ACC 290 Entire Course

ACC 290 Entire Course 2015 Latest Version A+ Study Guide
Entire Course: Everything Inlcuded

ACC 290 Week 1 Assignment WileyPLUS Assignment
Click Assignment: Week 1 Assignment within WileyPLUS to complete the following exercises:
• DO IT! 1-3
• Exercise 1-3
• Exercise 1-4
• Exercise Excel E 2-4
• IFRS 2-4
Resource: WileyPLUS
Click Assignment: Week 1 Assignment within WileyPLUS to complete the following exercises:
• DO IT! Review 1-3
• Exercise 1-3
• Exercise 1-4
• Exercise 2-4
• IFRS 2-4


ACC 290 Week 2 Assignment WileyPLUS Assignment
Resource: WileyPLUS
Click Assignment: Week 2 Assignment within WileyPLUS to complete the following exercises:
• BYP 2-2
• IFRS 2-6
• Exercise 3-4
• BYP 3-2
• IFRS 3-2
• Problem 3-5
• Problem 3-6

Resource: WileyPLUS
Click Assignment: Week 2 Assignment within WileyPLUS to complete the following exercises:
• BYP 2-2
• IFRS 2-6
• Exercise 3-4
• Exercise 3-8
• Exercise 3-10
• BYP 3-2
• IFRS 3-2
• Problem 3-5A
• Problem 3-6A





ACC 290 Week 3 Assignment WileyPLUS Assignment
Resource: WileyPLUS
Click Assignment: Week 3 Assignment within WileyPLUS to complete the following exercises:
• 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
Resource: WileyPLUS
Click Assignment: Week 3 Assignment within WileyPLUS to complete the following exercises:
• 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 Assignment WileyPLUS Assignment
Resource: WileyPLUS
Click Assignment: Week 4 Assignment within WileyPLUS to complete the following exercises:
• Problem 4-8A
• BYP 5-1
• BYP 5-2
• Question 2
• Brief Exercise 5-1
• Brief Exercise 5-2
• IFRS 5-2
• IFRS 5-4
• Practice Question 1
• Practice Question 2
• Practice Question 3

Resource: WileyPLUS
Click Assignment: Week 4 Assignment within WileyPLUS to complete the following exercises:
• 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 5 Assignment WileyPLUS Assignment
Resource: WileyPLUS
Click Assignment: Week 5 Assignment within WileyPLUS to complete the following exercises:
• IFRS Practice Question 1
• IFRS Practice Question 2
• Brief Exercise 6-5
• Brief Exercise 6-7
• BYP 6-1
• BYP 6-2
• Brief Exercise 7-4
• Brief Exercise 7-6

Resource: WileyPLUS
Click Assignment: Week 5 Assignment within WileyPLUS to complete the following exercises:
• IFRS Practice Question 1
• IFRS Practice Question 2
• Brief Exercise 6-5
• Brief Exercise 6-7
• BYP 6-1
• BYP 6-2
• Brief Exercise 7-4
• Brief Exercise 7-6

ACC 290 WileyPLUS Final Examination
Resource: WileyPLUS
Click Assignment: Final Examination within WileyPLUS to complete the exam. You are allowed one attempt to complete the exam. Results are auto graded and sent to your instructor.
(Note. Final Examination questions are adapted from Financial Accounting: Tools for Business Decision Making.)


Question 1



Your answer is correct.
Jackson Company recorded the following cash transactions for the year:

Paid $135,000 for salaries.
Paid $60,000 to purchase office equipment.
Paid $15,000 for utilities.
Paid $6,000 in dividends.
Collected $245,000 from customers.

What was Jackson’s net cash provided by operating activities?



$110,000

$35,000

$89,000

$95,000




Question 2



Your answer is correct.
Which of the following describes the classification and normal balance of the Unearned Rent Revenue account?



Revenues, credit

Liability, credit

Expense, debit

Asset, debit




Question 3



Your answer is correct.
Posting



should be performed in account number order.

accumulates the effects of journalized transactions in the individual accounts.

involves transferring all debits and credits on a journal page to the trial balance.

is accomplished by examining ledger accounts and seeing which ones need updating


Question 4



Your answer is correct.
The following is selected information from L Corporation for the fiscal year ending October 31, 2014.

Cash received from customers $300,000
Revenue earned 390,000
Cash paid for expenses 170,000
Cash paid for computers on November 1, 2013 that will be used for 3 years 48,000
Expenses incurred including any depreciation 216,000
Proceeds from a bank loan, part of which was used to pay for the computers 100,000

Based on the accrual basis of accounting, what is L Corporation’s net income for the year ending October 31, 2014?


$220,000

$174,000

$204,000

$158,000




Question 5



Your answer is correct.
La More Company had the following transactions during 2013.
• Sales of $4,500 on account
• Collected $2,000 for services to be performed in 2014
• Paid $1,325 cash in salaries
• Purchased airline tickets for $250 in December for a trip to take place in 2014

What is La More’s 2013 net income using cash basis accounting?


$675

$5,175

$425

$4,925




Question 6
Your answer is correct. Which one of the following is not a justification for adjusting entries?


Adjusting entries are necessary to bring the general ledger accounts in line with the budget. Adjusting entries are necessary to ensure that the revenue recognition principle is followed. Adjusting entries are necessary to ensure that the expense recognition principle is followed. Adjusting entries are necessary to enable financial statements to be in conformity with GAAP.
Question 7
Your answer is correct. The Vintage Laundry Company purchased $6,500 worth of laundry supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indi-cated only $1,000 on hand. The adjusting entry that should be made by the company on June 30 is:


debit Laundry, $1,000; credit Laundry Supplies Expense, $1,000. debit Laundry Expense, $5,500; credit Laundry Supplies, $5,500. debit Laundry Expense, $1,000; credit Laundry Supplies, $1,000. debit Laundry, $5,500; credit Laundry Supplies Expense, $5,500. Question 8
Your answer is correct. Similarities between International Financial Reporting Standards (IFRS) and U.S. GAAP in-clude all of the following except


Cash-basis accounting is not in accordance with either IFRS or U.S. GAAP. The form and content of financial statements are very similar under IFRS and U.S. GAAP. Both IFRS and U.S. GAAP allow revaluation of items such as land and buildings to fair value. Both IFRS and U.S. GAAP divide the economic life of companies into artificial time periods.

Question 9
Your answer is correct. Conway Company purchased merchandise inventory with an invoice price of $9,000 and credit terms of 2/10, n/30. What is the net cost of the goods if Conway Company pays within the discount period?


$8,820 $8,100 $8,280 $9,000
Question 10
Your answer is correct. Stan’s Market recorded the following events involving a recent purchase of inventory:
Received goods for $90,000, terms 2/10, n/30.
Returned $1,800 of the shipment for credit.
Paid $450 freight on the shipment.
Paid the invoice within the discount period.
As a result of these events, the company’s inventory


increased by $86,877. increased by $88,650. increased by $86,886. increased by $86,436. Question 11
Your answer is correct. Financial information is presented below:
Operating expenses$36,000Sales revenue150,000Cost of goods sold105,00


Gross profit would be


$114,000. $24,000. $36,000. $45,000.
Question 12



Your answer is correct.
At December 31, 2014 Mohling Company’s inventory records indicated a balance of $602,000. Upon further investigation it was determined that this amount included the following:

▪ $112,000 in inventory purchases made by Mohling shipped from the seller 12/27/14 terms FOB destination, but not due to be received until January 2nd
▪ $74,000 in goods sold by Mohling with terms FOB destination on December 27th. The goods are not expected to reach their destination until January 6th
▪ $6,000 of goods received on consignment from Dollywood Company

What is Mohling’s correct ending inventory balance at December 31, 2014?



$484,000

$490,000

$596,000

$410,000




Question 13



Your answer is correct.
Olympus Climbers Company has the following inventory data:

July 1 Beginning inventory 20 units at $19 $380
7 Purchases 70 units at $20 1,400
22 Purchases 10 units at $22 220
$2,000

A physical count of merchandise inventory on July 30 reveals that there are 32 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is



$620.

$1,380.

$660.

$1,340.




Question 14



Your answer is correct.
If companies have identical inventoriable costs but use different inventory flow assumptions when the price of goods have not been constant, then the



ending inventory of the companies will be identical.

net income of the companies will be identical.

cost of goods sold of the companies will be identical.

cost of goods purchased during the year will be identical.


Question 15



Your answer is correct.
Jenks Company developed the following information about its inventories in applying the lower of cost or market (LCM) basis in valuing inventories:

Product Cost Market
A $57,000 $60,000
B 40,000 38,000
C 80,000 81,000

If Jenks applies the LCM basis, the value of the inventory reported on the balance sheet would be



$175,000.

$181,000.

$177,000.

$179,000.




Question 16



Your answer is correct.
The following information was available for Bowyer Company at December 31, 2014: beginning inventory $90,000; ending inventory $70,000; cost of goods sold $880,000; and sales $1,200,000. Bowyer’s inventory turnover ratio in 2014 was



11.0 times.

15.0 times.

12.6 times.

9.8 times.


Question 17



Your answer is correct.
Use the following data to determine the total dollar amount of assets to be classified as property, plant, and equipment.
Eddy Auto Supplies
Balance Sheet
December 31, 2014
Cash $84,000 Accounts payable $110,000
Accounts receivable 80,000 Salaries and wages payable 20,000
Inventory 140,000 Mortgage payable 180,000
Prepaid insurance 60,000 Total liabilities $310,000
Stock Investments 170,000
Land 190,000
Buildings $226,000 Common stock $240,000
Less: Accumulated depreciation (40,000) 186,000 Retained earnings 500,000
Trademarks 140,000 Total stockholders' equity $740,000
Total assets $1,050,000 Total liabilities and stockholders' equity $1,050,000



$556,000

$686,000

$516,000

$376,000




Question 18



Your answer is correct.
Accounting information is relevant to business decisions because it



confirms prior expectations.

is prepared on an annual basis.

is neutral in its representations.

has been verified by external audit.




Question 19



Your answer is correct.
Howard Company had a transaction that caused a $5,000 increase in both assets and total liabilities. This transaction could have been a(n)



repayment of a $5,000 bank loan.

purchase of office equipment for $12,000, paying $7,000 cash and issuing a note payable for the balance.

investment of $5,000 cash in the business by the stockholders.

purchase of office equipment for $5,000 cash.


Question 20



Your answer is correct.
Can financial statements be prepared directly from the adjusted trial balance?



No, the adjusted trial balance merely proves the equality of the total debit and total credit balances in the ledger after adjustments are posted. It has no other purpose.

Yes, adjusting entries have been recorded in the general journal and posted to the ledger accounts.

They can because that is the only reason that an adjusted trial balance is prepared.

They cannot. The general ledger must be used.


Question 21
Which trial balance will consist of the greatest number of accounts?



Adjusted trial balance

Post-closing trial balance

Trial balance

All of these answer choices will contain the same number of accounts.




Question 22



Your answer is correct.
All of the following are required steps in the accounting cycle except:



preparing a work sheet.

preparing an adjusted trial balance.

preparing a post-closing trial balance.

journalizing and posting closing entries.




Question 23



Your answer is correct.
A sales discount does not



provide the purchaser with a cash saving.

increase a contra revenue account.

increase an operating expense account.

reduce the amount of cash received from a credit sale.




Question 24



Your answer is correct.
American Importers reports net income of $50,000 and cost of goods sold of $450,000. If the company’s gross profit rate was 40%, net sales were



$750,000.

$1,125,000.

$825,000.

$1,175,000.




Question 25



Your answer is correct.
The manager of Weiser is given a bonus based on net income before taxes. The net income after taxes is $35,700 for FIFO and $29,400 for LIFO. The tax rate is 30%. The bonus rate is 20%. How much higher is the manager's bonus if FIFO is adopted instead of LIFO?



$1,800

$9,000

$6,300

$12,600




Question 26
Classic Floors has the following inventory data:

July 1 Beginning inventory 15 units at $6.00
5 Purchases 60 units at $6.60
14 Sale 40 units
21 Purchases 30 units at $7.20
30 Sale 28 units

Assuming that a perpetual inventory system is used, what is the cost of goods sold on a LIFO basis for July?



$465.60

$236.40

$702.00

$348.00




Question 27



(because 15*8 + 60*8.80 - 40*8.80 + 30*9.60 - 28*9.60 = 315.20)
Classic Floors has the following inventory data:

July 1 Beginning inventory 15 units at $6.00
5 Purchases 60 units at $6.60
14 Sale 40 units
21 Purchases 30 units at $7.20
30 Sale 28 units

Assuming that a perpetual inventory system is used, what is the value of ending inventory on a LIFO basis for July?



$702.00

$354.00

$236.40

$465.60




Question 28



Your answer is correct.
Which of the following is not one of the main factors that contribute to fraudulent activity?



Opportunity.

Incompatible duties.

Financial pressure.

Rationalization.




Question 29



Your answer is correct.
What is the rationale for the internal control principle, segregation of duties?



Segregation of duties causes companies to hire more employees and thus it supports the economy.

History has shown that employees are generally dishonest and thus cannot be entrusted with performing related duties.

Control is most effective when only one person is responsible for a give task.

The work of one employee should, without duplication of effort, provide a reliable basis for evaluating the work of another employee.




Question 30



Your answer is correct.
Under IFRS



comparative prior-period information is not required, but financial statements must be provided annually.

comparative prior-period information must be presented, but financial statements need not be provided annually.

comparative prior-period information is not required, but financial statements need not be provided annually.

comparative prior-period information must be presented, and financial statements must be provided annually.

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