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Acc 291 final exam with answers course study guide week 1 5

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.


Acc 291 final exam with answers course study guide week 1 5

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


Acc 291 final exam with answers course study guide week 1 5

• 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.


Acc 291 final exam with answers course study guide week 1 5

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?


Acc 291 final exam with answers course study guide week 1 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.


Acc 291 final exam with answers course study guide week 1 5

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


Acc 291 final exam with answers course study guide week 1 5

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:


Acc 291 final exam with answers course study guide week 1 5

• 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.


Acc 291 final exam with answers course study guide week 1 5

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


Acc 291 final exam with answers course study guide week 1 5

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?


Acc 291 final exam with answers course study guide week 1 5

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.


Acc 291 final exam with answers course study guide week 1 5

$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


Acc 291 final exam with answers course study guide week 1 5

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


Acc 291 final exam with answers course study guide week 1 5

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


Acc 291 final exam with answers course study guide week 1 5

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


Acc 291 final exam with answers course study guide week 1 5

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


Acc 291 final exam with answers course study guide week 1 5

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.


Acc 291 final exam with answers course study guide week 1 5

$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.


Acc 291 final exam with answers course study guide week 1 5

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


Acc 291 final exam with answers course study guide week 1 5

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


Acc 291 final exam with answers course study guide week 1 5

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


Acc 291 final exam with answers course study guide week 1 5

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.


Acc 291 final exam with answers course study guide week 1 5

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.

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