UOP ACC 290 Final Exam Guide Latest

UOP ACC 290 Final Exam Guide Latest

Check this A+ tutorial guideline at

http://www.uopassignments.com/acc-290-uop/acc-290-final-exam-guide-recent

For more classes visit

http://www.uopassignments.com

Question 1

The best definition of assets is the

collections of resources belonging to the company and the claims on these resources.

cash owned by the company.

owners’ investment in the business.

resources belonging to a company that have future benefit to the company.

Question 2

Which of the following is not a liability?

Accounts Payable

Accounts Receivable

Interest Payable

Unearned Service Revenue

Question 3

Which of the following financial statements is divided into major categories of operating, investing, and financing activities?

The statement of cash flows.

The income statement.

The balance sheet.

The retained earnings statement.

Question 4

Ending retained earnings for a period is equal to beginning

Retained earnings + Net income – Dividends.

Retained earnings – Net income + Dividends

Retained earnings – Net income – Dividends.

Retained earnings + Net income + Dividends.

Question 5   

Which of the following is not an advantage of the corporate form of business organization?

No personal liability

Easy to raise funds

Easy to transfer ownership

Favorable tax treatment

Question 6

An advantage of the corporate form of business is that

it is simple to establish.

it has limited life.

 its owner’s personal resources are at stake.

its ownership is easily transferable via the sale of shares of stock

Question 7

A small neighborhood barber shop that is operated by its owner would likely be organized as a

proprietorship.

partnership.

 joint venture.

corporation.

Question 8

If services are rendered for cash, then

stockholders’ equity will decrease.

liabilities will increase.

liabilities will decrease.

assets will increase.

Question 9

A revenue generally

increases assets and stockholders’ equity.

increases assets and liabilities.

increases assets and decreases stockholders’ equity.

leaves total assets unchanged.

Question 10

A revenue account

has a normal balance of a debit.

is decreased by credits.

is increased by credits.

is increased by debits.

Question 11

Which accounts normally have debit balances?

Assets, expenses, and dividends

Assets, expenses, and revenues

Assets, expense, and retained earnings

Assets, liabilities, and dividends

Question 12

In recording an accounting transaction in a double-entry system

the number of debit accounts must equal the number of credit accounts.

there must only be two accounts affected by any transaction.

there must always be entries made on both sides of the accounting equation.

the amount of the debits must equal the amount of the credits.

Question 13

The usual sequence of steps in the transaction recording process is

journalize, analyze, post to the ledger.

post to the ledger, journalize, analyze.

analyze, journalize, post to the ledger.

journalize, post to the ledger, analyze.

Question 14

Under the expense recognition principle expenses are recognized when

they contribute to the production of revenue.

they are billed by the supplier.

they are paid.

the invoice is received.

Question 15

The revenue recognition principle dictates that revenue should be recognized in the accounting records:

in the period that income taxes are paid.

when cash is received.

when the performance obligation is satisfied.

at the end of the month.

Question 16

Merchandising companies that sell to retailers are known as

brokers.

corporations.

wholesalers.

service firms.

Question 17

Gross profit equals the difference between

sales revenue and cost of goods sold.

sales revenue and operating expenses.

net income and operating expenses.

sales revenue and cost of goods sold plus operating expenses

Question 18

Net income will result if gross profit exceeds

purchases.

 cost of goods sold.

operating expenses.

cost of goods sold plus operating expenses.

Question 19

Under the perpetual system, cash freight costs incurred by the buyer for the transporting of goods is recorded in which account?

Freight-In

Inventory

Freight Expense

Freight-Out

Question 20

Financial information is presented below:

Operating expenses        $ 25000

Sales revenue       175000

Cost of goods sold         125000

The profit margin ratio would be

Question 21

Financial information is presented below:

Operating expenses  $ 31000

Sales returns and allowances 6000

Sales discounts      5000

Sales revenue 180000

Cost of goods sold   87000

The gross profit rate would be

Question 22

Financial information is presented below:

Operating expenses  $ 54000

Sales returns and allowances 5000

Sales discounts      5000

Sales revenue 206000

Cost of goods sold   109000

Gross Profit would be

$102000.

$92000.

$97000.

$87000

Question 23

The LIFO inventory method assumes that the cost of the latest units purchased are

not allocated to cost of goods sold or ending inventory.

the first to be allocated to cost of goods sold.

the last to be allocated to cost of goods sold.

the first to be allocated to ending inventory.

Question 24

Which of the following statements is correct with respect to inventories?

FIFO seldom coincides with the actual physical flow of inventory.

 The FIFO method assumes that the costs of the earliest goods acquired are the last to be sold.

It is generally good business management to sell the most recently acquired goods first.

Under FIFO, the ending inventory is based on the latest units purchased.

Question 25

All of the following are examples of internal control procedures except

reconciling the bank statement.

customer satisfaction surveys.

insistence that employees take vacations.

using prenumbered documents.

Question 26

Each of the following is a feature of internal control except

recording of all transactions.

bonding of employees.

an extensive marketing plan.

separation of duties.

Question 27  

For which of the following errors should the appropriate amount be subtracted from the balance per books on a bank reconciliation?

Check written for $95, but recorded by the company as $59

Deposit of $500 recorded by the bank as $50.

Check written for $53, but recorded by the company as $35.

A returned $200 check recorded by the bank as $20.

Question 28

A check written by the company for $126 is incorrectly recorded by a company as $162. On the bank reconciliation, the $36 error should be

deducted from the balance per books.

added to the balance per bank.

added to the balance per books.

deducted from the balance per bank.

Question 29

The following information was available for Blossom Company at December 31, 2017: beginning inventory $93000; ending inventory $146000; cost of goods sold $676000; and sales $824000. Blossom inventory turnover ratio (rounded) in 2017 was

7.3 times.

4.6 times.

6.9 times.

5.7 times.

Question 30

The following information was available for Sheridan Company at December 31, 2017: beginning inventory $80000; ending inventory $132000; cost of goods sold $644000; and sales $816000. Sheridan days in inventory (rounded) in 2017 was

47.4 days.

45.1 days.

59.8 days.

74.5 days.

ACC 290 Final Exam NEW

ACC 290 Final Exam NEW

Check this A+ tutorial guideline at

http://www.uopassignments.com/acc-290-uop/acc-290-final-exam-recent

For more classes visit

http://www.uopassignments.com

Question 1

Jackson Company recorded the following cash transactions for the year:

Paid $135,000 for salaries.

Paid $60,000 to purchase office equipment.

Paid $15,000 for utilities.

Paid $6,000 in dividends.

Collected $245,000 from customers.

What was Jackson’s net cash provided by operating activities?

$89,000

$95,000

$110,000

$35,000

Question 2

Which of the following describes the classification and normal balance of the Unearned Rent Revenue account?

Asset, debit

Expense, debit

Liability, credit

Revenues, credit

Question 3

Posting

involves transferring all debits and credits on a journal page to the trial balance.

is accomplished by examining ledger accounts and seeing which ones need updating.

should be performed in account number order.

accumulates the effects of journalized transactions in the individual accounts.

Question 4

The following is selected information from L Corporation for the fiscal year ending October 31, 2014.

Cash received from customers $300,000

Revenue earned             390,000

Cash paid for expenses 170,000

Cash paid for computers on November 1, 2013 that will be used for 3 years         48,000

Expenses incurred including any depreciation    216,000

Proceeds from a bank loan, part of which was used to pay for the computers    100,000

Based on the accrual basis of accounting, what is L Corporation’s net income for the year ending October 31, 2014?

$204,000

$220,000

$174,000

$158,000

Question 5

La More Company had the following transactions during 2013.

Sales of $4,500 on account

Collected $2,000 for services to be performed in 2014

Paid $1,325 cash in salaries

Purchased airline tickets for $250 in December for a trip to take place in 2014

What is La More’s 2013 net income using cash basis accounting?

$4,925

$675

$425

$5,175

Question 6

Which one of the following is not a justification for adjusting entries?

Adjusting entries are necessary to bring the general ledger accounts in line with the budget.

Adjusting entries are necessary to enable financial statements to be in conformity with GAAP.

Adjusting entries are necessary to ensure that the revenue recognition principle is followed.

Adjusting entries are necessary to ensure that the expense recognition principle is followed.

Question 7

The Vintage Laundry Company purchased $6,500 worth of laundry supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indi-cated only $1,000 on hand. The adjusting entry that should be made by the company on June 30 is:

debit Laundry Expense, $5,500; credit Laundry Supplies, $5,500.

debit Laundry, $1,000; credit Laundry Supplies Expense, $1,000.

debit Laundry Expense, $1,000; credit Laundry Supplies, $1,000.

debit Laundry, $5,500; credit Laundry Supplies Expense, $5,500.

Question 8

Similarities between International Financial Reporting Standards (IFRS) and U.S. GAAP in-clude all of the following except

Cash-basis accounting is not in accordance with either IFRS or U.S. GAAP.

Both IFRS and U.S. GAAP divide the economic life of companies into artificial time periods.

The form and content of financial statements are very similar under IFRS and U.S. GAAP.

Both IFRS and U.S. GAAP allow revaluation of items such as land and buildings to fair value.

Question 9

Conway Company purchased merchandise inventory with an invoice price of $9,000 and credit terms of 2/10, n/30. What is the net cost of the goods if Conway Company pays within the discount period?

$8,280

$9,000

$8,820

$8,100

Question 10

Stan’s Market recorded the following events involving a recent purchase of inventory:

Received goods for $90,000, terms 2/10, n/30.

Returned $1,800 of the shipment for credit.

Paid $450 freight on the shipment.

Paid the invoice within the discount period.

As a result of these events, the company’s inventory

increased by $88,650.

increased by $86,886.

increased by $86,877.

increased by $86,436.

Question 11

Financial information is presented below:

Operating expenses      $36,000

Sales revenue  150,000

Cost of goods sold          105,000

Gross profit would be

$45,000.

$24,000.

$114,000.

$36,000.

Question 12

At December 31, 2014 Mohling Company’s inventory records indicated a balance of $602,000. Upon further investigation it was determined that this amount included the following:

$112,000 in inventory purchases made by Mohling shipped from the seller 12/27/14 terms FOB destination, but not due to be received until January 2nd

$74,000 in goods sold by Mohling with terms FOB destination on December 27th. The goods are not expected to reach their destination until January 6th

$6,000 of goods received on consignment from Dollywood Company

What is Mohling’s correct ending inventory balance at December 31, 2014?

$410,000

$490,000

$484,000

$596,000

Question 13

Olympus Climbers Company has the following inventory data:

July 1                    Beginning inventory                      20 units at $19                  $380

7                             Purchases                          70 units at $20                  1,400

22                          Purchases                          10 units at $22                  220

$2,000

A physical count of merchandise inventory on July 30 reveals that there are 32 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is

$1,380.

$620.

$660.

$1,340.

Question 14

Jenks Company developed the following information about its inventories in applying the lower of cost or market (LCM) basis in valuing inventories:

Product                               Cost                      Market

A                            $57,000                $60,000

B                            40,000                  38,000

C                            80,000                  81,000

If Jenks applies the LCM basis, the value of the inventory reported on the balance sheet would be

$179,000.

$175,000.

$177,000.

$181,000.

Question 15

Nilson Company gathered the following reconciling information in preparing its August bank reconciliation:

Cash balance per books, 8/31                    $21,000

Deposits in transit                           900

Notes receivable and interest collected by bank                               5,100

Bank charge for check printing                  120

Outstanding checks                       12,000

NSF check                          1,020

The adjusted cash balance per books on August 31 is

$24,960.

$24,060.

$14,760.

$13,800.

Question 16

Which of the following is not a basic principle of cash management?

Increase collection of receivables.

Keep inventory levels low.

Pay all liabilities early.

Invest idle cash.

Question 17

Use the following data to determine the total dollar amount of assets to be classified as property, plant, and equipment.

Eddy Auto Supplies

Balance Sheet

December 31, 2014

Cash                     $84,000                Accounts payable           $110,000

Accounts receivable                      80,000                  Salaries and wages payable        20,000

Inventory                           140,000                Mortgage payable          180,000

Prepaid insurance                           60,000                  Total liabilities   $310,000

Stock Investments                         170,000

Land                     190,000

Buildings             $226,000                                             Common stock $240,000

Less: Accumulated depreciation               (40,000)               186,000                Retained earnings          500,000

Trademarks                       140,000                     Total stockholders' equity     $740,000

Total assets                       $1,050,000                                    Total liabilities and stockholders' equity     $1,050,000

$516,000

$556,000

$376,000

$686,000

Question 18

Accounting information is relevant to business decisions because it

confirms prior expectations.

has been verified by external audit.

is prepared on an annual basis.

is neutral in its representations.

Question 19

Howard Company had a transaction that caused a $5,000 increase in both assets and total liabilities. This transaction could have been a(n)

investment of $5,000 cash in the business by the stockholders.

purchase of office equipment for $12,000, paying $7,000 cash and issuing a note payable for the balance.

purchase of office equipment for $5,000 cash.

repayment of a $5,000 bank loan.

Question 20

Can financial statements be prepared directly from the adjusted trial balance?

Yes, adjusting entries have been recorded in the general journal and posted to the ledger accounts.

No, the adjusted trial balance merely proves the equality of the total debit and total credit balances in the ledger after adjustments are posted. It has no other purpose.

They can because that is the only reason that an adjusted trial balance is prepared.

They cannot. The general ledger must be used.

Question 21

Which trial balance will consist of the greatest number of accounts?

All of these answer choices will contain the same number of accounts.

Post-closing trial balance

Trial balance

Adjusted trial balance

Question 22

All of the following are required steps in the accounting cycle except:

preparing a post-closing trial balance.

preparing an adjusted trial balance.

preparing a work sheet.

journalizing and posting closing entries.

Question 23

A sales discount does not

increase a contra revenue account.

increase an operating expense account.

reduce the amount of cash received from a credit sale.

provide the purchaser with a cash saving.

Question 24

American Importers reports net income of $50,000 and cost of goods sold of $450,000. If the company’s gross profit rate was 40%, net sales were

$1,125,000.

$1,175,000.

$825,000.

$750,000.

Question 25

The manager of Weiser is given a bonus based on net income before taxes. The net income after taxes is $35,700 for FIFO and $29,400 for LIFO. The tax rate is 30%. The bonus rate is 20%. How much higher is the manager's bonus if FIFO is adopted instead of LIFO?

$6,300

$9,000

$1,800

$12,600

Question 26

Classic Floors has the following inventory data:

July 1                    Beginning inventory                      15 units at $6.00

5                             Purchases                          60 units at $6.60

14                          Sale                       40 units

21                          Purchases                          30 units at $7.20

30                          Sale                       28 units

Assuming that a perpetual inventory system is used, what is the cost of goods sold on a LIFO basis for July?

$348.00

$702.00

$236.40

$465.60

Question 27

Classic Floors has the following inventory data:

July 1                    Beginning inventory                      15 units at $6.00

5                             Purchases                          60 units at $6.60

14                          Sale                       40 units

21                          Purchases                          30 units at $7.20

30                          Sale                       28 units

Assuming that a perpetual inventory system is used, what is the value of ending inventory on a LIFO basis for July?

$236.40

$465.60

$702.00

$354.00

Question 28

Which of the following is not one of the main factors that contribute to fraudulent activity?

Opportunity.

Rationalization.

Incompatible duties.

Financial pressure.

Question 29

What is the rationale for the internal control principle, segregation of duties?

The work of one employee should, without duplication of effort, provide a reliable basis for evaluating the work of another employee.

History has shown that employees are generally dishonest and thus cannot be entrusted with performing related duties.

Control is most effective when only one person is responsible for a give task.

Segregation of duties causes companies to hire more employees and thus it supports the economy.

Question 30

Under IFRS

comparative prior-period information is not required, but financial statements must be provided annually.

comparative prior-period information must be presented, but financial statements need not be provided annually.

comparative prior-period information must be presented, and financial statements must be provided annually.

comparative prior-period information is not required, but financial statements need not be provided annually.

UOP ACC 290 Final Exam

UOP ACC 290 Final Exam

Check this A+ tutorial guideline at

http://www.uopassignments.com/acc-290-uop/ACC-290-Final-Exam

For more classes visit

http://www.uopassignments.com

1) Which financial statement is used to determine cash generated from operations?

A.       Income statement

B.       Statement of operations

C.       Statement of cash flows

D.       Retained earnings statement

2) In terms of sequence, in what order must the four basic financial statements be prepared?

A.       Balance sheet, income statement, statement of cash flows, and capital statement

B.       Income statement, capital statement, statement of cash flows, and balance sheet

C.       Balance sheet, capital statement, statement of cash flows, and income statement

D.       Income statement, capital statement, balance sheet, and statement of cash flows

3) In classifying transactions, which of the following is true in regard to assets?

A.       Normal balances and increases are debits.

B.       Normal balances and decreases are credits.

C.       Normal balances can either be debits or credits for assets.

D.       Normal balances are debits and increases can be debits or credits.

4) An increase in an expense account must be

A.       debited

B.       credited

C.       either debited or credited, depending on the circumstances

D.       capitalized

5) ABC Corporation issues 100 shares of $1 par common stock at $5 per share, which of the following is the correct journal entry?

A.

Cash   $100

Common Stock        $100

B.

Cash   $500

Common Stock        $500

C.

Cash   $500

Paid-in Capital, Excess of Par       $400

Common Stock        $100

D.

Cash   $100

Paid-in Capital, Excess of Par   $400

Common Stock        $500

6) In the first month of operations, the total of the debit entries to the cash account amounted to $1,400 and the total of the credit entries to the cash account amounted to $600. The cash account has a

A.       $600 credit balance

B.       $1,400 debit balance

C.       $800 debit balance

D.       $800 credit balance

7) Which ledger contains control accounts?

A.       Accounts receivable subsidiary ledger

B.       General ledger

C.       Accounts payable subsidiary ledger

D.       General revenue and expense ledger

8) Smith is a customer of ABC Corporation. Smith typically purchases merchandise from ABC on account. Which ledger would ABC use to keep track of the details of Smith’s account?

A.       Accounts receivable subsidiary ledger

B.       Accounts receivable control ledger

C.       General ledger

D.       Accounts payable subsidiary ledger

9) Under the cash basis of accounting,

A.       revenue is recognized when services are performed

B.       expenses are matched with the revenue that is produced

C.       cash must be received before revenue is recognized

D.       a promise to pay is sufficient to recognize revenue

10) Under the accrual basis of accounting,

A.       cash must be received before revenue is recognized

B.       net income is calculated by matching cash outflows against cash inflows

C.       events that change a company’s financial statements are recognized in the period they occur rather than in the period in which the cash is paid or received

D.       the ledger accounts must be adjusted to reflect a cash basis of accounting before financial statements are prepared under generally accepted accounting principles

11) The Vintage Laundry Company purchased $6,500 worth of laundry supplies on June 2 and recorded the purchase as an asset. On June 30, an inventory of the laundry supplies indicated only $2,000 on hand. The adjusting entry that should be made by the company on June 30 is

A.       debit Laundry Expense, $2,000; credit Laundry Expense $2,000

B.       debit Laundry Expense, $4,500; credit Laundry Supplies Expense, $4,500

C.       debit Laundry Supplies, $2,000; credit Laundry Supplies Expense, $2,000

D.       debit Laundry Supplies Expense, $4,500; credit Laundry Supplies, $4,500

12) Greese Company purchased office supplies costing $4,000 and debited Office Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $1,100 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be

A.       debit Office Supplies Expense, $1,100; credit Office Supplies, $1,100

B.       debit Office Supplies, $2,900; credit Office Supplies Expense, $2,900

C.       debit Office Supplies Expense, $2,900; credit Office Supplies, $2,900

D.       debit Office Supplies, $1,100; credit Office Supplies Expense, $1,100

13) Based on the account balance below, what is the total of the debit and credit columns of the adjusted trial balance?

Service revenue   $3,300        Equipment   $6,400

Cash   1,525        Prepaid insurance   1,225

Unearned revenue   5,320        Depreciation expense   640

Salary   1,050        Accum. depreciation   1,280

Common stock   390        Retained earnings   550

A.       $9,150

B.       $10,840

C.       $9,560

D.       $10,430

14) An adjusted trial balance

A.       is prepared after the financial statements are completed

B.       proves the equality of the total debit balances and total credit balances of ledger accounts after all adjustments have been made

C.       is a required financial statement under generally accepted accounting principles

D.       cannot be used to prepare financial statements

15) Given the following adjusted trial balance, net income for the year is:

Debit   Credit

Cash   $781

Accounts receivable   1,049

Inventory   1,562

Prepaid rent   43

Property, plant & equipment   150

Accumulated depreciation       26

Accounts payable       41

Unearned revenue       61

Common stock       103

Retained earnings        3,305

Service revenue       134

Interest revenue       28

Salary expense   80

Travel expense   33

Total   $3,698   $3,698

A.       $248

B.       $135

C.       $162

D.       $49

16) Given the following adjusted trial balance, what will be the totals for the debit and credit columns of the post-closing trial balance?

Debit   Credit

Cash   $1,562

Accounts receivable   2,098

Inventory   3,124

Prepaid rent   86

Property, plant, & equipment   300

Accumulated depreciation       $52

Accounts payable       82

Unearned revenue       172

Common stock       206

Retained earnings       6,610

Service revenue       218

Interest revenue       56

Salary expense   160

Travel expense   66

Totals   $7,396   $7,396

A.       $7,396

B.       $7,118

C.       $7,334

D.       $7,170

17) Given the following adjusted trial balance:

Debit   Credit

Cash   $781

Accounts receivable   1,049

Inventory   1,562

Prepaid rent   43

Property, plant & equipment   150

Accumulated depreciation       $26

Accounts payable       41

Unearned revenue       61

Common stock       103

Retained earnings        3,305

Service revenue       134

Interest revenue       28

Salary expense   80

Travel expense   33

Total   $3,698   $3,698

After closing entries have been posted, the balance in retained earnings will be

A.       $3,256

B.       $3,170

C.       $3,440

D.       $3,354

18) Net income is recorded on the work sheet under the

A.       debit column of the adjusted trial balance and the credit column of retained earnings

B.       debit column of the income statement and the credit column of the balance sheet

C.       credit column of the adjusted trial balance and the debit column of retained earnings

D.       credit column of the income statement and the debit column of the balance sheet

19) At the beginning of the year, Uptown Athletic had an inventory of $400,000. During the year, the company purchased goods costing $1,500,000. If Uptown Athletic reported ending inventory of $600,000 and sales of $2,000,000, their cost of goods sold and gross profit rate would be

A.       $900,000 and 65%

B.       $1,300,000 and 35%

C.       $900,000 and 35%

D.       $1,300,000 and 65%

20) During the year, Sarah’s Pet Shop’s merchandise inventory decreased by $30,000. If the company’s cost of goods sold for the year was $450,000, purchases would have been

A.       $480,000

B.       $420,000

C.       $390,000

D.       Insufficient data to determine

21) At the beginning of the year, Wildcat Athletic had an inventory of $200,000. During the year, the company purchased goods costing $700,000. If Wildcat Athletic reported ending inventory of $300,000 and sales of $1,000,000, their cost of goods sold and gross profit rate would be

A. $400,000 and 60%

B $600,000 and 40%

C. $400,000 and 40%

D. $600,000 and 60%

22) The entry to record of sale of $900 with terms of 2/10, n/30 will include a

A.       debit to Sales Discount for $18

B.       debit to Sales Revenue for $882

C.       credit to Accounts Receivable for $900

D.       credit to Sales Revenue for $900

23) Dobler Company uses a periodic inventory system. Details for the inventory account for the

Units   Per unit price   Total

Balance, 1/1/2012   200   $5.00   $1,000

Purchase, 1/15/2012   100   5.3   530

Purchase, 1/28/2012   100   5.5   550

An end of the month (1/31/2012), inventory showed that 140 units were on hand. If the company uses LIFO, what is the value of the ending inventory?

A.       $737

B.       $700

C.       $762

D.       $1,380

24) The difference between ending inventory using LIFO and ending inventory using FIFO is referred to as

A.       FIFO reserve

B.       inventory reserve

C.       LIFO reserve

D.       periodic reserve

25) A consistent application of an inventory costing method enhances

A.       conservatism

B.       accuracy

C.       comparability

D.       efficiency

26) The accountant at Patton Company has determined that income before income taxes amounted to $11,000 using the FIFO costing assumption. If the income tax rate is 30% and the amount of income taxes paid would be $300 greater if the LIFO assumption were used, what would be the amount of income before taxes under the LIFO assumption?

A.       $11,300

B.       $12,000

C.       $10,000

D.       $10,700

27) A very small company would have the most difficulty in implementing which of the following internal control activities?

A.       Separation of duties

B.       Limited access to assets

C.       Periodic independent verification

D.       Sound personnel procedures

28) A system of internal control

A.       is infallible

B.       can be rendered ineffective by employee collusion

C.       invariably will have costs exceeding benefits

D.       is premised on the concept of absolute assurance

29) The custodian of a company asset should

A.       have access to the accounting record for that asset

B.       be someone outside the company

C.       not have access to the accounting record for that asset

D.       be an accountant

30) The Sarbanes Oxley Act (2002) applies to

A.       U.S. companies but not international companies

B.       international companies but not U.S. companies

C.       U.S. and Canadian companies but not other international companies

D.       U.S. and international companies

UOP ACC 290 Week 1 Assignment Preparing an Income Statement Retained Earnings Statement and Balance Sheet NEW

UOP ACC 290 Week 1 Assignment Preparing an Income Statement Retained Earnings Statement and Balance Sheet NEW

Check this A+ tutorial guideline at

http://www.uopassignments.com/acc-290-uop/acc-290-week-1-assignment-preparing-an-income-statement-retained-earnings-statement-and-balance-sheet-recent

For more classes visit

http://www.uopassignments.com

ACC 290 Week 1 Assignment Preparing an Income Statement Retained Earnings Statement and Balance Sheet NEW

Purpose of Assignment 

The purpose of this assignment is to help students become familiar with the presentation of the income statement and the retained earnings statement, including how parts of the financial statement is evaluated to determine the operational success of the business. 

Assignment Steps 

Resources: Financial Accounting: Tools for Business Decision Making p. 36

Scenario: On June 1, 2017, Elite Service Co. was started with an initial investment in the company of $22,100 cash. Below are the assets, liabilities, and common stock of the company June 30, 2017, and the revenues and expenses for the month of June, its first month of operations: 

Cash $ 4,600 Notes payable $12,000

Accounts receivable 4,000 Accounts payable 500

Service revenue 7,500 Supplies expense 1,000

Supplies 2,400 Maintenance and repairs expense 600

Advertising expense 400 Utilities expense 300

Equipment 26,000 Salaries and wages expense 1,400

Common stock 22,100  

In June, the company issues no additional stock but paid dividends of $1,400.

Prepare an income statement retained earnings statement and balance sheet analyzing your findings using the questions below in a total of 1050 words:

Briefly address whether the company’s first month of operations was a success.

Discuss the company’s decision to distribute a dividend.

Use the Excel® spreadsheet to show your work and submit it with your analysis.

Click the Assignment Files tab to submit your assignment.

UOP ACC 290 Week 1 Assignment Preparing an Income Statement Retained Earnings Statement and Balance Sheet NEW

UOP ACC 290 Week 1 Assignment Preparing an Income Statement Retained Earnings Statement and Balance Sheet NEW

Check this A+ tutorial guideline at

http://www.uopassignments.com/acc-290-uop/acc-290-week-1-assignment-preparing-an-income-statement-retained-earnings-statement-and-balance-sheet-recent

For more classes visit

http://www.uopassignments.com

ACC 290 Week 1 Assignment Preparing an Income Statement Retained Earnings Statement and Balance Sheet NEW

Purpose of Assignment 

The purpose of this assignment is to help students become familiar with the presentation of the income statement and the retained earnings statement, including how parts of the financial statement is evaluated to determine the operational success of the business. 

Assignment Steps 

Resources: Financial Accounting: Tools for Business Decision Making p. 36

Scenario: On June 1, 2017, Elite Service Co. was started with an initial investment in the company of $22,100 cash. Below are the assets, liabilities, and common stock of the company June 30, 2017, and the revenues and expenses for the month of June, its first month of operations: 

Cash $ 4,600 Notes payable $12,000

Accounts receivable 4,000 Accounts payable 500

Service revenue 7,500 Supplies expense 1,000

Supplies 2,400 Maintenance and repairs expense 600

Advertising expense 400 Utilities expense 300

Equipment 26,000 Salaries and wages expense 1,400

Common stock 22,100  

In June, the company issues no additional stock but paid dividends of $1,400.

Prepare an income statement retained earnings statement and balance sheet analyzing your findings using the questions below in a total of 1050 words:

Briefly address whether the company’s first month of operations was a success.

Discuss the company’s decision to distribute a dividend.

Use the Excel® spreadsheet to show your work and submit it with your analysis.

Click the Assignment Files tab to submit your assignment.

UOP ACC 290 Week 2 E3-1 NEW

UOP ACC 290 Week 2 E3-1 NEW

Check this A+ tutorial guideline at

http://www.uopassignments.com/acc-290-uop/acc-290-week-2-e3-1-recent

For more classes visit

http://www.uopassignments.com

The balance sheet makes sure that the finances are in balance. Below is a list of Thyme Advertising Company, Inc. transactions. Each of these is affected differently.

Issued common stock to investors in exchange for cash received from investors.

Paid monthly rent.

Received cash from customers when service was performed.

Billed customers for services performed.

Paid dividend to stockholders.

Incurred advertising expense on account.

Received cash from customers billed in (4).

Purchased additional equipment for cash.

Purchased equipment on account.

UOP ACC 290 Week 2 WileyPLUS - 100% Correct

UOP ACC 290 Week 2 WileyPLUS - 100% Correct

Check this A+ tutorial guideline at

http://www.uopassignments.com/acc-290-uop/acc-290-week-2-wileyplus-recent

For more classes visit

http://www.uopassignments.com

Question 1

Foyle Architects incorporated as licensed architects on April 1, 2014. During the first month of the operation of the business, these events and transactions occurred:

Apr. 1      Stockholders invested $22,450 cash in exchange for common stock of the corporation.

1      Hired a secretary-receptionist at a salary of $468 per week, payable monthly.

2      Paid office rent for the month $1,122.

3      Purchased architectural supplies on account from Burlington Company $1,621.

10      Completed blueprints on a carport and billed client $2,370 for services.

11      Received $873 cash advance from J. Madison to design a new home.

20      Received $3,492 cash for services completed and delivered to M. Svetlana.

30      Paid secretary-receptionist for the month $1,872.

30      Paid $374 to Burlington Company for accounts payable due.

Journalize the transactions. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Post to the ledger T-accounts. (Post entries in the order of journal entries presented in the question.)

Prepare a trial balance on April 30, 2014.

Question 2

This is the trial balance of Solis Company on September 30.

SOLIS COMPANY

Trial Balance

September 30, 2014

Debit

Credit

Cash

$ 23,840

Accounts Receivable

7,240

Supplies

4,940

Equipment

10,840

Accounts Payable

$ 9,440

Unearned Service Revenue

3,940

Common Stock

19,640

Retained Earnings

13,840

$46,860

$46,860

The October transactions were as follows.

Oct. 5

Received $1,500 in cash from

customers for accounts receivable due.

10

Billed customers for services

performed $5,840.

15

Paid employee salaries $1,000.

17

Performed $600 of services in

exchange for cash.

20

Paid $1,950 to creditors for

accounts payable due.

29

Paid a $260 cash dividend.

31

Paid utilities $420.

Prepare a general ledger using T-accounts. Enter the opening balances in the ledger accounts as of October 1.

Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Post to the ledger accounts. (Post entries in the order of information presented in the question.)

Prepare a trial balance on October 31, 2014.

Question 3

A tabular analysis of the transactions made during August 2014 by Colaw Company during its first month of operations is shown below. Each increase and decrease in stockholders’ equity is explained.

Assets

=

Liabilities

+

Stockholders’ Equity

Cash

+

A/R

+

Supp.

+

Equip.

=

Accounts Payable

+

Common Stock

+

Retained Earnings

Revenues

–

Expenses

–

Dividends

(1)

$24,400

$24,400

Com. Stock

(2)

–2,000

$5,100

$3,100

(3)

–790

$790

(4)

4,430

$5,610

$10,040

Serv. Rev.

(5)

–1,980

–1,980

(6)

–1,410

–$1,410

Div.

(7)

–820

–$820

Rent Exp.

(8)

490

–490

(9)

–2,550

–2,550

Salar. Exp.

(10)

330

–330

Util. Exp.

Determine how much stockholders’ equity increased for the month.

Compute the net income for the month.

Question 4

This information relates to Crofoot Real Estate Agency.

Oct. 1      Stockholders invest $30,950 in exchange for common stock of the corporation.

2      Hires an administrative assistant at an annual salary of $32,640.

3      Buys office furniture for $3,950, on account.

6      Sells a house and lot for M.E. Graves; commissions due from Graves, $11,660 (not paid by Graves at this time).

10      Receives cash of $180 as commission for acting as rental agent renting an apartment.

27      Pays $610 on account for the office furniture purchased on October 3.

30      Pays the administrative assistant $2,720 in salary for October.

Journalize the transactions. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Question 5

The financial statements of The Hershey Company and Tootsie Roll are presented below. Assume Hershey’s average number of shares outstanding was 220,688,000, and Tootsie Roll’s was 57,892,000.

For each company calculate the following values for 2011. (Hint: When calculating free cash flow, do not consider business acquisitions to be part of capital expenditures.) (Round all ratios to 1 decimal places, e.g. 15.2:1 or 15.2%, earnings per share to 2 decimal places, e.g. 15.21 and all other answers to thousands. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

(1) Working capital.

(2) Current ratio.

(3) Debt to assets ratio.

(4) Free cash flow.

(5) Earnings per share.

Question 6

The financial statements of The Hershey Company and Tootsie Roll are presented below.

Based on the information contained in these financial statements, determine the normal balance for:

Question 7

The following information is available for Cole Bowling Alley at December 31, 2014.

Prepare a classified statement of financial position; assume that $13,900 of the notes payable will be paid in 2015. (List Property, plant and equipment in order of land, buildings and equipment. List current assets in reverse order of liquidity.)

Question 8

The Zetar plc's complete annual report, including the notes to its financial statements, is available in the Investors section at www.zetarplc.com.

Describe in which statement each of the following items is reported, and the position in the statement (e.g., current asset).

Question 9

This information relates to Crofoot Real Estate Agency.

Oct. 1      Stockholders invest $30,400 in exchange for common stock of the corporation.

2      Hires an administrative assistant at an annual salary of $39,960.

3      Buys office furniture for $3,620, on account.

6      Sells a house and lot for M.E. Graves; commissions due from Graves, $10,660 (not paid by Graves at this time).

10      Receives cash of $230 as commission for acting as rental agent renting an apartment.

27      Pays $640 on account for the office furniture purchased on October 3.

30      Pays the administrative assistant $3,330 in salary for October.

Post the transactions to T-accounts. (Post entries in the order of information presented in the question.)

UOP ACC 290 Week 3 Problem 5-5A (Simon Company) NEW

UOP ACC 290 Week 3 Problem 5-5A (Simon Company) NEW

Check this A+ tutorial guideline at

http://www.uopassignments.com/acc-290-uop/acc-290-week-3-problem-5-5a-simon-company-recent

For more classes visit

http://www.uopassignments.com

Purpose of Assignment 

The purpose of this assignment is to help you become familiar with the parts of the multiple‐step income statement.

Assignment Steps 

Resources: Financial Accounting: Tools for Business Decision Making

Scenario: An inexperienced accountant prepared this condensed income statement for Simon Company a retail firm that has been in business for a number of years.

SIMON COMPANY

Income Statement

For the Year Ended December 31, 2017

Revenues

Net sales

$850,000

Other revenues

22,000

872,000

Cost of goods sold

555,000

Gross profit

317,000

Operating expenses

Selling expenses

109,000

Administrative expenses

103,000

212,000

Net earnings

$105,000

As an experienced, knowledgeable accountant, you review the statement and determine the following facts:

1.   Net sales consist of: sales $911,000, less freight-out on merchandise sold $33,000, an d sales returns and allowances $28,000.

2.   Other revenues consist of sales discounts $18,000 and rent revenue $4,000.

3.   Selling expenses consist of salespersons’ salaries $80,000, depreciation on equipment $10,000, advertising $13,000, and sales commissions $6,000. The commissions represent commissions paid. At December 21, $3,000 of commissions have been earned by salespersons but have not been paid. All compensation should be recorded as Salaries and Wages Expense.

4.   Administrative expenses consist of office salaries $17,000, dividends $18,000, utilities $12,000, interest expense $2,000, and rent expense $24,000, which includes prepayments totaling $6,000 for the first quarter of 2018.

Assume a 25% tax rate. 

Prepare a detailed multi-step income statement with a brief explanation of 700 words. Assume a 25% tax rate.

Show your work on the Excel® spreadsheet and submit with your explanation.

UOP ACC 290 Week 3 WileyPLUS - 100% Correct