ACC 290 Week 3/4 Learning Team Financial Reporting

Problem, Part 1 (**2 Different Papers**)(New)

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Financial Reporting Problem Part I Browse the Internet to acquire a

copy of the most recent annual report for a publicly traded company.
Analyze the information contained in the companys balance sheet
and income statement to answer the following questions: What are the
companys total assets at the end of its most recent annual reporting
period? Why is this important? What are the total assets at the end of
the previous annual reporting period? How much cash and cash
equivalents did the company have at the end of its most recent annual
reporting period? What amount of accounts payable did the company
have at the end of its most recent annual reporting period? What
amount of accounts payable did the company have at the end of the
previous annual reporting period? What are the companys net
revenues for the last three annual reporting periods? What is the
change in dollars in the companys net income from its most recent
annual reporting period to the previous annual reporting period? What
are the companys total current assets at the end of its most recent
annual reporting period? What are the total current assets at the end of
the previous annual reporting period? What in the information above
would be important to a potential investor, employee, and so on?
Summarize the analysis in a 1,050-1,400 word paper in a Microsoft

Word document. Include a copy of the companys balance sheet and

income statement. Format your paper consistent with APA guidelines.

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ACC 290 Final Exam Guide (New)

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ACC 290 Finals 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. Question 2
Which of the following describes the classification and normal
balance of the Unearned Rent Revenue account? Question 3 Posting
Question 4 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 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 Question 6 Which one of the following is not a
justification for adjusting entries? Question 7 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: Question 8
Similarities between International Financial Reporting Standards
(IFRS) and U.S. GAAP in-clude all of the following except Question 9
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?
Question 10 Stans 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.
Question 11 Financial information is presented below: Operating
expenses $36,000 Sales revenue 150,000 Cost of goods sold 105,000
Question 12 At December 31, 2014 Mohling Companys 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 Question 13 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 Question 14 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
Question 15 Nilson Company gathered the following reconciling
information in preparing its August bank reconciliation: Cash
balance per books, 8/31 $21,000 Deposits in transit 900 Notes
receivable and interest collected by bank 5,100 Bank charge for check
printing 120 Outstanding checks 12,000 NSF check 1,020 Question
16 Which of the following is not a basic principle of cash
management? Question 17 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
Question 18 Accounting information is relevant to business decisions
because it Question 19 Howard Company had a transaction that
caused a $5,000 increase in both assets and total liabilities. This
transaction could have been a(n) Question 20 Can financial
statements be prepared directly from the adjusted trial balance?
Question 21 Which trial balance will consist of the greatest number of
accounts? Question 22 All of the following are required steps in the
accounting cycle except: Question 23 A sales discount does not
Question 24 American Importers reports net income of $50,000 and
cost of goods sold of $450,000. If the companys gross profit rate was
40%, net sales were 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? 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? Question 27 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? Question 28
Which of the following is not one of the main factors that contribute
to fraudulent activity? Question 29 What is the rationale for the
internal control principle, segregation of duties? Question 30 Under
IFRS

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ACC 290 Week 1 Discussion Question 1

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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?

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ACC 290 Week 1 Discussion Question 2

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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?

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ACC 290 Week 1 Individual Assignment Financial

Statements Paper

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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.

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ACC 290 Week 1 Practice Quiz(New)

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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
dont 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 companys 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.

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ACC 290 Week 1 Vocabulary Activity (New)

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WileyPLUS Assignment: Week 1 Vocabulary Activity Resource:

WileyPLUS Complete the following Week 1 Assignment in
WileyPLUS: Chapter 1 WileyPLUS Crossword Puzzle 1

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

E2-4, IFRS2-4 (New)

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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

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ACC 290 Week 2 Discussion Question 1

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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?

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ACC 290 Week 2 Discussion Question 2

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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 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
Teams discussion.

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ACC 290 Week 2 LT Reflection Summary

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Discuss the objectives for ACC 290 Week One. How do they relate to
the practice of accounting and its uses in business? Identify the four
basic financial statements. Classify transactions using the rules of
debit and credit. Journalize basic transactions. Discuss how financial

statements would be useful to external users such as investors and

creditors. Write a 350 to 500 word summary of your Learning Teams
discussion.

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ACC 290 Week 2 Practice Quiz (New)

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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 (New)

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WileyPLUS Assignment: Week 2 Vocabulary Activity Resource:

WileyPLUS Complete the following Week 2 Assignment in
WileyPLUS: Chapter 2 Wiley PLUS Crossword Puzzle 1

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ACC 290 Week 2 WileyPlus Assignment BYP2-2, IFRS2-6,

E3-4, E3-8, BYP 3-2, IFRS 3-2, P3-5, P3-6 (New)

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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?

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ACC 290 Week 3 Discussion Question 1

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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?

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ACC 290 Week 3 Discussion Question 2

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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?

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ACC 290 Week 3 LT Reflection Summary

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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
Teams discussion.

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ACC 290 Week 3 Practice Quiz (New)

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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 Sairas 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 Vocabulary Activity (New)

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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, P43A, BYP4-1, IFRS PQ-1, PQ-2, PQ-3, PQ-4 (New)

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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

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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?

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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?

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ACC 290 Week 4 LT Reflection Summary

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Reflection and Financial Reporting Problem Part I. Discuss the

objectives for ACC 290 Week Three. How do they relate to the

practice of accounting and its uses in business? Prepare closing

entries, reversing entries, and a post closing trial balance. Prepare a
financial statement work sheet. Prepare a classified income statement,
retained earnings statement and balance sheet. Write a 350 to 500
word summary of your Learning Teams discussion.

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ACC 290 Week 4 Practice Quiz (New)

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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?

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ACC 290 Week 4 Vocabulary Activity (New)

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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

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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 (New)

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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 52 IFRS 5-2 IFRS 5-4 Practice Question 1 Practice Question 2 Practice
Question 3

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ACC 290 Week 5 Discussion Question 1

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What is the control environment? How does the control environment
affect a companys internal controls? What are the negative and
positive elements of a control environment? What are two examples
of strong and weak internal controls in organizations where you have
worked or have first-hand knowledge? How are these different? How
would you describe the key internal controls that should be in place to
protect cash in a cash rich environment such as a merchandiser? What
are the key internal controls that should be in place to protect
inventory for a merchandiser that sells highly desirable and very
expensive inventory, such as jewelry? Would this be different if the
business had a less desirable and less expensive inventory? Explain
why or why not.

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ACC 290 Week 5 IFRS Paper (New)

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IFRS 2-1: In what ways does the format of a statement of financial of
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. FRS 7-1: Some people argue that the
internal control requirements of the Sarbanes-Oxley Act (SOX) put
U.S. companies at a competitive disadvantage to companies outside
the United States. Discuss the competitive implications (both pros and
cons) of SOX.

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ACC 290 Week 5 Learning Team Reflection Summary

(New)

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Reflection and Financial Reporting Problem Part II. Discuss the
objectives for ACC 290 Week Four. In the wake of accounting
scandals over the past several years, how has the Sarbanes-Oxley Act
(SOX) of 2002 affected the practice of accounting? What is the role of
internal controls in complying with SOX (2002)? Write a 350 to 500
word summary of your Learning Teams discussion.

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ACC 290 Week 5 WileyPlus Assignment BE6-5, BE6-7,

BYP6-1, BYP6-2, BE7-4, BE7-6, IFRS PQ-1, PFRS PQ2(New)

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Assignment: Week 5 Assignment Complete the following Week 5
Assignment 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

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ACC 290 Week 4/5 Individual Assignment Financial

Reporting Problem Part II (**2 Different Papers**)(New)

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Financial Reporting Problem Part II Access the internet to acquire a

copy of the most recent annual report for the public traded company
used to complete the Financial Reporting Problem, Part 1 assignment
due in ACC 290 Week Four. Analyze the information contained in the
companys balance sheet and income statement to answer the
following questions: Are the assets included under the companys
current assets listed in the proper order? Explain your answer. How
are the companys assets classified? What are cash equivalents? What
are the companys total current liabilities at the end of its most recent
annual reporting period? What are the companys total current
liabilities at the end of the previous annual reporting period?
Considering all the information you have gathered, why might this
information be important to potential creditors, investors, and
employees? Summarize the analysis in a 1,050-1,400 word paper in a
Microsoft Word document. Include a copy of the companys balance
sheet and income statement. Format your paper and presentation
consistent with APA guidelines.

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