ACC 422Course Real Knowledge / acc422 dotcom

1
ACC 422Course Real Knowledge / acc422.com
The Best way to predict the Future is to create
it.....To Best way....
www.acc422.com
2
ACC 422Course Real Knowledge / acc422.com
ACC 422 Entire Course For more course tutorials
visit www.acc422.com ACC 422 Week 1 DQ 1 ACC 422
Week 1 DQ 2 ACC 422 Week 1 DQ 3 ACC 422 Week 1
Individual Assignment Disclosure Analysis Paper
(2 Papers) ACC 422 Week 1 CPA Practice Exam ACC
422 Week 1 Team Assignment Audited Financial
Statements (Nordstrom Inc.) ACC 422 Week 1
Individual WileyPlus Assignment (Exercise 7-2,
7-4, 7-8, 7-9, 7-13, 7-16, 8-3, 8-13) 100 Score
ACC 422 Week 2 DQ 1 ACC 422 Week 2 DQ 2 ACC 422
Week 2 DQ 3 ACC 422 Week 2 Individual WileyPlus
Assignment (Exercise 9-3, 9-12, 9-19, 10-2,
10-23, 10-24) ACC 422 Week 2 Team Assignment
Textbook Problems (P7-1, P7-2, P8-4) 100 Score
ACC 422 Week 2 CPA Practice Exam ACC 422 Week 2
Team Assignment Financial Scavenger Hunt 1 ACC
422 Week 3 DQ 1 ACC 422 Week 3 DQ 2 ACC
3
ACC 422Course Real Knowledge / acc422.com
ACC 422 Final Exam Guide 1 For more course
tutorials visit www.acc422.com Kraft Enterprises
owns the following assets at December 31, 2012.
Cash in banksavings account 67,516 Checking
account balance 26,445 Cash on hand 9,478
Postdated checks 753 Cash refund due from IRS
40,324 Certificates of deposit (180-day) 94,754
What amount should be reported as cash? Question
2 Presented below is information related to
Rembrandt Inc.s inventory. (per unit)
Skis
Boots Parkas Historical Cost
273.79
152.75 76.37 Selling Price
312.70
208.95 106.27 Cost to distribute
27.38
11.53 3.60 Current replace
4
ACC 422Course Real Knowledge / acc422.com
ACC 422 Final Exam Guide 2 For more course
tutorials visit www.acc422.com Kraft Enterprises
owns the following assets at December 31, 2012.
Cash in banksavings account 67,516 Checking
account balance 26,445 Cash on hand 9,478
Postdated checks 753 Cash refund due from IRS
40,324 Certificates of deposit (180-day) 94,754
What amount should be reported as cash? Question
2 Presented below is information related to
Rembrandt Inc.s inventory. (per unit)
Skis
Boots Parkas Historical Cost
273.79
152.75 76.37 Selling Price
312.70
208.95 106.27 Cost to distribute
27.38
11.53 3.60 Current replacement cost
292.52 151.31
73.49 Normal profit
5
ACC 422Course Real Knowledge / acc422.com
ACC 422 Final Exam Guide 3 For more course
tutorials visit www.acc422.com ACC 422 Final Exam
Guide 3SET 3 1) Which of the following is NOT
considered cash for financial reporting purposes?
2) What is the preferable presentation of
accounts receivable from officers, employees, or
affiliated companies on a balance sheet? 3) Which
of the following items should NOT be included in
the Cash caption on the balance sheet? 4) The
advantage of relating a company's bad debt
expense to its outstanding accounts receivable is
that this approach 5) Which of the following is a
generally accepted method of determining the
amount of the adjustment to bad debt expense? 6)
Assuming that the ideal measure of short-term
receivables in the balance sheet is the
discounted value of the cash to be received in
the future, failure to follow this practice
usually does NOT make the balance sheet
misleading bec
6
ACC 422Course Real Knowledge / acc422.com
ACC 422 Final Exam Guide All 3 Sets For more
course tutorials visit www.acc422.com Details of
All 180 Questions Given Below SET 1 1. Kraft
Enterprises owns the following assets at December
31, 2012. Cash in banksavings account 67,516
Checking account balance 26,445 Cash on hand
9,478 Postdated checks 753 Cash refund due from
IRS 40,324 Certificates of deposit (180-day)
94,754 What amount should be reported as cash?
Question 2 Presented below is information related
to Rembrandt Inc.s inventory. (per unit) Skis
Boots Parkas Historical Cost 273.79 152.75 76.37
Selling Price 312.70 208.95 106.27 Cost to
distribute 27.38 11.53 3.60 Current replacement
cost 292.52 151.31 73.49 Normal profit margin
46.11 41.79 30.62 Determine the following
Question 3 Matlock
7
ACC 422Course Real Knowledge / acc422.com
ACC 422 Week 1 CPA Practice Exam For more
course tutorials visit www.acc422.com What amount
should Herc report as inventory in its December
31, 2005, balance sheet? 2. What dollar-value
LIFO inventory cost would be reported in Cobb's
December 31, 2006, balance sheet? 3. Garson Co.
recorded goods in transit purchased FOB shipping
point at year-end as purchases. The goods were
excluded from the ending inventory. What effect
does the omission have on Garson's assets and
retained earnings at year end? 4. In accordance
with ASC Topic 255, the Consumer Price Index for
All Urban Consumers is used to compute
information on a 5. If current assets exceed
current liabilities, payments to creditors made
on the last day of the month will 6. At the end
of its first year of operations, December 31,
year 1, Wonder Company had a net realizable value
of accounts receivable of 500,000. During year 1
Wonder recorded charges to bad debt expense of
80,000 and wrote off as uncollectible accounts
receivable of 20,000. What should Won
8
ACC 422Course Real Knowledge / acc422.com
ACC 422 Week 1 DQ 1 For more course tutorials
visit www.acc422.com Consider how an organization
must manage cash, receivables, and inventory.
Which of the three variables is the most
important to manage? Is one more susceptible to
fraud and errors than the others? Explain your
answer. How would a misstatement in each affect
the organization?
9
ACC 422Course Real Knowledge / acc422.com
ACC 422 Week 1 DQ 2 For more course tutorials
visit www.acc422.com What is the perpetual method
of tracking inventory? How does it differ from
the periodic method of tracking inventory? Why
would a company choose one method over the other
method? Which is the best method? Why?
10
ACC 422Course Real Knowledge / acc422.com
ACC 422 Week 1 DQ 3 For more course tutorials
visit www.acc422.com What are the different ways
to estimate bad debt? How does this affect net
income? What does Generally Accepted Accounting
Principles (GAAP) require? Why? Should all
companies have bad debt? Explain your answer.
11
ACC 422Course Real Knowledge / acc422.com
ACC 422 Week 1 Individual Assignment Disclosure
Analysis Paper (2 Papers) For more course
tutorials visit www.acc422.com This Tutorial
contains 2 Papers Resource Internet Select a
publicly held company to use as the basis for
this assignment. Research your selected company
and acquire the companys most recent financial
statements using the Internet. Prepare a 700- to
1,050-word paper analyzing the disclosures
contained within the notes to the financial
statements related to cash and cash equivalents,
receivables, and inventories. Include a list
identifying the components of the organizations
cash and cash equivalents. Format your paper
consistent with APA guidelines.
12
ACC 422Course Real Knowledge / acc422.com
ACC 422 Week 1 Individual Assignment Disclosure
Analysis Paper For more course tutorials
visit www.acc422.com Resource Internet Select a
publicly held company to use as the basis for
this assignment. Research your selected company
and acquire the companys most recent financial
statements using the Internet. Prepare a 700- to
1,050-word paper analyzing the disclosures
contained within the notes to the financial
statements related to cash and cash equivalents,
receivables, and inventories. Include a list
identifying the components of the organizations
cash and cash equivalents. Format your paper
consistent with APA guidelines.
13
ACC 422Course Real Knowledge / acc422.com
ACC 422 Week 1 Individual WileyPlus Assignment
(Exercise 7-2, 7-4, 7-8, 7-9, 7-13, 7-16, 8-3,
8-13) For more course tutorials
visit www.acc422.com Complete the following Week
1 Assignment in WileyPLUS Exercise 7-2
Exercise 7-4 Exercise 7-8 Exercise 7-9
Exercise 7-13 Exercise 7-16 Exercise 8-3
Exercise 8-13 Take a screenshot of your completed
work, and Click the Assignment Files tab to
submit your screenshot.
14
ACC 422Course Real Knowledge / acc422.com
ACC 422 Week 1 Team Assignment Audited Financial
Statements (Nordstrom Inc.) For more course
tutorials visit www.acc422.com Each team is
assigned a publically traded company that they
will use to answer the questions in the Financial
Scavenger Hunt assigned each week. Team A
Nordstrom Inc. Team B Macy's Inc. Locate your
assigned company's latest audited financial
statements and post them on the assignment tab.
Review the financial statements, including any
notes and supplemental information, and answer
the following questions. Indicate where you found
the answer to the questions. If calculations are
required, show your work. Post your answers to
the assignment tab. Who are the auditors and have
the auditors changed in the past 2 years? If yes,
who were the previous auditors and why was there
a change? 1. What kind of opinion did the
auditors issue on 1. The company as a whole 2.
The internal control system 3. What is the date
of the audit opinion? This is the date that fixes
the auditor's liability. 4. Have the financials
been restated in the past 2 years? 5. Have there
been any changes in the following positions in
the past 2 years? 1. Chief Executive Officer 2.
Chief Financial Officer --------------------------
-------------------------------------------------
ACC 422 Week 2 CPA Practice Exam
15
ACC 422Course Real Knowledge / acc422.com
ACC 422 Week 2 CPA Practice Exam For more course
tutorials visit www.acc422.com On June 18, 2005,
Dell Printing Co. incurred the following costs
for one of its printing presses 2. The overhaul
resulted in a significant increase in production.
Neither the attachment nor the overhaul increased
the estimated useful life of the press. What
amount of the above costs should be capitalized?
3. The following two inventory items were
purchased as a group in a liquidation sale for
1,000. 4. The firm purchasing the inventory
records item A at what amount? 5
16
ACC 422Course Real Knowledge / acc422.com
ACC 422 Week 2 DQ 1 For more course tutorials
visit www.acc422.com Under what circumstances
would a company need to estimate its
inventory? What are the differences between using
the gross profit method and retail inventory
method for estimating inventory? Which method of
estimation, gross profit or retail inventory, is
best? Explain your answer.
17
ACC 422Course Real Knowledge / acc422.com
ACC 422 Week 2 DQ 2 For more course tutorials
visit www.acc422.com What are the criteria for
capitalization of fixed assets? What items are
included in the cost of a fixed asset? Should
interest be included in the cost of a fixed
asset? Explain why or why not.
18
ACC 422Course Real Knowledge / acc422.com
ACC 422 Week 2 DQ 3 For more course tutorials
visit www.acc422.com How do we account for the
disposition of fixed assets? What are the
differences in how the exchanges of assets are
handled, pending on whether they are similar or
dissimilar? What is the rationale for these
differences? What is the impact to the companies
financial statements? ----------------------------
-----------------------------------------------
19
ACC 422Course Real Knowledge / acc422.com
ACC 422 Week 3 CPA Practice Exam For more
course tutorials visit www.acc422.com Alta Co.
spent 400,000 during the current year developing
a new idea for a product that was patented during
the year. The legal cost of applying for a patent
license was 40,000. Also, 50,000 was spent to
successfully defend the rights of the patent
against a competitor. The patent has a life of 20
years. Under U.S. GAAP, what amount should Alta
capitalize related to the patent? 2. In 2005,
Ball Labs incurred the following costs 3. What
was Ball's total research and development expense
in 2005? 4. South Co. purchased a machine that
was installed and placed in service on January 1,
2004 at a cost of 240,000. Salvage value was
estimated at 40,000. The machine is being
depreciated over 10 years by the double declining
balance method. For the year ended December 31,
2005, what amount should South report as
depreciation expense? 5. A manufacturing
20
ACC 422Course Real Knowledge / acc422.com
ACC 422 Week 3 DQ 2 For more course tutorials
visit www.acc422.com What are the different
methods used to calculate depreciation? How does
a company decide which method it should
utilize? How does its choice affect the financial
statements? Should companies standardize the
method of depreciation to enhance comparability?
Explain your answer.
21
ACC 422Course Real Knowledge / acc422.com
ACC 422 Week 3 DQ 3 For more course tutorials
visit www.acc422.com What is an intangible
asset? Should all intangible assets be subject to
amortization? Explain why or why not. Why are
some intangible assets not amortized? What is the
implication to the financial statements?
22
ACC 422Course Real Knowledge / acc422.com
The Best way to predict the Future is to create
it.....To Best way....
www.acc422.com