flow is Q 2.13: Which of the following questions would be answered by generally accepted accounting principles? Select all that apply. Q 2.14: means that information that is presented is complete, neutral, and free from error. Q 2.15: Which principle would a company be violating if it withheld information that would make a difference to users of financial statements? Q 2.16: According to the historical cost principle, if an asset costs $50,000 when it was purchased, it would be recorded at its ________ over the time the asset is held. Q 2.17: Which of the following can affect stockholders' equity? Select all that apply. Q 2.18: Which of the following statements is true? Q 2.19: What does a current ratio of 1.20:1 mean? Q 2.20: Earnings per share measures the net income earned ACC 290 Chapter 2 Orion


• Question 1 Current assets are economic resources that are expected to be converted to cash or used up by the business within one year or the normal operating cycle, whichever is shorter. • Question 2 A company purchased a tract of land on which it expects to build a production plant on in approximately five years. During the five years before construction, the land will be idle. In what classification should the land be reported? • Question 3 Current liabilities are $10,000, long-term liabilities are $20,000, common stock is $50,000, and retained earnings totals $70,000. How much is total stockholders' equity? • Question 4 For 2014, Stoneland Corporation reported net income, $24,000; net sales, $400,000; and average shares outstanding, 6,000. There were no preferred stock dividends. How much was the 2014 earnings per share? • Question 5 in millions 2011 2010 Net income

$1,277

$1,317

Preferred dividends

-0-0Shares outstanding at beginning of year 419 414 Shares outstanding at end of year 393 419 At December 31, 2014, Shorts Company had retained earnings of $2,184,000. During 2014, the company issued stock for $98,000, and paid dividends of $34,000. Net income for 2014 was $402,000. How much was the retained earnings balance at the beginning of 2014? • Question 6 The current ratio measures liquidity. The debt to assets ratio measures solvency. We don’t know how many outstanding shares each company has, so we cannot compare profitability.


Current Ratio Debt to Assets Ratio Earnings per Share Leer Inc. 2:1 75% $3.50 Stable Inc. 1.5:1 40% $2.75 Compared to Stable Inc., Leer Inc. has Lllustation 2-15 • Question 1 Which of the following ratios measures the ability of the company to survive over a long period of time? • Question 2 For what purpose might a company use free cash flow? • Question 3 What are the accounting rules that have substantial authoritative support and are recognized as a general guide for financial reporting purposes in the U. S.? • Question 4 A company can change to a new method of accounting if management can justify that the new method results in terms of ACC 290 Chapter 3 Orion WileyPlus Build your Proficiency

Q 3.1: Which of the following would be considered an economic event that requires an accounting transaction? Q 3.2: If an asset is increased, there must be a corresponding in another asset. Q 3.3: What is a T-account? Q 3.4: Which of the following statements about credits is true? Q 3.5: Increases in liabilities must be entered on the right or Q 3.6: An account shows a balance if the total of the debit amounts exceeds the credits. Q 3.7: How must each transaction be recorded in the double-entry system?


Q 3.8: The recording process in a journal is useful because ________. Select all that apply. Q 3.9: Which of the following describes the standard form of a journal entry? Q 3.10: Which of the following is true in journalizing? Q 3.11: What is the entire group of accounts maintained by a company called? Q 3.12: What is the usual order of accounts in the general ledger? Q 3.13: The process of transferring journal entry amounts to ledger accounts is called. Q 3.14: The first step in transferring journal entry amounts to ledger accounts involves Q 3.15: On January 14, Welsford Agency purchased supplies of $500 on account. The entry to record the purchase will include Q 3.16: What is a list of accounts and their balances at a given time called? Q 3.17: Which of the following steps is NOT included in preparing a trial balance? Q 3.18: Journalizing with analyzing source documents to determine the effect of the transaction on the journal. Q 3.19: A trial balance may balance even when which of the following occurs? Select all that apply. Q 3.20: When a company performs a service, even if it has not been paid for this service, it still creates

ACC 290 Chapter 3 Orion

• Question 1 Correct! The costs that a firm incurs when operating its business cause retained earnings to decrease.Expenses decrease retained earnings.


• Question 2 Correct! Since assets only decreased $50,000, and liabilities decreased by $90,000, stockholders’ equity has to increase by $40,000 to keep the accounting equation balanced.During 2014, Gibson Company assets decreased $50,000 and its liabilities decreased $90,000. Its stockholders’ equity • Question 3 Correct! Payment of dividends reduces both cash and retained earnings. Payment of a dividend • Question 4 An account is a part of the financial information system and is described by all except which one of the following? • Question 5 Which accounts normally have debit balances? • Question 6 Which of the following is the correct sequence of events? • Question 7 Where is the first place every transaction is recorded? • Question 8 What type of account is unearned revenue? • Question 9 Correct! Accounts will appear in the trial balance in the same order that they appear in the ledger.Accounts are listed on the trial balance in Practice Question 51 • Question 1 Which of the following is not one of the primary types of the financing activities in the statement of cash flows? **********************************************************

ACC 290 Week 2 Charter for Collaborative Learning Activities

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www.snaptutorial.com Resources: Week 2 Learning Team Collaborative Discussion and the Learning Team Charter for Collaborative Learning Activities Write a 150- to 200-word individual response to the following: • Consider the multiple definitions of collaboration. • Define collaboration and how you will apply it in this course based upon the discussion with your Learning Team. Be sure to reference and cite your sources. • Answer the question individually. Click the Assignment Files tab to submit your assignment and be sure to attach a copy of your Learning Team Charter for Collaborative Learning Activities. **********************************************************

ACC 290 Week 2 Discussion Question 1

For more classes visit www.snaptutorial.com What is the revenue recognition principle? What is the expense recognition principle? Why are they important to financial reporting? What are adjusting entries and why are they necessary? What are accruals? Provide examples of accruals. Why do accruals require adjusting entries?


What are deferrals? What are some examples of deferrals? Why do deferrals require adjusting entries? **********************************************************

ACC 290 Week 2 Discussion Question 2

For more classes visit www.snaptutorial.com What accounts are subject to adjusting journal entries and why? How would you explain the purpose of the adjusted trial balance?

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ACC 290 Week 2 E3-1 (New)

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The balance sheet makes sure that the finances are in balance. Below is a list of Thyme Advertising Company, Inc. transactions. Each of these is affected differently. • Issued common stock to investors in exchange for cash received from investors. • Paid monthly rent. • Received cash from customers when service was performed. • Billed customers for services performed. • Paid dividend to stockholders. • Incurred advertising expense on account. • Received cash from customers billed in (4). • Purchased additional equipment for cash. • Purchased equipment on account. **********************************************************

ACC 290 Week 2 LT Reflection Summary (New)

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Discuss the objectives for ACC 290 Week Two. What do you think will be the most important of the skills learned when you are in an accounting position? Differentiate between accrual basis and cash basis of accounting. Create Adjusting Entries. Prepare an adjusted trial balance. Write a 350 to 500 word summary of your Learning Team’s discussion. **********************************************************

ACC 290 Week 2 LT Reflection Summary

For more classes visit www.snaptutorial.com Discuss the objectives for ACC 290 Week Two. What do you think will be the most important of the skills learned when you are in an accounting position? Differentiate between accrual basis and cash basis of accounting. Create Adjusting Entries. Prepare an adjusted trial balance.


Write a 350 to 500 word summary of your Learning Team’s discussion.

ACC 290 Week 2 Practice Quiz

For more classes visit www.snaptutorial.com Question 1 Expenses decrease retained earnings. Question 2 During 2014, Gibson Company assets decreased $50,000 and its liabilities decreased $90,000. Its stockholders’ equity Question 3 Payment of a dividend Question 4 An account is a part of the financial information system and is described by all except which one of the following? Question 5 Which accounts normally have debit balances? Question 6 Which of the following is the correct sequence of events? Question 7 Where is the first place every transaction is recorded? Question 8 What type of account is unearned revenue? Question 9 Accounts are listed on the trial balance in Question 10


Which of the following is not one of the primary types of the financing activities in the statement of cash flows?

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ACC 290 Week 2 Vocabulary Activity

For more classes visit www.snaptutorial.com WileyPLUS Assignment: Week 2 Vocabulary Activity Resource: WileyPLUS Complete the following Week 2 Assignment in WileyPLUS: • Chapter 2 Wiley PLUS Crossword Puzzle 1 **********************************************************

ACC 290 Week 2 WileyPlus Assignment BYP2-2, IFRS2-6, E3-4, E3-8, BYP 3-2, IFRS 3-2, P3-5, P3-6


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WileyPLUS Assignment: Week 2 Assignment Resource: WileyPLUS Complete the following Week 2 Assignment in WileyPLUS: • BYP 2-2 • IFRS 2-6 • Exercise 3-4 • Exercise 3-8 • Exercise 3-10 • BYP 3-2 • IFRS 3-2 • Problem 3-5 • Problem 3-6


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ACC 290 Week 3 Chapter 4,5 Orion WileyPlus Proficiency and Practice Quiz

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ACC 290 Week 3 Chapter 4,5 Orion WileyPlus Proficiency and Practice Quiz ACC 290 Chapter 4 Orion WileyPlus Build your Proficiency Q 4.1: Which of the following statements about accrual-basis accounting is NOT true? Q 4.2: If a company spends $12 million dollars for a warehouse, when should the cost be written off? Q 4.3: If an expense has been used or consumed but a bill has not been received at the end of the accounting period, which of the following is needed? Q 4.4: Which of the following is true about unearned revenues? Q 4.5: Which of the following exemplify an asset-expense relationship? Q 4.6: If an adjustment is needed for unearned revenues, the liability is Q 4.7: Which of the following explains the process of depreciation? Q 4.8: The of an asset is the difference between the cost of a depreciable asset and its related accumulated depreciation.


Q 4.9: From an accounting standpoint, the acquisition of a long-lived asset such as a building can be thought of as a long-term Q 4.10: What does the time period assumption state? Q 4.11: Which of the following are common time periods that businesses use as their accounting period? Select all that apply. Q 4.12: A is an accounting period that is one year long Q 4.13: basis accounting is in accordance with generally accepted accounting principles. Q 4.14: According to the revenue recognition principle, when should revenue be recognized in the accounting period? Q 4.15: Companies must make adjusting entries Q 4.16: Suppose that a company did not make an adjusting entry to record revenue earned but not yet billed to customers. The result of this error would be to Q 4.17: If an adjusting entry for depreciation is NOT made, will be understated. Q 4.18: The adjusted trial balance is the primary basis of the financial statements. Q 4.19: All balance sheet accounts are considered accounts because their balances are carried over into future accounting periods. Q 4.20: Closing entries and a post-closing trial balance are steps in the accounting cycle that occur ACC 290 Chapter 4 Orion ACC 290 Ch 4 practice quiz Practice Question 01 The revenue recognition principle dictates that revenue is recognized in the period in which the cash is received. Practice Question 05 The generally accepted accounting principle which dictates that revenue be recognized in the accounting period in which the performance obligation is satisfied is the Practice Question 10 Which statement is correct?


Practice Question 16 Book value is equal to cost minus accumulated depreciation Practice Question 21 Adjustments for unearned revenues: Practice Question 26 At December 31, 2013, before any year-end adjustments, Macarty Company's Prepaid Insurance account had a balance of $2,700. It was determined that $1,500 of the Prepaid Insurance had expired. The adjusting entry for Insurance Expense for the year would be Practice Question 31 Which of the following is not a typical example of an accrued expense? Practice Question 36 Saira works for a sports franchise which pays wages and salaries earned on a monthly basis. A new accountant was hired by the sports franchise in late May. Due to inexperience, the new accountant failed to accrue Saira’s salary for May. What is the impact on the May 31 financial statements of the sports franchise ? Practice Question 42 At the end of the accounting period, all balance sheet accounts are closed out. Practice Question 53 Which is the correct order of steps in the accounting cycle? ACC 290 Chapter 5 Orion WileyPlus Build your Proficiency

Q 5.1: All of the following would be considered merchandising companies EXCEPT Q 5.2: A department store uses a perpetual inventory system. At yearend, the balance in the merchandise inventory account is $2 million. Assuming that the inventory records have been maintained properly, a year-end physical inventory Q 5.3: In a inventory system, the cost of goods is determined only at the end of the accounting period


Q 5.4: A company receives a discount for paying for merchandise purchased within the discount period. How will the amount of the discount be recorded in a perpetual inventory system? Q 5.5: What does the freight term “FOB destination” mean? Q 5.6: A retailer acquires merchandise for resale. How would this be recorded in a perpetual inventory system? Q 5.7: If the credit terms on a sales invoice read “2/10, n/30,” what does this mean? Q 5.8: In which of the following scenarios would a Sales and Returns and Allowances account NOT be debited? Q 5.9: ________ has a normal credit balance. Q 5.10: Which of the following is NOT a contra revenue account? Q 5.11: In a perpetual inventory system, when is the Cost of Goods Sold account used? Q 5.12: ________ is shown on a multiple-step but not on a single-step income statement. Q 5.13: Why might a company choose to use the single-step income statement? Select all that apply. Q 5.14: At the beginning of January 2014, a company reported inventory of $4,000. During the month, the company made purchases of $17,800. On January 31, 2014, a physical count of inventory reported $4,200 on hand. Find the cost of goods sold for the month. Q 5.15: ________ requires a physical count of goods on hand to compute the cost of goods sold. Q 5.16: During the year, a company’s inventory decreased by $20,000. If the company’s cost of goods sold for the year was $400,000, find the amount for purchases. Q 5.17: How is the gross profit rate computed Q 5.18: How is the profit margin computed? Q 5.19: How is the quality of earnings ratio computed? Q 5.20: How do you calculate the cost of goods for sale if closing inventory is nil? ACC 290 Chapter 5 Orion WileyPlus Build your Proficiency


• Question 1 The operating cycle of a merchandising company is ordinarily shorter than that of a service company. • Question 2 The operating cycle of a merchandising company is ordinarily ___________________ that of a service firm. • Question 3 Jax Company uses a perpetual inventory system and on November 30 purchased merchandise for which it must pay the shipping charges. Which of the following is one part of the required journal entry when Jax pays the shipping charges of $200? • Question 4 Sales Discounts is a contra asset account. • Question 5 Which statement is true when recording the sale of goods for cash in a perpetual inventory system? • Question 6 Net income is $15,000, operating expenses are $20,000, and net sales total $75,000. How much is cost of goods sold? • Question 7 Which one of the following will result in gross profit? • Question 8 Under what system is cost of goods sold determined at the end of an accounting period? • Question 9 Net income is $15,000, operating expenses are $20,000, net sales total $75,000, and sales revenues total $95,000. How much is the profit margin? • Question 10 In a periodic inventory system, when is the cost of the merchandise sold determined?

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ACC 290 Week 3 Discussion Question 1

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www.snaptutorial.com What are the steps in completing the accounting cycle? How do the different steps affect the financial statements? What is the effect on the financial statements of missing a step when completing the accounting cycle? What are the four closing journal entries? Why are they necessary? What are reversing entries? Why are they used? What are the pros and cons of using reversing entries? Why are reversing entries optional? **********************************************************

ACC 290 Week 3 Discussion Question 2

For more classes visit www.snaptutorial.com What are the pros and cons of using reversing entries? Why are reversing entries optional? What is the main purpose of a financial statement worksheet and its benefits? How has automation aided the preparation, accuracy, and use of the financial statement worksheet? **********************************************************

ACC 290 Week 3 Practice Quiz


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Question 1 The revenue recognition principle dictates that revenue is recognized in the period in which the cash is received. Question 2 The generally accepted accounting principle which dictates that revenue be recognized in the accounting period in which the performance obligation is satisfied is the Question 3 Which statement is correct? Question 4 Book value is equal to cost minus accumulated depreciation. Question 5 Adjustments for unearned revenues: Question 6


At December 31, 2013, before any year-end adjustments, Macarty Company's Prepaid Insurance account had a balance of $2,700. It was determined that $1,500 of the Prepaid Insurance had expired. The adjusted balance for Insurance Expense for the year would be Question 7 Which of the following is not a typical example of an accrued expense? Question 8 Saira works for a sports franchise which pays wages and salaries earned on a monthly basis. A new accountant was hired by the sports franchise in late May. Due to inexperience, the new accountant failed to accrue Saira’s salary for May. What is the impact on the May 31 financial statements of the sports franchise? Question 9 At the end of the accounting period, all balance sheet accounts are closed out. Question 10 Which is the correct order of steps in the accounting cycle?

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ACC 290 Week 3 Problem 5-5A (Simon Company)


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Purpose of Assignment The purpose of this assignment is to help you become familiar with the parts of the multiple-step income statement. Assignment Steps Resources: Financial Accounting: Tools for Business Decision Making Scenario: An inexperienced accountant prepared this condensed income statement for Simon Company a retail firm that has been in business for a number of years. SIMON COMPANY Income Statement For the Year Ended December 31, 2017 Revenues Net sales $850,000 Other revenues 22,000 872,000 Cost of goods sold 555,000 Gross profit


317,000 Operating expenses Selling expenses 109,000 Administrative expenses 103,000 212,000 Net earnings $105,000 As an experienced, knowledgeable accountant, you review the statement and determine the following facts: 1. Net sales consist of: sales $911,000, less freight-out on merchandise sold $33,000, an d sales returns and allowances $28,000. 2. Other revenues consist of sales discounts $18,000 and rent revenue $4,000. 3. Selling expenses consist of salespersons’ salaries $80,000, depreciation on equipment $10,000, advertising $13,000, and sales commissions $6,000. The commissions represent commissions paid. At December 21, $3,000 of commissions have been earned by salespersons but have not been paid. All compensation should be recorded as Salaries and Wages Expense. 4. Administrative expenses consist of office salaries $17,000, dividends $18,000, utilities $12,000, interest expense $2,000, and rent expense $24,000, which includes prepayments totaling $6,000 for the first quarter of 2018. Assume a 25% tax rate. Prepare a detailed multi-step income statement with a brief explanation of 700 words. Assume a 25% tax rate. Show your work on the ExcelŽ spreadsheet and submit with your explanation. **********************************************************


ACC 290 Week 3 Vocabulary Activity

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WileyPLUS Assignment: Week 3 Practice Quiz Resource: WileyPLUS Complete the following Week 3 Assignment in WileyPLUS: • Chapter 4 Practice Quiz

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ACC 290 Week 3 WileyPlus Assignment BE4-1, P4-2A, P4-3A, BYP4-1, IFRS PQ-1, PQ-2, PQ-3, PQ-4

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Assignment: Week 3 Assignment Complete the following Week 3 Assignment • Brief Exercise 4-1 • Problem 4-2A • Problem 4-3A • BYP 4-1 • IFRS Practice Question 1 • IFRS Practice Question 2 • IFRS Practice Question 3 • IFRS Practice Question 4 **********************************************************

ACC 290 Week 4 Chapter 6 Orion WileyPlus Proficiency and Practice Quiz

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ACC 290 Chapter 6 Orion WileyPlus Build your Proficiency Q 6.1: Where is inventory reported?


Q 6.2: ________ are items that will eventually be used in production Q 6.3: How is inventory ready for sale classified in a manufacturing company? Q 6.4: In the perpetual inventory system, which of the following is NOT a reason to take physical inventory? Q 6.5: Which of the following is NOT considered an inventory cost? Q 6.6: What is the beginning inventory plus the cost of goods purchased? Q 6.7: A new company purchased three inventory items at the following costs: first purchase $60; second purchase $40; third purchase $50. If the company sells two units for $200, what would the gross profit for the period be, using FIFO costing? Q 6.8: What does the LIFO inventory method assume about the cost of the latest units purchased? Q 6.9: Which inventory flow assumption should a company choose if it is interested in the lowest amount of income tax expense in a period of increasing prices? Q 6.10: Phantom or paper profits can result in periods of inflation when a company is using the Q 6.11: Based on the net income of the shop, the sales staff at Francesca’s Fashions receive performance bonuses. In periods of declining prices, which inventory costing method would bring the sales staff the most benefit? Q 6.12: When determining the cost of inventory items before lower-ofcost-or-market is applied, which of the following costing methods can be used? Q 6.13: How is market defined under the lower-of-cost-or-market basis in valuing inventory? Q 6.14: An error was made with the physical count of goods on hand at the end of a period that resulted in a $25,000 overstatement of the ending inventory. What is the effect of this error on cost of goods sold and net income, respectively? Q 6.15: American Supply sold merchandise on account to Decker Plumbing on March 31. The sales price was $2,300, and the cost of goods sold was $1,500. Sales revenue was reported immediately, but the


cost of goods sold was not reported until April 3. What happened to the net income for March as a result? Q 6.16: To compute the inventory turnover ratio, cost of goods sold should be divided by which of the following? Q 6.17: On December 31, 2012, Jameson reported the following numbers: beginning inventory $80,000; ending inventory $120,000; cost of goods sold $700,000; and sales $1,200,000. What was Jameson’s inventory turnover in 2012? Q 6.18: Where should a company report inventory? Q 6.19: If beginning inventory is understated, which of the following will also be understated? Q 6.20: Managers at Birdie’s Branch Removal, Inc. are confused because they maintain lower inventory amounts than the industry average, but they are a highly successful company, outselling even the big box companies in the chain saw market. Which of the following is the best answer to the managers’ confusion? Q 6.21: Simpson’s Sandals, Inc. has five cases of flip-flops that have not been sold and are part of inventory for more than two years. Each case costs $300 and originally retailed for $500. Each case has a current replacement cost of $200. What is the amount of loss that Simpson’s should report for the year? ACC 290 Chapter 6 Orion • Question 1 When the terms of a sale are FOB destination, legal title to the goods passes to the buyer when the goods reach the buyer's place of business. • Question 2 As a result of a thorough physical inventory, Railway Company determined that it had inventory worth $180,000 at December 31, 2014. This count did not take into consideration the following transactions: • Question 3 Ownership passes to the buyer when the public carrier accepts the goods if the goods are shipped


• Question 4 Inventory costing methods place primary reliance on assumptions about the flow of • Question 5 Which of the following statements is true? • Question 6 In a period of inflation, LIFO produces a higher net income than FIFO. • Question 7 In a period of falling prices, which of the following methods will give the largest net income? • Question 8 What is the underlying rationale for the lower-of-cost-ormarket rule? • Question 9 The following information came from the income statement of the Wilkens Company at December 31, 2014: sales revenue $1,800,000; beginning inventory $160,000; ending inventory $240,000; and gross profit $600,000. What is Wilkens' inventory turnover ratio for 2014? lllustration 6-17 • Question 1 If the ending inventory is overstated, what occurs? **********************************************************

ACC 290 Week 4 Discussion Question 1

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How would you calculate cost of goods sold? What items make up cost of goods sold? How does beginning and ending inventory affect cost of goods sold? What are the journal entries a merchandising organization would use to record the purchase and subsequent sale of merchandise? How would these transactions differ with a periodic versus a perpetual inventory system? Why are perpetual inventory systems so much more popular today than back in the early 1960s and earlier? Why would a company employing a perpetual inventory system still take a physical inventory periodically? **********************************************************

ACC 290 Week 4 Discussion Question 2

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What are the three different inventory cost flow assumptions commonly used in commerce today and allowed by generally accepted accounting principles? How does a company determine what cost flow assumption they should use? How does first in, first out cost flow assumption work? When it is most appropriate to use? How does last in, first out cost flow assumption work? When it is most appropriate to use? How does an average cost flow assumption work? When it is most appropriate to use? **********************************************************


ACC 290 Week 4 Evaluate The Inventory Section Of Two companies Using Basic Comparative Analysis

For more classes visit www.snaptutorial.com The purpose of this assignment is to evaluate the inventory section of two companies using basic comparative analysis, and to interpret the data to gain insight about the company's inventory management. Assignment Steps Resources: Financial Accounting: Tools for Business Decision Making Write a 1,050-word comparative analysis using the financial statements of Amazon.com, Inc. presented in Appendix D, and the financial statements for Wal-Mart Stores, Inc., presented in Appendix E, including the following: 路 Compute these 2014 values for each company based on the information in the financial statements: 路 Inventory turnover (Use cost of sales and inventories) 路 Days of inventory 路 Conclusions concerning the management of the inventory can you draw from this data **********************************************************

ACC 290 Week 4 Practice Quiz


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Question 1 A service company's operating cycle is ordinarily shorter than that of a merchandising company. The operating cycle of a merchandising company is ordinarily shorter than that of a service company. Question 2 Due to the turnover time of inventory, merchandising companies have an operating cycle that is longer than a service company. The operating cycle of a merchandising company is ordinarily ___________________ that of a service firm. Question 3 The cost of having merchandise delivered to the store is part of the cost of getting the inventory ready to sell. All costs incurred to get inventory ready to sell are included as part of Inventory account with a debit. Jax Company uses a perpetual inventory system and on November 30 purchased merchandise for which it must pay the shipping charges. Which of the following is one part of the required journal entry when Jax pays the shipping charges of $200?


Question 4 Sales Discounts is a contra account to Sales Revenue. It is reported on the income statement as a deduction from Sales Revenue. Question 5 Two entries are required. One will record the sale with a debit to cash and a credit to sales revenue. The second entry is to reduce the inventory; debit cost of goods sold and credit inventory. Which statement is true when recording the sale of goods for cash in a perpetual inventory system? Question 6 Sales less cost of goods sold equals gross profit. Subtracting operating expenses from gross profit equals net income. Net income is $15,000, operating expenses are $20,000, and net sales total $75,000. How much is cost of goods sold? Question 7 Cost of goods sold is subtracted from net sales to calculate gross profit. Which one of the following will result in gross profit? Question 8 Under the periodic inventory system, cost of goods sold for the period is calculated by adding purchases for the period to the beginning inventory balance and subtracting the ending inventory balance. Under what system is cost of goods sold determined at the end of an accounting period?


Question 9 Net income ($15,000) divided by net sales ($75,000) equals profit margin of 20%. Net income is $15,000, operating expenses are $20,000, net sales total $75,000, and sales revenues total $95,000. How much is the profit margin? Question 10 Unlike the perpetual system, companies do not attempt to record the cost of merchandise sold on the date of the sale. At the end of the period, a physical inventory is taken to determine the cost of merchandise sold. In a periodic inventory system, when is the cost of the merchandise sold determined? **********************************************************

ACC 290 Week 4 Vocabulary Activity

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WileyPLUS Assignment: Week 4 Vocabulary Activity Resource: WileyPLUS Complete the following Week 4 Assignment in WileyPLUS:


• Chapter 5 Crossword Puzzle 1 **********************************************************

ACC 290 Week 4 Wileyplus Assignment P4-8A, BYP5-1, BYP5-2, BE5-1, BE5-2, IFRS5-2, IFRS5-4, PQ-1, PQ-2, PQ-3

For more classes visit www.snaptutorial.com Week 4 Assignment Complete the following Week 4 Assignment in  Problem 4-8A  Brief Exercise 5-1  Brief Exercise 5-2  BYP 5-1  BYP 5-2  IFRS 5-2  IFRS 5-4  Practice Question 1  Practice Question 2  Practice Question 3 **********************************************************


ACC 290 Week 4Evaluate The Inventory Section Of Two companies Using Basic Comparative Analysis

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The purpose of this assignment is to evaluate the inventory section of two companies using basic comparative analysis, and to interpret the data to gain insight about the company's inventory management. Assignment Steps Resources: Financial Accounting: Tools for Business Decision Making Write a 1,050-word comparative analysis using the financial statements of Amazon.com, Inc. presented in Appendix D, and the financial statements for Wal-Mart Stores, Inc., presented in Appendix E, including the following: 路 Compute these 2014 values for each company based on the information in the financial statements: 路 Inventory turnover (Use cost of sales and inventories) 路 Days of inventory 路 Conclusions concerning the management of the inventory can you draw from this data

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ACC 290 Possible is Everything/snaptutorial.com  

For more classes visit www.snaptutorial.com ACC 290 Final Exam Guide(Latest) ACC 290 Week 1 Assignment Preparing an Income Statement Retain...

ACC 290 Possible is Everything/snaptutorial.com  

For more classes visit www.snaptutorial.com ACC 290 Final Exam Guide(Latest) ACC 290 Week 1 Assignment Preparing an Income Statement Retain...

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