ACCT 504 Accounting and Finance, Managerial Use and Analysis Week 4 Week 4 DQ 1: Internal Control, C

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ACCT 504 Accounting and Finance, Managerial Use and Analysis

 

Week 4

 

Week 4 DQ 1: Internal Control, Cash and Receivables Understanding Internal Control and Reporting Cash (Graded)

In this thread, we will talk about the importance of internal control in a business organization and the definition and reporting of cash on the balance sheet. What is internal control and what are the objectives of a good internal control structure in an organization?

 

Week 4 DQ 2: Internal Control, Cash and Receivables Accounting for and Reporting Receivables (Graded)

Receivables constitute an important line item on a company's balance sheet. In this thread, we will discuss the accounting for receivables, the ways to estimate uncollectible accounts, and how companies manage their receivables. How do companies account for the possibility that some of their customers might not pay down the road?

 

Week 4 Assignment (International Business & Career Research Part I & II). (450+ Words)

 

 

Week 4 Midterm Exam Set 1

 

  1. (TCOs A, B, and C) Which of the following statements concerning users of accounting information is incorrect?
  2. (TCO C) Paying back long-term debt is an example of a(n)
  3. (TCO A) Resources owned by a business are referred to as
  4. (TCO A) On a classified balance sheet, prepaid expenses are classified as
  5. (TCO B) For 2012, LBJ Corporation reported net income of $40,000; net sales $1,400,000; and weighted average shares outstanding of 10,000. There were no preferred stock dividends. What was the 2012 earnings per share? 
  6. (TCO D) Which of the following describes the normal balance and classification of the dividends account?
  7. (TCO E) The accrual accounting term used to indicate an item paid in advance or the receipt of cash in advance is
  8. (TCOs A and B) A perpetual inventory system would most likely be used by a(n)
  9. (TCOs A and B) LBJ Company recorded the following events involving a recent purchase of merchandise. 
  10. (TCO A) In periods of rising prices, which of the following inventory methods results in the lowest income taxes?
  11. (TCO D) Describe the process of preparing a trial balance. What is the purpose of preparing a trial balance? If a trial balance does not balance, identify what might be the reasons why it does not balance. If the trial balance does balance, does that ensure that the ledger accounts are correct? Explain.
  12. (TCOs B and E) The Caltor Company gathered the following condensed data for the Year Ended December 31, 2010.
  13. (TCO D and E) Please prepare the following journal entries. Indicate which account should be debited and which account should be credited, along with the dollar amount of the debit and credit. A: Investors invest $600,000 in exchange for 30,000 shares of common stock. B: Company paid rent of $3,000. C: Company billed $5,000 for services performed. D: Company purchased supplies of $3,000. E: Company received $20,000 for services not yet performed.
  14. (TCO D)  Your friend Dean has hired you to evaluate the following internal control procedures. A: Explain to your friend whether each of the numbered items below is an internal control strength or weakness. You must also state which principle relates to each of the internal controls. B: For the weaknesses, you also need to state a recommendation for improvement.

 

Midterm Exam Set 2

 

  1. TCO A, B, C) Which of the following statements concerning users of accounting information is incorrect?
  2. (TCO C) Issuing shares of stock in exchange for cash is an example of a(n)
  3. (TCO C) Which activities involve putting the resources of the business into action to generate a profit?
  4. (TCO A) The cost of assets consumed or services used is also known as
  5. (TCO C) Edwards Company recorded the following cash transactions for the year
  6. (TCO A) On a classified balance sheet, prepaid insurance is classified as
  7. (TCO A) An intangible asset
  8. (TCO A) These are selected account balances on December 31, 2007………….What is the total NET amount of property, plant, and equipment that will appear on the……?
  9. (TCO B) For 2010, Landford Corporation reported net income of $30,000; net sales $400,000; and average share outstanding 6,000. There were no preferred stock dividends. What was the 2010 earnings per share?
  10. (TCO B) Liondale Corporation had beginning retained earnings of $2,292,000 and ending retained earnings of $2,499,000. During the year, they issued common stock totaling $141,000. There were no dividends issued. What was their net income for the year?
  11. (TCO D) On March 1, 2010, Dillon Company hires a new employee who will start the work on March 6. The employee will be paid on the last day of each month. Should a journal entry be made on March 6? Why or why not?
  12. (TCO D) Which one of the following is not a part of an account?
  13. (TCO D) Which of the following describes the classification and normal balance of the retained earnings account?
  14. (TCO D) A debit is the normal balance for which account listed below?
  15. (TCO D) Which of the following accounts follows the rules of debit and credit in relation to increases and decreases in the opposite manner?
  16. (TCO E) An accounting time period that is one year in length is called
  17. (TCO E) In a merchandising business, revenue may be considered earned when
  18. (TCO E) On April 1, 2010, M Corporation paid $48,000 cash for equipment that will be used in business operations. The equipment will be used for four years and will ….
  19. (TCO E) The following is selected information from M Corporation for the fiscal year ending October 31, 2010:…, what is M Corporation's net income for the year ending….?
  20. (TCO E) Adjusting entries are made to ensure that
  21. (TCO A, B) Which of the following expressions is incorrect?
  22. (TCO B) Hunter Company purchased merchandise inventory with an invoice price of $3,000 and credit terms of 2/10, n/30…
  23. (TCO A, B) Jake's Market recorded the following events involving a recent purchase of merchandise………As a result of these events, the company's merchandise inventory:
  24. (TCO A) The factor which determines whether or not goods should be included in a physical count of inventory is……..
  25. (TCO A) Barnes Company is taking a physical inventory on March 31, the last day of its fiscal year. Which of the following must be included in this inventory count?
  26. (TCO A) A problem with the specific identification method is tha
  27. (TCO A) Which of the following statements is true regarding inventory cost flow assumptions?
  28. (TCO A) In periods of rising prices, the inventory method which results in the inventory value on the balance sheet that is closest to current cost is the
  29. (TCO B) Which of the following is a true statement about inventory systems?
  30. (TCO B) A merchandiser that sells directly to consumers is
  31. TCO D) A classmate is considering dropping his accounting class because he cannot understand the rules of debits and credits. Explain the rules of debits and …..
  32. (TCOs B & E) The Caltor Company gathered the following condensed data for the year ended December 31, 2010

 

Midterm Exam Set 3

 

  1. (TCO A, B, C) Which of the following statements concerning users of accounting information is incorrect? (Points : 3) 
  2. (TCO C) Issuing shares of stock in exchange for cash is an example of a(n) (Points : 3)
  3. (TCO C) The statement of cash flows would disclose the payment of a dividend (Points : 3) 
  4. (TCO A) The cost of assets consumed or services used is also known as (Points : 3) 
  5. (TCO C) Finley Company recorded the following cash transactions for the year:….What was Finley's net cash provided by operating activities? (Points : 3) 
  6. (TCO A) A current asset is (Points : 3) 
  7. (TCO A) Which of the following is not considered an asset? (Points : 3) 
  8. (TCO A) These are selected account balances on December 31, 2007….What is the total NET amount of property, plant, and equipment….? (Points : 3) 
  9. (TCO B) For 2007 Landford Corporation reported net income of $30,000; net sales $400,000; and average share outstanding 6,000. There were no preferred stock dividends. What was the 2007 earnings per share? (Points : 3) 
  10. (TCO B) Liondale Corporation had beginning retained earnings of $2,292,000 and ending retained earnings of $2,499,000. During the year, they issued common stock totaling $141,000. There were no dividends issued. What was their net income for the year? (Points : 3) 
  11. (TCO D) Is the purchase of equipment treated as an expense at the time of purchase? Why or why not? (Points : 3) 
  12. (TCO D) Which one of the following is not a part of an account? (Points : 3) 
  13. (TCO D) The classification and normal balance of the dividend account is (Points : 3)
  14. (TCO D) A debit is not the normal balance for which account listed below? (Points : 3) 
  15. (TCO D) Which of the following accounts follows the rules of debit and credit in relation to increases and decreases in the opposite manner? (Points : 3) 

Page Two 

  1. (TCO E) One of the accounting concepts upon which adjustments for prepayments and accruals are based is (Points : 3)
  2. (TCO E) In a merchandising business, revenue may be considered earned when (Points : 3)(TCO E) Why do generally accepted accounting principles require the application of the revenue recognition principle? (Points : 3)
  3. The following is selected information from M Corporation for the fiscal year ending October 31, 2007:
  4. (TCO E) The general term employed to indicate an expense that has not been paid or revenue that has not been received and has not yet been recognized in the accounts is (Points : 3)
  5. (TCO B) A merchandiser that sells directly to consumers is a (Points : 3)
  6. (TCO A,B) Detailed records of movements in merchandise (each purchase and sale) are not maintained in the inventory account in a (Points : 3)
  7. (TCO B) Hunter Company purchased merchandise inventory with an invoice price of $12,000 and credit terms of 2/10, n/30. What is the net cost of the goods if Hunter Company pays within the discount period? (Points : 3)
  8. (TCO A) Zach's Market recorded the following events involving a recent purchase of merchandise. As a result of these events, the company's merchandise inventory (Points : 3)
  9. (TCO A) The factor which determines whether or not goods should be included in a physical count of inventory is (Points : 3)(TCO A) Which statement is false? (Points : 3)
  10. (TCO A) Which of the following items will increase inventoriable costs for the buyer of goods? (Points : 3)
  11. (TCO A) Which of the following statements is true regarding inventory cost flow assumptions? (Points : 3)
  12. (TCO A) In a period of declining prices, which of the following inventory methods generally results in the lowest balance sheet figure for inventory? (Points : 3)
  13. (TCO B) Which of the following is a true statement about inventory systems? (Points : 3)

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