ACC 290 ACC290 ACC/290 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

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ACC 290 ACC290 ACC/290 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

ACC 290 Final Exam Guide (New, 2020, 100% Score)

ACC 290 Week 1 Apply: Connect® Exercise

ACC 290 Week 1 Assignment Preparing an Income Statement Retained Earnings Statement and Balance Sheet

ACC 290 Week 1 Discussion Question 1

ACC 290 Week 1 Discussion Question 2

ACC 290 Week 1 Individual Assignment Financial Statements Paper

ACC 290 Week 1 Practice Quiz

ACC 290 Week 1 Practice: Connect® Knowledge Check

ACC 290 Week 1 Vocabulary Activity

ACC 290 Week 1 WileyPlus Assignment DI1-3, E1-3,E1-4, E2-4, IFRS2-4

ACC 290 Week 2 Apply: Connect® Exercise

ACC 290 Week 2 Chapter 1,2,3 Orion WileyPlus Proficiency and Practice Quiz

ACC 290 Week 2 Charter for Collaborative Learning Activities

ACC 290 Week 2 Discussion Question 1

ACC 290 Week 2 Discussion Question 2

ACC 290 Week 2 E3-1 (New)

ACC 290 Week 2 LT Reflection Summary

ACC 290 Week 2 LT Reflection Summary (New)

ACC 290 Week 2 Practice Quiz

ACC 290 Week 2 Practice: Connect® Knowledge Check

ACC 290 Week 2 Vocabulary Activity

ACC 290 Week 2 WileyPlus Assignment BYP2-2, IFRS2-6, E3-4, E3-8, BYP 3-2, IFRS 3-2, P3-5, P3-6

ACC 290 Week 3 Apply: Connect® Exercise

ACC 290 Week 3 Chapter 4,5 Orion WileyPlus Proficiency and Practice Quiz

ACC 290 Week 3 Discussion Question 1

ACC 290 Week 3 Discussion Question 2

ACC 290 Week 3 Practice Quiz

ACC 290 Week 3 Practice: Connect® Knowledge Check

ACC 290 Week 3 Problem 5-5A (Simon Company)

ACC 290 Week 3 Vocabulary Activity

ACC 290 Week 3 WileyPlus Assignment BE4-1, P4-2A, P4-3A, BYP4-1, IFRS PQ-1, PQ-2, PQ-3, PQ-4

ACC 290 Week 3/4 Learning Team Financial Reporting Problem, Part 1 (**2 Different Papers**)

ACC 290 Week 4 Apply: Connect® Exercise

ACC 290 Week 4 Chapter 6 Orion WileyPlus Proficiency and Practice Quiz

ACC 290 Week 4 Discussion Question 1

ACC 290 Week 4 Discussion Question 2

ACC 290 Week 4 Evaluate The Inventory Section Of Two companies Using Basic Comparative Analysis

ACC 290 Week 4 Practice Quiz

ACC 290 Week 4 Practice: Connect® Knowledge Check

ACC 290 Week 4 Vocabulary Activity

ACC 290 Week 4 Wileyplus Assignment P4-8A, BYP5-1, BYP5-2, BE5-1, BE5-2, IFRS5-2, IFRS5-4, PQ-1, PQ-2, PQ-3

ACC 290 Week 4/5 Individual Assignment Financial Reporting Problem Part II (**2 Different Papers**)

ACC 290 ACC290 ACC/290 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

ACC 290 Final Exam Guide (New, 2020, 100% Score)

Question 1

The best definition of assets is the

collections of resources belonging to the company and the claims on these resources.

cash owned by the company.

owners’ investment in the business.

resources belonging to a company that have future benefit to the company.

Question 2

Which of the following is not a liability?

Accounts Payable

Accounts Receivable

Interest Payable

Unearned Service Revenue

Question 3

Which of the following financial statements is divided into major categories of operating, investing, and financing activities?

The statement of cash flows.

The income statement.

The balance sheet.

The retained earnings statement.

Question 4

Ending retained earnings for a period is equal to beginning

Retained earnings + Net income – Dividends.

Retained earnings – Net income + Dividends

Retained earnings – Net income – Dividends.

Retained earnings + Net income + Dividends.

Question 5

Which of the following is not an advantage of the corporate form of business organization?

No personal liability

Easy to raise funds

Easy to transfer ownership

Favorable tax treatment

Question 6

An advantage of the corporate form of business is that

it is simple to establish.

it has limited life.

its owner’s personal resources are at stake.

its ownership is easily transferable via the sale of shares of stock

Question 7

A small neighborhood barber shop that is operated by its owner would likely be organized as a

proprietorship.

partnership.

joint venture.

corporation.

Question 8

If services are rendered for cash, then

stockholders’ equity will decrease.

liabilities will increase.

liabilities will decrease.

assets will increase.

Question 9

A revenue generally

increases assets and stockholders’ equity.

increases assets and liabilities.

increases assets and decreases stockholders’ equity.

leaves total assets unchanged.

Question 10

A revenue account

has a normal balance of a debit.

is decreased by credits.

is increased by credits.

is increased by debits.

Question 11

Which accounts normally have debit balances?

Assets, expenses, and dividends

Assets, expenses, and revenues

Assets, expense, and retained earnings

Assets, liabilities, and dividends

Question 12

In recording an accounting transaction in a double-entry system

the number of debit accounts must equal the number of credit accounts.

there must only be two accounts affected by any transaction.

there must always be entries made on both sides of the accounting equation.

the amount of the debits must equal the amount of the credits.

Question 13

The usual sequence of steps in the transaction recording process is

journalize, analyze, post to the ledger.

post to the ledger, journalize, analyze.

analyze, journalize, post to the ledger.

journalize, post to the ledger, analyze.

Question 14

Under the expense recognition principle expenses are recognized when

they contribute to the production of revenue.

they are billed by the supplier.

they are paid.

the invoice is received.

Question 15

The revenue recognition principle dictates that revenue should be recognized in the accounting records:

in the period that income taxes are paid.

when cash is received.

when the performance obligation is satisfied.

at the end of the month.

Question 16

Merchandising companies that sell to retailers are known as

brokers.

corporations.

wholesalers.

service firms.

Question 17

Gross profit equals the difference between

sales revenue and cost of goods sold.

sales revenue and operating expenses.

net income and operating expenses.

sales revenue and cost of goods sold plus operating expenses

Question 18

Net income will result if gross profit exceeds

purchases.

cost of goods sold.

operating expenses.

cost of goods sold plus operating expenses.

Question 19

Under the perpetual system, cash freight costs incurred by the buyer for the transporting of goods is recorded in which account?

Freight-In

Inventory

Freight Expense

Freight-Out

Question 20

Financial information is presented below:

Operating expenses                 $ 25000

Sales revenue              175000

Cost of goods sold                  125000

The profit margin ratio would be

Question 21

Financial information is presented below:

Operating expenses     $ 31000

Sales returns and allowances  6000

Sales discounts            5000

Sales revenue  180000

Cost of goods sold      87000

The gross profit rate would be

Question 22

Financial information is presented below:

Operating expenses     $ 54000

Sales returns and allowances  5000

Sales discounts            5000

Sales revenue  206000

Cost of goods sold      109000

Gross Profit would be

$102000.

$92000.

$97000.

$87000

Question 23

The LIFO inventory method assumes that the cost of the latest units purchased are

not allocated to cost of goods sold or ending inventory.

the first to be allocated to cost of goods sold.

the last to be allocated to cost of goods sold.

the first to be allocated to ending inventory.

Question 24

Which of the following statements is correct with respect to inventories?

FIFO seldom coincides with the actual physical flow of inventory.

The FIFO method assumes that the costs of the earliest goods acquired are the last to be sold.

It is generally good business management to sell the most recently acquired goods first.

Under FIFO, the ending inventory is based on the latest units purchased.

Question 25

All of the following are examples of internal control procedures except

reconciling the bank statement.

customer satisfaction surveys.

insistence that employees take vacations.

using prenumbered documents.

Question 26

Each of the following is a feature of internal control except

recording of all transactions.

bonding of employees.

an extensive marketing plan.

separation of duties.

Question 27

For which of the following errors should the appropriate amount be subtracted from the balance per books on a bank reconciliation?

Check written for $95, but recorded by the company as $59

Deposit of $500 recorded by the bank as $50.

Check written for $53, but recorded by the company as $35.

A returned $200 check recorded by the bank as $20.

Question 28

A check written by the company for $126 is incorrectly recorded by a company as $162. On the bank reconciliation, the $36 error should be

deducted from the balance per books.

added to the balance per bank.

added to the balance per books.

deducted from the balance per bank.

Question 29

The following information was available for Blossom Company at December 31, 2017: beginning inventory $93000; ending inventory $146000; cost of goods sold $676000; and sales $824000. Blossom inventory turnover ratio (rounded) in 2017 was

7.3 times.

4.6 times.

6.9 times.

5.7 times.

Question 30

The following information was available for Sheridan Company at December 31, 2017: beginning inventory $80000; ending inventory $132000; cost of goods sold $644000; and sales $816000. Sheridan days in inventory (rounded) in 2017 was

47.4 days.

45.1 days.

59.8 days.

74.5 days.

ACC 290 ACC290 ACC/290 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

ACC 290 Week 1 Apply: Connect® Exercise

ACC 290 Week 1 Apply: Connect® Exercise

Review the Knowledge Check in preparation for this assignment.

Complete the Week 1 Exercise in Connect®.

Note: You have only one attempt available to complete this assignment.

Grades must be transferred manually to eCampus by your instructor. Don’t worry, this might happen after your due date.

The form of a business organization that is not affected by the withdrawal or death of an owner and can continue indefinitely is the

Multiple Choice

corporation.

sole proprietorship.

nonprofit organization.

partnership.

When the owner invests equipment in a business,

Multiple Choice

assets increase and owner’s equity decreases.

assets and owner’s equity increase.

assets and revenue increase.

liabilities decrease and owner’s equity increases.

The Statement of Owner’s Equity is calculated as follows:

Multiple Choice

beginning capital + net income + withdrawals + additional investments = ending capital

beginning capital + net loss − withdrawals + additional investments = ending capital

beginning capital + net income − withdrawals + additional investments = ending capital

beginning capital + net loss + withdrawals + additional investments = ending capital

The Financial Accounting Standards Board is responsible for

Multiple Choice

auditing financial statements.

developing generally accepted accounting principles.

establishing accounting systems for businesses.

making recommendations to the Securities and Exchange Commission.

The Balance Sheet heading includes each of the following except:

Multiple Choice

firm’s name.

title of the report.

date of the report.

firm’s address.

Tax planning includes

Multiple Choice

auditing tax returns.

correcting tax returns.

preparing tax returns.

suggesting actions to reduce tax liability.

Which of the following equations is the Fundamental Accounting Equation?

Multiple Choice

Assets – Liabilities = Owner’s Equity

Assets – Owner’s Equity = Liabilities

Assets + Liabilities = Owner’s Equity

Assets = Liabilities + Owner’s Equity

Tax accounting involves tax compliance and

Multiple Choice

tax configuration.

tax planning.

tax obfuscation.

tax evaluation.

Amounts that a business must pay in the future are known as:

Multiple Choice

capital.

liabilities.

assets.

expenses.

Identify the form of business that is considered a separate legal entity.

Multiple Choice

a limited liability partnership

a sole proprietorship

a partnership

a corporation

Which of the following is NOT a service of public accounting firms?

Multiple Choice

management advisory services

auditing

investment services

tax accounting

Which financial statement is reported as of a specific date?

Multiple Choice

Income Statement

Statement of Changes in Financial Position

Balance Sheet

Statement of Owner’s Equity

Identify the type of accounts that would appear on a firm’s income statement

Multiple Choice

revenues and expenses.

liabilities and expenses.

assets and liabilities.

assets and revenues.

A company issues periodic reports called

Multiple Choice

summaries.

financial statements.

tax returns.

audits.

Managerial accounting is

Multiple Choice

private accounting.

government accounting.

tax accounting.

public accounting.

Which of the following is NOT an area in which accountants usually practice?

Multiple Choice

Public Accounting

Governmental Accounting

Industrial Accounting

Managerial (Private) Accounting

All financial statements submitted to the SEC by publicly owned corporations must include an auditor’s report prepared by

Multiple Choice

an independent certified public accountant.

anyone in the accounting department.

the firm’s managerial accountant.

an internal auditor.

The group of accounting educators who offer their opinions about proposed FASB statements, after research has been done to determine the possible effects on financial reporting and the economy, is

Multiple Choice

the FCC.

the AICPA.

the SEC.

the AAA.

If the income statement covered a six-month period ending on November 30, 2019, the third line of the income statement heading would read:

Multiple Choice

Month Ended November 30, 2019.

November 30, 2019.

Six-month Period Ended November 30, 2019.

Month of November, 2019.

Which of the following is an example of an expense:

Multiple Choice

an owner withdrawal for personal use.

the receipt of cash from a credit customer.

the payment of a creditor on account.

the payment of the monthly utility bill.

Which financial statement is a representation of the accounting equation?

Multiple Choice

Balance Sheet

Income Statement

Statement of Owner’s Equity

Profit and Loss Statement

Which of the following is NOT a type of information communicated by the financial statements?

Multiple Choice

how much the business owes others

what types of assets business owns

how long the business has been in operation

whether or not the business is profitable

When the owner writes a company check to pay the company’s electric bill,

Multiple Choice

expenses increase and owner’s equity increases.

assets and owner’s equity decrease.

assets and liabilities decrease.

assets and owner’s equity increase.

The rent paid for future months is a(n):

Multiple Choice

liability.

expense.

revenue.

asset.

When the owner withdraws cash for personal use,

Multiple Choice

assets decrease and owner’s equity increases.

owner’s equity decreases and revenue decreases.

assets decrease and owner’s equity decreases.

assets decrease and expenses increase.

Choose the option below that reflects the correct order in which to prepare the three financial statements

Multiple Choice

Income Statement; Statement of Owner’s Equity; Balance Sheet.

Balance Sheet; Income Statement; Statement of Owner’s Equity.

Income Statement; Balance Sheet; Statement of Owner’s Equity.

Statement of Owner’s Equity; Balance Sheet; Income Statement.

Revenue by definition is:

Multiple Choice

an amount a business must pay in the future.

the payment of amounts owed to creditors.

amounts earned from the sale of goods or services.

the collection of amounts owed by customers.

Owners are not personally responsible for the debts of the business if the form of business organization is a

Multiple Choice

partnership.

sole proprietorship.

corporation.

nonprofit organization.

The financial activities of a business and the financial activities of the owners should be

Multiple Choice

combined in the firm’s accounting records.

combined only if the owner wants them to be.

reported in different parts of the firm’s accounting records.

kept totally and completely separate.

Managerial accountants usually do which of the following?

Multiple Choice

audit financial statements

prepare and audit tax returns

investigate companies for possible violations of law

prepare internal reports for management

The area of accounting that involves the preparation of internal reports for a firm’s executives and the analysis of the data in these reports to aid in decision making is known as

Multiple Choice

financial accounting.

managerial accounting.

auditing.

cost accounting.

Which of the following is a true statement in regards to the International Accounting Standards Board?

Multiple Choice

The IASB deals with issues caused by the lack of uniform accounting principles existing in different countries

The IASB was created by the American Accounting Association

The IASB develops all accounting principles to be used in the United States

The IASB has the authority to audit financial statements of all US corporations

Which of the following equations is the Fundamental Accounting Equation?

Multiple Choice

Assets + Liabilities = Owner’s Equity

Assets – Owner’s Equity = Liabilities

Assets = Liabilities + Owner’s Equity

Assets – Liabilities = Owner’s Equity

Examples of assets are:

Multiple Choice

cash and accounts receivable.

equipment and revenue.

accounts receivable and rent expense.

investments by the owner and revenue.

The statement of financial position is another term for which financial statement?

Multiple Choice

Income Statement

Statement of Owner’s Equity

Balance Sheet

Trial Balance

An Income Statement is all of the following except:

Multiple Choice

a formal report of business operations.

a profit and loss statement.

a statement of revenues less withdrawals and expenses.

a statement of income and expenses.

ACC 290 ACC290 ACC/290 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

ACC 290 Week 1 Assignment Preparing an Income Statement Retained Earnings Statement and Balance Sheet

ACC 290 ACC290 ACC/290 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

ACC 290 Week 1 Discussion Question 1

ACC 290 Week One – DQ #1

What are the four basic financial statements? What is the primary purpose of each of the four basic financial statements? In your opinion, which financial statement is the most important? Explain why. How would the financial statements be useful to managers and employees? How would the financial statements be useful to investors and creditors?

ACC 290 ACC290 ACC/290 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

ACC 290 Week 1 Discussion Question 2

What are debits and credits? How are debits and credits used to record business transactions? Why do accountants debit asset accounts to increase them but credit liability accounts to increase them? Why do accountants debit expenses to increase them but credit revenues to increase them?

ACC 290 ACC290 ACC/290 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

ACC 290 Week 1 Individual Assignment Financial Statements Paper

Individual – Financial Statements Paper – Prepare a 700 -1,050 word paper in which you identify the four basic financial statements.  Describe the purpose of each of the four financial statements. Discuss how the financial statements would be useful to internal users, such as to managers and employees.  Discuss how the financial statements would be useful to external users, such as investors and creditors.  Format paper according to APA standards.

ACC 290 ACC290 ACC/290 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

ACC 290 Week 1 Practice Quiz

Question 1

Current assets are expected to be converted to cash or consumed within the next year or the normal operating cycle, whichever is longer.

Current assets are economic resources that are expected to be converted to cash or used up by the business within one year or the normal operating cycle, whichever is shorter.

Question  2

Land or a building which is currently not used in operation is considered to be a long-term investment.

A company purchased a tract of land on which it expects to build a production plant on in approximately five years. During the five years before construction, the land will be idle. In what classification should the land be reported?

Question 3

Common stock and retained earnings are both elements of stockholders’ equity. Common stock of $50,000 plus retained earnings of $70,000 equals $120,000 in stockholders’ equity.

Current liabilities are $10,000, long-term liabilities are $20,000, common stock is $50,000, and retained earnings totals $70,000. How much is total stockholders’ equity?

Question 4

Net income ($24,000) divided by average shares outstanding (6,000) = $4.00/share.

For 2014, Stoneland Corporation reported net income, $24,000; net sales, $400,000; and average shares outstanding, 6,000. There were no preferred stock dividends. How much was the 2014 earnings per share?

Question 5

The beginning balance of retained earnings is the ending balance minus net income plus dividends. Working backwards, $X + $402,000 – $34,000 = $2,184,000. Therefore, beginning retained earnings = $1,816,000.

At December 31, 2014, Shorts Company had retained earnings of $2,184,000. During 2014, the company issued stock for $98,000, and paid dividends of $34,000. Net income for 2014 was $402,000. How much was the retained earnings balance at the beginning of 2014?

Question 6

The current ratio measures liquidity and higher means the company is more liquid. The debt to assets ratio measures solvency and higher is not always better. We don’t know how many outstanding shares each company has so we cannot compare profitability.

The following ratios are available for Leer Inc. and Stable Inc.

Current Ratio              Debt to Assets Ratio               Earnings per Share

Leer Inc.          2:1                   75%                 $3.50

Stable Inc.       1.5:1                40%                 $2.75

Question 7

Solvency ratios are good indicators of a company’s ability to survive over an extended period of time.

Which of the following ratios measures the ability of the company to survive over a long period of time?

Question 8

Free cash flow can be used to pay dividends; acquire property, plant, and equipment; and pay off debts.

Question 9

Generally accepted accounting principles, or “GAAP” have substantial authoritative support, and are recognized as a general guide for financial reporting purposes.

Question 10

Management can justify a new method of accounting if the financial information is more meaningful.

ACC 290 ACC290 ACC/290 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

ACC 290 Week 1 Practice: Connect® Knowledge Check

Complete the Week 1 Knowledge Check in Connect®.

Note: You have unlimited attempts available to complete this practice assignment. The highest scored attempt will be recorded.

These assignments have earlier due dates, so plan accordingly.

Grades must be transferred manually to eCampus by your instructor. Don’t worry, this might happen after your due date.

The form of a business organization that is not affected by the withdrawal or death of an owner and can continue indefinitely is the

Multiple Choice

corporation.

sole proprietorship.

nonprofit organization.

partnership.

When the owner invests equipment in a business,

Multiple Choice

assets increase and owner’s equity decreases.

assets and owner’s equity increase.

assets and revenue increase.

liabilities decrease and owner’s equity increases.

The Statement of Owner’s Equity is calculated as follows:

Multiple Choice

beginning capital + net income + withdrawals + additional investments = ending capital

beginning capital + net loss − withdrawals + additional investments = ending capital

beginning capital + net income − withdrawals + additional investments = ending capital

beginning capital + net loss + withdrawals + additional investments = ending capital

The Financial Accounting Standards Board is responsible for

Multiple Choice

auditing financial statements.

developing generally accepted accounting principles.

establishing accounting systems for businesses.

making recommendations to the Securities and Exchange Commission.

The Balance Sheet heading includes each of the following except:

Multiple Choice

firm’s name.

title of the report.

date of the report.

firm’s address.

Tax planning includes

Multiple Choice

auditing tax returns.

correcting tax returns.

preparing tax returns.

suggesting actions to reduce tax liability.

Which of the following equations is the Fundamental Accounting Equation?

Multiple Choice

Assets – Liabilities = Owner’s Equity

Assets – Owner’s Equity = Liabilities

Assets + Liabilities = Owner’s Equity

Assets = Liabilities + Owner’s Equity

Tax accounting involves tax compliance and

Multiple Choice

tax configuration.

tax planning.

tax obfuscation.

tax evaluation.

Amounts that a business must pay in the future are known as:

Multiple Choice

capital.

liabilities.

assets.

expenses.

Identify the form of business that is considered a separate legal entity.

Multiple Choice

a limited liability partnership

a sole proprietorship

a partnership

a corporation

Which of the following is NOT a service of public accounting firms?

Multiple Choice

management advisory services

auditing

investment services

tax accounting

Which financial statement is reported as of a specific date?

Multiple Choice

Income Statement

Statement of Changes in Financial Position

Balance Sheet

Statement of Owner’s Equity

Identify the type of accounts that would appear on a firm’s income statement

Multiple Choice

revenues and expenses.

liabilities and expenses.

assets and liabilities.

assets and revenues.

A company issues periodic reports called

Multiple Choice

summaries.

financial statements.

tax returns.

audits.

Managerial accounting is

Multiple Choice

private accounting.

government accounting.

tax accounting.

public accounting.

Which of the following is NOT an area in which accountants usually practice?

Multiple Choice

Public Accounting

Governmental Accounting

Industrial Accounting

Managerial (Private) Accounting

All financial statements submitted to the SEC by publicly owned corporations must include an auditor’s report prepared by

Multiple Choice

an independent certified public accountant.

anyone in the accounting department.

the firm’s managerial accountant.

an internal auditor.

The group of accounting educators who offer their opinions about proposed FASB statements, after research has been done to determine the possible effects on financial reporting and the economy, is

Multiple Choice

the FCC.

the AICPA.

the SEC.

the AAA.

If the income statement covered a six-month period ending on November 30, 2019, the third line of the income statement heading would read:

Month Ended November 30, 2019.

November 30, 2019.

Six-month Period Ended November 30, 2019.

Month of November, 2019.

Which of the following is an example of an expense:

Multiple Choice

an owner withdrawal for personal use.

the receipt of cash from a credit customer.

the payment of a creditor on account.

the payment of the monthly utility bill.

Which financial statement is a representation of the accounting equation?

Multiple Choice

Balance Sheet

Income Statement

Statement of Owner’s Equity

Profit and Loss Statement

Which of the following is NOT a type of information communicated by the financial statements?

Multiple Choice

how much the business owes others

what types of assets business owns

how long the business has been in operation

whether or not the business is profitable

When the owner writes a company check to pay the company’s electric bill,

Multiple Choice

expenses increase and owner’s equity increases.

assets and owner’s equity decrease.

assets and liabilities decrease.

assets and owner’s equity increase.

The rent paid for future months is a(n):

Multiple Choice

liability.

expense.

revenue.

asset.

When the owner withdraws cash for personal use,

Multiple Choice

assets decrease and owner’s equity increases.

owner’s equity decreases and revenue decreases.

assets decrease and owner’s equity decreases.

assets decrease and expenses increase.

Choose the option below that reflects the correct order in which to prepare the three financial statements

Multiple Choice

Income Statement; Statement of Owner’s Equity; Balance Sheet.

Balance Sheet; Income Statement; Statement of Owner’s Equity.

Income Statement; Balance Sheet; Statement of Owner’s Equity.

Statement of Owner’s Equity; Balance Sheet; Income Statement.

Revenue by definition is:

Multiple Choice

an amount a business must pay in the future.

the payment of amounts owed to creditors.

amounts earned from the sale of goods or services.

the collection of amounts owed by customers.

Owners are not personally responsible for the debts of the business if the form of business organization is a

Multiple Choice

partnership.

sole proprietorship.

ACC 290 ACC290 ACC/290 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

ACC 290 Week 1 Vocabulary Activity

WileyPLUS Assignment: Week 1 Vocabulary Activity

Resource: WileyPLUS

Complete the following Week 1 Assignment in WileyPLUS:

• Chapter 1 WileyPLUS Crossword Puzzle 1

ACC 290 ACC290 ACC/290 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

ACC 290 Week 1 WileyPlus Assignment DI1-3, E1-3,E1-4, E2-4, IFRS2-4

ACC 290 ACC290 ACC/290 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

ACC 290 Week 2 Apply: Connect® Exercise

Review the Knowledge Check in preparation for this assignment.

Complete the Week 2 Exercise in Connect®.

Note: You have only one attempt available to complete this assignment.

Grades must be transferred manually to eCampus by your instructor. Don’t worry, this might happen after your due date.

The classification and normal balance of the salaries expense account is:

an expense with a credit balance.

a liability with a debit balance.

an asset with a debit balance.

an expense with a debit balance.

Which of the following accounts have normal credit balances?

Accounts Receivable and Fees Income

Salaries Expense and Accounts Payable

Fees Income and John Smith, Capital

Accounts Payable and Equipment

A business purchases equipment costing $5,500. They pay $1,500 right away and charge the remaining amount. To record this transaction, the business would:

Multiple Choice

Debit Equipment $5,500; Credit Cash $1,500 and Credit Accounts Payable $4,000

Debit Equipment $4,000; Credit Accounts Payable $4,000

Debit Equipment $5,500; Credit Accounts Payable $5,500

Debit Equipment $1,500; Credit Cash $1,500

A business pays a creditor on account. The entry to record this transaction is:

Multiple Choice

Debit Accounts Receivable; Credit Accounts Payable

Debit Cash; Credit Accounts Payable

Debit Accounts Receivable; Credit to Cash

Debit Accounts Payable; Credit Cash

The Net Income appears as a separate line item on what two statements?

Multiple Choice

the statement of owner’s equity and the income statement

the trial balance and the income statement

the statement of owner’s equity and the balance sheet

the income statement and the balance sheet

The normal balance of an account is the:

Multiple Choice

increase side of the account.

the left side of the account.

decrease side of the account.

the right side of the account.

When the trial balance totals are not equal, the error may have been caused by recording a debit as a credit if the difference is divisible by:

Multiple Choice

2.

9.

3.

5.

Which of the following transactions increase owner’s equity?

Multiple Choice

earning revenue

paying expenses

owner withdrawals for personal use

receiving cash from customers on account

Which of the following is not one of the formal financial statements that is made available to all users of the financial statements.

Multiple Choice

Statement of Owner’s Equity

Balance Sheet

Income Statement

Trial Balance

A business receives a bill for utilities but decides to pay it next month. The business would record the receipt of the bill by:

Multiple Choice

Debiting Utilities Expense; Crediting Accounts Receivable

Debiting Utilities Expense; Crediting Accounts Payable

Debiting Accounts Payable; Crediting Utilities Expense

Debiting Utilities Expense; Crediting Cash

Which of the following represents the proper sequence for preparing the financial statements?

Multiple Choice

income statement, statement of owner’s equity, balance sheet

statement of owner’s equity, income statement, balance sheet

income statement, balance sheet, statement of owner’s equity

balance sheet, statement of owner’s equity, income statement

The classification and normal balance of the accounts receivable account is:

Multiple Choice

a revenue with a debit balance.

an asset with a debit balance.

a liability with a debit balance.

an asset with a credit balance.

The ABC Company paid cash on account for supplies purchased last month. This would be recorded in the T-accounts as a:

Multiple Choice

debit Accounts Receivable and credit Cash.

debit to Accounts Payable and credit Cash.

debit Supplies and credit Accounts Payable.

debit Cash and credit Supplies.

The account used to record increases in owner’s equity from the sale of goods or services is:

Multiple Choice

the drawing account.

the cash account.

the fees income account.

the capital account.

Which of the following does NOT describe a transposition?

Multiple Choice

It involves misplaced digits in a number.

It causes the difference between the debit total and the credit total to be divisible by 2.

It causes the trial balance to be out of balance.

It is an error.

A business earns $4,000 from various charge account clients. To record this transaction, the business would:

Multiple Choice

Debit Accounts Receivable; Credit Cash

Debit Accounts Payable; Credit Fees Income

Debit Accounts Receivable; Credit Fees Income

Debit Cash; Credit Accounts Receivable

Debits are used to record increases in:

Multiple Choice

assets and expenses.

assets and revenue.

revenue and owner’s equity.

assets and liabilities.

Which of the following would cause the Debit column and the Credit column of the Trial Balance to be unequal?

Multiple Choice

Placing the Fees Income balance in the Credit column

Placing the Office Equipment balance in the Debit column

Placing the Prepaid Rent balance in the Credit column

Placing the Rent Expense balance in the Debit column

Which of the following accounts is NOT a nominal account?

Multiple Choice

Moriah Paige, Drawing

Office Supplies

Salaries Expense

Rent Revenue

When charge customers pay cash to apply against their accounts, the amount is recorded:

Multiple Choice

on the left side of the Cash account and the right side of the Accounts Receivable account.

on the left side of the Cash account and the left side of the Accounts Receivable account.

on the left side of the Accounts Payable account and the right side of the Cash account.

on the left side of the Cash account and the right side of the Fees Income account.

The “Net Income” or “Net Loss” is transferred from the income statement to the

Multiple Choice

balance sheet.

statement of owner’s equity.

chart of accounts.

trial balance.

Which of the following types of accounts normally have debit balances?

Multiple Choice

assets, liabilities, and owner’s equity

expenses and assets

assets and revenue

liabilities and owner’s equity

Which of the following entries records the withdrawal of cash for personal use by Ty Knott, the owner of a business?

Multiple Choice

debit Cash and credit Ty Knott, Capital

debit Cash and credit Salary Expense

debit Salary Expense and credit Cash

debit Ty Knott, Drawing, and credit Cash

An accounting system that involves recording the effects of each transaction as debits and credits is:

Multiple Choice

completing one T account.

analyzing a business transaction.

the double-entry system.

preparing financial statements.

A business performed $8,000 of services. Their customer paid $3,000 of the amount right away but charged the remaining amount. To record this transaction, the business would:

Multiple Choice

Debit Accounts Receivable $8,000 and; Credit Fees Income $8,000

Debit Cash $3,000 and Debit Accounts Receivable $5,000 and Credit Fees Income $8,000

Debit Cash $3,000 and Debit Accounts Payable $5,000; Credit Fees Income $8,000

Debit Cash $3,000; Credit Fees Income $3,000

The total of the figures on the left side of a Cash account is $36,700. The total of the figures on the right side is $16,250. The balance of this account:

Multiple Choice

is $20,450 and would be recorded on the right side of the account.

is $52,950 and would be recorded on the left side of the account.

is $20,450 and would be recorded on the left side of the account.

is $52,950 and would be recorded on the right side of the account.

On a statement of owner’s equity, beginning capital is $152,000, Drawing for the year is $65,000, and the ending capital is $191,000. What is the amount of Net Income for the year?

Multiple Choice

$126,000

$ 26,000

$104,000

$ 87,000

Credits are used to record:

Multiple Choice

decreases in assets and owner’s equity and increases in liabilities.

decreases in liabilities and increases in assets and owner’s equity.

increases in liabilities and revenues.

increases in assets, liabilities, and owner’s equity.

The ending capital balance appears on what financial statement(s)

Multiple Choice

income statement and balance sheet.

income statement and the statement of owner’s equity.

statement of owner’s equity and the balance sheet.

only on the balance sheet.

A business purchases supplies on account. The entry to record this transaction is:

Multiple Choice

Debit to Supplies; Credit Accounts Receivable

Debit Supplies; Credit Accounts Payable

Debit Supplies; Credit to Cash

Debit to Cash; Credit Supplies

Which of the following would cause the Trial Balance to be out of balance?

Multiple Choice

Placing the Rent Expense account balance in the Debit column

Placing the Accounts Receivable balance in the Credit column

Placing the Equipment account balance in the Debit column

Placing the Capital account balance in the Credit column

Select the entry below to record the payment to employees for work performed during the pay period?

Multiple Choice

debit Cash, and credit Accounts Receivable

debit Salary Expense and credit Cash

debit Cash and credit Salary Expense

debit Salary Expense and credit Accounts Receivable

ACC 290 ACC290 ACC/290 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

ACC 290 Week 2 Chapter 1,2,3 Orion WileyPlus Proficiency and Practice Quiz

ACC 290 ACC290 ACC/290 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

ACC 290 Week 2 Charter for Collaborative Learning Activities

ACC 290 ACC290 ACC/290 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

ACC 290 Week 2 Discussion Question 1

What is the revenue recognition principle? What is the expense recognition principle? Why are they important to financial reporting?

What are adjusting entries and why are they necessary?

What are accruals? Provide examples of accruals. Why do accruals require adjusting entries?

What are deferrals? What are some examples of deferrals? Why do deferrals require adjusting entries?

ACC 290 ACC290 ACC/290 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

ACC 290 Week 2 Discussion Question 2

What accounts are subject to adjusting journal entries and why?

How would you explain the purpose of the adjusted trial balance?

ACC 290 ACC290 ACC/290 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

ACC 290 Week 2 E3-1 (New)

ACC 290 ACC290 ACC/290 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

ACC 290 Week 2 LT Reflection Summary

Discuss the objectives for ACC 290 Week Two.

What do you think will be the most important of the skills learned when you are in an accounting position?

Differentiate between accrual basis and cash basis of accounting.

Create Adjusting Entries.

Prepare an adjusted trial balance.

Write a 350 to 500 word summary of your Learning Team’s discussion.

ACC 290 ACC290 ACC/290 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

ACC 290 Week 2 LT Reflection Summary (New)

Discuss the objectives for ACC 290 Week Two.

What do you think will be the most important of the skills learned when you are in an accounting position?

Differentiate between accrual basis and cash basis of accounting.

Create Adjusting Entries.

Prepare an adjusted trial balance.

Write a 350 to 500 word summary of your Learning Team’s discussion.

ACC 290 ACC290 ACC/290 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

ACC 290 Week 2 Practice Quiz

Question 1

Expenses decrease retained earnings.

Question 2

During 2014, Gibson Company assets decreased $50,000 and its liabilities decreased $90,000. Its stockholders’ equity

Question 3

Payment of a dividend

Question 4

An account is a part of the financial information system and is described by all except which one of the following?

Question 5

Which accounts normally have debit balances?

Question 6

Which of the following is the correct sequence of events?

Question 7

Where is the first place every transaction is recorded?

Question 8

What type of account is unearned revenue?

Question 9

Accounts are listed on the trial balance in

Question 10

Which of the following is not one of the primary types of the financing activities in the statement of cash flows?

ACC 290 ACC290 ACC/290 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

ACC 290 Week 2 Practice: Connect® Knowledge Check

ACC 290 Week 2 Practice: Connect® Knowledge Check

Complete the Week 2 Knowledge Check in Connect®.

Note: You have unlimited attempts available to complete this practice assignment. The highest scored attempt will be recorded.

These assignments have earlier due dates, so plan accordingly.

Grades must be transferred manually to eCampus by your instructor. Don’t worry, this might happen after your due date.

A business purchases equipment costing $5,500. They pay $1,500 right away and charge the remaining amount. To record this transaction, the business would:

Multiple Choice

Debit Equipment $5,500; Credit Cash $1,500 and Credit Accounts Payable $4,000

Debit Equipment $4,000; Credit Accounts Payable $4,000

Debit Equipment $5,500; Credit Accounts Payable $5,500

Debit Equipment $1,500; Credit Cash $1,500

A business pays a creditor on account. The entry to record this transaction is:

Multiple Choice

Debit Accounts Receivable; Credit Accounts Payable

Debit Cash; Credit Accounts Payable

Debit Accounts Receivable; Credit to Cash

Debit Accounts Payable; Credit Cash

The Net Income appears as a separate line item on what two statements?

Multiple Choice

the statement of owner’s equity and the income statement

the trial balance and the income statement

the statement of owner’s equity and the balance sheet

the income statement and the balance sheet

The normal balance of an account is the:

Multiple Choice

increase side of the account.

the left side of the account.

decrease side of the account.

the right side of the account.

When the trial balance totals are not equal, the error may have been caused by recording a debit as a credit if the difference is divisible by:

Multiple Choice

2.

9.

3.

5.

Which of the following transactions increase owner’s equity?

Multiple Choice

earning revenue

paying expenses

owner withdrawals for personal use

receiving cash from customers on account

Which of the following is not one of the formal financial statements that is made available to all users of the financial statements.

Multiple Choice

Statement of Owner’s Equity

Balance Sheet

Income Statement

Trial Balance

A business receives a bill for utilities but decides to pay it next month. The business would record the receipt of the bill by:

Multiple Choice

Debiting Utilities Expense; Crediting Accounts Receivable

Debiting Utilities Expense; Crediting Accounts Payable

Debiting Accounts Payable; Crediting Utilities Expense

Debiting Utilities Expense; Crediting Cash

Which of the following represents the proper sequence for preparing the financial statements?

Multiple Choice

income statement, statement of owner’s equity, balance sheet

statement of owner’s equity, income statement, balance sheet

income statement, balance sheet, statement of owner’s equity

balance sheet, statement of owner’s equity, income statement

The classification and normal balance of the accounts receivable account is:

Multiple Choice

a revenue with a debit balance.

an asset with a debit balance.

a liability with a debit balance.

an asset with a credit balance.

The ABC Company paid cash on account for supplies purchased last month. This would be recorded in the T-accounts as a:

Multiple Choice

debit Accounts Receivable and credit Cash.

debit to Accounts Payable and credit Cash.

debit Supplies and credit Accounts Payable.

debit Cash and credit Supplies.

The account used to record increases in owner’s equity from the sale of goods or services is:

Multiple Choice

the drawing account.

the cash account.

the fees income account.

the capital account.

Which of the following does NOT describe a transposition?

Multiple Choice

It involves misplaced digits in a number.

It causes the difference between the debit total and the credit total to be divisible by 2.

It causes the trial balance to be out of balance.

It is an error.

A business earns $4,000 from various charge account clients. To record this transaction, the business would:

Multiple Choice

Debit Accounts Receivable; Credit Cash

Debit Accounts Payable; Credit Fees Income

Debit Accounts Receivable; Credit Fees Income

Debit Cash; Credit Accounts Receivable

Debits are used to record increases in:

Multiple Choice

assets and expenses.

assets and revenue.

revenue and owner’s equity.

assets and liabilities.

Which of the following would cause the Debit column and the Credit column of the Trial Balance to be unequal?

Multiple Choice

Placing the Fees Income balance in the Credit column

Placing the Office Equipment balance in the Debit column

Placing the Prepaid Rent balance in the Credit column

Placing the Rent Expense balance in the Debit column

Which of the following accounts is NOT a nominal account?

Multiple Choice

Moriah Paige, Drawing

Office Supplies

Salaries Expense

Rent Revenue

When charge customers pay cash to apply against their accounts, the amount is recorded:

Multiple Choice

on the left side of the Cash account and the right side of the Accounts Receivable account.

on the left side of the Cash account and the left side of the Accounts Receivable account.

on the left side of the Accounts Payable account and the right side of the Cash account.

on the left side of the Cash account and the right side of the Fees Income account.

The “Net Income” or “Net Loss” is transferred from the income statement to the

Multiple Choice

balance sheet.

statement of owner’s equity.

chart of accounts.

trial balance.

Which of the following types of accounts normally have debit balances?

Multiple Choice

assets, liabilities, and owner’s equity

expenses and assets

assets and revenue

liabilities and owner’s equity

Which of the following entries records the withdrawal of cash for personal use by Ty Knott, the owner of a business?

Multiple Choice

debit Cash and credit Ty Knott, Capital

debit Cash and credit Salary Expense

debit Salary Expense and credit Cash

debit Ty Knott, Drawing, and credit Cash

An accounting system that involves recording the effects of each transaction as debits and credits is:

Multiple Choice

completing one T account.

analyzing a business transaction.

the double-entry system.

preparing financial statements.

A business performed $8,000 of services. Their customer paid $3,000 of the amount right away but charged the remaining amount. To record this transaction, the business would:

Multiple Choice

Debit Accounts Receivable $8,000 and; Credit Fees Income $8,000

Debit Cash $3,000 and Debit Accounts Receivable $5,000 and Credit Fees Income $8,000

Debit Cash $3,000 and Debit Accounts Payable $5,000; Credit Fees Income $8,000

Debit Cash $3,000; Credit Fees Income $3,000

The total of the figures on the left side of a Cash account is $36,700. The total of the figures on the right side is $16,250. The balance of this account:

Multiple Choice

is $20,450 and would be recorded on the right side of the account.

is $52,950 and would be recorded on the left side of the account.

is $20,450 and would be recorded on the left side of the account.

is $52,950 and would be recorded on the right side of the account.

On a statement of owner’s equity, beginning capital is $152,000, Drawing for the year is $65,000, and the ending capital is $191,000. What is the amount of Net Income for the year?

Multiple Choice

$126,000

$ 26,000

$104,000

$ 87,000

Credits are used to record:

Multiple Choice

decreases in assets and owner’s equity and increases in liabilities.

decreases in liabilities and increases in assets and owner’s equity.

increases in liabilities and revenues.

increases in assets, liabilities, and owner’s equity.

The ending capital balance appears on what financial statement(s)

Multiple Choice

income statement and balance sheet.

income statement and the statement of owner’s equity.

ACC 290 ACC290 ACC/290 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

ACC 290 Week 2 Vocabulary Activity

ACC 290 ACC290 ACC/290 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

ACC 290 Week 2 WileyPlus Assignment BYP2-2, IFRS2-6, E3-4, E3-8, BYP 3-2, IFRS 3-2, P3-5, P3-6

ACC 290 ACC290 ACC/290 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

ACC 290 Week 3 Apply: Connect® Exercise

Review the Knowledge Check in preparation for this assignment.

Complete the Week 3 Exercise in Connect®.

Note: You have only one attempt available to complete this assignment.

Grades must be transferred manually to eCampus by your instructor. Don’t worry, this might happen after your due date.

In which of the following transactions would Utilities Expense be debited:

Multiple Choice

• the company received a bill for utilities to be paid the following month

• the company received and paid a bill for utilities

• the company paid a utility bill on account

• both A and B

The journal entry to record the payment of the monthly rent would include:

Multiple Choice

• a debit to Rent Expense and a credit to Cash.

• a debit to Capital and a credit to Cash.

• a debit to Rent Expense and a credit to Capital.

• a debit to Rent Expense and a credit to Accounts Receivable.

The journal entry to record the withdrawal of cash by Sue Snow, the owner, to pay a personal utility bill would include:

Multiple Choice

• a debit to Sue Snow, Capital, and a credit to Cash.

• a debit to Utilities Expense and a credit to Cash.

• a debit to Sue Snow, Capital and a credit to Utilities Expense.

• a debit to Sue Snow, Drawing and a credit to Cash.

The journal entry to record a payment made in January for rent for the months of February and March would include:

Multiple Choice

• a debit to Rent Expense, and a credit to Sue Snow, Capital.

• a debit to Prepaid Rent and a credit to Cash.

• a debit to Rent Expense and a credit to Cash.

• a debit to Sue Snow, Drawing and a credit to Rent Expense.

Agatha Panthis Landscape Architect Company earned $2,500 of revenue collecting $1,000 immediately and will collect the remaining amount in 30 days. The journal entry to record this transaction is:

rev: 12_08_2017_QC_CS-111818

Multiple Choice

• Debit Fees Income $2,500; Credit Accounts Receivable $2,500

• Debit Cash $1,000; Credit Fees Income $1,000

• Debit Cash $1,000; Debit Accounts Receivable $1,500; Credit Fees Income $2,500

• Debit Fees Income $2,500; Credit Cash $1,000; credit Accounts Receivable $1,500

The journal entry to record the payment of salaries for the month is:

Multiple Choice

• Debit Salaries Expense; Credit Cash

• Debit Cash; Credit Salaries Expense

• Debit Salaries; Credit Accounts Payable

• Debit Cash; Credit Salaries Payable

On June 1, XYZ Inc. paid $400 to its landlord for rent for the current month. The journal entry to record this transaction is:

Multiple Choice

Prepaid Rent    $   400

Rent Expense           $   400

________________________________________

Prepaid Rent    $   400

Cash           $   400

________________________________________

Rent Expense    $   400

Cash           $   400

________________________________________

Cash    $   400

Rent Expense           $   400

________________________________________

ABC Co. performed $5,000 of consulting work. Their customer paid them $3,500 right away and agreed to pay the balance in 30 days. Select the correct journal entry from the options below to record the transaction:

Multiple Choice

• a debit to Cash for $3,500, a debit to Accounts Receivable for $1,500 and a credit to Capital for $5,000.

• a debit to Cash for $3,500 and a credit to Fees Income for $3,500.

• a debit to Cash for $3,500; a debit to Accounts Receivable for $1,500 and a credit to Fees Income for $5,000.

• a debit to Fees Income for $5,000, a credit to Cash for $3,500 and a credit to Accounts Receivable for $1,500.

Listed below in random order are the steps in the accounting cycle.

(1) prepare the financial statements

(2) post the journal entries to the ledger

(3) record journal entries

(4) prepare a trial balance

What is the proper order of these steps?

Multiple Choice

• (2), (3), (4), (1)

• (3), (2), (4), (1)

• (4), (3), (2), (1)

• (3), (2), (1), (4)

Bertrand Inc. purchased some shop equipment for $4,500 in cash. By mistake, the journal entry debited the Office Equipment account rather than the Shop Equipment account. What correcting entry would be necessary?

Multiple Choice

• Debit Shop Equipment $4,500; credit Office Equipment $4,500

• Debit Office Equipment $4,500; credit Shop Equipment $4,500

• Debit Cash $4,500; credit Shop Equipment $4,500

• Debit Office Equipment $4,500; credit Cash $4,500

ACC 290 ACC290 ACC/290 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

ACC 290 Week 3 Chapter 4,5 Orion WileyPlus Proficiency and Practice Quiz

ACC 290 ACC290 ACC/290 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

ACC 290 Week 3 Discussion Question 1

What are the steps in completing the accounting cycle? How do the different steps affect the financial statements? What is the effect on the financial statements of missing a step when completing the accounting cycle? What are the four closing journal entries? Why are they necessary? What are reversing entries? Why are they used? What are the pros and cons of using reversing entries? Why are reversing entries optional?

ACC 290 ACC290 ACC/290 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

ACC 290 Week 3 Discussion Question 2

What are the pros and cons of using reversing entries? Why are reversing entries optional? What is the main purpose of a financial statement worksheet and its benefits? How has automation aided the preparation, accuracy, and use of the financial statement worksheet?

ACC 290 ACC290 ACC/290 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

ACC 290 Week 3 Practice Quiz

ACC 290 ACC290 ACC/290 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

ACC 290 Week 3 Practice: Connect® Knowledge Check

Complete the Week 3 Knowledge Check in Connect®.

Note: You have unlimited attempts available to complete this practice assignment. The highest scored attempt will be recorded.

These assignments have earlier due dates, so plan accordingly.

Grades must be transferred manually to eCampus by your instructor. Don’t worry, this might happen after your due date.

The journal entry to record the purchase of equipment for a $100 cash down payment and a balance of $400 due in 30 days would include:

Multiple Choice

a debit to Equipment for $100 and a credit to Accounts Payable for $400.

debit to Equipment for $500 and a credit to Cash for $500.

a debit to Equipment for $500, a credit to Cash for $100, and a credit to Accounts Payable for $400.

a debit to Equipment for $100 and a credit to Cash for $100.

Which of the following statements is CORRECT?

Multiple Choice

Compound entries include only debits.

Accounts being debited should always follow the accounts being credited in a compound entry.

Compound entries affect more than one debit and/or more than one credit.

All transactions require compound entries.

The account numbers from the ledger are recorded in the Posting Reference column of the general journal:

Multiple Choice

after each amount is posted.

as the transaction is journalized.

after all entries on the journal page have been posted.

as the first amount written in the journal.

The journal entry to record the performance of services for cash would include:

Multiple Choice

a debit to Fees Income and a credit to Cash.

a debit to Cash and a credit to Accounts Receivable.

• a debit to Cash and a credit to Fees Income.

• a debit to Accounts Receivable and a credit to Cash.

If the owner of the business wants to see both the debit and credit entry for a specific transaction, he would look in:

Multiple Choice

• the journal

• the source document

• the ledger

• the chart of accounts

Anna Conda Landscaping service received a bill for the utilities used during September. The bill will be paid in October. The journal entry to record the utility bill received is:

Multiple Choice

• Debit Cash; Credit Utilities Expense

• Debit Accounts Payable; Credit Cash

• Debit Utilities Expense; Credit Accounts Payable

• Debit Utilities Expense; Credit Cash

Transactions in a journal are initially recorded in:

Multiple Choice

• alphabetical order.

• dollar amount order.

• chronological order.

• randomly.

When recording a business transaction into the general ledger, certain steps are followed. Identify the statement below that is NOT CORRECT regarding this process.

Multiple Choice

• After posting a transaction, the new balance in an account can be seen in the general ledger.

• The process of transferring data from the journal to the ledger is called posting.

• All transactions are recorded first in the general journal and then they are transferred to the general ledger.

• All transactions are recorded first in the general ledger and then they are transferred to the journal.

When recording a business transaction into the journal, certain steps are followed. Identify the statement below that is CORRECT regarding the journalizing process.

Multiple Choice

• All transactions are recorded first in the general ledger and then they are journalized in the journal.

• All credited accounts are listed first and then all debited accounts are indented and listed on the next lines.

• An explanation is indented and entered on the line underneath the last credit in the entry.

• No dates are used in the journal.

Constantine Corporation reported Net Income for the year ended December 31, 2019, of $23,760 then discovered that the entry to pay the rent for December in the amount of $1,600 was not journalized and posted. What is the Net Income after the correcting journal entry is journalized and posted?

Multiple Choice

• $20,560

• $23,760

• $22,160

• $25,360

Which of the following statements is NOT correct?

Multiple Choice

• If goods are purchased on credit, the supplier’s invoice number is used as the source document for the transaction.

• The description of a journal entry should include a reference to the source of the information contained in the entry.

The credit portion of a general journal entry is always recorded first.

• A firm should be able to trace amounts through the accounting records and back to their source documents.

Bertrand Inc. performed services for clients in the amount of $1,350 on credit. If this transaction had been posted in error to the Cash account instead of the Accounts Receivable account, what correcting entry would be necessary?

Multiple Choice

• Debit Accounts Receivable $1,350; credit Cash $1,350

• Debit Fees Income $1,350; credit Cash $1,350

• Debit Cash $1,350; credit Accounts Receivable $1,350

• Debit Accounts Receivable $1,350; credit Fees Income $1,350

The journal entry to record the payment of the monthly rent would include:

Multiple Choice

• a debit to Rent Expense and a credit to Cash.

• a debit to Capital and a credit to Cash.

• a debit to Rent Expense and a credit to Capital.

• a debit to Rent Expense and a credit to Accounts Receivable.

Agatha Panthis Landscape Architect Company earned $2,500 of revenue collecting $1,000 immediately and will collect the remaining amount in 30 days. The journal entry to record this transaction is:

rev: 12_08_2017_QC_CS-111818

Multiple Choice

• Debit Fees Income $2,500; Credit Accounts Receivable $2,500

• Debit Cash $1,000; Credit Fees Income $1,000

• Debit Cash $1,000; Debit Accounts Receivable $1,500; Credit Fees Income $2,500

• Debit Fees Income $2,500; Credit Cash $1,000; credit Accounts Receivable $1,500

Which of the following statements is CORRECT?

Multiple Choice

• Some companies use the general ledger instead of a general journal.

• The general ledger contains the accounts that are used to prepare the financial statements.

• When entries are posted from the general journal to the general ledger, the account number is written in the Posting Reference column in the general ledger.

• When entries are posted from the general journal to the general ledger, the page number is written in the Posting Reference column in the general journal.

The accounts on the Trial Balance are always listed in the following order:

Multiple Choice

• Assets, Liabilities, Equity, Revenue, Expense

• Assets, Equity, Expense, Liabilities, Revenue

• Expense, Revenue, Equity, Liabilities, Assets

• Assets, Expense, Liabilities, Equity, Revenue

If the owner of the business wants to see both the debit and credit entry for a specific transaction, he would look in:

Multiple Choice

• the ledger

• the chart of accounts

• the source document

• the journal

On December 5, Honor Consulting Services issued a check to purchase $1,800 of office equipment. The journal entry to record this transaction is:

Multiple Choice

Office Equipment    $   1,800

Accounts Receivable        $   1,800

________________________________________

Cash    $   1,800

Accounts Payable           $   1,800

________________________________________

Office Equipment    $   1,800

Cash           $   1,800

________________________________________

Cash    $   1,800

Office Equipment           $   1,800

________________________________________

Which of the following statements is CORRECT?

Multiple Choice

• If an error in a journal entry is discovered before the entry is posted to the general ledger, a journal entry should be made to correct the erroneous entry.

• If an error in a journal entry is discovered before the entry is posted to the general ledger, the error in the entry should be crossed out and the correct data written above it.

• All errors made in journal entries should be corrected by the preparation of a correcting journal entry.

• If an error in a journal entry is discovered before the entry is posted to the general ledger, the entry can simply be erased and replaced with the correct journal entry.

On December 1, the Accounts Receivable account had a $22,000 debit balance.  During December the business earned $10,500 in revenue on account and collected $13,200 from its charge-account customers. After posting these transaction, the balance in the Accounts Receivable account on December 31 is:

Multiple Choice

• a $24,700 credit balance.

• a $23,700 credit balance.

• a $19,300 debit balance.

• a $24,700 debit balance.

Bertrand Inc. purchased some shop equipment for $4,500 in cash. By mistake, the journal entry debited the Office Equipment account rather than the Shop Equipment account. What correcting entry would be necessary?

Multiple Choice

• Debit Shop Equipment $4,500; credit Office Equipment $4,500

• Debit Office Equipment $4,500; credit Shop Equipment $4,500

• Debit Cash $4,500; credit Shop Equipment $4,500

• Debit Office Equipment $4,500; credit Cash $4,500

The general ledger accounts are usually arranged in the following order:

Multiple Choice

• first the temporary accounts, then the permanent accounts.

• first the accounts with debit balances, then the accounts with credit balances.

• first the accounts used most often, then those used less frequently.

• first the balance sheet accounts, then the income statement accounts.

A company purchased equipment costing $15,000. They paid $1,000 right away and agreed to pay the balance in 30 days, the journal entry to record the purchase of equipment would include:

Multiple Choice

• a debit to Equipment for $15,000, a credit to Cash for $1,000 and a credit to Accounts Payable for $14,000.

• a debit to Equipment for $15,000 and a credit to Cash for $15,000.

• a debit to Equipment for $1,000 and a credit to Cash for $1,000.

• a debit to Equipment for $14,000 and a credit to Accounts Payable for $14,000.

On December 10, Yummy Catering purchased a new oven costing $10,000. They issued a check a check for $2,000 and promised to pay the balance in 30 days. The journal entry to record this transaction is:

Multiple Choice

• Equipment   $   2,000

Accounts Payable           $   8,000

________________________________________

Equipment   $   8,000

Cash           $   8,000

________________________________________

Equipment   $   8,000

Cash    $   2,000

Accounts Payable           $   10,000

________________________________________

Equipment   $   10,000

Cash           $   2,000

Accounts Payable           $   8,000

________________________________________

Anna Conda Landscaping service received a bill for the utilities used during September. The bill will be paid in October. The journal entry to record the utility bill received is:

Multiple Choice

Debit Utilities Expense; Credit Accounts Payable

• Debit Accounts Payable; Credit Cash

• Debit Utilities Expense; Credit Cash

• Debit Cash; Credit Utilities Expense

The Cash account has a $15,000 debit balance. A $5,000 credit entry and a $7,000 debit entry are posted to the account. The final balance of the Cash account is:

Multiple Choice

• a $13,000 debit balance.

• a $3,000 debit balance.

• a $27,000 debit balance.

• a $17,000 debit balance.

Which of the following statements is CORRECT?

Multiple Choice

• All errors made in journal entries should be corrected by the preparation of a correcting journal entry.

• If an error in a journal entry is discovered before the entry is posted to the general ledger, a journal entry should be made to correct the erroneous entry.

• If an error in a journal entry is discovered before the entry is posted to the general ledger, the error in the entry should be crossed out and the correct data written above it.

• If an error in a journal entry is discovered before the entry is posted to the general ledger, the entry can simply be erased and replaced with the correct journal entry.

On December 1, the Accounts Receivable account had a $22,000 debit balance.  During December the business earned $10,500 in revenue on account and collected $13,200 from its charge-account customers. After posting these transaction, the balance in the Accounts Receivable account on December 31 is:

Multiple Choice

• a $24,700 debit balance.

• a $19,300 debit balance.

• a $23,700 credit balance.

• a $24,700 credit balance.

When an entry is made in the general journal,

Multiple Choice

the first account entered should be indented.

• asset accounts should be indented.

• the accounts to be credited should be indented.

• liability, capital, and revenue accounts should be indented.

When recording a business transaction into the journal, certain steps are followed. Identify the statement below that is CORRECT regarding the journalizing process.

Multiple Choice

• All transactions are recorded first in the general ledger and then they are journalized in the journal.

• No dates are used in the journal.

• An explanation is indented and entered on the line underneath the last credit in the entry.

• All credited accounts are listed first and then all debited accounts are indented and listed on the next lines.

ACC 290 ACC290 ACC/290 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

ACC 290 Week 3 Problem 5-5A (Simon Company)

Purpose of Assignment 

The purpose of this assignment is to help you become familiar with the parts of the multiple‐step income statement.

Assignment Steps 

Resources: Financial Accounting: Tools for Business Decision Making

Scenario: An inexperienced accountant prepared this condensed income statement for Simon Company a retail firm that has been in business for a number of years.

As an experienced, knowledgeable accountant, you review the statement and determine the following facts:

1.      Net sales consist of: sales $911,000, less freight-out on merchandise sold $33,000, an d sales returns and allowances $28,000.

2.      Other revenues consist of sales discounts $18,000 and rent revenue $4,000.

3.      Selling expenses consist of salespersons’ salaries $80,000, depreciation on equipment $10,000, advertising $13,000, and sales commissions $6,000.  The commissions represent commissions paid. At December 21, $3,000 of commissions have been earned by salespersons but have not been paid.  All compensation should be recorded as Salaries and Wages Expense.

4.      Administrative expenses consist of office salaries $17,000, dividends $18,000, utilities $12,000, interest expense $2,000, and rent expense $24,000, which includes prepayments totaling $6,000 for the first quarter of 2018.

Assume a 25% tax rate.

Prepare a detailed multi-step income statement with a brief explanation of 700 words. Assume a 25% tax rate.

Show your work on the Excel^® spreadsheet and submit with your explanation.

ACC 290 ACC290 ACC/290 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

ACC 290 Week 3 Vocabulary Activity

ACC 290 ACC290 ACC/290 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

ACC 290 Week 3 WileyPlus Assignment BE4-1, P4-2A, P4-3A, BYP4-1, IFRS PQ-1, PQ-2, PQ-3, PQ-4

Assignment: Week 3 Assignment

Complete the following Week 3 Assignment

• Brief Exercise 4-1

• Problem 4-2A

• Problem 4-3A

• BYP 4-1

• IFRS Practice Question 1

• IFRS Practice Question 2

• IFRS Practice Question 3

• IFRS Practice Question 4

ACC 290 ACC290 ACC/290 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

ACC 290 Week 3/4 Learning Team Financial Reporting Problem, Part 1 (**2 Different Papers**)

Financial Reporting Problem Part I

Browse the Internet to acquire a copy of the most recent annual report for a publicly traded company. Analyze the information contained in the company’s balance sheet and income statement to answer the following questions:

What are the company’s total assets at the end of its most recent annual    reporting period? Why is this important?

What are the total assets at the end of the previous annual reporting period?

How much cash and cash equivalents did the company have at the end of its most recent annual reporting period?

What amount of accounts payable did the company have at the end of its most recent annual reporting period?

What amount of accounts payable did the company have at the end of the previous annual reporting period?

What are the company’s net revenues for the last three annual reporting periods?

What is the change in dollars in the company’s net income from its most recent annual reporting period to the previous annual reporting period?

What are the company’s total current assets at the end of its most recent annual reporting period?

What are the total current assets at the end of the previous annual reporting period?

What in the information above would be important to a potential investor, employee, and so on?

Summarize the analysis in a 1,050-1,400 word paper in a Microsoft^® Word document.  Include a copy of the company’s balance sheet and income statement.  Format your paper consistent with APA guidelines.

ACC 290 ACC290 ACC/290 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

ACC 290 Week 4 Apply: Connect® Exercise

Review the Knowledge Check in preparation for this assignment.

Complete the Week 4 Exercise in Connect®.

Note: You have only one attempt available to complete this assignment.

Grades must be transferred manually to eCampus by your instructor. Don’t worry, this might happen after your due date.

A total of $3,700 in supplies was purchased during the year. By the end of the year, the company had used $2,200 of the supplies. The adjusting entry needed at the end of the year is:

Multiple Choice

• debit Supplies $2,200; credit Supplies Expense $2,200

• debit Supplies Expense $1,500; credit Supplies $1,500

• debit Supplies Expense $2,200; credit Supplies $2,200

• debit Supplies Expense $3,700; credit Supplies $3,700

On November 1, 2019, Peaches Consulting Service paid $4,800 for 12 months of advance rent on its office space. The correct adjusting entry on December 31, 2019, to show the amount of rent that had expired would include:

Multiple Choice

• debit Rent Expense $400; credit Prepaid Rent $400

• debit Rent Expense $800; credit Prepaid Rent $800

• debit Prepaid Rent $4,000; credit Rent Expense $4,000

• debit Rent Expense $4,800; credit Prepaid Rent $4,800

Equipment cost $36,000 and is expected to be useful for 5 years and have no salvage value. Under the straight-line method, monthly depreciation will be:

Multiple Choice

• $12.

• $720.

• $600.

• $60.

On October 25, 2019, the company paid $24,000 rent in advance for the six-month period (November 2019 through April 2020). On December 31, 2019, the adjustment for expired rent would include:

Multiple Choice

• a $8,000 debit to Rent Expense.

• a $8,000 credit to Rent Expense.

• a $4,000 credit to Prepaid Rent.

• a $24,000 credit to Cash.

During its first year of business, XYZ Inc. purchased $1,600 of supplies. By the end of the year, only $500 of supplies remain in the supply cabinet. Determine the amount to be reported in the Supplies account in the Adjusted Trial Balance section of the worksheet prepared on December 31.

Multiple Choice

• $2,100

• $1,600

• $1,100

• $500

The adjusting entry to account for the expiration of prepaid advertising consists of:

Multiple Choice

• a debit to Prepaid Advertising and a credit to Advertising Expense.

• a debit to Advertising Expense and a credit to Accumulated Depreciation.

• a debit to Prepaid Advertising and a credit to Accumulated Depreciation.

• a debit to Advertising Expense and a credit to Prepaid Advertising.

Which of the following statements is correct?

Multiple Choice

• The cost of supplies used is reported on the statement of owner’s equity.

• The cost of supplies used represents an operating expense of the business.

• At the time of their acquisition, prepaid expenses are recorded in expense accounts.

• Accumulated Depreciation–Equipment is presented in the Liabilities section of a balance sheet.

On a balance sheet, Accumulated Depreciation—Equipment is reported:

Multiple Choice

• as a contra-asset on the Balance Sheet.

• as an expense on the Income Statement.

• as a liability on the Income Statement.

• as owner’s equity on the Balance Sheet

A consecutive, twelve-month accounting period is called a(n):

Multiple Choice

• accrual year.

• accounting year.

• fiscal year.

• adjusted year.

The adjustments made on the worksheet:

Multiple Choice

• are recorded in the journal and then posted to the general ledger accounts.

• need not be entered in the journal or the ledger.

• are posted to the ledger but are not recorded in the journal.

• are recorded in the journal but are not posted to the ledger.

ACC 290 ACC290 ACC/290 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

ACC 290 Week 4 Chapter 6 Orion WileyPlus Proficiency and Practice Quiz

ACC 290 ACC290 ACC/290 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

ACC 290 Week 4 Discussion Question 1

How would you calculate cost of goods sold? What items make up cost of goods sold? How does beginning and ending inventory affect cost of goods sold? What are the journal entries a merchandising organization would use to record the purchase and subsequent sale of merchandise?

How would these transactions differ with a periodic versus a perpetual inventory system? Why are perpetual inventory systems so much more popular today than back in the early 1960s and earlier? Why would a company employing a perpetual inventory system still take a physical inventory periodically?

ACC 290 ACC290 ACC/290 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

ACC 290 Week 4 Discussion Question 2

What are the three different inventory cost flow assumptions commonly used in commerce today and allowed by generally accepted accounting principles?

How does a company determine what cost flow assumption they should use? How does first in, first out cost flow assumption work?

When it is most appropriate to use? How does last in, first out cost flow assumption work? When it is most appropriate to use? How does an average cost flow assumption work? When it is most appropriate to use?

ACC 290 ACC290 ACC/290 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

ACC 290 Week 4 Evaluate The Inventory Section Of Two companies Using Basic Comparative Analysis

The purpose of this assignment is to evaluate the inventory section of two companies using basic comparative analysis, and to interpret the data to gain insight about the company’s inventory management.

Assignment Steps 

Resources: Financial Accounting: Tools for Business Decision Making

Write a 1,050-word comparative analysis using the financial statements of Amazon.com, Inc. presented in Appendix D, and the financial statements for Wal-Mart Stores, Inc., presented in Appendix E, including the following:

·         Compute these 2014 values for each company based on the information in the financial statements:

·         Inventory turnover (Use cost of sales and inventories)

·         Days of inventory

·         Conclusions concerning the management of the inventory can you draw from this data

ACC 290 ACC290 ACC/290 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

ACC 290 Week 4 Practice Quiz

ACC 290 ACC290 ACC/290 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

ACC 290 Week 4 Practice: Connect® Knowledge Check

Complete the Week 4 Knowledge Check in Connect®.

Note: You have unlimited attempts available to complete this practice assignment. The highest scored attempt will be recorded.

These assignments have earlier due dates, so plan accordingly.

Grades must be transferred manually to eCampus by your instructor. Don’t worry, this might happen after your due date.

On a worksheet, a net loss is:

Multiple Choice

• not recorded.

• recorded in the Balance Sheet Credit column.

• recorded in the Income Statement Debit column.

• recorded in the Balance Sheet Debit column.

On December 31, Treats Catering Inc.’s trial balance shows a $1,000 balance in the Supplies account. However, a physical count of the supplies determined that only $350 of supplies actually remain in the supply cabinet. Select the adjusting entry made on December 31, to record the amount of supplies that had been used during the year.

Multiple Choice

• Supplies Expense………..      $     350

Supplies…………….                  $     350

________________________________________

Supplies Expense………..      $     650

Supplies…………….                  $     650

________________________________________

Supplies………..     $     350

Supplies Expense…………….            $     350

________________________________________

Supplies………..     $     650

Supplies Expense…………….            $     650

________________________________________

On January 1, 2019, Johnson Consulting purchased a truck for $18,000. The truck is expected to last 60 months and have no salvage value. Calculate the book value of the truck on December 31, 2020.

Multiple Choice

• $3,600

• $10,800

• $14,400

• $7,200

On October 25, 2019, the company paid $24,000 rent in advance for the six-month period (November 2019 through April 2020). On December 31, 2019, the adjustment for expired rent would include:

Multiple Choice

• a $8,000 debit to Rent Expense.

• a $8,000 credit to Rent Expense.

• a $4,000 credit to Prepaid Rent.

• a $24,000 credit to Cash.

Which of the following entries records the depreciation on equipment for the fiscal year-end adjustment?

Multiple Choice

• Debit Depreciation; credit Depreciation Expense

• Debit Depreciation Expense; credit Accumulated Depreciation

• Debit Accumulated Depreciation; credit Depreciation Expense

• Debit Depreciation Expense; credit Equipment

On July 1, Sidney Consulting Services paid $18,000 for 12 months of advance rent on its office building. Select the adjusting entry made on December 31, to record the amount of rent that had expired during the year.

Multiple Choice

• Rent Expense………..     $     9,000

Prepaid Rent…………….            $     9,000

________________________________________

Prepaid Rent………..      $     18,000

Rent Expense…………….                  $     18,000

________________________________________

Rent Expense………..     $     10,500

Prepaid Rent…………….            $     10,500

________________________________________

Prepaid Rent………..      $     10,500

Rent Expense…………….                  $     10,500

The adjusting entry to account for the expiration of prepaid insurance consists of:

Multiple Choice

• a debit to Insurance Expense and a credit to Accumulated Depreciation.

• a debit to Insurance Expense and a credit to Prepaid Insurance.

• a debit to Accumulated Depreciation and a credit to Prepaid Insurance.

• a debit to Prepaid Insurance and a credit to Accumulated Depreciation.

The unadjusted net income on the income statement was $46,850. After journalizing and posting the adjusting entry for the $2,300 of supplies used during the year, the adjusted net income is:

Multiple Choice

$45,700.

• $49,150.

• $46,850.

• $44,550.

MacGyver Company bought equipment on January 3, 2019, for $52,000. At the time of purchase, the equipment was estimated to have a useful life of five years and a salvage value of $4,000. Using the straight-line method, the amount of one year’s depreciation is:

Multiple Choice

• $10,400.

• $4,000.

• $1,200.

• $9,600.

Accumulated Depreciation, Equipment, is shown as:

Multiple Choice

• an addition to expenses on the Income Statement.

• a deduction from assets on the Balance Sheet.

• an addition to assets on the Balance Sheet.

• a deduction of Capital on the Statement of Owner’s Equity.

Accumulated Depreciation, Equipment, is shown as:

Multiple Choice

• an addition to expenses on the Income Statement.

a deduction from assets on the Balance Sheet.

• an addition to assets on the Balance Sheet.

• a deduction of Capital on the Statement of Owner’s Equity.

Which of the following statements is correct?

Multiple Choice

• The cost of supplies used is reported on the statement of owner’s equity.

• The cost of supplies used represents an operating expense of the business.

• At the time of their acquisition, prepaid expenses are recorded in expense accounts.

• Accumulated Depreciation–Equipment is presented in the Liabilities section of a balance sheet.

On a worksheet, the adjusted balance of the Supplies account is extended to:

Multiple Choice

• the Balance Sheet Debit column.

• the Income Statement Debit column.

• the Income Statement Credit column.

• the Balance Sheet Credit column.

Which of the following need not be completed separately if a worksheet is prepared?

Multiple Choice

• a balance sheet

• a trial balance

• a statement of owner’s equity

• an income statement

The adjustments made on the worksheet:

Multiple Choice

• are recorded in the journal and then posted to the general ledger accounts.

• need not be entered in the journal or the ledger.

• are posted to the ledger but are not recorded in the journal.

• are recorded in the journal but are not posted to the ledger.

If the prepaid expenses are not adjusted, assets on the balance sheet:

Multiple Choice

• will not be affected.

• may be either overstated or understated.

• will be overstated.

• will be understated.

The unadjusted net income on the income statement was $23,760. After journalizing and posting the adjusting entries for the $1,620 of supplies used and $3,700 of depreciation on the company’s equipment for the year, the adjusted net income is:

Multiple Choice

• $25,840.

• $29,080.

• $21,680.

• $18,440.

The total assets on the balance sheet was $128,800 before journalizing and posting the adjusting entries for $800 of expired insurance, $2,400 of expired rent and $900 of depreciation.  What are the total assets after journalizing and posting the adjusting?

Multiple Choice

• $128,800.

• $126,500.

• $124,700.

• $132,900.

A total of $2,800 in supplies was purchased during the year. At the end of the year $700 of the supplies were left. The adjusting entry needed at the end of the year is:

Multiple Choice

• debit Supplies $2,100; credit Supplies Expense $2,100

• debit Supplies Expense $2,100; credit Supplies $2,100

• debit Supplies Expense $2,800; credit Supplies $2,800

• debit Supplies Expense $700; credit Supplies $700

Which of the following statements is not correct?

Multiple Choice

• Salvage value is computed by subtracting the accumulated depreciation from the cost of a long-term asset.

• Buildings and trucks are examples of long-term assets.

• The book value of a long-term asset is reduced each year as depreciation is recorded.

• Generally accepted accounting principles require that the original cost of a long-term asset continue to appear in the asset account until the disposition of the asset.

Equipment cost $36,000 and is expected to be useful for 5 years and have no salvage value. Under the straight-line method, monthly depreciation will be:

Multiple Choice

• $12.

• $720.

• $600.

• $60.

The balance in the Prepaid Rent account before adjustment at the end of the year is $12,000, which represents 12 months rent paid on November 1. The adjusting entry required on December 31 to show the amount of rent that had expired is:

Multiple Choice

• Rent Expense………..     $     1,000

Prepaid Rent…………….            $     1,000

________________________________________

Rent Expense………..     $     12,000

Cash…………….                $     12,000

________________________________________

Rent Expense………..     $     2,000

Prepaid Rent…………….            $     2,000

________________________________________

Prepaid Rent………..      $     12,000

Rent Expense…………….                  $     12,000

________________________________________

If long-term assets are not adjusted, expenses on the income statement:

Multiple Choice

• may be either overstated or understated.

• will be overstated.

• will not be affected.

• will be understated.

If a worksheet is prepared at the end of the accounting year,

Multiple Choice

• the financial statements are prepared using the worksheet data.

• preparation of the financial statements is not required.

• the adjusting entries do not need to be journalized.

• only a balance sheet is required.

B. Consulting purchased a machine for $6,000 on August 1, 2019. The company expects the useful life of the machine to be 5 years and no salvage value is expected. If the company uses the straight-line method to depreciate the machine, what will be the depreciation adjustment for the year ending December 31, 2019?

Multiple Choice

• Debit Depreciation Expense $500 and Credit Accumulated Depreciation $500.

• Debit Depreciation Expense $500 and Credit Equipment $500.

• Debit Depreciation Expense $400 and Credit Accumulated Depreciation $400.

• Debit Accumulated Depreciation $100 and Credit Depreciation Expense $100.

A consecutive, twelve-month accounting period is called a(n):

Multiple Choice

• accrual year.

• accounting year.

• fiscal year.

• adjusted year.

The book value of long-term assets is reported on:

Multiple Choice

• the statement of owner’s equity.

• the balance sheet.

• the worksheet.

• the income statement.

On a balance sheet, Accumulated Depreciation—Equipment is reported:

Multiple Choice

• as a contra-asset on the Balance Sheet.

• as an expense on the Income Statement.

• as a liability on the Income Statement.

• as owner’s equity on the Balance Sheet

Adjusting Entries are:

Multiple Choice

• not required.

• corrections of errors.

• updating entries for previously unrecorded expenses or revenues.

• will always affect cash.

On a worksheet, the adjusting entry to account for depreciation of equipment consists of:

Multiple Choice

• a debit to Depreciation Expense and a credit to Equipment.

• a debit to Accumulated Depreciation and a credit to Equipment.

• a debit to Depreciation Expense and a credit to Accumulated Depreciation.

• a debit to Accumulated Depreciation and a credit to Depreciation Expense.

On a worksheet, the adjusted balance of the revenue account Fees Income would be extended to:

Multiple Choice

• the Balance Sheet Debit column.

• the Income Statement Credit column.

• the Income Statement Debit column.

• the Balance Sheet Credit column.

ACC 290 ACC290 ACC/290 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

ACC 290 Week 4 Vocabulary Activity

ACC 290 ACC290 ACC/290 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

ACC 290 Week 4 Wileyplus Assignment P4-8A, BYP5-1, BYP5-2, BE5-1, BE5-2, IFRS5-2, IFRS5-4, PQ-1, PQ-2, PQ-3

Week 4 Assignment

Complete the following Week 4 Assignment in

• Problem 4-8A
• Brief Exercise 5-1
• Brief Exercise 5-2
• BYP 5-1
• BYP 5-2
• IFRS 5-2
• IFRS 5-4
• Practice Question 1
• Practice Question 2
• Practice Question 3

ACC 290 ACC290 ACC/290 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

ACC 290 Week 4/5 Individual Assignment Financial Reporting Problem Part II (**2 Different Papers**)

Financial Reporting Problem Part II

Access the internet to acquire a copy of the most recent annual report for the public traded company used to complete the Financial Reporting Problem, Part 1 assignment due in ACC 290 Week Four.  Analyze the information contained in the company’s balance sheet and income statement to answer the following questions:

Are the assets included under the company’s current assets listed in the proper order? Explain your answer.

How are the company’s assets classified?

What are cash equivalents?

What are the company’s total current liabilities at the end of its most recent annual reporting period?

What are the company’s total current liabilities at the end of the previous annual reporting period?

Considering all the information you have gathered, why might this information be important to potential creditors, investors, and employees?

Summarize the analysis in a 1,050-1,400 word paper in a Microsoft^® Word document.  Include a copy of the company’s balance sheet and income statement.  Format your paper and presentation consistent with APA guidelines.

ACC 290 ACC290 ACC/290 ENTIRE COURSE HELP – UNIVERSITY OF PHOENIX

Assignment: Week 5 Assignment

Complete the following Week 5 Assignment

• IFRS Practice Question 1
• IFRS Practice Question 2
• Brief Exercise 6-5
• Brief Exercise 6-7
• BYP 6-1
• BYP 6-2
• Brief Exercise 7-4
• Brief Exercise 7-6