ACC 291 Final Exam with Answers | Course | Study Guide | Week 1-5

1. ACC 291 Final Exam Uope Help is providing to nice on line educational path in University of Phoenix are ACC 291 Final Exam, ACC 291 Complete Assignment, Question and Answer, ACC 291 Exam Study Guide and Acc 291 Entire Course. It will study have a look at exercises and its most problem solution are right here. UOP is providing to specific summary of suitable for each educational route. ACC 291 Final Exam has relevant to many tutorial courses are here: ACC 291 Week 1: ACC 291 Week 1 DQ 1 (With 3 Responses): Describe the entries to record the disposition of Accounts Receivable and discuss the function of those entries. ACC 291 Week 1 DQ 2 (With 3 Responses): Discuss the nature of intangible assets, using examples, and the basic issues related to accounting for them. Discuss how they are different from tangible assets. ACC 291 Week 1 Complete: DQ1. Describe the entries to record the disposition of Accounts Receivable and discuss the function of those entries. DQ2. Discuss the nature of intangible assets, using examples, and the basic issues related to accounting for them. Discuss how they are different from tangible assets.

2. ACC 291 Week 2: ACC 291 Week 2 DQ 1 (With 3 Responses): Discuss the differences among valuation, depreciation, amortization, and depletion. Use examples in your discussion. ACC 291 Week 2 DQ 2 (With 3 Responses): Discuss the accounting procedures for Notes Payable and Accounts Payable. Discuss the nature of each account and the differences between these accounts. ACC 291 Week 2 Wiley PLUS: Individual Assignment – Wiley PLUS Week Two Practice Resource: Wiley PLUS Complete the Wiley PLUS Week Two Practice Quizzes for chapters 8, 9, and 10. Submit your results through the Grade book ASSIGNMENTS. Screen prints or shots are acceptable on a WORD document. Wiley PLUS Assignment Week Two Resource: Wiley PLUS Complete the following Wiley PLUS Week Two Exercises and Problem: • Exercise E8-3 • Exercise BE9-13 • Exercise Do It! 9-4 • Exercise E9-9 • Exercise E9-10

3. • Problem P9-5A Submit your results through the Grade book ASSIGNMENTS. Screen prints or shots are acceptable on a WORD document. ACC 291 Week 2 Complete: DQ1. Discuss the differences among valuation, depreciation, amortization, and depletion. Use examples in your discussion. DQ2. Discuss the accounting procedures for Notes Payable and Accounts Payable. Discuss the nature of each account and the differences between these accounts. Individual Assignment – Wiley PLUS Week Two Practice Resource: Wiley PLUS Complete the Wiley PLUS Week Two Practice Quizzes for chapters 8, 9, and 10. Submit your results through the Grade book ASSIGNMENTS. Screen prints or shots are acceptable on a WORD document. Wiley PLUS Assignment Week Two Resource: Wiley PLUS Complete the following Wiley PLUS 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 Grade book ASSIGNMENTS. Screen prints or shots are acceptable on a WORD document.

4. ACC 291 Week 3 ACC 291 Week 3 DQ 1 (With 3 Responses): Discuss why a company chooses to form as a corporation and the steps to do this. Also discuss the advantages and disadvantages of becoming a corporation. ACC 291 Week 3 DQ 2 (With 3 Responses): Discuss the different types of dividends that a corporation may issue. Discuss the process of issuing and paying dividends and why a corporation should issue dividends. What dividend would you prefer? ACC 291 Week 3 Complete: DQ1. Discuss why a company chooses to form as a corporation and the steps to do this. Also discuss the advantages and disadvantages of becoming a corporation. DQ2. Discuss the different types of dividends that a corporation may issue. Discuss the process of issuing and paying dividends and why a corporation should issue dividends. What dividend would you prefer? ACC 291 Week 4 ACC 291 Week 4 DQ 1 (With 3 Responses): Discuss some of the common ratios used to analyze financial information. Name some examples of how ratios are used in the decision making process and name the primary users of the information. Which ratios are used routinely in your organization?

5. ACC 291 Week 4 DQ 2 (With 3 Responses): Discuss why companies are required to prepare a statement of cash flows. Discuss also what each of the three sections tells you about the operations of the company. ACC 291 Week 4 Wiley PLUS: Individual Assignment – Wiley PLUS Week Four Practice Resource: Wiley PLUS Complete the Wiley PLUS Week Four Practice Quizzes for chapters 13 and 14. Wiley PLUS Week Four Assignment Resource: Wiley PLUS Complete the following Wiley PLUS Week Four Exercises and Problems: • Exercise Do It! 11-1 • Exercise E11-15 • Exercise E11-16 • Problem P11-6A • Problem P11-8A ACC 291 Week 5 ACC 291 Week 5 DQ 1 (With 3 Responses): Discuss an example of a potentially unethical accounting situation and why it is unethical. Discuss how ethics affect a company's financial results.

6. ACC 291 Week 5 DQ 2 (With 3 Responses): Discuss whether or not the Sarbanes-Oxley Act made a difference in the ethical behavior of companies regarding their financial accounting. Give examples if necessary. ACC 291 Week 5 Effect of Unethical Behavior Article Analysis: Individual Assignment - Effect of Unethical Behavior Article Analysis 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. Format your paper consistent with APA guidelines. ACC 291 Week 5 Ratio Analysis Memo: Learning Team Assignment - Ratio Analysis Memo 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 organization’s balance sheet and income statement to calculate the following: • Liquidity ratios Current ratio

7. 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 Show your calculations for each ratio. Create a horizontal and vertical analysis for the balance sheet and the income statement. Write a 350- to 700-word memo to the CEO of your selected organization in which you discuss your findings from your ratio calculations and our horizontal. ACC 291 Week 5 Wiley PLUS: Individual Assignment – Wiley PLUS Week Five Assignment Resource: Wiley PLUS Complete the following Week Five Wiley PLUS Exercises and Problems:

8. • Exercise E13- • Exercise E13-8 • Exercise E14-1 • Problem P13-9A • Problem P13-10A • Problem P14-2Al and vertical analysis. In your memo, address the following questions: • What do the liquidity, profitability, and solvency ratios reveal about the company’s financial position? • Which users may be interested in each type of ratio? • What does the collected data reveal about the company’s performance and position? ACC 291 Week 5 Complete: DQ1. Discuss an example of a potentially unethical accounting situation and why it is unethical. Discuss how ethics affect a company's financial results. DQ2. Discuss whether or not the Sarbanes-Oxley Act made a difference in the ethical behavior of companies regarding their financial accounting. Give examples if necessary. Individual Assignment - Effect of Unethical Behavior Article Analysis 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.

9. Cite one article from the Electronic Reserve Readings, the Internet, or other resources. Format your paper consistent with APA guidelines. Individual Assignment – Wiley PLUS Week Five Assignment Resource: Wiley PLUS Complete the following Week Five Wiley PLUS Exercises and Problems: • Exercise E13-1 • Exercise E13-8 • Exercise E14-1 • Problem P13-9A • Problem P13-10A • Problem P14-2A Learning Team Assignment - Ratio Analysis Memo 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 organization’s balance sheet and income statement to calculate the following: • Liquidity ratios Current ratio

10. 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 Show your calculations for each ratio. Create a horizontal and vertical analysis for the balance sheet and the income statement. Write a 350- to 700-word memo to the CEO of your selected organization in which you discuss your findings from your ratio calculations and your horizontal and vertical analysis. In your memo, address the following questions: • What do the liquidity, profitability, and solvency ratios reveal about the company’s financial position? • Which users may be interested in each type of ratio? • What does the collected data reveal about the company’s performance and position?

11. ACC 291 Week 5 Final Exam Multiple Choice Question 86 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 debit to Bad Debt Expense for $4,500 debit to Bad Debt Expense for $3,300 credit to Allowance for Doubtful Accounts for $4,500 debit to Allowance for Doubtful Accounts for $3,300 Multiple Choice Questions 182 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? 60.8 96.1 36.5 48.7 Multiple Choice Questions 119 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 $3,760.

12. $4,072. $6,100. $4,100. Multiple Choice Questions 198 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 $7,500,000 $5,500,000 $3,500,000 $9,500,000 Multiple Choice Questions 207 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? $38,400 $48,000 $23,040 $28,800

13. IFRS Multiple Choice Question 01 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 correctly describes component depreciation? The method that requires that significant parts of a plant asset with different useful lives be depreciated separately. The method used to ensure that the depreciation rate remains constant from year to year. The method used to prorate annual depreciation on a time basis. The method of depreciation recommended for an asset that is expected to be significantly more productive in the first half of its useful life. Multiple Choice Questions 146 Bonds with a face value of $300,000 and a quoted price of 97¼ have a selling price $292,500 $291,075 $291,750 $291,006 Multiple Choice Questions 188 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? $400,000 $420,700 $418,400 $381,600

14. Multiple Choice Questions 90 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 Legal Expense 14,400 Common Stock 8,000 Paid-in Capital in Excess of Par - Common 6,400 Legal Expense 15,000 Common Stock 15,000 Legal Expense 15,000 Common Stock 8,000 Paid-in Capital in Excess of Par – Common 7,000 Legal Expense 14,400 Common Stock 14,400 Multiple Choice Questions 110 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 Preferred Stock for $2,500,000 and Paid-in Capital in Excess of Par Value Preferred Stock for $500,000 Preferred Stock for $2,500,000 and Retained Earnings for $500,000 Paid-in Capital from Preferred Stock for $3,000,000 Preferred Stock for $3,000,000 IFRS Multiple Choice Question 01 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 a credit to Share Capital–Ordinary for €88,000 a debit to Retained Earnings for €72,000

15. a debit to Cash for €16,000 a credit to Share Premium–Ordinary for €72,000 Multiple Choice Questions 80 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. 5. Sold a long-term investment (cost $3,000) for cash of $3,000. 6. Recorded cash sales of $400,000. 7. Bought inventory for cash of $160,000. 8. Acquired an investment in Zynga stock for cash of $21,000. 9. Converted bonds payable to common stock in the amount of $500,000. 10. Repaid a 6 year note payable in the amount of $220,000. What is the net cash provided by financing activities? $395,000. $<605,000>. $<105,000>. $115,000. Multiple Choice Questions 176 Collie 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

16. period. Using the direct method of reporting cash flows from operating activities, what were Collie’s cash payments to suppliers? $580,000. $370,000. $310,000. $640,000. IFRS Multiple Choice Question 04 Each of the following items may be classified as operating or financing activities under IFRS except dividends paid dividends received interest paid all of these answer choices may be classified as such Multiple Choice Questions 165 The current assets of Ornate Company are $227,500. The current liabilities are $130,000. The current ratio expressed as a proportion is 1.75:1. 175%. $210,000 ÷ $120,000. .57:1. Multiple Choice Questions 41 All of the following requirements about internal controls were enacted under the Sarbanes Oxley Act of 2002 except: independent outside auditors must eliminate redundant internal control

17. companies must continually assess the functionality of internal controls independent outside auditors must attest to the level of internal control companies must develop sound internal controls over financial reporting Multiple Choice Questions 85 Which of the following is not an internal control activity for cash? The number of persons who have access to cash should be limited. The functions of record keeping and maintaining custody of cash should be combined. Surprise audits of cash on hand should be made occasionally. All cash receipts should be recorded promptly. Multiple Choice Questions 92 Before a check authorization is issued, the following documents must be in agreement, except for the purchase order invoice remittance advice receiving report Multiple Choice Questions 115 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 $50,000. $180,000.

18. $150,000. $130,000. Multiple Choice Questions 142 Brevard 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? $4,100. $5,100. $4,125. $3,900. Multiple Choice Questions 164 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 $20,000 gain. $5,000 loss. $10,000 loss. $5,000 gain.

19. Multiple Choice Questions 180 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 $14,000. $25,900. $28,000. $13,125. Multiple Choice Questions 120 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 The entry to record accrual of employer’s payroll taxes would include a credit to FICA Taxes Payable for $1,740 credit to Payroll Tax Expense for $1,740 debit to Payroll Tax Expense for $4,035 credit to Payroll Tax Expense for $4,035

20. Multiple Choice Questions 242 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 $2,499,000. $2,496,900. $2,520,000. $2,517,900. Multiple Choice Question 96 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? 30,000. 24,920. 25,000. 29,920. Multiple Choice Questions 144 Indicate the respective effects of the declaration of a cash dividend on the following balance sheet sections: Total Assets Total Liabilities Total Stockholders' Equity Decrease Increase Decrease Increase Decrease No change Decrease No change Increase

21. No change Increase Decrease Multiple Choice Questions 102 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? 30% 70% 130% 20% Multiple Choice Questions 179 A company has an average inventory on hand of $75,000 and its average days in inventory are 36.5 days. What is the cost of goods sold? $1,680,000 $876,000 $750,000 $1,752,000

22. Multiple Choice Questions 199 The following information is available for Patterson Company: 2014 2013 Accounts receivable $360,000 $340,000 Inventory 280,000 320,000 Net credit sales 3,000,000 2,600,000 Cost of goods sold 1,500,000 840,000 Net income 300,000 170,000 The accounts receivable turnover for 2014 is 4.3 times. 8.6 times. 7.6 times. 8.3 times. Multiple Choice Questions 221 All of the following situations below might indicate a company has a low quality of earnings except Maintenance costs are capitalized and then depreciated. Revenue is recognized when earned. A lack of disclosure about guaranteed payments that were mentioned in the MD&A of the annual report. Adoption of a different inventory method for each of the last three years.

23. IFRS Multiple Choice Question 05 IFRS Implies that receivables with different characteristics should be reported as one unsegregated amount. Implies that receivables with different characteristics should be reported separately. Requires that receivables with different characteristics should be reported as one unsegregated amount. Requires that receivables with different characteristics should be reported separately. To go to extra educational route of Phoenix University in just a click away: ACC 561 Week 6 Final Exam BUS 475 Capstone Final Examination Part 1 BUS 475 Capstone Final Examination Part 2 COM 295 Final Exam (Latest) COM 537 Final Exam (Latest) ECO 365 Week 5 Final Exam ECO 372 Week 5 Final Exam ECO 561 Week 6 Final Exam FIN 370 Final Exam (Newest) FIN 571 Final Exam (Newest) You need more information only a click on away: http://www.uopehelp.com/