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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 Comparing IFRS to GAAP Paper
Write a 700- to 1,050-word summary of your team’s discussion regarding IFRS versus. GAAP. The summary should be structured in a subject-by-subject format. Include an introduction and a conclusion. Your discussion should include the answers to the following:
- IFRS 2-1: In what ways does the format of a statement of financial or position under IFRS often differ from a balance sheet presented under GAAP?
- IFRS 2-2: Do the IFRS and GAAP conceptual frameworks differ in terms of the objective of financial reporting? Explain.
- IFRS 2-3: What terms commonly used under IFRS are synonymous with common stock and balance sheet?
- IFRS 3-1: Describe some of the issues the SEC must consider in deciding whether the United States should adopt IFRS.
- IFRS 4-1: Compare and contrast the rules regarding revenue recognition under IFRS versus GAAP.
- IFRS 4-2: Under IFRS, do the definitions of revenues and expenses include gains and losses? Explain.
- IFRS 7-1: Some people argue that the internal control requirements of the Sarbanes-Oxley Act (SOX) of 2002 put U.S. companies at a competitive disadvantage to companies outside the United States. Discuss the competitive implications (both pros and cons) of SOX.
Format your paper consistent with APA guidelines.
Use your Financial Accounting text and at least two additional scholarly-reviewed references.
Click the Assignment Files tab to submit your assignment.
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
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?
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Question 2
Which of the following describes the classification and normal balance of the Unearned Rent Revenue account?
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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
The following is selected information from L Corporation for the fiscal year ending October 31, 2014.
Based on the accrual basis of accounting, what is L Corporation’s net income for the year ending October 31, 2014?
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Question 5
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?
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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 statement |
| s 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 eco |
| nomic 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 ans |
| wer 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 |
| $36,000 |
| Sal |
| es revenue |
| 150,000 |
Cost of goods sold105,000
Gross profit would be
$114,000.
$24,000.
$36,000.
$45,000.
Question 12
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?
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Question 13
Olympus Climbers Company has the following inventory data:
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
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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
Jenks Company developed the following information about its inventories in applying the lower of cost or market (LCM) basis in valuing inventories:
If Jenks applies the LCM basis, the value of the inventory reported on the balance sheet would be
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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
Use the following data to determine the total dollar amount of assets to be classified as property, plant, and equipment.
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Question 18
Accounting information is relevant to business decisions because it
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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?
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Question 22
All of the following are required steps in the accounting cycle except:
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Question 23
A sales discount does not
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Question 24
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
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Question 25
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?
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| Question 26 Classic Floors has the following inventory data:
Assuming that a perpetual inventory system is used, what is the cost of goods sold on a LIFO basis for July?
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Question 27
Classic Floors has the following inventory data:
Assuming that a perpetual inventory system is used, what is the value of ending inventory on a LIFO basis for July?
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Question 28
Which of the following is not one of the main factors that contribute to fraudulent activity?
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Question 29
What is the rationale for the internal control principle, segregation of duties?
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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. |