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ACCT 504 DEVRY learning Guidance / tutorialrank PowerPoint PPT Presentation

For more course tutorials visitwww.tutorialrank.com1.Question :(TCO A, B, C) External users want answers to all of the following questions except:Points Received:3 of 3 2.Question :(TCO C) Borrowing money is an example of a(n):Points Received:3 of 3 3.Question :(TCO C) Buying and selling products are examples of:Points Received:3 of 3 4.Question :(TCO A) Resources owned by a business are referred to as:Points Received:3 of 3 5.Question :(TCO C) Jamie Company recorded the following cash transactions for the year:Paid $70,000 for salaries.Paid $20,000 to purchase office equipment.Paid $6,000 for utilities.Paid $7,000 in dividends.Collected $130,000 from customers.What was Jamie's net cash provided by operating activities?Points Received:3 of 3 6.Question :(TCO A) In a classified balance sheet, assets are usually classified as:Points Received:3 of 3 7.Question :(TCO A) An intangible asset:Points Received:3 of 3 8.Question :(TCO A) These are selected account balances on December 31, 2010.-Land (location of the corporation's office building) $50,000-Land (held for future use) 75,000-Corporate Office Building 300,000-Inventory 100,000-Equipment 225,000-Office Furniture 50,000-Accumulated Depreciation 150,000What is the total NET amount of property, plant, and equipment that will appear on the balance sheet?Points Received:3 of 3 9.Question :(TCO B) For 2010, Ford Corporation reported net income of $15,000; net sales $200,000; and average share outstanding 6,000. There were no preferred stock dividends. What was the 2010 earnings per share?Points Received:3 of 3 10.Question :(TCO B) Morten Corporation had beginning retained earnings of $764,000 and ending retained earnings of $833,000. During the year they issued common stock totaling $47,000. There were no dividends issued. What was their net income for the year?Points Received:3 of 3 11.Question :(TCO D) Is the purchase of equipment treated as an expense at the time of purchase? Why or why not?Points Received:3 of 3 12.Question :(TCO D) The left side of an account is:Points Received:3 of 3 13.Question :(TCO D) A credit is not the normal balance for which account listed below?Points Received:3 of 3 14.Question :(TCO D) A debit is not the normal balance for which account listed below?Points Received:3 of 3 15.Question :(TCO D) Which pair of accounts follows the rules of debit and credit in relation to increases and decreases in the same manner?Points Received:3 of 3 Page:1.Question :(TCO E) The time period assumption states that:Points Received:3 of 3 2.Question :(TCO E) The matching principle matches:Points Received:3 of 3 3.Question :(TCO E) Expenses sometimes make their contribution to revenue in a different period than when the expense is paid. When wages are incurred in one period and paid in the next period, this often leads to which account appearing on the balance sheet at the end of the first period?Points Received:3 of 3 4.Question :(TCO E) The following is selected information from J Corporation for the fiscal year ending October 31, 2010.Cash received from customers $75,000Revenue earned 87,500Cash paid for expenses 42,500Expenses incurred 50,000Based on the accrual basis of accounting, what is J Corporation's net income for the year ending October 31, 2007?Points Received:3 of 3 5.Question :(TCO E) The general term employed to indicate an expense that has not been paid or revenue that has not been received and has not yet been reco =HpHved:3 of 3 6.Question :(TCO A, B) Which of the following expressions is incorrect?Points Received:3 of 3 7.Question :(TCO B) Hunter Company purchased merchandise inventory with an invoice price of $6,000 and credit terms of 2/10, n/30. What is the net cost of the goods if Hunter Company pays within the discount period?Points Received:3 of 3 8.Question :(TCO A, B) Jake's Market recorded the following events involving a recent purchase of merchandise:Received goods for $20,000, terms 2/10, n/30.Returned $400 of the shipment for credit.Paid $100 freight on the shipment.Paid the invoice within the discount period.As a result of these events, the company's merchandise inventory:Points Received:3 of 3 9.Question :(TCO A) The Freight-in account:Points Received:3 of 3 10.Question :(TCO A) Barnes Company is taking a physical inventory on March 31, the last day of its fiscal year. Which of the following must be included in this inventory count?Points Received:3 of 3 11.Question :(TCO A) Of the following companies, which one would not likely employ the specific identification method for inventory costing?Points Received:3 of 3 12.Question :(TCO A) Which of the following statements is correct with respect to inventories?Points Received:3 of 3 13.Question :(TCO A) In a period of declining prices, which of the following inventory methods generally results in the lowest balance sheet figure for inventory?Points Received:3 of 3 14.Question :(TCO B) Which of the following is a true statement about inventory systems?Points Received:3 of 3 15.Question :(TCO B) Two categories of expenses in merchandising companies are:Points Received:3 of 3Page: 1.Question :(TCO D) A classmate is considering dropping his accounting class because he cannot understand the rules of debits and credits.Explain the rules of debits and credits in a way that will help him understand them. Cite examples for each of the major sections of the balance sheet (assets, liabilities and stockholders' equity) and the income statement (revenues and expenses).Points Received:24 of 25Ok2.Question :(TCOs B & E) The Caltor Company gathered the following condensed data for the year ended December 31, 2010:Cost of goods sold $ 710,000Net sales 1,279,000Administrative expenses 239,000Interest expense 68,000Dividends paid 38,000Selling expenses 45,000Instructions:Prepare a multiple-step income statement for the year ended December 31, 2010. Compute the profit margin ratio and gross profit rate. Caltor Company s assets at the beginning of the year were $770,000 and were $830,000 at the end of the year. To qualify for full credit, you must state the formula you are using, show your computations and explain your findings.

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For more course tutorials visit

ACCT 505 DEVRY Course Tutorial

ACCT 505 Entire Course

ACCT 505 Week 1-7 All

ACCT 505 DEVRY Course Tutorial

ACCT 505 Week 1-7 All Discussion Questions

ACCT 505 Week 1 Case Study

ACCT 505 Week 2 Quiz Job Order and Process Costing Systems

ACCT 505 Week 3 Case Study II

ACCT 505 Week 4 Mid term Exam

ACCT 505 Week 5 Measuring Performance - Course Project A

Week 1DQ 1 Cost Terms, Classifications, and Behavior

Week 1DQ 2 Research and Application

Week 2DQ 1 Job Order and Process Costing Systems

Week 2DQ 2 Research and Application

Week 3DQ 1 Variable Costing and CVP Concepts

Week 3DQ 2 Research and Application

Week 4DQ 1 Budgeting Case Study

Week 4DQ 2 Exam Review

Week 5DQ 1 Standards, Variances, Flexible Budgets

Week 5DQ 2 Research and Application

Week 6DQ 1 Segment Reporting and Relevant Costs

ACCT 505 DEVRY Course Tutorial

ACCT 505 Week 1 Case Study (DEVRY)

ACCT 505 Week 2 Quiz Job

  • Top Switch Inc. designs and manufactures switches used in telecommunications. Serious flooding throughout the state of Tennessee affected Top Switch’s facilities. Inventory was completely ruined, and the company’s computer system, including all accounting records, was destroyed.

  • Before the unfortunate incident, recovery specialists cleaned the buildings. The company controller is very nervous and anxious to recover whatever records he can to support the insurance claim for the destroyed inventory. After consulting with the cost accountant, they decide to retrieve the previous year’s annual report for the beginning inventory numbers. In addition, they also agreed that they need first quarter cost data.

  • 1.

  • Question :

  • (TCO F) For which situation(s) below would an organization be more likely to use a job-order costing system of accumulating product costs rather than a process costing system?

  • 2.

  • Question :

  • (TCO F) Process costing would be appropriate for each of the following except:

  • 3.

  • Question :

  • (TCO F) Lucas Company uses the weighted-average method in its process costing system. The company adds materials at the beginning of the process in the Forming Department

ACCT 505 DEVRY Course Tutorial

ACCT 505 Week 3 Case Study II (DEVRY)

ACCT 505 Week 4 Midterm

  • Springfield Express is a luxury passenger carrier in Texas. All seats are first class, and the following data are available:

  • Number of seats per passenger train car

  • 90

  • Average load factor (percentage of seats filled)

  • 70%

  • Average full passenger fare

  • $160

  • Average variable cost per passenger

  • $70

  • Fixed operating cost per month

  • $3,150,000

  • 1.

  • Question :

  • (TCO A) Wages paid to an assembly line worker in a factory are a

  • 2.

  • Question :

  • (TCO A) A cost incurred in the past that is not relevant to any current decision is classified as a(n)

  • 3.

  • Question :

  • (TCO A) Depreciation of office buildings and office equipment is also known as

  • 4.

  • Question :

  • (TCO A) When the activity level is expected to increase within the relevant range

ACCT 505 DEVRY Course Tutorial

ACCT 505 Week 5 Measuring Performance

ACCT 505 Week 6 Quiz Se

  • Prepare a master budget for the three-month period ending June 30. Include the following detailed budgets:

  • • 1.

  • oa. A sales budget, by month and in total.

  • ob. A schedule of expected cash collections from sales, by month and in total.

  • oc. A merchandise purchases budget in units and in dollars. Show the budget by month and in total.

  • od. A schedule of expected cash disbursements for merchandise purchases, by month and in total.

  • Question :

  • (TCO D) Return on investment (ROI) is equal to the margin multiplied by

  • 2.

  • Question :

  • (TCO D) For which of the following decisions are opportunity costs relevant?

  • The decision to make or buy a needed part

  • The desision to keep or drop a product line

  • (A)

  • Yes

  • Yes

  • (B)

  • Yes

  • No

ACCT 505 DEVRY Course Tutorial

ACCT 505 Week 7 Capital Budgeting Course Project

ACCT 505 Final Exam Gui

  • Clark Paints: The production department has been investigating possible ways to trim total production costs. One possibility currently being examined is to make the paint cans instead of purchasing them. The equipment needed would cost $200,000 with a disposal value of $40,000 and would be able to produce 5,500,000 cans over the life of the machinery. The production department estimates that approximately 1,100,000 cans would be needed for each of the next five years.

  • The company would hire three new employees. These three individuals would be full-time employees working 2,000 hours per year and earning $12.00 per hour. They would also receive the same benefits as other production employees, 18% of wages in addition to $2,500 of health benefits.

  • ACCT 505 Final Exam Guide (DEVRY)

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ACCT 505 DEVRY Course Tutorial

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