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1

ACC 291 Final Exam
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ACC 291 Final Exam
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2

ACC 291 Week 5 Learning Team Assignment Paper Huffman Trucking
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ACC 291 Week 5 Learning Team Assignment Paper 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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3

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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4

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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5

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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6

ACC 291 Week 5 Learning Team Reflection Summary
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7

ACC 291 Week 5 Individual Assignment Effect Of Unethical Behavior Article Analysis
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ACC 291 Week 5 Individual Assignment Effect Of Unethical Behavior Article Analysis
Write a 350- to 700-word article analysis in which you identify situations that might lead to unethical practices and behavior in accounting.
Examine the effect of the Sarbanes-Oxley Act of 2002 on financial statements.
Prepare at least one question based on your article analysis for class discussion.
Cite one article from the Electronic Reserve Readings, the Internet, or other resources.
Format your paper consistent with APA guidelines.
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8

ACC 291 Week 4 Individual WileyPLUS Assignment Exercise 11-1 E11-15 E11-16 Problem P11-6A And P11-8A
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ACC 291 Week 4 Individual WileyPLUS Assignment Exercise 11-1 E11-15 E11-16 Problem P11-6A and P11-8A

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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9

ACC 291 Week 4 Individual Assignment WileyPlus Practice Ch 13 And Ch 14
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ACC 291 Week 4 Individual Assignment WileyPlus Practice Ch 13 and Ch 14

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.

3.75:1

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.

18.1%

37.9%

17.1%

5.9%

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.

47.9%

44.0%

51.7%

40.7%

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.

13.0 times

14.0 times

11.2 times

65.3 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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10

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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11

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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12

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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13

ACC 291 Week 3 Individual WileyPLUS Assignment
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ACC 291 Week 3 Individual WileyPLUS Assignment

Resource: WileyPLUS

Complete the following WileyPLUS Week Three Exercises and Problems:

Exercise E9-7

Exercise E10-5

Exercise E10-10

Exercise E10-11

Exercise E10-15

Exercise E10-18

Problem P10-5A

Problem P10-9A

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14

ACC 291 Week 3 Individual Assignment WileyPlus Practice Chapter 11 And 12
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ACC 291 Week 3 Individual Assignment WileyPlus Practice Chapter 11 and 12

Question 1

Which of the following is not an advantage of a corporation?
Government regulations.
Separate legal existence.
Transferable ownership rights.
Continuous life.

Question 2

Which of the following is a disadvantage of a corporation
limited liability of stockholders.
additional taxes.
transferable ownership rights.
None of the above.

Question 3

Which of the following statements is false?
The stockholders’ equity section begins with paid-in capital.
The authorization of capital stock does not result in a formal accounting entry.
Ownership of common stock gives the owner a voting right.
The par value of a share of stock is equal to its market value.

Question 4

ABC Corporation issues 1,000 shares of $10 par value common stock at $12 per share. In recording the transaction, credits are made to:
Common Stock $10,000 and Paid-in Capital in Excess of Par Value $2,000.
Common Stock $10,000 and Retained Earnings $2,000.
Common Stock $10,000 and Paid-in Capital in Excess of Stated Value $2,000.
Common Stock $12,000.

Question 5

XYZ, Inc. sells 100 shares of $5 par value treasury stock at $13 per share. If the cost of acquiring the shares was $10 per share, the entry for the sale should include credits to:
Treasury Stock $500 and Paid-in Capital from Treasury Stock $800.
Treasury Stock $1,000 and Retained Earnings $300.
Treasury Stock $500 and Paid-in Capital in Excess of Par Value $800.
Treasury Stock $1,000 and Paid-in Capital from Treasury Stock $300.

Question 6

In the stockholders’ equity section, the cost of treasury stock is deducted from:
total paid-in capital and retained earnings.
retained earnings.
common stock in paid-in capital.
total stockholders’ equity.

Question 7

Preferred stock may have priority over common stock except in:
dividends.
assets in the event of liquidation.
cumulative dividend features.
voting.

Question 8

M-Bot Corporation has 10,000 shares of 8%, $100 par value, cumulative preferred stock outstanding at December 31, 2011. No dividends were declared in 2009 or 2010. If M-Bot wants to pay $375,000 of dividends in 2011, common stockholders will receive:
$0.
$295,000.
$215,000.
$135,000.

Question 9

Entries for cash dividends are required on the:
declaration date and the payment date.
record date and the payment date.
declaration date, record date, and payment date.
declaration date and the record date.

Question 10

Which of the following statements about small stock dividends is true?

A small stock dividend decreases Stock Dividends Distributable.

A debit to Stock Dividends for the par value of the shares issued should be made.

A small stock dividend decreases total stockholders’ equity.

Market value per share should be assigned to the dividend shares.

Question 11

All but one of the following is reported in a retained earnings statement. The exception is:

net income and net loss.

some disposals of treasury stock below cost.

cash and stock dividends.

sales of treasury stock above cost.

Question 12

A prior period adjustment is:

reported in the income statement as a nontypical item.

reported directly in the stockholders’ equity section.

reported in the retained earnings statement as an adjustment of the ending balance of retained earnings.

a correction of an error that is made directly to retained earnings.

Question 13

In the stockholders’ equity section of the balance sheet, common stock:

is part of paid-in capital.

is added to total capital stock.

is part of additional paid-in capital.

is listed before preferred stock.

Question 14

Which of the following is not reported under additional paid-in capital?

Paid-in capital in excess of par value.

Paid-in capital in excess of stated value.

Paid-in capital from treasury stock.

Common stock.

Question 15

Katie Inc. reported net income of $186,000 during 2011 and paid dividends of $26,000 on commonstock. It also has 10,000 shares of 6%, $100 par value, noncumulative preferred stock outstanding. Common stockholders’ equity was $1,200,000 on January 1, 2011, and $1,600,000 on December 31, 2011. The company’s return on common stockholders’ equity for 2011 is:

10.0%.

7.1%.

13.3%.

9.0%.

Question 16

When a stockholders’ equity statement is presented, it is not necessary to prepare a(an):

retained earnings statement.

balance sheet.

income statement.

None of the above.

Question 17

The ledger of JFK, Inc. shows common stock, common treasury stock, and no preferred stock. For this company, the formula for computing book value per share is:

Total stockholders’ equity divided by the number of shares of common stock issued.

Total stockholders’ equity divided by the number of shares of common stock outstanding.

Total paid-in capital and retained earnings divided by the number of shares of common stock issued.

Common stock divided by the number of shares of common stock issued.

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15

ACC 291 Week 3 DQ 4
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ACC 291 Week 3 DQ 4

What are the major sources of paid-in-capital, including the various classes of stock? Would you select preferred stock or common stock as an investment? Why?

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16

ACC 291 Week 3 DQ 3
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ACC 291 Week 3 DQ 3

Discuss the different types of dividends that a corporation may issue. Discuss the process of issuing and paying dividends and why a corporation should issue dividends. What dividend would you prefer?

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17

ACC 291 Week 3 DQ 2
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ACC 291 Week 3 DQ 2

Why do corporations buy back their own stock? What does it tell you about the corporation? What effect does the purchase have on the price of a company’s stock?

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18

ACC 291 Week 3 DQ 1
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ACC 291 Week 3 DQ 1

Why does a company choose to form as a corporation? What are the steps required to become a corporation? What are the advantages and disadvantages of the corporate form of doing business?

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19

ACC 291 Week 2 Individual Assignment WileyPLUS Assignment Exercise
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ACC 291 Week 2 Individual Assignment WileyPLUS Assignment Exercise

Resource: WileyPLUS

Complete the following WileyPLUS Week Two Exercises and Problem:

Exercise E8-3

Exercise BE9-13

Exercise Do It! 9-4

Exercise E9-9

Exercise E9-10

Problem P9-5A

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20

ACC 291 Week 2 DQ 6
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ACC 291 Week 2 DQ 6

Why do companies issue bonds? Would you rather buy a bond at a discount or a premium rate? Why? What is the determining factor of whether a bond is sold at a discount, face value, or premium?

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21

ACC 291 Week 2 DQ 5
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ACC 291 Week 2 DQ 5

Why do companies issue bonds? Would you rather buy a bond at a discount or a premium rate? Why? What is the determining factor of whether a bond is sold at a discount, face value, or premium?

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22

ACC 291 Week 2 DQ 4
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ACC 291 Week 2 DQ 4

Discuss the accounting procedures for Notes Payable and Accounts Payable. Discuss the nature of each account and the differences between these accounts.

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23

ACC 291 Week 2 DQ 3
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ACC 291 Week 2 DQ 3

Discuss the differences among valuation, depreciation, amortization, and depletion. Use examples in your discussion.

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24

ACC 291 Week 2 DQ 2
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ACC 291 Week 2 DQ 2

What types of industries have unearned revenue? Why unearned revenue is considered a liability? When is the unearned revenue recognized in the financial statements?

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25

ACC 291 Week 2 DQ 1
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ACC 291 Week 2 DQ 1

What are the differences among valuation, depreciation, amortization, and depletion? Is it appropriate to calculate depreciation using two different methods? Why?

Which depreciation method provides you with the highest depreciation expense in the first year? Why?

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26

ACC 291 Week 2 Chapter 08, 09 And 10 Practice Quiz
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ACC 291 Week 2 Chapter 08, 09 and 10 Practice Quiz

Question 1

Receivables are frequently classified as:

accounts receivable and general receivables.

accounts receivable, notes receivable, and employee receivables.

accounts receivable, notes receivable, and other receivables.

accounts receivable, company receivables, and other receivables.

Question 2

Buehler Company on June 15 sells merchandise on account to Chaz Co. for $1,000, terms 2/10, n/30. On June 20, Chaz Co. returns merchandise worth $300 to Buehler Company. On June 24, payment is received from Chaz Co. for the balance due. What is the amount of cash received?

$700

$680

$686

None of the above

Question 3

Which of the following approaches for bad debts is best described as a balance sheet method?

percentage-of-sales basis

percentage-of-receivables basis

Both percentage-of-receivables basis and direct write-off method

direct write-off method

Question 4

Hughes Company has a credit balance of $5,000 in its Allowance for Doubtful Accounts before any adjustments are made at the end of the year. Based on the review and aging of its accounts receivable at the end of the year, Hughes estimates that $60,000 of its receivables are uncollectible. The amount of bad debts expense which should be reported for the year is:

$55,000.

$65,000.

$5,000.

$60,000.

Question 5

Hughes Company has a debit balance of $5,000 in its Allowance for Doubtful Accounts before any adjustments are made at the end of the year. Based on the review and aging of its accounts receivable at the end of the year, Hughes estimates that $60,000 of its receivables are uncollectible. The amount of bad debts expense which should be reported for the year is:

$60,000.

$55,000.

$65,000.

$5,000.

Question 6

Net sales for the month are $800,000, and bad debts are expected to be 1.5% of net sales. The company uses the percentage-of -sales basis. If the Allowance for Doubtful Accounts has a credit balance of $15,000 before adjustment, what is the balance after adjustment?

$23,000

$15,000

$31,000

$27,000

Question 7

In 2011, Roso Carlson Company had net credit sales of $750,000. On January 1, 2011, Allowance for Doubtful Accounts had a credit balance of $18,000. During 2011, $30,000 of uncollectible accounts receivable were written off. Past experience indicates that 3% of net credit sales become uncollectible. What should be the adjusted balance of Allowance for Doubtful Accounts at December 31, 2011?

$10,050

$40,500

$10,500

$22,500

Question 8

An analysis and aging of the accounts receivable of Prince Company at December 31 reveals the following data.

Accounts receivable $ 800,000

Allowance for doubtful accounts per books before adjustment $ 50,000

Amounts expected to become uncollectible $ 65,000

The cash realizable value of the accounts receivable at December 31, after adjustment, is:

$800,000.

$735,000.

$750,000.

$685,000.

Question 9

One of the following statements about promissory notes is incorrect. The incorrect statement is:

A promissory note is not a negotiable instrument.

The party making the promise to pay is called the maker.

A promissory note is often required from high-risk customers.

The party to whom payment is to be made is called the payee.

Question 10

Which of the following statements about Visa credit card sales is incorrect?

Two parties are involved.

The credit card issuer makes the credit investigation of the customer.

The retailer is not involved in the collection process.

The retailer receives cash more quickly than it would from individual customers on account.

Question 11

Blinka Retailers accepted $50,000 of Citibank Visa credit card charges for merchandise sold on July 1. Citibank charges 4% for its credit card use. The entry to record this transaction by Blinka Retailers will include a credit to Sales of $50,000 and a debit(s) to:

Cash $48,000

and Service Charge Expense $2,000

Cash $50,000

Accounts Receivable $50,000

Accounts Receivable $48,000

and Service Charge Expense $2,000

Question 12

Foti Co. accepts a $1,000, 3-month, 12% promissory note in settlement of an account with Bartelt Co. The entry to record this transaction is as follows.

Notes Receivable 1,030

Accounts Receivable 1,030

Notes Receivable 1,000

Accounts Receivable 1,000

Notes Receivable 1,000

Sales 1,000

Notes Receivable 1,020

Accounts Receivable 1,020

Question 13

Ginter Co. holds Kolar Inc.’s $10,000, 120-day, 9% note. The entry made by Ginter Co. when the note is collected, assuming no interest has been previously accrued, is:

Accounts Receivable 10,300

Notes Receivable 10,000

Interest Revenue 300

Cash 10,300

Notes Receivable 10,000

Interest Revenue 300

Cash 10,300

Notes Receivable 10,300

Cash 10,000

Notes Receivable 10,000

Question 14

Accounts and notes receivable are reported in the current assets section of the balance sheet at:

invoice cost.

cash (net) realizable value.

net book value.

ower-of-cost-or-market value.

Question 15

Oliveras Company had net credit sales during the year of $800,000 and cost of goods sold of $500,000. The balance in accounts receivable at the beginning of the year was $100,000, and the end of the year it was $150,000. What were the accounts receivable turnover ratio and the average collection period in days?

8.0 and 45.6 days

6.4 and 57 days

4.0 and 91.3 days

5.3 and 68.9 days

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27

ACC 291 Week 1 DQ 4
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ACC 291 Week 1 DQ 4

Explain how companies recognize accounts receivable. How would you describe the entries to record the disposition of accounts receivables? What is their function? How are bad debts accounted for under the direct write-off method? What are the advantages and disadvantages of this method?

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ACC 291 Week 1 DQ 3
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ACC 291 Week 1 DQ 3

Discuss the nature of intangible assets, using examples, and the basic issues related to accounting for them. Discuss how they are different from tangible assets.

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29

ACC 291 Week 1 DQ 2
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ACC 291 Week 1 DQ 2

Pendergrass Company hires an accounting intern who says that intangible assets should always be amortized over their legal lives. Is the intern correct? Explain.

What are the basic issues related to accounting for intangible assets?

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30

ACC 291 Week 1 DQ 1
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ACC 291 Week 1 DQ 1

How would you describe the entries to record the disposition of accounts receivables? What is their function? How are bad debts accounted for under the direct write-off method? What are the disadvantages of this method?

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ACC 291 Complete Course
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ACC 291 Complete Course

ACC 291 Week 1 DQ 1

ACC 291 Week 1 DQ 2

ACC 291 Week 1 DQ 3

ACC 291 Week 1 DQ 4

ACC 291 Week 2 Chapter 08, 09 and 10 Practice Quiz

ACC 291 Week 2 DQ 1

ACC 291 Week 2 DQ 2

ACC 291 Week 2 DQ 3

ACC 291 Week 2 DQ 4

ACC 291 Week 2 DQ 5

ACC 291 Week 2 DQ 6

ACC 291 Week 2 Individual Assignment WileyPLUS Assignment Exercise

ACC 291 Week 3 DQ 1

ACC 291 Week 3 DQ 2

ACC 291 Week 3 DQ 3

ACC 291 Week 3 DQ 4

ACC 291 Week 3 Individual Assignment WileyPlus Practice Chapter 11 and 12

ACC 291 Week 3 Individual WileyPLUS Assignment

ACC 291 Week 4 DQ 1

ACC 291 Week 4 DQ 2

ACC 291 Week 4 DQ 3

ACC 291 Week 4 Individual Assignment WileyPlus Practice Ch 13 and Ch 14

ACC 291 Week 4 Individual WileyPLUS Assignment Exercise 11-1 E11-15 E11-16 Problem P11-6A and P11-8A

ACC 291 Week 5 DQ 1

ACC 291 Week 5 DQ 2

ACC 291 Week 5 Individual Assignment Effect of Unethical Behavior Article Analysis

ACC 291 Week 5 Learning Team Reflection Summary

ACC 291 Week 5 Individual WileyPLUS Assignment

ACC 291 Week 5 Learning Team Assignment Paper Huffman Trucking

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