acc 541,uop acc 541,uop acc 541 complete course,uop acc 541 entire course

Question 1

UOP ACC 541 Complete Class
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Answer 1

UOP ACC 541 Complete Class
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Question 2

UOP ACC 541 Final Exam NEW
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Question 95 Application of the full disclosure principle
Question 54 The omission of the adjusting entry to record depreciation expense will result in an
Question 84 What should be the balance of retained earnings at December 31, 2017?
Question 98 In Reese’s December 31, 2017 balance sheet,The current assets total is
Question 44 Which of the following statements is true?
Question 63 Antique Company has notes receivable that have a fair value of $920,000 and a carrying amount of $710,000. Antique decides on December 31, 2017, to use the fair value option for these recently-acquired receivables. The adjusting entry to record this change will include a:
Question 46 What is the effect of a $50,000 overstatement of last year’s inventory on current years ending retained earning balance?
Question 104 Based on the above information, the inventory account at December 31, 2017, should be reduced by
Question 87 On January 2, 2018, Gold Star Leasing Company leases equipment to Brick Co. with 5 equal annual payments of $160,000 each, payable beginning January 2, 2018. Brick Co. agrees to guarantee the $100,000 residual value of the asset at the end of the lease term. Brick’s incremental borrowing rate is 10%, however it knows that Gold Star’s implicit interest rate is 8%. What journal entry would Brick Co. make at January 1, 2019 to record the second lease payment?
Question 95 What amount of cash was paid on accounts payable to suppliers during 2019?

Answer 2

UOP ACC 541 Final Exam NEW
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Question 3

UOP ACC 541 Midterm Exam NEW
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Question 21 Generally accepted accounting principles
Question 47 Which of the following does not relate to relevance?
Question 34 The difference between the accounting process and the accounting cycle is
Question 28 Which of the following tables would show the smallest value for an interest rate of 5% for six periods?
Question 43 In 2017, Orear Manufacturing signed a contract with a supplier to purchase raw materials in 2018 for $700,000. Before the December 31, 2017 balance sheet date, the market price for these materials dropped to $510,000. The journal entry to record this situation at December 31, 2017 will result in a credit that should be reported
Question 30 Historical cost is the basis advocated for recording the acquisition of property, plant, and equipment for all of the following reasons except
Question 39 Broadway Corporation was granted a patent on a product on January 1, 2007. To protect its patent, the corporation purchased on January 1, 2018 a patent on a competing product which was originally issued on January 10, 2014. Because of its unique plant, Broadway Corporation does not feel the competing patent can be used in producing the product. The cost of the competing patent should be
Question 32 An account which would be classified as a current liability is
Question 68 A company issues $15,000,000, 7.8%, 20-year bonds to yield 8% on January 1, 2017. Interest is paid on June 30 and December 31. The proceeds from the bonds are $14,703,108. Using effective-interest amortization, what will the carrying value of the bonds be on the December 31, 2017 balance sheet?
Question 41 A company that uses the last-in, first-out (LIFO) method of inventory pricing finds at an interim reporting date that there has been a partial liquidation of the base period inventory layer. The decline is considered temporary and the partial liquidation is expected to be recovered prior to year-end. The amount shown as inventory at the interim reporting date should

Answer 3

UOP ACC 541 Midterm Exam NEW
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Question 4

UOP ACC 541 Week 1 DQ 1
What is the importance of the mission of the FASB?
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Answer 4

UOP ACC 541 Week 1 DQ 1

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Question 5

UOP ACC 541 Week 1 DQ 2
Under current GAAP, goodwill is recorded when purchased.
Debate:
Present arguments in favor or against the capitalization of “purchased” goodwill. You may consider tying your arguments to theories of capital maintenance and/or the Conceptual Framework.
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Answer 5

UOP ACC 541 Week 1 DQ 2

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Question 6

UOP ACC 541 Week 1 Individual Accounting Standards Boards Paper
The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) are currently working on a joint venture referred to as the convergence project.
Write a 1,050- to 1,400-word paper describing the relationship between the IASB and the FASB. Include the following in your paper:
• A brief history of the relationship between the two boards and the IASB equivalents of the FASB original pronouncements
• An explanation of how the MSA program prepares the student for a professional life within the accounting vocation
Format your paper consistent with APA guidelines.
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Answer 6

UOP ACC 541 Week 1 Individual Accounting Standards Boards Paper
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Question 7

UOP ACC 541 Week 1 Recommendation for Accounting Rules and Standard NEW
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ACC 541 Week 1 Recommendation for Accounting Rules and Standard NEW

Answer 7

UOP ACC 541 Week 1 Recommendation for Accounting Rules and Standard NEW
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ACC 541 Week 1 Recommendation for Accounting Rules and Standard NEW

Question 8

UOP ACC 541 Week 1 Summary
Please post your Weekly Summary here. It needs to be a summary of what you learned, liked or disliked etc. Needs to be in your own words in order to earn points.
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Answer 8

UOP ACC 541 Week 1 Summary

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Question 9

UOP ACC 541 Week 2 DQ 1
What are the four criteria used for determining if a lease is to be treated as a capital lease? (This question can be expanded to discuss the income statement and balance sheet implications of both a capital lease and an operating lease.)
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Answer 9

UOP ACC 541 Week 2 DQ 1

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Question 10

UOP ACC 541 Week 2 DQ 2
Under current GAAP, goodwill is recorded when purchased.
Debate:
Present arguments in favor or against the capitalization of “purchased” goodwill. You may consider tying your arguments to theories of capital maintenance and/or the Conceptual Framework.
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Answer 10

UOP ACC 541 Week 2 DQ 2

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Question 11

UOP ACC 541 Week 2 Individual Client Understanding Paper
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As a newly hired Staff I, you are responsible for analyzing the work papers for one of the clients of your organization. Your client is not clear about why you are asking for information on the following topics:
• Adjusting lower cost of market inventory on valuation
• Capitalizing interest on building construction
• Recording gain or loss on asset disposal
• Adjusting goodwill for impairment
Write a 1,050- to 1,400-word response that addresses your client’s questions.
Format your paper consistent with APA guidelines, including appropriate citations and references.
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Answer 11

UOP ACC 541 Week 2 Individual Client Understanding Paper
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Question 12

UOP ACC 541 Week 2 Summary
Please post your Weekly Summary here. It needs to be a summary of what you learned, liked or disliked etc. Needs to be in your own words in order to earn points. Thanks
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Answer 12

UOP ACC 541 Week 2 Summary

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Question 13

UOP ACC 541 Week 2 Team IFRS or GAAP Recommendation NEW
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Client X operates in the US currently and is planning to expand operations globally next year. As a result, management is considering preparing financial statements in accordance with IFRS rather than with US GAAP.
Client X contacted you for clarification and recommendations regarding the following issues:
• How the use of the LIFO method to value its inventories will be impacted if a switch to financial statements prepared in compliance with IFRS will be made.
• Whether interest cost on construction of a new warehouse may be included in the cost of the new warehouse.
• In what instances should goodwill be adjusted for impairment?
Discuss the above with your team and come to a consensus.
Write a 350-to 525-word paper. Provide a brief overview of each issue, followed by solid responses supported by research and proper citing.

Answer 13

UOP ACC 541 Week 2 Team IFRS or GAAP Recommendation NEW
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Question 14

UOP ACC 541 Week 3 DQ 1
Capital leases and operating leases are the two classifications of leases described in FASB pronouncements from the standpoint of the lessee.
Describe how an operating lease would be accounted for by the lessee both at the inception of the lease and during the first year of the lease, assuming the lessee makes equal monthly payments at the beginning of each month of the lease. Describe the change in accounting, if any, when rental payments are not made on a straight-line basis.
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Answer 14

UOP ACC 541 Week 3 DQ 1
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Question 15

UOP ACC 541 Week 3 DQ 2
On January 1, 2006, Von Company entered into two noncancelable leases for new machines to be used in its manufacturing operations. The first lease does not contain a bargain purchase option; the lease term is equal to 80 percent of the estimated economic life of the machine. The second lease contains a bargain purchase option; the lease term is equal to 50 percent of the estimated economic life of the machine.
How should Von classify each of the two leases? Why?
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Answer 15

UOP ACC 541 Week 3 DQ 2
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Question 16

UOP ACC 541 Week 3 Individual Response to Client Request I
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While working on a consulting engagement, a supervisor in your team has given you an assignment. The client is a regional trucking company. A new customer has approached the client with an opportunity that would require 120 trailers—20 more than the trucking company currently owns. The client is uncertain how long the relationship with the customer may last, but the deal has the potential for significant growth.
Your supervisor has asked you to research leases and lease structure issues on the Financial Accounting Standards Board (FASB) website, in particular the current practice and thought related to direct financing, sales type, and operating leases.
Write a 700- to 1,050-word memo addressed to your supervisor that summarizes your FASB research results. Keep the memo brief while exploring the issues. Remember that both the client and the supervisor have limited time, and you want to make a good impression. Recommend an approach that the client can use to evaluate and capitalize on this opportunity.
Format your paper consistent with APA guidelines
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Answer 16

UOP ACC 541 Week 3 Individual Response to Client Request I
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Question 17

UOP ACC 541 Week 3 Summary
Please post your Weekly Summary here. It needs to be a summary of what you learned, liked or disliked etc. Needs to be in your own words in order to earn points.
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Answer 17

UOP ACC 541 Week 3 Summary

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Question 18

`UOP ACC 541 Week 4 Assignment Codification Research Case NEW
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(a) What is the authoritative literature addressing revenue recognition when right of return exists?
(b) What is meant by “right of return”? “Bill and hold”?
(c) Describe the accounting when there is a right of return.
(d) When goods are sold on a bill-and-hold basis, what conditions must be met to recognize revenue upon receipt of the order?

Answer 18

`UOP ACC 541 Week 4 Assignment Codification Research Case NEW
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Question 19

UOP ACC 541 Week 4 DQ 1
Discuss contingencies and how they are reported on financial statements. What conditions must be met before a contingency can be charged against income?
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Answer 19

UOP ACC 541 Week 4 DQ 1

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Question 20

UOP ACC 541 Week 4 DQ 2
The two basic requirements for the accrual of a loss contingency are supported by several basic concepts of accounting. Four of these concepts are periodicity (time periods), measurement, objectivity, and relevance.
Discuss how the two basic requirements for accrual of a loss contingency relate to the four concepts listed above.
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Answer 20

UOP ACC 541 Week 4 DQ 2

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Question 21

UOP ACC 541 Week 4 Learning Team Response to Client Request II
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Your client is being sued. You have asked the client’s lawyer about the possibility of losing the lawsuit. The client, meanwhile, has asked you to describe what would happen to his or her financial statements. The client has also informed you that by losing the lawsuit, he or she anticipates losing the mortgage and has started talking to a mortgage lender. The client wants to know if part of the debt is forgiven, or if the mortgage is rewritten, or if the mortgage will be rewritten if he or she files Chapter 11.
The lawsuit also involves a patent held by the company. The company had acquired a hedge contract against the impairment of the patent. Aside from the recovery of the hedge, the client wants to know how the impairment of the patent will be reflected on the financial statements in the event of losing a lawsuit.
Conduct research in FASB individually to answer your client’s questions.
Write a 700- to 1,050-word memo as a team that is brief but fully explores the issues. Include the following in your memo:
• Report requirements for contingencies and describe what would happen to the financial statements if the client loses the lawsuit.
• Describe whether the client’s debt is forgiven if the mortgage is rewritten, or if their mortgage will be written if they file Chapter 11. How will the reporting on the financial statement be determined?
• Describe how the impairment of the patent will be reflected on the financial statements in the event of losing a lawsuit.
Format your paper consistent with APA guidelines.

Answer 21

UOP ACC 541 Week 4 Learning Team Response to Client Request II
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Question 22

UOP ACC 541 Week 4 Summary
Please post your Weekly Summary here. It needs to be a summary of what you learned, liked or disliked etc. Needs to be in your own words in order to earn points.
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Answer 22

UOP ACC 541 Week 4 Summary

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Question 23

UOP ACC 541 Week 4 Team Memo to Client NEW

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XDebate with your team the Codification Research Case. Have half the team support the sales manager’s position and another part of the team support the CFOs position.
Present both sides and come to a consensus as a team. Additionally, the CFO at this company has asked for your guidance in evaluating leases.
Write a 350- to 525-word memo on this topic, specifically on how to determine whether substantially all of the risks and rewards of ownership are transferred in the lease. Address how “substantially all” is defined in the authoritative literature.

Answer 23

UOP ACC 541 Week 4 Team Memo to Client NEW

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Question 24

UOP ACC 541 Week 5 DQ 1
Explain operating segments of an enterprise.
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Answer 24

UOP ACC 541 Week 5 DQ 1

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Question 25

UOP ACC 541 Week 5 DQ 2
The concept of adequate disclosure continues to be one of the most important issues facing accountants, and disclosure may take various forms.
Discuss the various forms of disclosure available in published financial statements.
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Answer 25

UOP ACC 541 Week 5 DQ 2

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Question 26

UOP ACC 541 Week 5 Individual Reporting Paper
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You are a controller in a midsized manufacturing company that has acquired 100% of another company. The acquired company includes two segments and two different pension plans. Both of these reporting issues are new to your CEO, and your CEO wants to eliminate the segments.
Write a 700- to 1,050-word executive memo that explains the required reporting for defined contribution, defined benefit, and other postretirement plans. Also include an explanation of what must happen for the two segments to be eliminated. (You do not need to know details about the segments to answer this.)
Format your paper consistent with APA guidelines
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Answer 26

UOP ACC 541 Week 5 Individual Reporting Paper
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Question 27

UOP ACC 541 Week 5 Summary
Please post your Weekly Summary here. It needs to be a summary of what you learned, liked or disliked etc. Needs to be in your own words in order to earn points.
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Answer 27

UOP ACC 541 Week 5 Summary

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Question 28

UOP ACC 541 Week 5 Team Memo Fair Value Reporting and Pension Plan 2 Papers NEW
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Discuss the research results with your team, and come to a consensus.
Additionally, the client is considering offering a pension plan to its employees next year.
Discuss reporting requirements for defined contribution and defined benefit.
Write a 350-to 525-memo to the client explaining the essence of fair value reporting and identifying primary concerns associated with it. Make a recommendation to the client as to which type of pension plan they should

Answer 28

UOP ACC 541 Week 5 Team Memo Fair Value Reporting and Pension Plan 2 Papers NEW
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Question 29

UOP ACC 541 Week 6 DQ 1
A corporation may use stock splits and stock dividends to change the number of shares of its stock outstanding.
From an accounting viewpoint, explain how the stock split effected in the form of a dividend differs from an ordinary stock dividend.
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Answer 29

UOP ACC 541 Week 6 DQ 1

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Question 30

UOP ACC 541 Week 6 DQ 2
What type of accounting or which area of accounting are you planning to enter as your profession? Why?
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Answer 30

UOP ACC 541 Week 6 DQ 2

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Question 31

ACC 541 Week 6 Learning Team Auditing a Publicly Traded Company
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As a Staff I assigned to the audit of a publicly traded company, your senior has asked you to evaluate both share-based payment reporting and special purpose entities (SPE) reporting for the company.
Research share-based payment reporting and SPE reporting individually.
Write a 700- to 1,050-word executive memo as a team that includes a description of what you will look for to see if the client is consistent with the generally accepted accounting principles (GAAP). Pay particular attention to accounting treatment of share-based payment and accounting consolidation theory as it relates to special purpose entities. Keep the memo as brief as possible while fully exploring the issues.
Format your paper consistent with APA guidelines,
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Answer 31

ACC 541 Week 6 Learning Team Auditing a Publicly Traded Company
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Question 32

UOP ACC 541 Week 6 Summary
Please post your Weekly Summary here. It needs to be a summary of what you learned, liked or disliked etc. Needs to be in your own words in order to earn points.
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Answer 32

UOP ACC 541 Week 6 Summary

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