ACC 400 Entire Course With Final Exam Guide
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ACC 400 Week 1 DQ 1
What is a current asset? What is a non-current asset? What is the difference between the two types of assets? In which financial statement would you find these assets?
ACC 400 Week 1 DQ 2
What is an example of a significant accounting estimate? What is the importance of these estimates? How do ethics play into the decision-making process? Which financial statements include significant accounting estimates? Why?
ACC 400 Week 1 DQ 3
What are internal controls? Why do companies need them? What are some examples of internal controls? Who is responsible for developing internal controls? What are some limitations of internal controls?
ACC 400 Week 1 DQ 4
What are intangible assets? How does a business obtain intangible assets? What is goodwill? Why would a business have an account for goodwill?
ACC 400 Week 1 E-text Individual Assignments – Problem Set P7-3B & Exercise E9.4 & Exercise 9.8
ACC 400 Week 1 Summary
ACC 400 Week 2 Description
ACC 400 Week 2 DQ 1
Explain what a current liability is and identify the major types of current liabilities. Explain what a long term liability is and provide examples. In which financial statement would you find these liabilities?
ACC 400 Week 2 DQ 2
What are the types of equity accounts? What is the role of equity accounts in raising capital? Under what circumstances would you not pay a dividend? Under what circumstances would you pay a dividend?
ACC 400 Week 2 DQ 3
Identify and discuss the major characteristics of a corporation, including the advantages and disadvantages of being a corporation.
ACC 400 Week 2 E-text Individual Assignments – Chapter 8 Questions 3 and 4, Exercise E8-5 & Exercise E9.9
ACC 400 Week 2 Summary
ACC 400 Week 2 Team Assignment-Text Assignments Exercise E7-2 & Problem Set B P7-2B
ACC 400 Week 3 Description
ACC 400 Week 3 DQ 1
What is horizontal analysis? What is the value in using horizontal analysis? Why would a company use this analysis? What does this analysis tell you?
ACC 400 Week 3 DQ 2
What are examples of irregular items? How does a change in accounting principles affect the financial statements? Who in the organization is responsible for the application of a change in an accounting principle? Why?
ACC 400 Week 3 DQ 3
What are the three most common types of ratios? Why are they important? Which ratios would you use to determine the long-term viability of an organization? Why?
ACC 400 Week 3 E-text Individual Assignments – Chapter 10 Questions 1, 7, 8, and 19, BE 10-1, BYP10-1, BYP11-10 & Internet Assignment 11-1
ACC 400 Week 3 Summary
ACC 400 Week 3 Team Assignment-Text Assignments – Chapter 13 13-4A
ACC 400 Week 4 Description
ACC 400 Week 4 DQ 1
What are some of the various lease options? When would you use one option over the others? What could be the financial impact of this decision?
ACC 400 Week 4 DQ 2
Under which circumstances would you lease versus purchase? What are the criteria that you would use to make this decision? What is the financial impact of this decision?
ACC 400 Week 4 DQ 3
What are the components of the capital structure? What are the differences of these components? How do you determine the optimal mix of the components of the capital structure?
ACC 400 Week 4 Individual Assignment Debt Vs. Equity Financing Paper
ACC 400 Week 4 Summary
ACC 400 Week 4 Team Assignment – Interpreting Financial Statements & BYP13-4 Coca Cola-Pepsi
ACC 400 Week 4 Team Assignment – Interpreting Financial Statements Report ACC 400 Week 4 Team Assignment BYP13-4 Coca Cola-Pepsi
ACC 400 Week 4 Team Assignment BYP13-4 Coca Cola-Pepsi ( Excel )
ACC 400 Week 5 Descrption
ACC 400 Week 5 E-text Individual Assignments – 13-4 Application of SFAC No. 13, Case 23.1 & Case 23.2
ACC 400 Week 5 Final Answer Sheet
ACC 400 Week 5 Team Assignment-Text Assignments – BYP 13-7, Exercises 23.10 and 23.12
ACC 400 Week 5 Final
1. Zelma Company’s last financial statements provided the following ratios:
Current ratio 3:2
Quick ratio 1:2
Accounts receivable turnover 9.0 times
Inventory turnover 8.0 times
Net income percentage 12.5%
Return on equity 22.6%
Return on assets 9.8%
To the nearest day, what is the operating cycle for Zelma?
a) 80 days
b) 86 days
c) 172 days
d) 129 days
2. The following events have been projected:
A. Cash sales and collections from customers totaling $980,000
B. Cash payments for operating expenses of $560,000
C. Cash payments for income taxes and interest expense of $45,000
D. Cash payments of prior period accruals of $80,000
E. Borrowed $50,000 cash by issuing a note payable
F. Cash dividends of $20,000
The beginning balance of cash is $45,000. What is the budgeted ending balance of cash?
3. On January 1, a business exchanged a plant asset with a cost of $18,000 and accumulated depreciation of $16,500 for a similar asset that had a list price of $23,000. The business received a trade-in allowance of $2,100 on the old plant asset. What was the result of the exchange?
a. A $600 gain on the disposal of a plant asset.
b. A $1,000 unrecognized gain on the exchange of a plant asset.
c. A cost basis of $22,400 for the new plant asset
d. A cost basis of $23,600 for the new plant asset
4. Which one of the following is not an objective of a system of internal controls?
a. Safeguard company assets
b. Overstate liabilities in order to be conservative
c. Enhance the accuracy and reliability of accounting records
d. Reduce the risks of errors
5. A company’s past experience indicates that 60% of its credit sales are collected in the month of sale, 30% in the next month, and 5 % in the second month after the sale; the remainder is never collected. Budgeted credit sales were:
The cash inflow in the month of September is expected to be
6. A check for $275 is incorrectly recorded by a company as $257. On the bank reconciliation, the $18 error should be
a. Added to the balance per books.
b. Deducted from the balance per book.
c. Added to the balance per bank.
d. Deducted from the balance per bank.
7. The Allowance for Doubtful Accounts is necessary because
a. when recording uncollectible accounts expense, it is not possible to know which specific accounts will not pay.
b. uncollectible accounts that are written off must be accumulated in a separate account.
c. a liability results when a credit sale is made.
d. management needs to accumulate all the credit losses over the years.
8. Under the direct write-off method of accounting for uncollectible accounts, Bad Debts Expense is debited
a. when a credit sale is past due.
b. at the end of each accounting period.
c. whenever a pre-determined amount of credit sales have been made.
d. when an account is determined to be uncollectible
9. Manning Company uses the percentage of receivables method for recording bad debts expense. The accounts receivable balance is $200,000 and credit sales are $1,000,000. Management estimates that 5% of accounts receivable will be uncollectible. What adjusting entry will Manning Company make if the Allowance for Doubtful Accounts has a credit balance of $2,000 before adjustment?
a. Bad Debts Expense ……………………………………………….. 10,000
Allowance for Doubtful Accounts …………………….. 10,000
b. Bad Debts Expense ……………………………………………….. 8,000
Allowance for Doubtful Accounts …………………….. 8,000
c. Bad Debts Expense ……………………………………………….. 8,000
Accounts Receivable ……………………………………… 8,000
d. Bad Debts Expense ……………………………………………….. 10,000
Accounts Receivable ……………………………………… 10,000
10. The receivables turnover ratio
a. Is computed by dividing net credit sales for the accounting period by the cash realizable value of accounts receivable on the last day of the accounting period.
b. Can be used to compute the average collection period.
c. Is a method of evaluating the solvency of net accounts receivable.
d. Is only important to internal users of accounting information.
11. A measure of a company’s solvency is the
a. acid-test ratio.
b. current ratio.
c. times interest earned ratio.
d. asset turnover ratio.
12. The times interest earned ratio is computed by dividing
a. net income by interest expense.
b. income before income taxes by interest expense.
c. income before interest expense by interest expense.
d. income before interest expense and income taxes by interest expense.
13. The 2007 financial statements of Shadow Co. contain the following selected data (in millions).
Current Assets $ 75
Total Assets 120
Current Liabilities 40
Total Liabilities 85
Interest Expense 5
Income Taxes 10
Net Income 16
The debt to total assets ratio is
d. 6.2 times
14. The statement “Bond prices vary inversely with changes in the market rate of interest” means that if the
a. market rate of interest increases, the contractual interest rate will decrease.
b. contractual interest rate increases, then bond prices will go down.
c. market rate of interest decreases, then bond prices will go up.
d. contractual interest rate increases, the market rate of interest will decrease.
15. A company would not acquire treasury stock
a. in order to reissue shares to officers.
b. as an asset investment.
c. in order to increase trading of the company’s stock.
d. to have additional shares available to use in acquisitions of other companies.
16. Which of the following is the appropriate general journal entry to record the declaration of cash dividends?
a. Retained Earnings
b. Dividends Payable
c. Paid-in Capital
d. Retained Earnings
17. Allstate, Inc., has 10,000 shares of 6%, $100 par value, cumulative preferred stock and 100,000 shares of $1 par value common stock outstanding at December 31, 2007. If the board of directors declares a $50,000 dividend, the