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ACC 300 Week 5 WileyPLUS: Week 5, Assignment, Final Exam

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ACC 300 Week 5 WileyPLUS: Week 5, Assignment, Final Exam

Complete the Week 5, Assignment, Final Exam in WileyPLUS.

IFRS Multiple Choice Question 06


	Your answer is correct.

The United States and the international standard-setting environment are primarily driven by meeting the needs of

investors and creditors.

tax authorities.

central government planners.

academic researchers.

Multiple Choice Question 80


	Your answer is correct.

Issuing shares of stock in exchange for cash is an example of a(n)

delivering activity.

financing activity.

operating activity.

investing activity.

Multiple Choice Question 48

An advantage of the corporate form of business is that

its ownership is easily transferable via the sale of shares of stock.

it is simple to establish.

it has limited life.

its owner’s personal resources are at stake.

Multiple Choice Question 56


	Your answer is correct.

In a classified balance sheet, assets are usually classified as

current assets; long-term investments; tangible assets; and intangible assets.

current assets; long-term assets; property, plant, and equipment; and intangible assets.

current assets; long-term investments; property, plant, and equipment; and common stocks.

current assets; long-term investments; property, plant, and equipment; and intangible assets.

Multiple Choice Question 60

An intangible asset

cannot be classified on the balance sheet because it lacks physical substance.

is worthless because it has no physical substance.

derives its value from the rights and privileges it provides the owner.

is converted into a tangible asset during the operating cycle.

Multiple Choice Question 74


	Your answer is correct.

Ratios that measure the income or operating success of a company for a given period of time are

solvency ratios.

liquidity ratios.

trending ratios.

profitability ratios.

Multiple Choice Question 78


	Your answer is correct.

Use the following data to determine the total amount of working capital.

Bramble Corp.
Balance Sheet
December 31, 2017
Cash		$196000	Accounts payable	$204000
Accounts receivable		154000	Salaries and wages payable	27000
Inventory		162000	Mortgage payable	233500
Prepaid insurance		93600	Total liabilities	$464500
Stock investments (long-term)		271000
Land		268000
Buildings	$306000		Common stock	$394600
Less: Accumulated depreciation	(57000)	249000	Retained earnings	745500
Trademarks		211000	Total stockholders’ equity	$1140100
Total assets		$1604600	Total liabilities and stockholders’ equity	$1604600

$144600

$194600

$374600

$404600

Multiple Choice Question 56


	Your answer is correct.

Collection of a $730 Accounts Receivable

decreases a liability $730; increases stockholders’ equity $730.

decreases an asset $730; decreases a liability $730.

increases an asset $730; decreases an asset $730.

increases an asset $730; decreases a liability $730.

Multiple Choice Question 91


	Your answer is correct.

An account consists of

a title, a debit balance, and a credit balance.

a title, a left side, and a debit balance.

a title, a debit side, and a credit side.

a title, a right side, and a debit balance.

Multiple Choice Question 95


	Your answer is correct.

A debit to an asset account indicates a(n)

error.

credit was made to a liability account.

decrease in the asset.

increase in the asset.

Multiple Choice Question 55


	Your answer is correct.

One of the accounting concepts upon which adjustments for prepayments and accruals are based is:

economic entity.

expense recognition.

cost.

monetary unit.

Multiple Choice Question 118


	Your answer is correct.

Swifty Corporation received $1520 cash for legal services to be rendered in the future. The full amount was credited to the liability account Unearned Service Revenue. If the legal services have been rendered at the end of the accounting period and no adjusting entry is made, this would cause:

liabilities to be understated.

expenses to be overstated.

net income to be overstated.

revenues to be understated.

IFRS Multiple Choice Question 06


	Your answer is correct.

Under International Financial Reporting Standards (IFRS)

Events are recorded in the period in which the event occurs.

Interim period financial statements are either a calendar year or a fiscal year.

A fiscal year is an accounting time period encompassing less than 12 months.

The cash-basis method of accounting is accepted.

Exercise 226 (Part Level Submission)

Financial information is presented here for two companies.

	King Company	Queen Company
Sales revenue	$56,000	?
Sales returns and allowances	?	5,000
Net sales	50,000	80,000
Cost of goods sold	33,000	?
Gross profit	?	32,000
Operating expenses	12,000	?
Net income	?	14,000

(a)


	Your answer is correct.

Compute the missing amounts.

	King Company	Queen Company
Sales revenue	$56,000	$enter a dollar amount
Sales returns and allowances	$enter a dollar amount	5,000
Net sales	50,000	80,000
Cost of goods sold	33,000	$enter a dollar amount
Gross profit	$enter a dollar amount	32,000
Operating expenses	12,000	$enter a dollar amount
Net income	$enter a total net income amount	14,000

(b)


	Your answer is correct.

Calculate the profit margin and the gross profit rate for each company. (Round answers to 2 decimal places, e.g. 15.25%.)

King Company

Queen Company

Profit margin

enter percentages rounded to 2 decimal places

Gross profit rate

enter percentages rounded to 2 decimal places

Multiple Choice Question 176


	Your answer is correct.

When using a periodic inventory system, which statement concerning the computation of cost of goods sold is correct?

The amount of ending inventory is determined on the last day of the accounting period.

Cost of Goods Available for Sale includes net purchases plus the ending inventory.

Purchases represent cash paid for purchases during the accounting period.

Freight-in is ignored.

Multiple Choice Question 40


	Your answer is correct.

Which of the following is not one of the main factors that contribute to fraudulent activity?

Financial pressure.

Opportunity.

Rationalization.

Incompatible duties.

Multiple Choice Question 41

All of the following requirements about internal controls were enacted under the Sarbanes Oxley Act except

companies must develop sound internal controls over financial reporting.

independent outside auditors must attest to the level of internal control.

companies must continually assess the functionality of internal controls.

independent outside auditors must eliminate redundant internal controls.

Multiple Choice Question 44


	Your answer is correct.

All of the following are examples of internal control procedures except

using prenumbered documents.

reconciling the bank statement.

customer satisfaction surveys.

insistence that employees take vacations.

Multiple Choice Question 166


	Your answer is correct.

The following information was taken from Bramble Corp. cash budget for the month of July:

Beginning cash balance		$123000
Cash receipts		118000
Cash disbursements		167000

If the company has a policy of maintaining an end of the month cash balance of $123000, the amount the company would have to borrow is

$24500.

$73500.

$35000.

$49000.

Multiple Choice Question 75


	Your answer is correct.

The expense recognition

is not involved in the decision of when to expense a credit loss.

requires that all credit losses be recorded when an individual customer cannot pay.

necessitates the recording of an estimated amount for bad debts.

results in the recording of a known amount for bad debt losses.

Multiple Choice Question 150


	Your answer is correct.

The interest on a $21000, 6%, 90-day note receivable is

$1260.

$105.

$210.

$315.

Multiple Choice Question 176


	Your answer is correct.

The accounts receivable turnover is computed by dividing

net credit sales by average receivables.

net credit sales by ending receivables.

total sales by average receivables.

total sales by ending receivables.

Multiple Choice Question 171


	Your answer is correct.

The following selected amounts are available for Sheffield Corp..

Retained earnings (beginning)	$3750
Net loss	225
Cash dividends declared	230
Stock dividends declared	235

What is its ending Retained Earnings balance?

$3060.

$3295.

$3425.

$3525.

Multiple Choice Question 123


	Your answer is correct.

Which one of the following is not necessary in order for a corporation to pay a cash dividend?

Declared dividends.

Approval of stockholders.

Retained earnings.

Adequate cash.

Multiple Choice Question 143


	Your answer is correct.

Reporting investments at fair value is

a conservative approach because only losses are recognized.

applicable to equity securities only.

applicable to debt securities only.

applicable to both debt and equity securities.

Multiple Choice Question 46


	Your answer is correct.

Which of the following income statement figures would probably be the best indicator of a company’s future performance?

Income from operations

Gross profit

Net income

Total revenues

Multiple Choice Question 51


	Your answer is correct.

All of the following statements regarding changes in accounting principles are true except which of the following?

Most changes in accounting principles are retroactively reported.

Consistency is one of the biggest concerns when a change in accounting principle is undertaken.

Changes in accounting principles are allowed when new principles are preferable to old ones.

Most changes in accounting principles are only reported in current periods when the principle change takes place.

Multiple Choice Question 81


	Your answer is correct.

Horizontal analysis is a technique for evaluating a series of financial statement data over a period of time

that has been arranged from the highest number to the lowest number.

that has been arranged from the lowest number to the highest number.

to determine which items are in error.

to determine the amount and/or percentage increase or decrease that has taken place.

IFRS Multiple Choice Question 01


	Your answer is correct.

Under IFRS, there is no classification for

changes in accounting principles.

discontinued operations.

extraordinary items.

changes in accounting estimates.

Multiple Choice Question 154


	Your answer is correct.

The current assets of Whispering Winds Corp. are $311500. The current liabilities are $135000. The current ratio expressed as a proportion is

.0.43:1.

$135000 ÷ $311500.

231%.

2.31:1.