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ACC 422 Complete Class Flashcards

1
Q

ACC 422 Complete Class

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A

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2
Q

ACC 422 Final Exam Guide

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1) Which of the following is NOT considered cash for financial reporting purposes?

A.  Coin, currency, and available funds
B.  Money orders, certified checks, and personal checks
C.  Petty cash funds and change funds
D.  Postdated checks and I.O.U.'s
A

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3
Q

ACC 422 Week 1 DQ 1

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Consider how an organization must manage cash, receivables, and inventory. Which of the three variables is the most important to manage? Is one more susceptible to fraud and errors than the others? Explain your answer.

How would a misstatement in each affect the organization?

A

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4
Q

ACC 422 Week 1 DQ 2

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What is the perpetual method of tracking inventory? How does it differ from the periodic method of tracking inventory? Why would a company choose one method over the other method? Which is the best method? Why?

A

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5
Q

ACC 422 Week 1 DQ 3

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What are the different ways to estimate bad debt? How does this affect net income? What does Generally Accepted Accounting Principles (GAAP) require? Why? Should all companies have bad debt? Explain your answer.

A

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6
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ACC 422 Week 1 DQ 4

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Why is it important to have effective control of cash?

A

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7
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ACC 422 Week 1 DQ 5

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What are the basic issues involved with the valuation of receivables?

A

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8
Q

ACC 422 Week 1 DQ 6

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Which cost flow assumption gives you the highest ending inventory? Why?

A

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9
Q

ACC 422 Week 1 Individual Disclosure Analysis Paper

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Select a publicly held company to use as the basis for this assignment.

Research your selected company and acquire the company’s most recent financial statements using the Internet.

Prepare a 700- to 1,050-word paper analyzing the disclosures contained within the notes to the financial statements related to cash and cash equivalents, receivables, and inventories. Include a list identifying the components of the organization’s cash and cash equivalents.

A

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10
Q

ACC 422 Week 1 Summary

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A

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11
Q

ACC 422 Week 2 DQ 1

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Under what circumstances would a company need to estimate its inventory? What are the differences between using the gross profit method and retail inventory method for estimating inventory? Which method of estimation, gross profit or retail inventory, is best? Explain your answer.

A

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12
Q

ACC 422 Week 2 DQ 3

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How do we account for the disposition of fixed assets? What are the differences in how the exchanges of assets are handled, pending on whether they are similar or dissimilar? What is the rationale for these differences? What is the impact to the companies’ financial statements?

A

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13
Q

ACC 422 Week 2 DQ 4

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Why is it necessary to value inventories using the lower of cost or market concept?

A

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14
Q

ACC 422 Week 2 Individual Assignments From the Text

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Resource: Intermediate Accounting

Prepare written responses to the following assignments from the text:

Ch. 7: Exercises E7-2 & E7-8

Ch. 8: Question 13 and Exercises E8-5 & E8-14

A

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15
Q

ACC 422 Week 2 Learning Team Assignments From the Text

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Resource: Intermediate Accounting
Prepare written responses to the following assignments from the text:

  • Ch. 7: Problem P7-10
  • Ch. 8: Exercise E8-25
A

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16
Q

ACC 422 Week 2 Summary

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A

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17
Q

ACC 422 Week 2 WileyPLUS Assignment

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Exercise 7-2

Presented below are a number of independent situations.

For each individual situation, determine the amount that should be reported as cash.

  1. Checking account balance $929,070; certificate of deposit $1,417,000; cash advance to subsidiary of $992,770; utility deposit paid to gas company $198.
A

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18
Q

ACC 422 Week 3 DQ 1

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What is the purpose of depreciation? Does the book value of a fixed asset (cost minus accumulated depreciation) communicate to a user what the asset is worth? Explain why or why not. Should the financial statements reflect the value of fixed assets? Explain why or why not.

A

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19
Q

ACC 422 Week 3 DQ 2

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What are the different methods used to calculate depreciation? How does a company decide which method it should utilize? How does its choice affect the financial statements? Should companies standardize the method of depreciation to enhance comparability? Explain your answer.

A

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20
Q

ACC 422 Week 3 DQ 3

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What is an intangible asset? Should all intangible assets be subject to amortization? Explain why or why not. Why are some intangible assets not amortized? What is the implication to the financial statements?

A

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21
Q

ACC 422 Week 3 DQ 4

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Why are research and development costs expensed? Is this consistent with how other similar costs are handled? Explain why or why not. Should research and development costs be expensed? Explain why or why not.

A

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22
Q

ACC 422 Week 3 Individual Assignments From the Text

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Resource: Intermediate Accounting
Prepare written responses to the following assignments from the text:

  • Ch. 9: Exorcices E9-1, E9-12, & E9-19
  • Ch. 10: Exercises E10-5 & E10-12
A

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23
Q

ACC 422 Week 3 Learning Team Assignments From the Text

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Resource: Intermediate Accounting
Prepare written responses to the following assignments from the text:

  • Ch. 9: Problem P9-9
  • Ch. 10: Problem P10-8
A

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24
Q

ACC 422 Week 3 Summary

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A

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25
Q

ACC 422 Week 3 WileyPLUS Assignment

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Exercise 9-1

The inventory of Oheto Company on December 31, 2013, consists of the following items.

A

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26
Q

ACC 422 Week 4 DQ 1

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What are the criteria for classifying an item as a current liability? What are some examples of current liabilities? Why is it important to classify a portion of long-term debt on a yearly basis as a current liability? What is the implication of misclassifying a liability as current or long-term?

A

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27
Q

ACC 422 Week 4 DQ 2

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What is a contingency? Why are contingencies important to users of financial statements? What are the criteria for recording contingencies? Should companies record a liability for threatened litigation? Explain why or why not.

A

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28
Q

ACC 422 Week 4 DQ 3

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What is a bond? What are some features of a bond? How do you value bonds? What factors can affect that value?

A

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29
Q

ACC 422 Week 4 Individual Assignments From the Text

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Resource: Intermediate Accounting
Prepare written responses to the following assignments from the text:

  • Ch. 11: Exercises E11-4 & E11-11
  • Ch. 12: Exercises E12-6 & E12-16

Prepare a response to the following questions:

A

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30
Q

ACC 422 Week 4 Learning Team Assignments From the Text

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Resource: Intermediate Accounting
Prepare written responses to the following assignments from the text:

  • Ch. 11: Exercise E11-18 & Problem P11-10
  • Ch. 12: Problem P12-3
A

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31
Q

ACC 422 Week 4 Summary

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A

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32
Q

ACC 422 Week 4 WileyPLUS Assignment

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Exercise 11-4
Wenner Furnace Corp. purchased machinery for $650,070 on May 1, 2012. It is estimated that it will have a useful life of 10 years, salvage value of $34,950, production of 559,200 units, and working hours of 25,000. During 2013, Wenner Corp. uses the machinery for 2,650 hours, and the machinery produces 59,415 units.

A

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33
Q

ACC 422 Week 5 DQ 1

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What are the differences between a direct-financing and a sales-type lease for a lessor? Why would a lessor provide direct-financing to a lessee? What types of organizations provide direct-financing leases?

A

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34
Q

ACC 422 Week 5 DQ 2

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What are the criteria for classifying a lease as operating or capital? Why is there a difference between the two? What are the implications of an operating lease versus a capital lease on an entity’s financial statements?

A

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35
Q

ACC 422 Week 5 DQ 3

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What is residual value? What is the implication to the lessee if the residual value is guaranteed or unguaranteed? What is the implication to the lessor?

A

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36
Q

ACC 422 Week 5 DQ 4

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What are the advantages of operating and capital leases? What are the disadvantages? Why would a company pick one over the other?

A

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37
Q

ACC 422 Week 5 Individual Assignments From the Text

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Resource: Intermediate Accounting
Prepare written responses to the following assignments listed at the end of each chapter:

A

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38
Q

ACC 422 Week 5 Learning Team Assignments From the Text

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Resource: Intermediate Accounting
Prepare written responses to the following assignments from the text:

  • Ch. 13: Problem P13-4
  • Ch. 14: Exercise E14-21
  • Ch. 21: Exercise E21-7
A

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39
Q

ACC 422 Week 5 Learning Team Problem Presentation

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P13 - 4

Prepare a 5- to 10-minute oral presentation accompanied by a 7- to 9-slide Microsoft® PowerPoint® presentation illustrating your team’s solution to the assigned problem.

A

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40
Q

ACC 422 Week 5 WileyPLUS Assignment

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Problem 13-9

Sycamore Candy Company offers a CD single as a premium for every 5 candy bar wrappers presented by customers together with $3.35. The candy bars are sold by the company to distributors for 30 cents each. The purchase price of each CD to the company is $3.10; in addition, it costs 50 cents to mail each CD. The results of the premium plan for the years 2012 and 2013 are as follows. (All purchases and sales are for cash.)

A

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