ACC 291 UOP Course,ACC 291 UOP Tutors,ACC 291 UOP Assignments, Flashcards
ACC 291 Week 4 Individual WileyPLUS Practice Ch 14
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ACC 291 Week 4 Individual WileyPLUS Practice Ch 14
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Question 1
Comparisons of data within a company are an example of the following comparative basis:
Industry averages.
Intracompany.
Intercompany.
Both intracompany and intercompany.
Question 2
In horizontal analysis, each item is expressed as a percentage of the:
base year amount.
net income amount.
stockholders’ equity amount.
total assets amount.
Question 3
In vertical analysis, the base amount for depreciation expense is generally:
fixed assets.
net sales.
depreciation expense in a previous year.
gross profit.
Question 4
The data in the schedule is a display of vertical analysis because the individual asset items are expressed as a percentage of total assets.
The following schedule is a display of what type of analysis?
Amount Percent
Current assets $200,000 25%
Property, plant, and equipment 600,000 75%
Total assets $800,000 100%
ratio analysis
horizontal analysis
differential analysis
vertical analysis
Question 5
Sammy Corporation reported net sales of $300,000, $330,000, and $360,000 in the years, 2009, 2010, and 2011, respectively. If 2009 is the base year, what is the trend percentage for 2011?
77%
108%
120%
130%
Question 6
Which of the following measures is an evaluation of a firm’s ability to pay current liabilities?
Acid-test ratio
Current ratio
Both acid-test ratio and current ratio
None of the above
Question 7
A measure useful in evaluating the efficiency in managing inventories is:
a. inventory turnover.
b. average days to sell inventory.
c. Both (a) and (b).
d. None of the above.
Question 8
Financial statement information follows as of the end of each year.
2011 2010 Inventory $54,000 $48,000 Current assets 81,000 106,000 Total assets 382,000 326,000 Net sales 784,000 697,000 Cost of goods sold 306,000 277,000 Compute the days in inventory for 2011.
64.4 days
6 days
60.8 days
24 days
Question 9
Financial statement information follows as of the end of each year.
2011 2010 Inventory $54,000 $48,000 Current assets 81,000 106,000 Total assets 382,000 326,000 Current liabilities 27,000 36,000 Total liabilities 102,000 88,000 Compute the current ratio for 2011.
- 75:1
- 26:1
.80:1
3.0:1
Question 10
Financial statement information follows as of the end of each year.
2011 2010 Inventory $54,000 $48,000 Net sales 784,000 697,000 Cost of goods sold 306,000 277,000 Net income 134,000 90,000 Compute the profit margin ratio for 2011.
- 1%
- 9%
- 1%
- 9%
Question 11
Financial statement information follows as of the end of each year.
2011 2010
Stockholders’ equity $280,000 $238,000
Net income 134,000 90,000
Tax expense 22,000 18,000
Interest expense 12,000 12,000
Dividends paid to preferred stockholders 20,000 20,000
Dividends paid to common stockholders 15,000 10,000
Compute the return on common stockholders’ equity for 2011.
- 9%
- 0%
- 7%
- 7%
Question 12
Financial statement information follows as of the end of each year.
2011 2010 Stockholders’ equity $280,000 $238,000 Net income 134,000 90,000 Tax expense 22,000 18,000 Interest expense 12,000 12,000 Dividends paid to preferred stockholders 20,000 20,000 Dividends paid to common stockholders 15,000 10,000 Compute the times interest earned for 2011.
- 0 times
- 0 times
- 2 times
- 3 times
Question 13
In reporting discontinued operations, the income statement should show in a special section:
a. gains and losses on the disposal of the discontinued segment.
b. gains and losses from operations of the discontinued segment.
c. Both (a) and (b).
d. Neither (a) nor (b).
Question 14
Scout Corporation has income before taxes of $400,000 and an extraordinary loss of $100,000. If the income tax rate is 25% on all items, the income statement should show income before extraordinary items and extraordinary items, respectively, of
$325,000 and $100,000.
$300,000 and $75,000.
$325,000 and $75,000.
$300,000 and $100,000.
Question 15
Which situation below might indicate a company has a low quality of earnings?
The same accounting principles are used each year.
The company is continually reporting pro forma income numbers.
Revenue is recognized when earned.
Maintenance costs are expensed as incurred.
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ACC 291 Week 5 Learning Team Ratio Analysis Memo Huffman Trucking
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ACC 291 Week 5 Learning Team Ratio Analysis Memo Huffman Trucking
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ACC 291 Week 5 Learning Team Ratio Analysis Memo Huffman Trucking
Resource: Internet or other resources; annual report for the company of your choice.
Access the information contained in your selected organization’s balance sheet and income statement to calculate the following:
· Liquidity ratios
o Current ratio
o Acid-test, or quick, ratio
o Receivables turnover
o Inventory turnover
· Profitability ratios
o Asset turnover
o Profit margin
o Return on assets
o Return on common stockholders’ equity
· Solvency ratios
o Debt to total assets
o Times interest earned
Show your calculations for each ratio using an excel spreadsheet.
Create a horizontal and vertical analysis for the balance sheet and the income statement.
Write a 350- to 700-word memo to the CEO of your selected organization in which you discuss your findings from your ratio calculations and your horizontal and vertical analysis. In your memo, address the following questions:
· What do the liquidity, profitability, and solvency ratios reveal about the company’s financial position?
· Which users may be interested in each type of ratio?
· What does the collected data reveal about the company’s performance and position?
Attach a copy of the company’s Balance Sheet, Income Statement and Cash Flow Statement with the assignment as a separate document.
Format your paper should be consistent with APA guidelines
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ACC 291 Week 5 Individual WileyPLUS Assignment
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ACC 291 Week 5 Individual WileyPLUS Assignment
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ACC 291 Week 5 Individual WileyPLUS Assignment
Resource: WileyPLUS
Complete the following Week Five WileyPLUS Exercises and Problems:
Exercise E13-1
Exercise E13-8
Exercise E14-1
Problem P13-9A
Problem P13-10A
Problem P14-2A
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ACC 291 Week 5 Individual Assignment Impact of Unethical Behavior Article Analysis
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ACC 291 Week 5 DQ 2
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ACC 291 Week 5 DQ 2
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ACC 291 Week 5 DQ 2
Discuss whether or not the Sarbanes-Oxley Act made a difference in the ethical behavior of companies regarding their financial accounting. Give examples if necessary.
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ACC 291 Week 5 DQ 1
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ACC 291 Week 5 DQ 1
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ACC 291 Week 5 DQ 1
Discuss an example of a potentially unethical accounting situation and why it is unethical. Discuss how ethics affect a company’s financial results.
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ACC 291 Week 4 Individual WileyPLUS Pre Lecture Practice Ch 14
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ACC 291 Week 4 Individual WileyPLUS Pre Lecture Practice Ch 14
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ACC 291 Week 4 Individual WileyPLUS Pre Lecture Practice Ch 13
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ACC 291 Week 4 Individual WileyPLUS Pre Lecture Practice Ch 13
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ACC 291 Week 4 Individual WileyPLUS Assignment
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ACC 291 Week 4 Individual WileyPLUS Assignment
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ACC 291 Week 4 Individual WileyPLUS Assignment
Resource: WileyPLUS
Complete the following WileyPLUS Week Four Exercises and Problems:
Exercise Do It! 11-1
Exercise E11-15
Exercise E11-16
Problem P11-6A
Problem P11-8A
ACC 291 Week 4 Individual WileyPLUS Assignment
Resource: WileyPLUS
Complete the following WileyPLUS Week Four Exercises and Problems:
Exercise Do It! 11-1
Exercise E11-15
Exercise E11-16
Problem P11-6A
Problem P11-8A
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ACC 291 Week 4 DQ 3
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ACC 291 Week 4 DQ 3
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ACC 291 Week 4 DQ 3
What are the differences between horizontal analysis and vertical analysis? What three ratios do you think are most important and why? Summarize the users and limitations of analytical measures? Why is this information so important?
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ACC 291 Week 4 DQ 2
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ACC 291 Week 4 DQ 2
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ACC 291 Week 4 DQ 2
What are some common ratios used to analyze financial information? Which are the most important? What are some examples of how ratios are used in the decision-making process?
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ACC 291 Week 4 DQ 1
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ACC 291 Week 4 DQ 1
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ACC 291 Week 4 DQ 1
Why are companies required to prepare a statement of cash flows? Why is the statement of cash flows divided into three sections? What does each section tell you about a company’s operations?
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ACC 291 Week 3 Individual WileyPLUS Pre Lecture Practice Ch 12
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ACC 291 Week 3 Individual WileyPLUS Pre Lecture Practice Ch 12
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ACC 291 Week 3 Individual WileyPLUS Pre Lecture Practice Ch 11
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ACC 291 Week 3 Individual WileyPLUS Pre Lecture Practice Ch 11
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ACC 291 Week 3 Individual WileyPLUS Practice Ch 12
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ACC 291 Week 3 Individual WileyPLUS Practice Ch 12
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ACC 291 Week 3 Individual WileyPLUS Practice Ch 12
Question 1
Which of the following is not a primary reason why corporations invest in debt and equity securities?
They have excess cash.
They wish to move into a new line of business.
They are required to by law.
They wish to gain control of a competitor.
Question 2
Debt investments are initially recorded at: cost. cost plus accrued interest. fair value. None of the above. Question 3
Hanes Company sells debt investments costing $26,000 for $28,000, plus accrued interest that has been recorded. In journalizing the sale, credits are to:
Stock Investments and Bond Interest Receivable.
No correct answer given.
Debt Investments, Gain on Sale of Debt Investments, and Bond Interest Receivable.
Debt Investments and Loss on Sale of Debt Investments.
Question 4
Pryor Company receives net proceeds of $42,000 on the sale of stock investments that cost $39,500. This transaction will result in reporting in the income statement a:
gain of $2,500 under “Operating revenues.”
loss of $2,500 under “Other expenses and losses.”
loss of $2,500 under “Operating expenses.”
gain of $2,500 under “Other revenues and gains.”
Question 5
The equity method of accounting for long-term investments in stock should be used when the investor has significant influence over an investee and owns:
20% or more of the investee’s common stock.
more than 50% of the investee’s common stock.
less than 20% of the investee’s common stock.
between 20% and 50% of the investee’s common stock.
Question 6
Assume that Horicon Corp acquired 25% of the common stock of Sheboygan Corp. on January 1, 2011, for $300,000. During 2011 Sheboygan Corp. reported net income of $160,000 and paid total dividends of $60,000. If Horicon uses the equity method to account for its investment, the balance in the investment account on December 31, 2011, will be: $325,000. $340,000. $400,000. $300,000.
Question 7
Using the information in question 6, what entry would Horicon make to record the receipt of the dividend from Sheboygan?
Debit Cash and credit Dividend Revenue.
Debit Dividends and credit Revenue from Investment in Sheboygan Corp.
Debit Cash and credit Revenue from Investment in Sheboygan Corp.
Debit Cash and credit Stock Investments.
Question 8
You have a controlling interest if:
you own more than 50% of a company’s stock.
you are the president of the company.
you own more than 20% of a company’s stock.
you use the equity method.
Question 9
Which of the following statements is not true? Consolidated financial statements are useful to:
determine the profitability of specific subsidiaries.
determine the full extent of total obligations of enterprises under common control.
determine the total profitability of enterprises under common control.
determine the breadth of a parent company’s operations.
Question 10
At the end of the first year of operations, the total cost of the trading securities portfolio is $120,000. Total fair value is $115,000. The financial statements should show:
a reduction of an asset of $5,000 in the current assets section and an unrealized loss of $5,000 in “Other expenses and losses.”
a reduction of an asset of $5,000 in the current assets section and a realized loss of $5,000 in “Other expenses and losses.”
a reduction of an asset of $5,000 and a realized loss of $5,000.
a reduction of an asset of $5,000 and an unrealized loss of $5,000 in the stockholders’ equity section.
Question 11
At December 31, 2011, the fair value of available-for-sale securities is $41,300 and the cost is $39,800. At January 1, 2011, there was a credit balance of $900 in the Market Adjustment—Available-for-Sale account. The required adjusting entry would be:
Debit Market Adjustment—Available-for-Sale for $2,400 and credit Unrealized Gain or Loss—Equity for $2,400.
Debit Market Adjustment—Available-for-Sale for $1,500 and credit Unrealized Gain or Loss—Equity for $1,500.
Debit Unrealized Gain or Loss—Equity for $2,400 and credit Market Adjustment—Available-for-Sale for $2,400.
Debit Market Adjustment—Available-for-Sale for $600 and credit Unrealized Gain or Loss—Equity for $600.
Question 12
In the balance sheet, a debit balance in Unrealized Gain or Loss—Equity is reported as a:
increase to stockholders equity.
loss in the retained earnings statement.
loss in the income statement.
decrease to stockholders’ equity.
Question 13
Short-term debt investments must be readily marketable and be expected to be sold within:
the next year or operating cycle, whichever is longer.
the operating cycle.
3 months from the date of purchase.
the next year or operating cycle, whichever is shorter.
Question 14
Pate Company pays $175,000 for 100% of Sinko’s common stock when Sinko’s stockholders’ equity consists of Common Stock $100,000 and Retained Earnings $60,000. In the worksheet for the consolidated balance sheet, the eliminations will include a:
debit to Retained Earnings $75,000.
debit to Excess of Cost over Book Value of Subsidiary $15,000.
credit to Investment in Sinko Common Stock $160,000.
credit to Excess of Book Value over Cost of Subsidiary $15,000.
Question 15
Which of the following statements about intercompany eliminations is true?
They are not journalized or posted by any of the subsidiaries.
They do not affect the ledger accounts of any of the subsidiaries.
Intercompany eliminations are made solely on the worksheet to arrive at correct consolidated data.
All of these statements are true.
Question 16
Which one of the following statements about consolidated income statements is false?
A worksheet facilitates the preparation of the statement.
All revenue and expense transactions between parent and subsidiary companies are eliminated.
The consolidated income statement shows the results of operations of affiliated companies as a single economic unit.
When a subsidiary is wholly owned, the form and content of the statement will differ from the income statement of the individual corporation.
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