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ACC 305 (ASH) Flashcards

1
Q

ACC 305 ASH Complete Class

A

ACC 305 Week 1 Assignments E 3-18, E 3-20, J Case 3-5

ACC 305 Week 1 DQ 1 FASB and Ethics

ACC 305 Week 1 DQ 2 Cash versus Accrual & Financial Disclosures

ACC 305 Week 2 DQ 1 Earnings Management Case 4-3

ACC 305 Week 2 DQ 2 Revenue Recognition Case 5-2

ACC 305 Week 2 Problem E4-16 Bluebonnet Bakers

ACC 305 Week 2 Problem E4-19 Wainwright Corporation

ACC 305 Week 2 Problem E4-22 Tiger Enterprises
http://www.homeworkrank.com/ACC-305-ASH/ACC-305-ASH-Complete-Class

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2
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ACC 305 Week 1 Assignments E 3-18, E 3-20, Judgment Case 3-5

A

E 3-18

E 3-20

Judgment Case 3-5

http://www.homeworkrank.com/ACC-305-ASH/ACC-305-Week-1-Assignments-E-3-18-E-3-20-Judgment-Case-3-5

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3
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ACC 305 Week 1 DQ 1 FASB and Ethics

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Research Case 1-3 (page 45)

The purpose of this case is to introduce you to the information available on the website of the Financial Accounting Standards Board (FASB).

Required:

Access the FASB home page on the Internet. The web address is www.fasb.org. Answer the following questions.

  1. Describe the mission of the FASB.
  2. Who are the current Board members? Briefly describe their backgrounds.
  3. How are topics added to the FASB’s technical agenda?
    http: //www.homeworkrank.com/ACC-305-ASH/ACC-305-Week-1-DQ-1-FASB-and-Ethics
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4
Q

ACC 305 Week 1 DQ 2 Cash vs. Accrual

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Judgment Case 2-1 p. 109

You have recently been hired by Davis & Company, a small public accounting firm. One of the firm’s partners, Alice Davis, has asked you to deal with a disgruntled client, Mr. Sean Pitt, owner of the city’s largest hardware store. Mr. Pitt is applying to a local bank for a substantial loan to remodel his store. The bank requires accrual based financial statements but Mr. Pitt has always kept the company’s records on a cash basis. He does not see the purpose of accrual based statements. His most recent outburst went something like this: “After all, I collect cash from customers, pay my bills in cash, and I am going to pay the bank loan with cash. And, I already show my building and equipment as assets and depreciate them. I just don’t understand the problem.”
Required:
http://www.homeworkrank.com/ACC-305-ASH/ACC-305-Week-1-DQ-2-Cash-vs-Accrual

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5
Q

ACC 305 Week 2 DQ 1 Earnings Management Judgment Case 4-3 p. 225

A

Judgment Case 4-3 p. 225

Companies often are under pressure to meet or beat Wall Street earnings projections in order to increase stock prices and also to increase the value of stock options. Some resort to earnings management practices to artificially create desired results.

Required:

Is earnings management always intended to produce higher income? Explain.

http://www.homeworkrank.com/ACC-305-ASH/ACC-305-Week-2-DQ-1-Earnings-Management-Judgment-Case-4-3

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6
Q

ACC 305 Week 2 DQ 2 Revenue Recognition Judgement Case 5-2

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Revenue earned by a business enterprise is recognized for accounting purposes at different times, according to the circumstances. In some situations revenue is recognized approximately as it is earned in the economic sense. In other situations revenue is recognized at point of delivery.

Required:

  1. Explain and justify why revenue often is recognized as earned at point of delivery.
  2. Explain in what situations it would be useful to recognize revenue as the productive activity takes place.
  3. At what times, other than those included in (1) and (2) above, may it be appropriate to recognize revenue?
    http: //www.homeworkrank.com/ACC-305-ASH/ACC-305-Week-2-DQ-2-Revenue-Recognition-Judgement-Case-5-2
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7
Q

ACC 305 Week 2 Problem E4-16 Bluebonnet Bakers

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. E4-16 Bluebonnet Bakers

http://www.homeworkrank.com/ACC-305-ASH/ACC-305-Week-2-Problem-E4-16-Bluebonnet-Bakers

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8
Q

ACC 305 Week 2 Problem E4-19 Wainwright Corporation

A

http://www.homeworkrank.com/ACC-305-ASH/ACC-305-Week-2-Problem-E4-19-Wainwright-Corporation

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9
Q

ACC 305 Week 2 Problem E4-22 Tiger Enterprises

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http://www.homeworkrank.com/ACC-305-ASH/ACC-305-Week-2-Problem-E4-22-Tiger-Enterprises

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10
Q

ACC 305 Week 2 Problem E5-10 Project Contracts

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http://www.homeworkrank.com/ACC-305-ASH/ACC-305-Week-2-Problem-E5-10-Project-Contracts

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11
Q

ACC 305 Week 2 Problem E5-3 Installment Sales

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http://www.homeworkrank.com/ACC-305-ASH/ACC-305-Week-2-Problem-E5-3-Installment-Sales

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12
Q

ACC 305 Week 2 Problem Integrating Case 5-23

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http://www.homeworkrank.com/ACC-305-ASH/ACC-305-Week-2-Problem-Integrating-Case-5-23

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13
Q

ACC 305 Week 2 Problem Judgment Case 4-9

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http://www.homeworkrank.com/ACC-305-ASH/ACC-305-Week-2-Problem-Judgment-Case-4-9

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14
Q

ACC 305 Week 3 Communication Case 6-3

A

Harvey Alexander, an all-league professional football player, has just declared free agency. Two teams, the San Francisco 49ers and the Dallas Cowboys, have made Harvey the following offers to obtain his services:

49ers: $1 million signing bonus payable immediately and an annual salary of $1.5 million for the five-year term of the contract.

Cowboys: $2.5 million signing bonus payable immediately and an annual salary of $1 million for the five-year term of the contract.

With both contracts, the annual salary will be paid in one lump sum at the end of the football season.
http://www.homeworkrank.com/ACC-305-ASH/ACC-305-Week-3-Communication-Case-6-3

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15
Q

ACC 305 Week 3 Judgment Case 7-5

A

For each of the following independent situations, indicate the apparent internal control weaknesses and suggest alternative procedures to eliminate the weaknesses.

  1. John Smith is the petty cash custodian. John approves all requests for payment out of the $200 fund, which is replenished at the end of each month. At the end of each month, John submits a list of all accounts and amounts to be charged and a check is written to him for the total amount. John is the only person ever to tally the fund.
  2. All of the company’s cash disbursements are made by check. Each check must be supported by an approved voucher, which is in turn supported by the appropriate invoice and, for purchases, a receiving document. The vouchers are approved by Dean Leiser, the chief accountant, after reviewing the supporting documentation. Betty Hanson prepares the checks for Leiser’s signature. Leiser also maintains the company’s check register (the cash disbursements journal) and reconciles the bank account at the end of each month.
    http: //www.homeworkrank.com/ACC-305-ASH/ACC-305-Week-3-Judgment-Case-7-5
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16
Q

ACC 305 Week 3 P7-10, P7-14

A

Problem 7-10 p. 388 - Evergreen Company

Evergreen Company sells lawn and garden products to wholesalers. The company’s fiscal year-end is December 31. During 2011, the following transactions related to receivables occurred:

Required:

  1. Prepare the necessary journal entries for Evergreen for each of the above dates. For transactions involving the sale of merchandise, ignore the entry for the cost of goods sold (round all calculations to the nearest dollar).
  2. Prepare any necessary adjusting entries at December 31, 2011. Adjusting entries are only recorded at year- end (round all calculations to the nearest dollar).
  3. Prepare a schedule showing the effect of the journal entries in requirements 1 and 2 on 2011 income before taxes.
    http: //www.homeworkrank.com/ACC-305-ASH/ACC-305-Week-3-P7-10-P7-14
17
Q

ACC 305 Week 4 Ethics Case 9 to 11

A

Danville Bottlers is a wholesale beverage company. Danville uses the FIFO inventory method to determine the cost of its ending inventory. Ending inventory quantities are determined by a physical count. For the fiscal year- end June 30, 2011, ending inventory was originally determined to be $3,265,000. However, on July 17, 2011, John Howard, the company’s controller, discovered an error in the ending inventory count. He determined that the correct ending inventory amount should be $2,600,000.
http://www.homeworkrank.com/ACC-305-ASH/ACC-305-Week-4-Ethics-Case-9-to-11

18
Q

ACC 305 Week 4 Exercise 8-13, Exercise 8-14,Exercise 8-18,Problem 8-5,Exercise 9-19,Exercise 9-21,Problem 9-1

A

ACC 305 Week 4 Exercise 8-13 Inventory cash flow methods, periodic system

ACC 305 Week 4 Exercise 8-14 Inventory cost flow methods; perpetual system

ACC 305 Exercise 8-18 Supplemental LIFO disclosures; LIFO reserve; Steelcase

ACC 305 Problem 8-5 Ferris Company: Various inventory costing methods

ACC 305 Exercise 9-19 Brunswick Hat Company: Dollar-value LIFO retail

ACC 305 Exercise 9-21 Lance-Hefner Specialty Shoppes: Dollar-value LIFO retail

ACC 305 Problem 9-1 Decker Company: Lower of cost or market
http://www.homeworkrank.com/ACC-305-ASH/ACC-305-Week-4-Communication-Case-8-4

19
Q

ACC 305 Week 5 Ethics Case 10 to 12

A

● LO8 Mayer Biotechnical, Inc., develops, manufactures, and sells pharmaceuticals. Significant research and development (R&D) expenditures are made for the development of new drugs and the improvement of existing drugs. During 2011, $220 million was spent on R&D. Of this amount, $30 million was spent on the purchase of equipment to be used in a research project involving the development of a new antibiotic.
http://www.homeworkrank.com/ACC-305-ASH/ACC-305-Week-5-Ethics-Case-10-to-12

20
Q

ACC 305 Week 5 Final Paper (FASB) - (ASH)

A

Focus of the Final Paper

Submit a seven to ten page paper on one of the major topics listed below. The paper should incorporate at least three other appropriately documented and related articles drawn from the University’s Library. (Note: you may advance your own topic, but it must be approved by your instructor.)

Explain the role of the FASB in monitoring and controlling business reporting and accounting practices in the modern organization. In what ways do FASB rules limit business practices and reporting financial information? How do such rules and regulations protect the business and public stakeholder communities?
http://www.homeworkrank.com/ACC-305-ASH/ACC-305-Week-5-Final-Paper-(FASB)

21
Q

ACC 305 Week 5 P11-5, P11-7

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ACC 305 Week 5 P11-5, P11-7

http://www.homeworkrank.com/ACC-305-ASH/ACC-305-Week-5-P11-5-P11-7

22
Q

ACC 305 Week 5 Problem E11-5, E11-10

A

ACC 305 Week 5 Problem E11-5, E11-10

http://www.homeworkrank.com/ACC-305-ASH/ACC-305-Week-5-Problem-E11-5-E11-10

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