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Question 1

ACC 225 Week 9 Final Project Comprehensive Problem-Perpetual

Answer 1

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Resources: Appendix A, Fundamental Accounting Principles, p. 301, and Appendix C

Complete the Comprehensive Problem-Perpetual. In this project, follow the steps of the accounting cycle to process given transactions in a business environment. Then, synthesize special journals, a trial balance, financial statements, and a post-closing trial balance.

Use the spreadsheet in Appendix C available on aXcess to complete the problems. Be sure to use the tabs labeled P07C and Given P07C.

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Question 2

ACC 225 Week 9 Capstone DQ

Answer 2

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A major network is launching a reality program called The Accountant. A group of recent accounting graduates will be competing for a spot in a national accounting firm. What would make someone a good candidate for The Accountant? Describe three challenges the candidates should complete on the program, using as much detail as you can.

The challenges should test contestants’ skill in challenges related to topics covered in this course. Be creative. Describe how the challenge will test the contestant’s accounting skills as well as the skills the contestant should have to complete each challenge successfully.

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Question 3

ACC 225 Week 8 Checkpoint Internal Control and Bank Reconciliations

Answer 3

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Resource: Fundamental Accounting Principles, pp. 335 and 336

Complete Quick Study question QS 8-6 on p. 335, and Exercises 8-3 and 8-4 on p. 336.

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Question 4

ACC 225 Week 8 Assignment Internal Control and Bank Reconciliations

Answer 4

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Resource: Fundamental Accounting Principles, pp. 338 and 339

Complete Problems 8-1A, 8-3A, and 8-4A (including the Analysis Component) on pp. 338-339. When responding to the cases in 8-1A, be sure to think critically about each case. Identify the principles of internal control that has been violated, and give an explanation of why you think that principle has been violated. Identify the consequences of the actions described in the cases. Make a recommendation for what the business should do to ensure adherence to principles of internal control.

Use the spreadsheet in Appendix B available on aXcess to complete Problem 8-4A. Be sure to use the tabs labeled SP08-04A and Given P08-04A

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Question 5

ACC 225 Week 7 DQ 2

Answer 5

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Choose a popular merchandise or service company. How might the company use the accounting information systems? In what ways do these systems benefit the company? In what ways might the systems be challenging for the company?

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Question 6

ACC 225 Week 7 DQ 1

Answer 6

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Megagrocer is a grocery chain that operates five stores. The stores are supplied with produce, meat, dairy, and dry goods by six separate vendors. In addition to the stores, Megagrocer maintains an ecommerce site through which customers can order and pay for groceries. The groceries are packed and delivered to customers from one of the five stores in a Megagrocer van by that store’s personnel. Think about the accounting information systems that Megagrocer might use.

What types of source documents might be collected by Megagrocer to be processed by its accounting information systems?

Why are those documents important?

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Question 7

ACC 225 Week 7 Checkpoint Accounting Information Systems and Special Journals

Answer 7

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Resource: Fundamental Accounting Principles, pp. 289, 290, and 291

Complete Quick Study questions QS 7-1 and QS 7-3 on p. 289, and Exercises 7-1, 7-4, 7-7, and 7-10 on pp. 290-291.

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Question 8

ACC 225 Week 6 Checkpoint Computing Inventory Balances and Lower of Cost or Market

Answer 8

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Resource: Fundamental Accounting Principles, pp. 247-249

Complete Quick Study question QS 6-1 on p. 247 and Exercises 6-1 and 6-5 on pp. 248 and 249.

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Question 9

ACC 225 Week 6 Individual Assignment Estimating Inventory And Preparing Multiple-Step And Single-Step Income

Answer 9

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Complete Problems 5-4A on p. 212, 6-1A on p. 251, and 6-6B and 6-7B on p. 256.

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Question 10

ACC 225 Week 5 DQ 2

Answer 10

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Find the financial statements of a service company and of a merchandising company. What items appear on the merchandising company statements that don’t appear on the service company statements? Why is there a difference?

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Question 11

ACC 225 Week 5 DQ 1

Answer 11

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BTN 5-3 Amy Martinez is a student who plans to attend approximately four professional events

a year at her college. Each event necessitates a financial outlay of $100–$200 for a new suit and accessories. After incurring a major hit to her savings for the first event, Amy developed a different approach. She buys the suit on credit the week before the event, wears it to the event, and returns it the next week to the store for a full refund on her charge card.

Required

i. Comment on the ethics exhibited by Amy and possible consequences of her actions.
ii. How does the merchandising company account for the suits that Amy returns?

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Question 12

ACC 225 Week 5 Checkpoint Inventory Systems and Calculating Revenues, Expenses, and Income

Answer 12

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Resource: Fundamental Accounting Principles, pp. 206, 208, and 209.

Complete Quick Study question QS 5-8 on p. 206 and Exercises 5-9 and 5-13 on pp. 208-209.

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Question 13

ACC 225 Week 4 Checkpoint Preparing Balance Sheets and Statements

Answer 13

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Resource: Fundamental Accounting Principles, pp. 156 and 159

Complete Quick Study question QS 4-2 on p. 156 and Exercises 4-4 and 4-5 on p. 159.

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Question 14

ACC 225 Week 4 Assignment Preparing Entries and Statements

Answer 14

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Complete Problems 4-5A and 4-6A. When responding to the analysis component of 4- 5A, be sure to think critically about the possible errors that are described. In your answer, be sure to carefully analyze the worksheet as if the errors were made and present the evidence for your explanation. Identify the consequences of the errors and describe their impact on the financial statements. Explain whether the error is likely to be discovered when completing the worksheet.

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Question 15

ACC 225 Week 3 DQ 2

Answer 15

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The Ritz Manor is a popular seaside resort. A double room costs $220 for one night. In order to reserve a room, guests must pay one night’s stay in advance. On each floor of the hotel, Vendalite Company operates vending machines with energy bars, juices, and other snacks for guests. Vendalite stocks the machines and collects revenue every week. Total average weekly revenue from these machines is $720. The Ritz Manor is entitled to 30% of the revenue from the machines. Vendalite sends a check to the Ritz manor once at the end of each quarter for the resort’s share of the revenue.

Based on this information, what type of adjusting entries does the Ritz Manor have?

How are the amounts of these adjustments determined?

Which accounts are affected?

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Question 16

ACC 225 Week 3 DQ 1

Answer 16

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What is the difference between cash basis and accrual basis accounting? Why do accrual-basis financial statements provide more useful information than cash basis financial statements? Describe when each method (cash basis and accrual basis accounting) would be appropriate to use.

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Question 17

ACC 225 Week 3 Checkpoint Adjustments and Accrual and Cash Basis Accounting

Answer 17

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Resource: Fundamental Accounting Principles, pp. 116-118 and 120

Complete Quick Study questions QS 3-1 and QS 3-9 on pp. 116 and 117 and Exercises 3-1 and 3-7 on pp. 118 and 120.

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Question 18

ACC 225 Week 2 Check point Debits and Credits

Answer 18

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Resource: Fundamental Accounting Principles, p. 74

Post your answers to Quick Study questions QS 2-3, QS 2-4, and QS 2-5.

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Question 19

ACC 225 Week 2 Assignment Preparing Journal Entries and Trial Balances

Answer 19

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Resource: Fundamental Accounting Principles, pp. 76 and 80

Complete Exercises 2-4 and 2-5 on p. 76 and Problem 2-2A on p. 80.

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Question 20

ACC 225 Week 1 Exercise Accounting and Business Organizations

Answer 20

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Resource: Fundamental Accounting Principles, p. 30

Post your answers to Exercises 1-1 and 1-4

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Question 21

ACC 225 Week 1 DQ 2

Answer 21

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Describe one of the four basic financial statements, and answer the following questions:

For what is it typically used?
What information is the most valuable?
How does it complement another financial statement?

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Question 22

ACC 225 Week 1 DQ 1

Answer 22

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Interview a friend or family member about his/her work environment. Is his/her organization a sole proprietorship, partnership, or corporation? Who is involved with the accounting decisions and information? In what ways is your friend or family member affected by the accounting information?

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Question 23

ACC 225 Week 1 Check Point Financial Statement

Answer 23

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Checkpoint: Financial Statements

Resource: Fundamental Accounting Principles, Ch. 1

Consider that you have been asked to explain financial statements to someone who knows nothing about accounting.

Review the information on financial statements in Ch. 1 of Fundamental Accounting Principles.

Discuss, in 200-300 words, each of the four financial statements. Explain the different components of the statements as well as what the statements tell about a business.

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Question 24

ACC 225 Complete Course

Answer 24

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ACC 225 Week 1 Check Point Financial Statements

ACC 225 Week 1 DQ 1

ACC 225 Week 1 DQ 2

ACC 225 Week 1 Exercise Accounting and Business Organizations

ACC 225 Week 2 Assignment Preparing Journal Entries and Trial Balances

ACC 225 Week 2 Check point Debits and Credits

ACC 225 Week 3 Checkpoint Adjustments and Accrual and Cash Basis Accounting

ACC 225 Week 3 DQ 1

ACC 225 Week 3 DQ 2

ACC 225 Week 4 Assignment Preparing Entries and Statements

ACC 225 Week 4 Checkpoint Preparing Balance Sheets and Statements

ACC 225 Week 5 Checkpoint Inventory Systems and Calculating Revenues, Expenses, and Income

ACC 225 Week 5 DQ 1

ACC 225 Week 5 DQ 2

ACC 225 Week 6 Assignment Estimating Inventory and Preparing Multiple-Step and Single-Step Income

ACC 225 Week 6 Checkpoint Computing Inventory Balances and Lower of Cost or Market

ACC 225 Week 7 Checkpoint Accounting Information Systems and Special Journals

ACC 225 Week 7 DQ 1

ACC 225 Week 7 DQ 2

ACC 225 Week 8 Assignment Internal Control and Bank Reconciliations

ACC 225 Week 8 Checkpoint Internal Control and Bank Reconciliations

ACC 225 Week 9 Capstone DQ

ACC 225 Week 9 Final Project Comprehensive Problem-Perpetual

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