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ACC 305 ASH Complete Class Flashcards

1
Q

ACC 305 ASH

http://www.assignmentclick.com/ACC-305-ASH/ACC-305-ASH-Complete-Class

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

A

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2
Q

ACC 305 Week 1 Assignments

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E 3-18

E 3-20

Judgment Case 3-5

A

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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.
A

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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:

A

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5
Q

ACC 305 Week 2 DQ 1 Earnings Management

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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.

A

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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.
A

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7
Q

ACC 305 Week 2 Problem

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. E4-16 Bluebonnet Bakers

A

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8
Q

ACC 305 Week 2 Problem E4-19 Wainwright Corporation

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A

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9
Q

ACC 305 Week 2 Problem E4-22 Tiger Enterprises

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A

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10
Q

ACC 305 Week 2 Problem E5-10 Project Contracts

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A

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11
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ACC 305 Week 2 Problem E5-3 Installment Sales

A

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12
Q

ACC 305 Week 2 Problem Integrating Case 5-23

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A

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13
Q

ACC 305 Week 2 Problem Judgment Case 4-9

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A

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14
Q

ACC 305 Week 3 Communication Case 6-3

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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.

A

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15
Q

ACC 305 Week 3 Judgment Case 7-5

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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.
A

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16
Q

ACC 305 Week 3 P7-10, P7-14

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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:

A

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17
Q

ACC 305 Week 4 Ethics Case 9 to 11

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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.

A

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18
Q

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

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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

A

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19
Q

ACC 305 Week 5 Ethics Case 10 to 12 Mayer Biotechnical, Inc - Research and development

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● 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.

A

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20
Q

ACC 305 Week 5 Final Paper (FASB)

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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?

A

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21
Q

ACC 305 Week 5 P11-5, P11-7

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A

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22
Q

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

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A

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