ACC 291 Entire Course and Final Guide

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ACC 291 is a online tutorial store we provides ACC 291

Entire Course And Final Guide You can find here

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ACC 291 Final Exam Guide (New)

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Question 1 An aging of a company's accounts

receivable indicates that $4,500 are estimated to be
uncollectible. If Allowance for Doubtful Accounts has a
$1,200 credit balance, the adjustment to record bad
debts for the period will require a
Question 2 The financial statements of the Melton
Manufacturing Company reports net sales of $300,000
and accounts receivable of $50,000 and $30,000 at the
beginning of the year and end of year, respectively.
What is the average collection period for accounts
receivable in days?
Question 3 Stine Company purchased machinery with
a list price of $64,000. They were given a 10% discount
by the manufacturer. They paid $400 for shipping and
sales tax of $3,000. Stine estimates that the machinery
will have a useful life of 10 years and a residual value
of $20,000. If Stine uses straight-line depreciation,
annual depreciation will be
Question 4 On January 1, a machine with a useful life of
five years and a residual value of $40,000 was
purchased for $120,000. What is the depreciation
expense for year 2 under the double-declining-balance
method of depreciation?
Question 5 As a recent graduate of State University
you're aware that IFRS requires component
depreciation for plant assets. A friend has asked you to
succinctly explain what component depreciation
means. Which of the following ly describes component
depreciation?

Question 6 Given the following account balances at

year end, compute the total intangible assets on the
balance sheet of Janssen Enterprises.
Cash $1,500,000
Accounts Receivable 4,000,000
Trademarks 1,000,000
Goodwill 2,500,000
Research & Development Costs 2,000,000
Question 7 Bonds with a face value of $300,000 and a
quoted price of 97 have a selling price of
Question 8 Sparks Company received proceeds of
$423,000 on 10-year, 8% bonds issued on January 1,
2013. The bonds had a face value of $400,000, pay
interest annually on December 31st, and have a call
price of 102. Sparks uses the straight-line method of
amortization. What is the carrying value of the bonds
on January 1, 2015?
Question 9 S. Lawyer performed legal services for E.
Corp. Due to a cash shortage, an agreement was
reached whereby E. Corp. would pay S. Lawyer a legal
fee of approximately $15,000 by issuing 8,000 shares
of its common stock (par $1). The stock trades on a
daily basis and the market price of the stock on the day
the debt was settled is $1.80 per share. Given this
information, the best journal entry for E. Corp. to record
for this transaction is
Question 10 Logan Corporation issues 50,000 shares
of $50 par value preferred stock for cash at $60 per

share. The entry to record the transaction will consist

of a debit to Cash for $3,000,000 and a credit or credits
to
Question 11 Jahnke Corporation issued 8,000 shares of
2 par value ordinary shares for 11 per share. The
journal entry to record the sale will include
Question 12 Zoum Corporation had the following
transactions during 2014:
1.
Issued $125,000 of par value common stock for
cash.
2.

Recorded and paid wages expense of $60,000.

3.
Acquired land by issuing common stock of par
value $50,000.
4.

Declared and paid a cash dividend of $10,000.

Question 13 Colie Company had an increase in

inventory of $120,000. The cost of goods sold was
$490,000. There was a $30,000 decrease in accounts
payable from the prior period. Using the direct method
of reporting cash flows from operating activities, what
were Colie's cash payments to suppliers?
Question 14 Each of the following items may be
classified as operating or financing activities under
IFRS except
Question 15 The current assets of Orangatte Company
are $227,500. The current liabilities are $130,000. The
current ratio expressed as a proportion is

Question 16 All of the following requirements about

internal controls were enacted under the Sarbanes
Oxley Act of 2002 except:
Question 17 Which of the following is not an internal
control activity for cash?
Question 18 Before a check authorization is issued, the
following documents must be in agreement, except for
the
Question 19 Mitchell Corporation bought equipment on
January 1, 2014 .The equipment cost $180,000 and had
an expected salvage value of $30,000. The life of the
equipment was estimated to be 6 years. The book
value of the equipment at the beginning of the third
year would be
Question 20Brevard Corporation purchased a taxicab
on January 1, 2013 for $25,500 to use for its shuttle
business. The cab is expected to have a five-year
useful life and no salvage value. During 2014, it
retouched the cab's paint at a cost of $1,200, replaced
the transmission for $3,000 (which extended its life by
an additional 2 years), and tuned-up the motor for
$150. If Brevard Corporation uses straight-line
depreciation, what annual depreciation will Brevard
report for 2014?
Question 21 On July 1, 2014, Fleming Company sells
machinery for $120,000. The machinery originally cost
$300,000, had an estimated 5-year life and an
expected salvage value of $50,000. The Accumulated
Depreciation account had a balance of $175,000 on

January 1, 2014, using the straight-line method. The

gain or loss on disposal is
Question 22 On July 1, 2014, Linden Company
purchased the copyright to Norman Computer Tutorials
for $140,000. It is estimated that the copyright will
have a useful life of 5 years. The amount of
Amortization Expense recognized for the year 2014
would be

Question 23 The following totals for the month of April

were taken from the payroll records of Metz Company.
Salaries $30,000
FICA taxes withheld 2,295
Income taxes withheld 6,600
Medical insurance deductions 1,200
Federal unemployment taxes 240
State unemployment taxes 1,500
Question 24 Thayer Company purchased a building
on January 2 by signing a long-term $2,520,000
mortgage with monthly payments of $23,100. The
mortgage carries an interest rate of 10 percent. The
amount owed on the mortgage after the first payment
will be
Question 25
The following data is available for BOX Corporation at
December 31, 2014:

Common stock, par $10 (authorized 30,000 shares)

$250,000
Treasury stock (at cost $15 per share) $1,200
Based on the data, how many shares of common stock
are outstanding?
Question 26
Indicate the respective effects of the declaration of a
cash dividend on the following balance sheet sections:
Question 27 Assume the following cost of goods sold
data for a company:
2015 $1,300,000
2014 1,200,000
2013 1,000,000
If 2013 is the base year, what is the percentage
increase in cost of goods sold from 2013 to 2015?
Question 28
A company has an average inventory
on hand of $75,000 and its average days in inventory is
36.5 days. What is the cost of goods sold?
Question 29
The following information is available for
Patterson Company:
2014

2013

Question 30 Your answer has been saved and sent for

grading. See Grade book for score details.
All of the following situations below might indicate a
company has a low quality of earnings except

Question 31 IFRS

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ACC 291 Final Exam Guide

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we have another New set of Final Exam Guide which

could be found on this link

1)Hahn Company uses the percentage of sales method

for recording bad debts expense. For the year, cash
sales are $300,000 and credit sales are $1,200,000.
Management estimates that 1% is the sales percentage

to use. What adjusting entry will Hahn Company make

to record the bad debts expense?
2) Using the percentage of receivables method for
recording bad debts expense, estimated uncollectible
accounts are $15,000. If the balance of the Allowance
for Doubtful Accounts is $3,000 credit before
adjustment, what is the amount of bad debts expense
for that period?
3) Intangible assets
4) Intangible assets are the rights and privileges that
result from ownership of long-lived assets that
5) The book value of an asset is equal to the
6) Gains on an exchange of plant assets that has
commercial substance are
7) Ordinary repairs are expenditures to maintain the
operating efficiency of a plant asset and are referred to
as
8) Costs incurred to increase the operating efficiency or
useful life of a plant asset are referred to as

9) When an interest-bearing note matures, the balance

in the Notes Payable account is
10) The interest charged on a $200,000 note payable,
at a rate of 6%, on a 2-month note would be
11) If a corporation issued $3,000,000 in bonds which
pay 10% annual interest, what is the annual net cash
cost of this borrowing if the income tax rate is 30%?
12) Hilton Company issued a four-year interest-bearing
note payable for $300,000 on January 1, 2011. Each
January the company is required to pay $75,000 on the
note. How will this note be reported on the December
31, 2012 balance sheet?
13) A corporation issued $600,000, 10%, 5-year bonds
on January 1, 2011 for 648,666, which reflects an
effective-interest rate of 8%. Interest is paid
semiannually on January 1 and July 1. If the corporation
uses the effective-interest method of amortization of
bond premium, the amount of bond interest expense to
be recognized on July 1, 2011, is
14) When the effective-interest method of bond
discount amortization is used
15) If a corporation has only one class of stock, it is
referred to as

16) Capital stock to which the charter has assigned a

value per share is called
17) ABC, Inc. has 1,000 shares of 5%, $100 par value,
cumulative preferred stock and 50,000 shares of $1 par
value common stock outstanding at December 31,
2011. What is the annual dividend on the preferred
stock?
18) Manner, Inc. has 5,000 shares of 5%, $100 par
value, noncumulative preferred stock and 20,000
shares of $1 par value common stock outstanding at
December 31, 2011. There were no dividends declared
in 2010. The board of directors declares and pays a
$45,000 dividend in 2011. What is the amount of
dividends received by the common stockholders in
2011?
19) When the selling price of treasury stock is greater
than its cost, the company credits the difference to
20) The purchase of treasury stock
21) Marsh Company has other operating expenses of
$240,000. There has been an increase in prepaid
expenses of $16,000 during the year, and accrued
liabilities are $24,000 lower than in the prior period.
Using the direct method of reporting cash flows from
operating

22) Where would the event purchased land for cash

appear, if at all, on the indirect statement of cash
flows?
23) In performing a vertical analysis, the base for cost
of goods sold is
A. total selling expenses
24) Blanco, Inc. has the following income statement (in
millions):
Using vertical analysis, what percentage is assigned to
Net Income?
25) Dawson Company issued 500 shares of no-par
common stock for $4,500. Which of the following
journal entries would be made if the stock has a stated
value of $2 per share?
26) Andrews, Inc. paid $45,000 to buy back 9,000
shares of its $1 par value common stock. This stock
was sold later at a selling price of $6 per share. The
entry to record the sale includes a
27) Which of the following is a fundamental factor in
having an effective, ethical corporate culture?

28) Two individuals at a retail store work the same cash

register. You evaluate this situation as
29) The Sarbanes-Oxley Act imposed which new
penalty for executives?
30) The Sarbanes-Oxley Act requires that all publicly
traded companies maintain a system of internal
controls. Internal controls can be defined as a plan to

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ACC 291 Week 1 Discussion Question 1

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How would you describe the entries to record the

disposition of accounts receivables?

What is their function?

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ACC 291 Week 1 Discussion Question 2

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How are bad debts accounted for under the direct

write-off method?

What are the disadvantages of this method?

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ACC 291 Week 1 Wileyplus Assignment E8-4, E811, BYP8-1, and BYP8-2 (New)

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Wiley Plus Assignment Week 1

E8-4, E8-11, BYP8-1, and BYP8-2 in MS Excel
Exercise 8-4 Wainwright Company
Exercise 8-11 Fedex Corporation
Broadening your Perspective 8-1 Tootsie Roll
Broadening your Perspective 8-2 Tootsie Roll and
Hershey

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ACC 291 Week 2 - Fordyce and Atwater (New)

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P10-5A
Fordyce Electronics issues a $400,000, 8%, 10-year
mortgage note on December 31, 2007. The proceeds
from the note are to be used in financing a new
research laboratory. The terms of the note provide for
semiannualinstallment payments, exclusive of real
estate taxes and insurance, of $29,433. Payments are
due June 30 and December 31.
Complete the installment payments schedule for the
first 2 years. (Round answers to 0 decimal places, e.g.
125. Use rounded amounts for future calculations.)
Prepare the entries for (1) the loan and (2) the first two
installment payments. (For multiple debit/credit
entries, list amounts from largest to smallest eg 10, 5,
3,

2.) Show how the total mortgage liability should be

reported on the balance sheet at December 31, 2008.
P10-6A
On July 1, 2011, Atwater Corporation issued $2,098,000
face value, 12%, 10-year bonds at $2,507,354. This
price resulted in an effective-interest rate of 9% on the
bonds. Atwater uses the effective-interest method to
amortize bond premium or discount. The bonds pay
semiannual interest July 1 and January 1.
Prepare an amortization table through December 31,
2012 (3 interest periods) for this bond issue.
Prepare the journal entry to record the accrual of
interest and the amortization of the premium on
December 31, 2011
Prepare the journal entry to record the payment of
interest and the amortization of the premium on July 1,
2012, assuming no accrual of interest on June 30

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ACC 291 Week 2 Discussion Question 1

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What are the differences among valuation,

depreciation, amortization, and depletion?
Is it appropriate to calculate depreciation using two
different methods? Why?
What does the Annual Report you are using for class
say about depreciation?

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ACC 291 Week 2 Discussion Question 2

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What types of industries have unearned revenue?

Why is unearned revenue considered a liability?
When is the unearned revenue recognized in the
financial statements?
What does your Annual Report say about unearned
revenue?

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ACC 291 Week 2 Individual WileyPLUS

Assignment Week Two

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we have another New set of week 2 Willeyplus

assignment which could be found on this link

Resource:WileyPLUS
Complete the followingWileyPLUS Week Two Exercises
and Problem:
Exercise E8-3
Exercise BE9-13
Exercise Do It! 9-4
Exercise E9-9

Exercise E9-10
Problem P9-5A
Submit your results through the Gradebook
ASSIGNMENTS. Screen prints or shots are acceptable
on a WORD document.

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ACC 291 Week 2 IndividualWileyPLUS PracticeCh

8,9,10 Quiz

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Resource:WileyPLUS
Complete the WileyPLUS Week Two Practice Quizzes for
chapters 8, 9, and 10. Submit your results through the
Gradebook ASSIGNMENTS. Screen prints or shots are
acceptable on a WORD document.

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ACC 291 Week 2 Learning Team Weekly

Reflection

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Discuss the objectives for Weeks One and Two. Your

discussion should include the topics you feel
comfortable with, any topics you struggled with, and
how the weekly topics relate to application in your
field.
Write a 350- to 1,050-word summary of the teams
discussion.

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ACC 291 Week 2 Wileyplus Assignment P8-3A,

BE9-11, DI9-5, E9-7, E9-8, BYP9, P9-2A (New)

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P8-3A, BE9-11, DI9-5, E9-7, E9-8, BYP9, P9-2A.

Problem 8-3A: Bosworth Company
Brief Exercise 9-11: Nike, Inc.
Do It! 9-5
Exercise 9-7: Wang, Co.
Exercise 9-8: Cleand Company
Broadening Your Perspective 9-1: Tootsie Roll
Broadening Your Perspective 9-2: Tootsie& Hershey
Problem 9-2A: Navaro Corporation

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ACC 291 Week 3 Discussion Question 1

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Why does a company choose to form as a corporation?

What are the steps required to become a corporation?

What are the advantages and disadvantages of the

corporate form of doing business?

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ACC 291 Week 3 Discussion Question 2

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Why is preferred stock referred to as preferred?

What are some of the features added to preferred stock
that make it more attractive to investors?
Would you select preferred stock or common stock as
an investment? Why?
Provide stock details from your Annual Report.

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ACC 291 Week 3 Individual WileyPLUS

Assignment

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we have another New set of week 3 Willeyplus

assignment which could be found on this link

Resource:WileyPLUS
Complete the followingWileyPLUS Week Three
Exercises and Problems:
Exercise E9-7
Exercise E10-5
Exercise E10-10
Exercise E10-11
Exercise E10-15
Exercise E10-18
Problem P10-5A

Problem P10-9A

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ACC 291 Week 3 Individual WileyPLUS Practice

Quiz Ch. 11,12

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Resource:WileyPLUS
Complete the WileyPLUS Week Three Practice Quizzes
for chapters 11 and 12.

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ACC 291 Week 3 Learning Team Weekly

Reflection

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Discuss the objectives for Week Three. Your discussion

should include the topics you feel comfortable with,
any topics you struggled with, and how the weekly
topics relate to application in your field.
Write a 350- to 1,050-word summary of the teams
discussion.

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ACC 291 Week 3 Wileyplus Assignment P9-7A,

E10-5, E10-8, E10-13, E10-22, E10-24, BYP10,
P10-9A, P10-13A, IFRS10-4 (New)

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P9-7A, E10-5, E10-8, E10-13, E10-22, E10-24, BYP10,

P10-9A, P10-13A, IFRS10-4.
Exercise 10-5: Olinger Company
Exercise 10-8: Ortega Company
Exercise 10-13: Romine Company
Exercise 10-22: Cole Corporation
Exercise 10-24: Nance, Co.
Broadening Your Perspective 10-1: Tootsie Roll
Broadening Your Perspective 10-2: Tootsie& Hershey
Problem 9-7A: Farr Company
Problem 10-9A: Wempe, Co.
Problem 10-13A: Grace Herron
IFRS10-4: Ratzlaff

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ACC 291 Week 4 Discussion Question 1

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hy are companies required to prepare a statement of

cash flows?

Why is the statement of cash flows divided into three

sections?

What does each section tell you about the operations of

a company?

What are the differences between the direct and

indirect presentation of cash flows?

Why does the Financial Accounting Standards Board

allow both methods? Which do you prefer? Why?

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ACC 291 Week 4 Discussion Question 2

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What are some common ratios used to analyze

financial information? Which are the most important?

What are some examples of how ratios are used in the

decision making process?

Two popular methods of financial statement analysis

are horizontal analysis and vertical analysis. What are
the differences between these two methods?

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ACC 291 Week 4 Individual WileyPLUS

Assignment

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we have another New set of week 4 Willeyplus

assignment which could be found on this link

Resource:WileyPLUS

Complete the following WileyPLUS Week Four Exercises

and Problems:
Exercise Do It! 11-1
Exercise E11-15
Exercise E11-16
Problem P11-6A
Problem P11-8A

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ACC 291 Week 4 IndividualWileyPLUS Practice

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Resource:WileyPLUS

Complete the WileyPLUS Week Four Practice Quizzes

for chapters 13 and 14.

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ACC 291 Week 4 Learning Team Weekly

Reflection

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Discuss the objectives for Week Four. Your discussion

should include the topics you feel comfortable with,
any topics you struggled with, and how the weekly
topics relate to application in your field.
Write a 350- to 1,050-word summary of the teams
discussion.

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ACC 291 Week 4 Wileyplus Assignment Do It! 111, E11-5, E11-7, BYP11-1, BYP11-2, P11-5A, P118A (New)

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Do It! 11-1, E11-5, E11-7, BYP11-1, BYP11-2, P11-5A,

P11-8A.
Do It! 11-1
Exercise 11-5 Garcia Corporation
Exercise 11-7 Pele Company
Broadening Your Perspective 11-1 Tootsie Roll
Broadening Your Perspective 11-2 Tootsie Roll &
Hershey
Problem 11-5A Pringle Corporation

Problem 11-8A Everett Corporation

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ACC 291 Week 5 Discussion Question 1

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Why do corporations buy back their own stock?

What does it tell you about the corporation?

What effect does the purchase have on the price of a

companys stock?

Does your Annual Report discuss stock repurchase or

balances of treasury stock?

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ACC 291 Week 5 Individual Effect of Unethical

Behavior Article Analysis

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Write a 350- to 700-word article analysis in which you

identify situations that might lead to unethical
practices and behavior in accounting.
Examine the effect of the Sarbanes-Oxley Act of 2002
on financial statements.

Cite one article from the Electronic Reserve Readings,

the Internet, or other resources.
Formatyour paper consistent with APA guidelines.

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ACC 291 Week 5 Individual WileyPLUSAssignment

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we have another New set of week 5 Willyplus

assignment which could be found on this link
ACC 291 Week 5 Wileyplus Assignment E7-3, E12-1,
E12-8, P12-9A, P12-10A, E13-3, E13-4, IFRS13-1, P132A (New)

Resource:WileyPLUS
Complete the following Week Five WileyPLUSExercises
and Problems:
Exercise E13-1
Exercise E13-8
Exercise E14-1
Problem P13-9A
Problem P13-10A
Problem P14-2A

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ACC 291 Week 5 Learning Team Ratio Analysis

Memo

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Resource:Virtual Organizations
Click the Virtual Organization link on the student
website to access the Virtual Organizations.
Select one of the Virtual Organizations as the basis for
the assignment.
Obtain faculty approval of your selected organization
before beginning the assignment.
Access the information contained in your selected
organizations balance sheet and income statement to
calculate the following:
Liquidity ratios
Current ratio
Acid-test,or quick, ratio
Receivables turnover
Inventory turnover
Profitability ratios
Asset turnover
Profit margin
Return on assets
Return on common stockholders equity

Solvency ratios
Debt to total assets
Times interest earned

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ACC 291 Week 5 Learning Team Weekly

Reflection

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Discuss the objectives for Week Five. Your discussion

should include the topics you feel comfortable with,

any topics you struggled with, and how the weekly

topics relate to application in your field.
Write a 350- to 1,050-word summary of the teams
discussion.

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*************

ACC 291 Week 5 Wileyplus Assignment E7-3,

E12-1, E12-8, P12-9A, P12-10A, E13-3, E13-4,
IFRS13-1, P13-2A (New)

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E7-3, E12-1, E12-8, P12-9A, P12-10A, E13-3, E13-4,

IFRS13-1, P13-2A.
Exercise 7-3

Exercise 12-1
Exercise 12-8
Problem 12-9A
Problem 12-10A
Exercise 13-3
Exercise 13-4
International Financial Reporting Standards 13-1
Problem 13-2A

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