W3 DQ1 – Merchandising Operations and Income Statements

W3 DQ1 – Merchandising Operations and Income Statements

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W2 DQ2 – Accrual Accounting and Adjusting Entries

W2 DQ2 – Accrual Accounting and Adjusting Entries

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ACC 560 WeeK 6 Chapter 9 and 10 (A+ Guaranteed)

Acc 560 – Managerial Accounting – Weygandt, J. J., Kimmel, P.D., & Kieso, D. E.. Managerial accounting

Week 6 Homework
o        Chapter 9: Exercises 2, 6, 17, and 19; Problems 2 and 4
o        Chapter 10: Exercise 3, 7, 13, and 19; Problems 1 and 4

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ACC 403 Week 2 Quiz 1 (A+ Guaranteed)

Strayer ACC403 Week 2 Quiz 1

Question 1
In “auditing” financial accounting data, the primary concern is with:

determining whether recorded information properly reflects the economic events that occurred during the accounting period
determining if fraud has occurred..
determining if taxable income has been calculated correctly.
analyzing the financial information to be sure that it complies with government requirements.

Question 2
The Sarbanes-Oxley Act applies to which of the following companies?

All companies
Privately held companies
Public companies
All public companies and privately held companies with assets greater than $500 million

Question 3
Which of the following isnotaSysTrustServices principle as defined by the AICPA?

Online privacy
Availability
Processing integrity
Operational integrity

Question 4
Which of the following services provides the lowest level of assurance on a financial statement?

A review
An audit
Neither service provides assurance on financial statements.
Each service provides the same level of assurance on financial statements.

Question 5
An accountant:

must possess expertise in the accumulation of audit evidence.
must decide the number and types of items to test.
must have an understanding of the principles and rules that provide the basis for preparing the accounting information.
must be a CPA.

Question 6
Recording, classifying, and summarizing economic events in a logical manner for the purpose of providing financial information for decision making is commonly called:

finance.
auditing.
accounting.
economics.

Question 7

Any service that requires a CPA firm to issue a report about the reliability of an assertion that is made by another party is a(n):

accounting and bookkeeping service.
attestation service.
assurance service.
tax service.

Question 8
The use of the Certified Public Accountant title is regulated by:

the federal government.
state law through a licensing department or agency of each state.
the American Institute of Certified Public Accountants through the licensing departments of the tax and auditing committees.
the Securities and Exchange Commission.

Question 9
The most common way for users to obtain reliable information is to:

have an internal audit.
have an independent audit.
verify all information individually.
verify the information with management.

Question 10
An examination of part of an organization’s procedures and methods for the purpose of evaluating efficiency and effectiveness is what type of audit?

Operational audit
Compliance audit
Financial statement audit
Production audit

Question 11
One objective of an operational audit is to:

determine whether the financial statements fairly present the entity’s operations.
determine if the auditee is in compliance with GAAP.
make recommendations for improving performance.
report on the entity’s relative success in attaining profit maximization.

Question 12
Which of the following is considered audit evidence?

Oral statements
made by management    Written
Communications    Auditor
Observation
Y    N    N

Oral statements
made by management    Written
Communications    Auditor
Observation
N    Y    Y

Oral statements
made by management    Written
Communications    Auditor
Observation
Y    Y    Y

Oral statements
made by management    Written
Communications    Auditor
Observation
N    N    Y

Question 13
An audit to determine whether an entity is following specific procedures or rules set down by some higher authority is classified as a(n):

audit of financial statements.
compliance audit.
operational audit.
production audit.

Question 14
A correct relationship among the auditor, the client, and the external users is:

management of a public company hires the independent auditor.
the audit committee of a private company hires the independent auditor.
the client provides capital to the external users.
the external users can rely upon the auditor’s report to reduce information risk.

Question 15
Three common types of attestation services are:

audits of historical financial statements, reviews of historical financial statements, and audits of internal control over financial reporting.
audits of historical financial information, verifications of historical financial information, and attestations regarding internal controls.
reviews of historical financial information, verifications of future financial information, and attestations regarding internal controls.
audits of historical financial information, reviews of controls related to investments, and verifications of historical financial information.

Question 16
The methods used by a CPA firm to ensure that the firm meets is professional responsibilities to clients and others is:

continuing professional education.
compliance with generally accepted reporting standards.
quality control.
peer review.

Question 17
Hansen Corporation’s stock is listed on a national stock exchange and registered with the Securities and Exchange Commission. Hansen’s management hires a CPA to perform an independent audit of Hansen’s financial statements. The primary objective of this audit is to provide assurance to the:

investors in Hansen Corporation’s stock.
stock exchange.
Securities and Exchange Commission.
management of Hansen Corporation.

Question 18
Members of the Public Company Accounting Oversight Board are appointed and overseen by:

the U.S. Congress.
the American Institute of Certified Public Accountants.
the Auditing Standards Board
the Securities and Exchang e Commission.

Question 19
The International Standards on Auditing (ISAs):

are issued by the AICPA.
override a country’s regulations governing the audit of a company.
has many of the same standards as the Auditing Standards Board (ASB).
must be followed by companies whose stock is traded in the U.S.

Question 20
To obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, the auditor must fulfill several performance responsibilities, including:

verifying that all audit work is performed by a CPA with a minimum of three years experience.
obtaining sufficient, appropriate audit evidence.
exercising professional judgment.
providing an opinion on the financial statements.

Question 21
The legal right to perform audits is granted to a CPA firm by regulation of:

each state.
the Financial Accounting Standards Board (FASB).
the American Institute of Certified Public Accountants (AICPA).
the Audit Standards Board.

Question 22
The purpose of establishing quality control policies and procedures to accept or continue a client relationship is to:

provide reasonable assurance that personnel are adequately trained to fulfill their responsibilities.
monitor the risk factors concerning misstatements that arise from the misappropriation of assets.
document objective criteria for the CPA firm’s peer review.
minimize the likelihood of associating with a client whose management may lack integrity.

Question 23
The form that must be completed and filed with the Securities and Exchange Commission whenever a company experiences a significant event that is of interest to public investors is the:

Form S-1.
Form 8-K.
Form 10-K.
Form 10-Q.

Question 24
Statements on Standards for Accounting and Review Services are issued by the:

Accounting and Review Services Committee.
Professional Ethics Executive Committee.
Securities and Exchange Commission.
Financial Accounting Standards Board.

Question 25
For privately held companies who is responsible for establishing auditing standards?

Securities and Exchange Commission
Public Company Accounting Oversight Board
Auditing Standards Board
National Association of Accounting

Question 26
Standards issued by the Public Company Accounting Oversight Board must be followed by CPAs who audit:

both private and public companies.
public companies only.
private companies, public companies, and nonprofit entities.
private companies only.

Question 27
The organization that is responsible for providing oversight for auditors of public companies is called the ________.

Auditing Standards Board
American Institute of Certified Public Accountants
Public Oversight Board
Public Company Accounting Oversight Board

Question 28
The “Principles Underlying an Audit in Accordance with Generally Accepted Auditing Principles” provides a framework to help auditors:

understand the ten GAAS standards.
obtain complete assurance that the financial statements are free from any error.
report on the financial statements.
prevent fraud.

Question 29
Historically auditing standards have been organized into three categories, including:

Standards of field work.
Purpose of an audit.
Responsibilities of the auditor.
Proper planning and supervision.

Question 30
When assessing the risk of material misstatements in the financial statements,

inadequate internal control procedures will mitigate client business risk.
GAAS specifies in detail how much and what types of evidence the auditor needs to obtain.
company management is responsible for determining materiality levels.
the auditor must have an understanding of the client’s business and industry.

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ACC 560 Week 7 Chapter 11 (E11-2, E11-4, E11-14, E11-16 and P11-1 and P11-4) – ANSWER KEY

ACC 560 Managerial accounting by Weygandt, J. J., Kimmel

Week 7 Homework
o        Chapter 11: Exercises 2, 4, 14, and 16; Problems 1 and 4

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ACC 557 Week 8 WileyPlus (Chapter 12) – Answer Key

Exercise 12-7 On January 1, Vince Corporation purchased a 25% equity in Morelli Corporation for $195,800. At December 31, Morelli declared and paid a $56,200 cash dividend and reported net income of $212,400.

a) Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
b) Determine the amount to be reported as an investment in Morelli stock at December 31.

Exercise 12-8 Presented below are two independent situations.

1.    Chicory Cosmetics acquired 15% of the 117,600 shares of common stock of Racine Fashion at a total cost of $12 per share on March 18, 2014. On June 30, Racine declared and paid a $51,500 dividend. On December 31, Racine reported net income of $119,080 for the year. At December 31, the market price of Racine Fashion was $14 per share. The stock is classified as non-trading.
2.    Frank, Inc., obtained significant influence over Nowak Corporation by buying 30% of Nowak’s 35,400 outstanding shares of common stock at a total cost of $9 per share on January 1, 2014. On June 15, Nowak declared and paid a cash dividend of $35,600. On December 31, Nowak reported a net income of $71,700 for the year.
Prepare all the necessary journal entries for 2014 for (a) Chicory Cosmetics and (b) Frank, Inc. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Exercise 12-12 Zippydah Company has the following data at December 31, 2014.

Securities    Cost    Fair Value
Trading    $119,400    $123,620
Non-trading    103,450    90,820
The non-trading securities are held as a long-term investment.
(a) Prepare the adjusting entries to report 1. Trading securities at fair value and 2. Non-trading securities at fair value. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

(b) Indicate the statement presentation of each class of securities.

Problem 12-2A In January 2014, the management of Stefan Company concludes that it has sufficient cash to permit some short-term investments in debt and stock securities. During the year, the following transactions occurred.

Feb. 1    Purchased 400 shares of Superior common stock for $21,200, plus brokerage fees of $460.
Mar. 1    Purchased 790 shares of Pawlik common stock for $21,330, plus brokerage fees of $560.
Apr. 1    Purchased 40 $1,200, 7% Venice bonds for $48,000, plus $1,300 brokerage fees. Interest is payable semiannually on April 1 and October 1.
July 1    Received a cash dividend of $0.70 per share on the Superior common stock.
Aug. 1    Sold 120 shares of Superior common stock at $63 per share less brokerage fees of $140.
Sept. 1    Received a $1 per share cash dividend on the Pawlik common stock.
Oct. 1    Received the semiannual interest on the Venice bonds.
Oct. 1    Sold the Venice bonds for $48,000 less $1,300 brokerage fees.
At December 31, the fair value of the Superior common stock was $55 per share. The fair value of the Pawlik common stock was $26 per share.

a) Journalize the transactions and post to the accounts Debt Investments and Stock Investments. (Use the T-account form.) (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

b) Prepare the adjusting entry at December 31, 2014, to report the investment securities at fair value. All securities are considered to be trading securities. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

c)Show the balance sheet presentation of investment securities at December 31, 2014.

d) Give the statement classification of each income statement account.

Problem 12-6A The following data, presented in alphabetical order, are taken from the records of Radar Corporation.

Accounts payable………………………………………………. $ 240,110
Accounts receivable……………………………………………… 139,490
Accumulated depreciation—buildings…………………………….179,150
Accumulated depreciation—equipment……………………………51,540
Allowance for doubtful accounts…………………………………….5,800
Bonds payable (10%, due 2020)………………………………….499,800
Buildings………………………………………………………….950,820
Cash………………………………………………………………..41,420
Common stock ($10 par value; 507,590 shares authorized,
149,160 shares issued)………………………………………….1,491,600
Dividends payable…………………………………………………79,460
Equipment…………………………………………………………274,800
Fair Value Adjustment – non trading securities (Dr)…………. 7,940
Goodwill………………………………………………………….199,890
Income taxes payable…………………………………………….119,600
Inventory………………………………………………………….169,560
Investment in Sasse common stock (10% ownership), at cost……278,020
Investment in Mara common stock (30% ownership), at equity…379,990
Land………………………………………………………………389,010
Notes payable (due 2015)………………………………………….69,850
Paid-in capital in excess of par—common stock…………………138,970
Premium on bonds payable…………………………………………39,820
Prepaid insurance…………………………………………………..15,130
Retained earnings…………………………………………………102,550
Short-term investments, at fair value (and cost)………………….180,120
Unrealized gain—available-for-sale securities………………………7,940
The investment in Sasse common stock is considered to be a long-term available-for-sale security.

Instructions
Prepare a classified balance sheet at December 31, 2014.

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W2 DQ1 – Accounting EquationAccounting Cycle

W2 DQ1 – Accounting EquationAccounting Cycle

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W1 DQ2 – Details of Financial Statements and Ratios

W1 DQ2 – Details of Financial Statements and Ratios

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W1 DQ1 – Financial Reporting Environment and GAAP

W1 DQ1 – Financial Reporting Environment and GAAP

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ACCT 504 Week 7 Course Project JCP Kohls

ACCT 504 Week 7 Course Project JCP Kohls

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