ACCT 1410 Course: Free & Extensive Info

Introduction

This ACCT 1410 Course is a study of the basic principles and procedures of accounting for business organizations. This ACCT 1410 Course covers financial statements, internal controls, inventories, receivables, liabilities, equity, payroll, and other accounting topics.

ACCT 1410 Course Description

(3 Credits)

ACCT 1410 Course is an introduction to the basic concepts and principles of accounting. The ACCT 1410 Course will include a study of the accounting cycle, financial statements, merchandising operations, and internal control. Students are introduced to computerized accounting using Peachtree Complete Accounting 2010. This ACCT 1410 Course is designed for non-accounting majors and students who do not plan to take ACCT 2320 or higher level accounting ACCT 1410 Courses.

Universities Offering the ACCT 1410 Course

The list of Universities Offering the ACCT 1410 Course for ACCT 1410 Course – Introduction to Accounting (ACCT 1410 Course ) are as follows:

ACCT 1410 Course Outline

This ACCT 1410 Course is an introduction to accounting, and focuses on the basic accounting principles and practices used in preparing financial statements. The ACCT 1410 Course covers topics such as the accounting cycle, debits and credits, double-entry bookkeeping, accruals and deferrals, adjusting entries, and completing the worksheet. In addition, students will learn about the different types of financial statements including the balance sheet, income statement, statement of cash flows, and statement of stockholders’ equity. This ACCT 1410 Course is designed for students who are not pursuing a degree in accounting.

ACCT 1410 Course Objectives:

Upon successful completion of this ACCT 1410 Course, students will be able to:

1. Understand the basic concepts of double-entry bookkeeping.

2. Understand the different types of financial statements.

3. Understand how to prepare journal entries and ledgers.

4. Understand accruals and deferrals.

5. Understand adjusting entries.

ACCT 1410 Course Objectives

1. Understand and apply the accounting cycle and principles of financial accounting. 2. Understand and prepare basic financial statements for a sole proprietorship, partnership, and corporation. 3. Understand the role and use of accounting information in business decision-making. 4. Develop skills in analyzing and interpreting financial statements for internal and external users of accounting information. 5. Understand the impact of current accounting standards on financial reporting by businesses (e.g., FASB, SEC). 6. Develop skills in classifying, recording, and summarizing business transactions into the basic elements of financial statements using double-entry accounting methods. 7. Understand how to adjust entries for accruals and deferrals prior to preparation of financial statements. 8. Develop skills in using accounting software to maintain a complete set of books for a service business organized as a sole proprietorship or partnership using the periodic inventory method for merchandise businesses, including revenue recognition issues under both IFRS and GAAP 9. Understand how to prepare special journals and ledgers such as cash receipts journal, sales journal, purchases journal, cash payments journal, payroll journal, etc 10. Gain exposure to cost behavior analysis and job order costing systems 11. Develop an understanding of cost-volume-profit relationships 12. Develop skills in preparing basic income statements (single-step format), balance sheets, statement of stockholders’ equity, statement of cash flows (indirect method), etc 13

ACCT 1410 Course Pre-requisites

None required.

Required Text for ACCT 1410 Course – Introduction to Accounting (ACCT 1410 Course )

Introduction to Financial Accounting, 15th edition, Robert Libby, Patricia Libby, and Frank Hodge. Publisher: McGraw-Hill Education. ISBN: 978-0-07351-053-1. OR access online through ConnectPlus eTextbook. You must purchase the textbook directly from McGraw Hill Education or its authorized partner distributors in order to obtain access to the onlineConnectPlus eTextbook. For more information on how to purchase your textbook, please visit http://www.mcgrawhillconnect.com/connect_support/purchase_assistance/. Please note that the textbook is available in both hardcover and paperback versions and you can purchase an access card with or without a book. You may choose either option based on your budget and preferences as long as it matches the format of the ACCT 1410 Course you are enrolled in (i.e., paperbound or looseleaf). It is very important that you have a compatible access code in order to complete this ACCT 1410 Course. Be sure to keep a record of your login information so you will be able to return at any time during the semester and complete assignments or view lecture notes and assignments for review purposes! If you have problems using ConnectPlus for any reason, do not hesitate to contact the customer service department at 1-800-331-5094 or visit http://www.mcgrawhillconnect.com/support_faq/. Please make sure that you have purchased an access card with one of these formats: Looseleaf Access Code + Print ConnectPlus eTextbook – The access code gives you online access to all eResources in ConnectPlus which includes your eTextbook where available for download through multi term use. Students who choose this option will also need a printed version of the textbook in order to complete their assignments and exams (available for purchase from any bookstore). Paperbound Access Code – The access code gives you online access to all eResources in ConnectPlus which includes your eTextbook where available for download through multi term use only . Students who choose this option will also need a printed version of the textbook in order to complete their assignments and exams (available for purchase from any bookstore). eBook Access Code – The eBook is an HTML file that can be viewed using any internet browser such as Microsoft Internet Explorer or Mozilla Firefox . Students who choose this option will not require a printed version of the textbook as they can read it directly off their computers screen after signing into ConnectPlus using their eBook code from anywhere with an internet connection . NOTE: To use your eBook, it is recommended that you have Windows XP SP2 or higher installed on your computer, Windows Media Player Version 10 installed, Adobe Flash Player Version 9 installed, Adobe Reader 7 or higher installed, 800 x 600 display resolution , JavaScript enabled , Cookies enabled , Java Runtime Environment Version 1.4+ installed , broadband internet connection such as cable modem or DSL , email account with Microsoft Outlook Express 6+ installed if sending emails from within ConnectPlus (optional) .

ACCT 1410 Course Duration & Credits

at UTA

The ACCT 1410 Course is 3 credit hours and the duration is 8 weeks long.

ACCT 1410 Course Learning Outcomes

1. Understand and apply basic accounting concepts, principles, and procedures in the preparation and interpretation of financial statements in order to make sound business decisions.

2. Understand and apply basic accounting concepts, principles, and procedures in the analysis and management of a company’s financial resources in order to make sound business decisions.

3. Understand and apply basic accounting concepts, principles, and procedures in the design and implementation of accounting information systems in order to make sound business decisions.

ACCT 1410 Course Assessment & Grading Criteria

Assignment Rubrics

Criteria Unacceptable Below 60% F Fair 60-69 D Proficient 70-79 C Above Average 80-89 B Outstanding 90-100 A 1. Define accounting terms/concepts and explain how they relate to one another. Does not define or explain the accounting terms/concepts. Defines some of the accounting terms/concepts, but most are either missing or incorrect. Defines most of the accounting terms/concepts correctly, but a few are either missing or incorrect. Defines all of the accounting terms/concepts correctly. 2. Calculate various ratios using information from financial statements. Does not calculate any ratios correctly. Correctly calculates less than half of the required ratios (except for current ratio). Correctly calculates more than half of the required ratios (except for current ratio). Correctly calculates all required ratios (except for current ratio). 3. Explain the effect that various business transactions have on financial statements. Does not describe how business transactions affect financial statements correctly or in enough detail to allow understanding. Correctly describes how business transactions affect financial statements, but does not use enough detail to allow complete understanding. Correctly describes how business transactions affect financial statements with enough detail to allow understanding, but is missing some details for complete understanding. Correctly describes how business transactions affect financial statements with sufficient detail to allow complete understanding of their effects on financial statements (elegant). 4. Prepare journal entries to record basic business transactions in T accounts and other formats as requested by instructor Does not prepare any journal entries correctly in any format requested by instructor, or prepare journal entries in only one format requested by instructor when multiple formats were needed or requested by instructor Prepares some journal entries correctly in most formats requested by instructor when multiple formats were needed or requested by instructor Prepares most journal entries correctly in all formats requested by instructor when multiple formats were needed or requested by instructor Prepares all journal entries correctly and elegantly in all formats requested by instructor when multiple formats were needed 5. Prepare basic worksheets using proper forms and methods as specified by instructor Does not prepare worksheets correctly according to specifications provided by instructorPrepares some worksheets according to specifications provided by instructorPrepares most worksheets according to specifications provided by instructorPrepares all worksheets perfectly and elegantly according to specifications provided by instructor 6 . Calculate tax liability using Form 1040 for individual taxpayers with simple returns (no interest income, no dependents other than a spouse, etc.). Does not calculate taxes owed using Form 1040 for individual taxpayers with simple returns (no interest income, no dependents other than a spouse, etc.)Calculates taxes owed incorrectly using Form 1040 for individual taxpayers with simple returns (no interest income, no dependents other than a spouse, etc.)Calculates taxes owed accurately using Form 1040 for individual taxpayers with simple returns (no interest income, no dependents other than a spouse, etc.), but is missing one itemCalculates taxes owed accurately using Form 1040 for individual taxpayers with simple returns (no interest income, no dependents other than a spouse, etc.), including calculating tax credits 7 . Calculate tax liability using Form 1120S for corporate taxpayers with simple returns (one stockholder who owns 100% of stock issued). Does not calculate taxes owed using Form 1120S for corporate taxpayers with simple returnsCalculates taxes owed incorrectly using Form 1120S for corporate taxpayers with simple returnsCalculates taxes owed accurately using Form 1120S for corporate taxpayers with simple returns but is missing one itemCalculates taxes owed accurately using Form 1120S for corporate taxpayers with simple returns 8 . Calculate tax liability using Schedule C if taxpayer operates an unincorporated sole proprietorship that has inventory at year end and pays estimated quarterly taxes throughout the year; includes calculation of self-employment tax if relevant Does not calculate tax liability correctly if taxpayer operates an unincorporated sole proprietorship that has inventory at year end and pays estimated quarterly taxes throughout the yearDoes not include calculation of self-employment tax even though it appliesCorrectly calculates self-employment tax but does not include calculation on final returnCalculates final return including self-employment tax 9 . Analyze differences between book income and taxable income; identify common items affecting each type of income that should be considered when preparing both federal and state individual income tax returns; create two hypothetical schedules identifying items included on each type which may cause differences between book income and taxable income; indicate whether each item is an addition or deduction from taxable income; indicate which schedule would result in lower federal and state taxes owing OR greater refunds from IRS Has no information about differences between book income and taxable incomeHas information about differences between book income and taxable income but it is incorrectHas information about differences between book income and taxable income that is mostly correctHas information about differences between book income and taxable income that is completely correctIncludes two hypothetical schedules identifying items included on each type which may cause differences between bookincome and taxable incomeschedules indicating whether each item is an addition or deduction from taxable incomestatements regarding which schedule would result in lower federaland state taxes owingOR greater refunds from IRS10 . Assign problems from textbook chapters assigned as practice problems during class periods so students can determine their level of proficiency in applying concepts learned from assigned chapter content Assignments are completely inaccurateAssignments are mostly inaccurateAssignments are mostly accurateAssignments are completely accurate 11 . Respond meaningfully to questions posed during class discussionsQuestions never askedQuestions asked randomly without purposeQuestions asked randomly were generally answered wellQuestions asked deliberately were answered very well 12 . Participate meaningfully during class discussionMinimal participationPartial participationFrequent participationFull participation 13 . Complete assignments within deadlinesLate assignments without valid reason(s)Late assignments due to valid reasonsLate assignments turned in after deadline due tovalid reasonsAll assignments turned in on time 14 . Follow classroom proceduresFrequently disruptiveInattentiveFrequently arrives lateFollows classroom procedures 15 . Demonstrate professionalismWell groomedDressed appropriatelyRespectfulNever demonstrates professionalismDemonstrates professionalism onceDemonstrates professionalism several timesDemonstrates professional behavior consistently 16 . Demonstrate good study habitsGood note takingGood note organizationComprehend contentStudying regularlyRarely demonstrates good study habitsDemonstrates good study habits onceDemonstrates good study habits several timesDemonstrates good study habits consistently 17 . Attend class regularlyMissed several classesMissed a few classesMissed one classAttends every class 18 . Interact respectfully toward othersDisrespectfulRudeArgumentativeRespectfulInteracts respectfully toward others 19 . Work independentlyWorks independently 25% – 75% of timeWorks independently 50% – 100% of time 20 . Use technologyAsks others frequently how touse technologyUses technologysuccessfully several timesUses technologysuccessfully most timesUses technologysuccessfully every time 21 . Use proper English mechanicsFew grammatical errorsSome grammatical errorsSeveral grammatical errorsNo grammatical errors 22 . Arrive preparedCan read text before classComes preparedto answer qu

ACCT 1410 Course Fact Sheet

ACCT 1410 Course Description:

This ACCT 1410 Course is an introduction to the basic concepts and procedures in accounting. It covers topics such as financial statements, journal entries, debits and credits, and the accounting cycle. This ACCT 1410 Course is designed for students who are not majoring in accounting.

ACCT 1410 Course Delivery Modes

ACCT 1410 Course Delivery Modes for ACCT 1410 Course – Introduction to Accounting (ACCT 1410 Course )

Dalhousie University offers a number of delivery modes for this ACCT 1410 Course:

ACCT 1410 Course Faculty Qualifications

ACCT 1410 Course Faculty Qualifications for ACCT 1410 Course – Introduction to Accounting

Name: I. Qualifications:

1. A master’s degree with 18 graduate semester hours in accounting from an accredited institution of higher education; or

2. A bachelor’s degree with 18 upper-division undergraduate semester hours in accounting from an accredited institution of higher education and one year of teaching experience in accounting at the college level; or

3. A bachelor’s degree with 18 upper-division undergraduate semester hours in accounting from an accredited institution of higher education and two years of professional accounting experience; or

4. A bachelor’s degree with a minimum of 24 upper-division undergraduate semester hours in accounting and business from an accredited institution of higher education; or

ACCT 1410 Course Syllabus

ACCT 1410 Course Description:

This ACCT 1410 Course is an introduction to accounting principles and practices with emphasis on the relationship of accounting to business. The ACCT 1410 Course includes material in the use of basic financial statements, the nature of transactions, journal entries, accruals, adjusting entries, closing entries, internal controls, cash and receivables management. Prerequisites: English Composition I (ENGL 1306) and Introduction to Computers (COSC 1301) or equivalents. 3 credit hours.

ACCT 1410 Course Textbook(s):

Introduction to Accounting I by Kumari Thurairajah; 978-0-538-73856-2; 2010; Cengage Learning

ACCT 1410 Course Learning Outcomes (CLOs):
The following ACCT 1410 Course Learning Outcomes accompany this syllabus:

Upon completion of this ACCT 1410 Course, students will be able to:
1. Define accounting terms and identify the major financial statements. [CLO 1]
2. Describe the environment within which accounting operates. [CLO 2]
3. Identify the users and uses of accounting information. [CLO 3]
4. Understand the impact of professional ethics on accountants and users of accounting information. [CLO 4]
5. Understand and apply generally accepted accounting principles in the preparation of financial statements for service and merchandising businesses owned as sole proprietorships and as corporations.[CLO 5]

Policy on Attendance/Make-Up Work/Late Assignments/Incomplete Grades: Please refer to your student handbook for policy information regarding these topics.

Policy on Academic Integrity: On your honor, you agree that you have neither given nor received unauthorized assistance on any academic work submitted as part of your ACCT 1410 Course requirements at Austin Community College. Violations of this code include cheating, plagiarism, collusion, and fabricating academic records. If you are unsure whether an act constitutes a violation, please consult with your instructor or contact the office of Student Conduct Services at 512-223-5175 or [email protected] prior to submitting work containing questionable academic integrity. A more detailed explanation of ACC’s policy on academic integrity is available in Section E (Student Code of Conduct) in the college catalog online at http://www.austincc.edu/current/.

Policy on Withdrawal from Class: Please refer to your student handbook for policy information regarding withdrawal from class.

Students with Disabilities: Each ACC campus offers support services for students with documented physical or mental disabilities. Students with disabilities must request reasonable accommodations through the Office for Students with Disabilities on the campus where they expect to take the majority of their classes after admission to ACCHowever , please be aware that there is a time limit for requesting accommodations . For more information contact your campus Office for Students with Disabilities or visit https://www2 .austincc .edu /disability_services/. Information about documentation guidelines is available online at https://www2 .austincc .edu /disability_services/docs/. To request accommodations , complete an “Intake Packet” available from your campus Office for Students with Disabilities or online at https://www2 .austincc .edu /disability_services/forms/. Intakes must be completed each semester prior to receiving accommodations in class , although we understand circumstances may delay completion until early in a semester .”

Classroom Rules of Conduct: All students are expected to adhere to the Student Code of Conduct described in Section E (Student Code of Conduct )of this college catalog .”

Emergency Evacuation Procedures : In case it becomes necessary to evacuate Austin Community College campuses because of fire , severe weather conditions , utility failure , toxic materials release , or other emergency situation , building evacuation maps are posted throughout each facility . These maps provide specific evacuation routes out of buildings . When you hear a building alarm signaling an emergency evacuation you should immediately walk (do not run )to an exit door marked by a green sign with white lettering stating “EXIT” . Once outside proceed away from all buildings into one of the following designated safe areas : Eastview Campus – between Building 100 & 200 ; Riverside Campus – between Building G & H ; Northridge Campus – east side parking lot ; South Austin Campus – west side parking lot ; Cypress Creek Campus – parking lots B & D ; Highland Business Center – north side parking lot ; Pinnacle Campus – north side parking lot .” When you have reached one of these safe areas stay there until notified by law enforcement officials that it is safe to return inside buildings .” If you have questions about emergency procedures at any Austin Community College facility please contact any member of our Public Safety Department .” In addition please become familiar with any building specific emergency procedures as posted throughout our facilities .” For additional information regarding Austin Community College’s Emergency Operations Plan please refer to http://www1 . austincc . edu /pss/eop/”

Suggested ACCT 1410 Course Resources/Books

1. Quickbooks 2020: The Missing Manual by Bonnie Biafore

2. Managerial Accounting: Tools for Business Decision Making by Jerry J. Weygandt, Paul D. Kimmel, and Donald E. Kieso

ACCT 1410 Course Practicum Journal

ACCT 1410 Course Practicum Journal for ACCT 1410 Course – Introduction to Accounting This ACCT 1410 Course has provided me with a better understanding of accounting and how it is used in business. I have learned about the different types of financial statements and how they are used to make business decisions. I have also learned about the different types of transactions and how they are recorded in the accounting system. Overall, this ACCT 1410 Course has helped me to better understand the role of accounting in business and how it can be used to make sound financial decisions.

Suggested ACCT 1410 Course Resources (Websites, Books, Journal Articles, etc.)

Books

Kimmel, Paul D., Weygandt, Jerry J., and Kieso, Donald E. (2010). Financial Accounting: Tools for Business Decision Making (5th Edition). Hoboken, NJ: John Wiley & Sons, Inc.

Journal Articles

Weygandt, J. J., Kimmel, P. D., and Kieso, D. E. (2011). Financial Accounting: Tools for Business Decision Making (6th edition). New York: John Wiley & Sons.

ACCT 1410 Course Project Proposal

I. Project Description:

Create a personal budget for a family of four with two working adults and two children. The budget will need to account for all monthly expenses including, but not limited to, mortgage/rent, groceries, transportation, child care, medical/health insurance, etc. In addition, the budget should also include an emergency fund to cover unexpected expenses.

II. Why This Project is Important:

Budgeting is an important skill for individuals and families to master in order to live within their means and avoid financial difficulties. This project will give students the opportunity to create a budget and track actual spending over the ACCT 1410 Course of a month to see if they are able to stick to their budget.

III. What You Will Need to Do:

1. Research average monthly expenses for a family of four in your area. This can be done by looking at online resources such as Mint.com or by speaking with friends or family members who have similar living situations.

2. Create a budget using Excel or another spreadsheet program that includes all monthly expenses. Be sure to include an emergency fund in your budget.

3. Track actual spending for one month and compare it to your budget. Where did you overspend? Where did you underspend? What changes would you make to your budget for the next month?

ACCT 1410 Course Practicum

This is a 12-hour practicum ACCT 1410 Course that is designed to complement your ACCT 1410 Course – Introduction to Accounting class by giving you the opportunity to practice what you are learning in a real world environment.

This practicum will give you an opportunity to work with clients and prepare various types of financial statements.

Related ACCT 1410 Courses

BUSN 2310 – Business Law (BUSN 2310 )

COMP 1005 – Introduction to Computing (COMP 1005 )

COMP 1405 – Introduction to Programming (COMP 1405 )

ECON 1100 – Introduction to Microeconomics (ECON 1100 )

Midterm Exam

1. Accounts Receivable would be reported on the _________________ statement. (Points : 1)

2. The purpose of the adjusting process is to: (Points : 1)

3. Which of the following is not considered a cash outflow? (Points : 1)

4. If an asset has a life of five years and will have no residual value, which depreciation method should be used? (Points : 1)

What Should Students Expect to Be Tested from ACCT 1410 Course Midterm Exam

The ACCT 1410 Course midterm exam for ACCT 1410 Course – Introduction to Accounting will cover the material from the first half of the ACCT 1410 Course. This will include topics such as financial statements, debits and credits, double-entry bookkeeping, accrual accounting, and merchandising operations.

How to Prepare for ACCT 1410 Course Midterm Exam

The best way to prepare for a ACCT 1410 Course midterm exam is to first review the syllabus and identify the topics that will be covered. Next, review your notes from class and create a study guide. Finally, take practice quizzes and exams to ensure that you are prepared.

Midterm Exam Questions Generated from Top 100 Pages on Bing

1. What are the four basic financial statements?
2. How do managers use accounting information?
3. What is the goal of financial reporting?
4. How does accrual basis accounting differ from cash basis accounting?
5. How do businesses keep track of their transactions?
6. What is the double entry bookkeeping system?
7. What are the types of business entities?
8. How is income tax calculated?
9. What are the differences between public and private companies?
10. How do accountants prepare financial statements?

Midterm Exam Questions Generated from Top 100 Pages on Google

1. What is the most important purpose of accounting?

2. How does accounting information help managers make decisions?

3. What are the three basic financial statements?

4. How do changes in accounting principles and standards affect financial reporting?

5. What is generally accepted accounting principles (GAAP)?

6. How do accountants measure and report income?

7. How do accountants measure and report assets?

8. How do accountants measure and report liabilities?

9. What is the statement of cash flows, and how is it used?

10. What are some common types of ratios used in financial analysis?

Final Exam

1. The equation for computing the present value of an ordinary annuity, where t = number of periods, r = rate per period, and n = number of compounding periods per year is:

PV = t / r * ((1 – (1 / (1 + r)t)) / (1 – (1 / (1 + r)n))

PV = t / r * (((1 + r)t – 1) / (1 + r)n – 1))

PV = t / r * (((1 + r / n)nt – 1) / (r / n))

What Should Students Expect to Be Tested from ACCT 1410 Course Final Exam

The final exam for ACCT 1410 Course – Introduction to Accounting will cover the material covered in class lectures and discussions, as well as the textbook readings. The exam will consist of multiple-choice questions, short answer questions, and essay questions.

How to Prepare for ACCT 1410 Course Final Exam

1. Review all ACCT 1410 Course materials thoroughly. Make sure you understand all concepts and principles covered in the ACCT 1410 Course.

2. Identify any areas where you feel you need additional clarification or review. Talk to your instructor or a tutor for help in these areas.

3. Develop a study plan and schedule plenty of time to review all ACCT 1410 Course materials before the exam.

4. Take practice exams, if available. This will help you get used to the format of the final exam and identify any areas where you need further review.

5. Get plenty of rest and eat healthy meals in the days leading up to the exam. This will help you stay focused and perform at your best on test day.

Final Exam Questions Generated from Top 100 Pages on Bing

1. Which of the following is not one of the types of businesses that use accounting information?

2. For what purpose do businesses use accounting information?

3. What are the three types of financial statements?

4. Which of the following is not a type of business organization?

5. What are the four basic financial statements?

Final Exam Questions Generated from Top 100 Pages on Google

1. What is the most important purpose of accounting?

2. What is the fundamental accounting equation?

3. What are the three basic financial statements?

4. What are the two types of business entities?

5. How does double-entry bookkeeping work?

6. How do debits and credits work in accounting?

7. What is accrual basis accounting?

8. What is cash basis accounting?

Week by Week ACCT 1410 Course Overview

ACCT 1410 Course Week 1 Description

This ACCT 1410 Course is an introduction to accounting concepts and principles with an emphasis on their application to recording, classifying, and summarizing transactions to prepare financial statements. This ACCT 1410 Course will help students understand the role of accounting in business and develop basic financial statement analysis skills. Topics include: the accounting cycle, merchandising operations, receivables, inventories, plant assets, current liabilities, long-term liabilities, partnerships, corporations, and statement of cash flows.

ACCT 1410 Course Week 1 Outline

This ACCT 1410 Course is an introduction to the study of accounting principles and their application in business. The topics covered include the accounting cycle, merchandising operations, receivables, inventories, current liabilities, long-term liabilities, property, plant and equipment, intangible assets, investments, stockholders’ equity, and earnings per share. The ACCT 1410 Course also emphasizes the use of accounting information in financial decision making.

ACCT 1410 Course Week 1 Objectives

Introduction to Accounting (ACCT 1410 Course ) Objectives for ACCT 1410 Course – Introduction to Accounting (ACCT 1410 Course ) Learn vocabulary, terms, and more with flashcards, games, and other study tools. Get Price

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ACCT 1410 Course Week 1 Pre-requisites

Week 1 Pre-requisites for ACCT 1410 Course – Introduction to Accounting (ACCT 1410 Course) This ACCT 1410 Course will provide students with an overview of financial accounting and reporting. Students will learn about the basic accounting equation, transactions, debits and credits, journal entries, ledgers, the balance sheet, income statement, and statement of cash flows. In addition, students will be introduced to accounting for merchandising businesses, inventories, receivables, and plant assets. ACCT 1410 Course is a prerequisite for all upper-level accounting ACCT 1410 Courses.

ACCT 1410 Course Week 1 Duration

The duration of ACCT 1410 Course – Introduction to Accounting (ACCT 1410 Course ) is 1 week.

ACCT 1410 Course Week 1 Learning Outcomes

In this ACCT 1410 Course, students will develop an understanding of the accounting cycle and financial statement preparation. Students will also become familiar with common accounting terminology and concepts used in business. Upon successful completion of this ACCT 1410 Course, students will be able to: Understand the role of accounting in business and society Understand the basic concepts underlying financial reporting Understand the accounting cycle and prepare journal entries Understand how to prepare and interpret financial statements Understand cash and receivables

ACCT 1410 Course Week 1 Assessment & Grading

Introduction to Accounting (ACCT 1410 Course) is an introductory accounting ACCT 1410 Course that covers the basic concepts and principles of accounting. The ACCT 1410 Course is designed to give students a strong foundation in financial accounting, which is essential for success in any business career. ACCT 1410 Course covers the basic concepts and methods used in financial accounting, including double-entry bookkeeping, the accounting equation, financial statements, and cash flow. The ACCT 1410 Course also introduces students to managerial accounting, which focuses on providing information to help managers make decisions about how to run their businesses. In addition, ACCT 1410 Course introduces students to tax accounting and auditing.

ACCT 1410 Course Week 1 Suggested Resources/Books

Suggested resources and books for ACCT 1410 Course – Introduction to Accounting: 1. Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2011). Financial accounting: Tools for business decision making (6th ed.). Hoboken, NJ: Wiley. 2. Horngren, C. T., Datar, S. M., & Rajan, M. (2012). Cost accounting: A managerial emphasis (14th ed.). Upper Saddle River, NJ: Prentice Hall.

ACCT 1410 Course Week 1 Assignment (20 Questions)

Question 1

1. Which of the following terms best describes the role of accounting?

A. Accounting is an information system that provides reports to management to make economic decisions.

B. Accounting is the process of collecting, analyzing, and communicating financial information about an economic entity.

C. Accounting is a decision-making tool that uses financial information to allocate resources within an organization.

D. Accounting is a system of financial record keeping that captures and summarizes transactions to provide information useful in making business decisions.

2 points

Question 2

2. How do organizations use accounting information? Select all that apply.

A. To prepare internal financial statements for use by managers only B. To determine employee compensation C. To comply with government regulations D. To report quarterly and annual results to shareholders E. For tax purposes F. To prepare external financial statements for use by creditors and others outside the organization G. To make decisions about pricing products and services H. To assess how well managers are running the business I .To value a company for sale J .To analyze trends in revenue, expenses, and profitability K .To develop budgets L .To assess the risk involved in making investments M .To monitor compliance with internal controls N .To prevent errors and fraud O .To assess how well managers are controlling costs P .To measure progress toward strategic objectives Q .To assess whether managers are maximizing shareholder wealth R .To produce financial reports required by regulatory agencies S .All of the above T .None of the above (ACCT 1410 Course) – Intro to Accounting

ACCT 1410 Course Week 1 Assignment Question (20 Questions)

at University of Maryland, University College (UMUC)

Question 1.1. (TCO 1) The basic accounting equation is also known as the: (Points : 5) Assets = Liabilities + Owner’s Equity equation. Income = Expenses + Profit equation. Stockholders’ Equity = Assets – Liabilities equation. Balance Sheet equation. Question 2.2. (TCO 1) The double-entry accounting system requires that: (Points : 5) Two transactions be recorded for each business event, one debit and one credit transaction. Only one transaction be recorded for each business event, either a debit or a credit transaction. Only two types of transactions be recorded in the accounting system, debits and credits. All transactions of an organization must be recorded in the books of account for all users to access information about the financial condition of the business entity. Question 3.3. (TCO 1) Given the following information, prepare a trial balance at March 31, 2010:Trial BalancePrepared byJosé LópezMarch 31, 2010Account TitleDebitCreditCash$10,000Accounts Receivable6,000Office Supplies4,000Accumulated Depreciation—Equipment3,500Common Stock8,000Retained Earnings1,500Dividends1,000Sales Revenue20,000Sales Returns and Allowances600Cost of Goods Sold11,800Advertising Expense5,200Office Salaries Expense1,800Rent Expense1,700Total$45,100$45,100Which of the following items would not require adjustment? (Points : 5) Accounts receivable is too high by $300. Depreciation expense is too low by $500. Advertising expense is too high by $1,200 Office salaries expense is too low by $200 Question 4.4. (TCO 2) Which statement below would not normally appear on an income statement? (Points : 5) Sales returns and allowances are deducted from net sales before gross profit is calculated Revenues from investments are included in total revenue before operating income is calculated Operating expenses are deducted from total revenues to arrive at operating income Before net income is determined; interest expense and income tax expense are subtracted from operating income Question 5.5. (TCO 2) A company has total operating revenues of $24 million and total operating expenses of $15 million for the year ending December 31st Which statement below correctly reflects this information?(Points : 5)The company has a net loss because total operating expenses exceed total operating revenues by $9 million The company has a gross profit because total operating revenues exceed total operating expenses by $9 million The company has an operating loss because total operating expenses exceed total operating revenues by $9 million The company has an operating gain because total operating revenues exceed total operating expenses by $9 million Question 6

ACCT 1410 Course Week 1 Discussion 1 (20 Questions)

What is the definition of accounting? Accounting is the process of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions. What are the three basic activities in accounting? The three basic activities in accounting are identifying, measuring, and communicating financial information. How does accounting information help decision makers? Accounting information helps decision makers by providing information about an organization’s financial position, performance, and cash flow. What are the four basic financial statements? The four basic financial statements are the balance sheet, income statement, statement of cash flows, and statement of shareholders’ equity. What is the purpose of the balance sheet? The balance sheet provides information about an organization’s assets, liabilities, and equity. What is the purpose of the income statement? The income statement provides information about an organization’s revenues and expenses. What is the purpose of the statement of cash flows? The statement of cash flows provides information about an organization’s cash inflows and outflows. What is the purpose of the statement of shareholders’ equity? The statement of shareholders’ equity provides information about an organization’s equity. What are some common types of ratios used to analyze financial statements? Common types of ratios used to analyze financial statements include liquidity ratios, solvency ratios, profitability ratios, and efficiency ratios.

ACCT 1410 Course Week 1 DQ 1 (20 Questions)

1. How did accounting evolve?

2. What is the goal of accounting?

3. How does accounting information help organizations achieve their goals?

4. What are the three basic types of business organizations?

5. How do for-profit and not-for-profit organizations differ?

6. What are the three major types of business transactions?

7. What is double-entry bookkeeping?

8. How does the double-entry bookkeeping system work?

9. What is a ledger?

10. What is a trial balance?

ACCT 1410 Course Week 1 Discussion 2 (20 Questions)

Description

1. CORE PRINCIPLE – The core principle for this discussion is: Understand the different types of financial statements and how they relate to one another.

2. REQUIRED READING – Be sure to review the required reading for this week (Chapter 2) before posting your initial discussion thread.

3. INSTRUCTIONS – Please answer all 20 questions listed below in your initial discussion thread. You are required to support your answers with specific examples and/or citations from the required reading or other sources, and you are expected to integrate ACCT 1410 Course materials with real-world experience in your responses. Your instructor will grade your initial post based on the following criteria: (a) evidence of critical thinking, (b) integration of ACCT 1410 Course materials with real-world experience, (c) evidence of understanding of the discussions and readings, (d) clarity, organization, and professional presentation, and (e) use of proper grammar, spelling, punctuation, etc. Please see the Grading Rubric document posted in ACCT 1410 Course Resources for additional information on how you will be graded on this assignment. Your initial post should be at least 400 words in length and posted by Day 3 of Week 1.

ACCT 1410 Course Week 1 DQ 2 (20 Questions)

1. How did the U.S. accounting profession develop? What were some of the major milestones in this development? 2. How did generally accepted accounting principles (GAAP) evolve in the United States? How did international accounting standards (IAS) come about? 3. How do the Sarbanes-Oxley Act of 2002 and the Dodd-Frank Wall Street Reform and Consumer Protection Act affect the accounting profession? 4. Who are the various users of accounting information? What are their respective needs? 5. Accounting is sometimes referred to as “the language of business.” Explain what is meant by this term. 6. Identify the four basic financial statements. 7. Understand the relationship between the balance sheet and the income statement. 8. Understand the relationship between the income statement and the statement of cash flows. 9. Understand how to prepare a statement of shareholders’ equity. 10

ACCT 1410 Course Week 1 Quiz (20 Questions)

with Usha Dey at University of Houston (UH)

Question ID: 1529107554

(TCO 1) The basic types of transactions are: (Points : 4)

sales, purchases, investments, financing, operating.

sales, purchases, investments, financing, dividends.

sales, purchases, investments, financing, expenses.

ACCT 1410 Course Week 1 MCQ’s (20 Multiple Choice Questions)

at University of Houston (UH)

Question 1.1. Which of the following types of accounting systems is most frequently used by service businesses? (Points : 2)

A) Process cost system

B) Job order cost system

C) Activity-based costing system

D) All manufacturing companies use a job order cost system; all service companies use a process cost system.

Question 2.2. In a merchandising firm, which of the following is classified as an asset? (Points : 2)

A) Accounts payable

B) Accounts receivable

C) Inventory on consignment from suppliers

D) Sales revenue

ACCT 1410 Course Week 2 Description

Week 2 Outline – Introduction to Accounting, Part II

This week we will continue our study of accounting by learning about balance sheets. We will learn how businesses organize and present their assets, liabilities, and equity on a balance sheet. We will also learn how to prepare a balance sheet using the information from a trial balance.

Learning Objectives

• Understand what assets are and why they are important to a business.

• Understand what liabilities are and why they are important to a business.

• Understand what equity is and why it is important to a business.

• Understand how businesses organize and present information on a balance sheet.

• Understand how to prepare a balance sheet using information from a trial balance.

ACCT 1410 Course Week 2 Outline

This ACCT 1410 Course is an introduction to accounting concepts and principles with an emphasis on their use in personal decision making. The ACCT 1410 Course covers the accounting cycle, merchandising operations, and inventories. It also introduces students to the financial statements of a corporation. Prerequisite: Placement in ENGL 1310 or above, or instructor permission.

ACCT 1410 Course Week 2 Objectives

What are the objectives for ACCT 1410 Course?

The objectives for ACCT 1410 Course are to learn about the basic concepts of financial accounting and to prepare students to read and understand financial statements.

ACCT 1410 Course Week 2 Pre-requisites

Prerequisites: English 1001 or equivalent, Math 1130 or equivalent (Math 1230 or above strongly recommended). Corequisites: NONE.

ACCT 1410 Course Week 2 Duration

The duration of ACCT 1410 Course – Introduction to Accounting is one week.

ACCT 1410 Course Week 2 Learning Outcomes

1. Understand the types of business organizations and their impact on financial reporting.

2. Understand the accounting equation and how it applies to business transactions.

3. Understand the double-entry bookkeeping system and how it is used to record business transactions.

4. Understand the purpose of financial statements and how they are used in making business decisions.

5. Understand the accounting cycle and the steps involved in preparing financial statements.

ACCT 1410 Course Week 2 Assessment & Grading

Assessment & Grading for ACCT 1410 Course – Introduction to Accounting (ACCT 1410 Course) This ACCT 1410 Course requires the completion of a final exam. The final exam will be given during the last scheduled class period and is worth 100 points.

ACCT 1410 Course Week 2 Suggested Resources/Books

Recommended Textbook:

1. Introductory Accounting, An Active Learning Approach, Second Edition by Norman H. Godwin and C. Wayne Alderman

2. Financial Accounting: An Introduction to Concepts, Methods and Uses, 13th edition by Roman L. Weil, Katherine Schipper, and Jennifer Francis

ACCT 1410 Course Week 2 Assignment (20 Questions)

Question 1

1. Which of the following is not an advantage of the accrual basis of accounting?

a. The matching principle applies to revenue and expenses. b. Taxes are accrued based on expected income for the year. c. Assets are reported at their historical costs, regardless of their current market values. d. There is greater flexibility in choosing accounting methods with accrual accounting than with cash accounting.

2 points

Question 2

2. On March 1, 2018, Blue Ribbon Company sold merchandise on account to a customer for $6,000, terms n/30 FOB shipping point. The merchandise had a cost of $4,000 and was shipped FOB destination. What is the amount and type of the adjusting entry needed on March 31 for the cost of goods sold under periodic inventory system? Assume there is no beginning inventory balance and no other transactions during the month.

2 points

Question 3

3. The trial balance for Thompson Industries on June 30 shows Accounts Receivable $80,000; Allowance for Uncollectible Accounts $8,000; Sales Revenue $560,000; Estimated Uncollectible Accounts 5% of Accounts Receivable; Accounts Payable $48,000; Common Stock $200,000; Paid-in Capital in Excess of Par Value $10,000; Treasury Stock $28,000; Dividends Declared during period $14,400; Service Revenue $280,000; Rent Expense $36,400; Salaries Expense $168,000; Depreciation Expense Equipment (5-year life) $5,600 per year and Buildings (30-year life) ($1 per square foot x 10 square feet) $12 per month; Interest Expense (8%) on Notes Payable: Due 2018 -2020 (equal principal payments); Insurance Expense (4% on Service Revenue). Prepare a correct multi-step income statement using proper titles and indents for all three periods shown above . Indicate whether each item should be reported as operating or nonoperating . Use proper titles and indents for all three periods shown above . Indicate whether each item should be reported as operating or nonoperating . This question is worth 4 points . Show your work! Include your trial balance as an attachment in your submission . Do not show any net income or loss amounts on your trial balance page but make sure it balances! I will take off points if you do not attach it! Show ALL computations! Include all journal entries as well! I need to see everything here to give you full credit!!! If you do not attach this information I cannot give you credit because I have no way to know if your answers are correct!! No partial credit will be given here!! This question is worth 4 points . Show your work! Include your trial balance as an attachment in your submission . Do not show any net income or loss amounts on your trial balance page but make sure it balances! I will take off points if you do not attach it! Show ALL computations! Include all journal entries as well! I need to see everything here to give you full credit!!! If you do not attach this information I cannot give you credit because I have no way to know if your answers are correct!! No partial credit will be given here!! This question is worth 4 points . Show your work! Include your trial balance as an attachment in your submission . Do not show any net income or loss amounts on your trial balance page but make sure it balances! I will take off points if you do not attach it! Show ALL computations! Include all journal entries as well! I need to see everything here to give you full credit!!! If you do not attach this information I cannot give you credit because I have no way to know if your answers are correct!! No partial credit will be given here!! This question is worth 4 points . Show your work! Include your trial balance as an attachment in y

ACCT 1410 Course Week 2 Assignment Question (20 Questions)

1. Fill in the amount of total assets at December 31, 2015:

a. Accounts receivable = $20,000

b. Inventory = $10,000

c. Accounts payable = $30,000

d. Total assets = $60,000

2. During 2015, Jacquelyn Company collected $90,000 from customers on account. What was the balance in Accounts Receivable at December 31, 2014?

a. $0

b. $10,000

c. $20,000

d. $30,000

3. On January 1, 2015, Jacquelyn Company had inventory of $40,000. During 2015, the company purchased inventory on account for $60,000 and paid cash for inventory totaling $30,000. What is the amount of inventory Jacquelyn Company should report at December 31, 2015?

a. $0

b. $10,000

c. $40,000

d. $50,000

4. If a company’s sales totaled $400,000 during a period and its cost of goods sold was 80% of sales, what was the dollar amount of the company’s ending inventory for the period? Assume no beginning inventory existed.

a. $0 b. $40,000 c. $80,000 d. Cannot be determined from the information given

5. During 2015 Jacquelyn Company paid cash dividends of $12,000 and had retained earnings at December 31, 2014 of $24,000. What were the company’s total revenues during 2015? Assume no beginning retained earnings existed at January 1st 2015 .

a.$108,000 b.$120,000 c.$132 , 000 d.$144 , 000 e.$156 , 000 f.$168 , 000 g.$24 , 000 h.$36 , 000 i.$48 , 000 j.$60 , 000 k.$72 , 000 l.$84 , 000 m.$96 , 000 n .$108 , 000 o .$120 , 000 p .$132 , 000 q .$144 , 000 r .$156 , 000 s .$168 , 000 t .$180 , 000 u . Cannot be determined from the information given

6 . Which of the following statements is true about revenue recognition? (Points : 2)Revenue should be recognized when it is realized or realizable and earnedRevenue should be recognized only when it is realizedRevenue should be recognized only when it is realizableRevenue should be recognized when it is realized or realizable and either earned or unearned 7 . Which one of the following is not a characteristic of cash? (Points : 2)It involves a current assetIt may earn interestIt is recorded on the balance sheet as an assetIt has been received or will be received within one year 8 . The collection of an account receivable represents a: (Points : 2)Decrease in an assetDecrease in liabilitiesIncrease in equityNeither an increase nor a decrease 9 . On June 1st Company A sold merchandise to Company B for 10 million The terms of sale were 2/10 n/30 FOB destination The invoice was correctly recorded by A on June 1st When should Company A recognize revenue from this transaction? (Points : 2)June 1stJune 10thJuly 1stJuly 2nd 10 . A contra asset account: (Points : 2)Has a credit balanceHas a debit balanceIs used to offset an asset accountIs used to offset a liability account 11 . Depreciation expense for financial reporting purposes: (Points : 2)Is included in determining taxable incomeIs not included in determining taxable incomeAlways results in an increase in net incomeMay result in an increase or decrease in net income 12 . Which statement regarding cash flows from operating activities is true? (Points : 2)Operating activities are those activities that are not investing or financing activitiesOperating activities are those activities that are not investing or financing activities and do not include cash receipts from revenuesOperating activities are those activities that generate cash to pay expenses and provide cash for investments and loansOperating activities include all cash receipts and payments except those resulting from investing or financing activities 13 . An adjusting entry dated December 31 for accrued salaries payable would have a: (Points : 2)Credit to Salaries ExpenseDebit to Salaries ExpenseCredit to Salaries PayableDebit to Salaries Payable 14 . The accrual basis of accounting: (Points : 2)Recognizes revenue when earned regardless of whether or when cash is receivedRecognizes expenses when incurred regardless of whether or when cash is paidRecognizes both revenue and expenses when earned and incurred regardless of whether or when cash is received or paidRecognizes neither revenue nor expenses until cash is received or paid 15 . Which one of the following items would not normally appear on a bank reconciliation? (Points : 2)Outstanding checksBank errorsDeposits in transitNSF check 16 . Which one of the following items would not normally appear on a bank reconciliation? (Points : 2)Interest earnedOutstanding checksService chargesBank errors 17 . The amount reported as Cash on hand at December 31 includes: (Points : 2)Petty cashOn-hand coins and currencyChecks drawn but not yet presented for paymentMoney orders 18 . Unadjusted trial balances can be prepared: (Points : 2)After all adjusting entries have been journalizedAfter all adjusting entries have been posted but before they have been journalizedAfter all closing entries have been posted but before they have been journalizedAfter all closing entries have been journalized but before they have been posted 19 . The adjusted trial balance: (Points : 2)Is prepared after all adjusting entries have been postedIs prepared after all closing entries have been postedContains only real accountsContains both real accounts and nominal accounts 20

ACCT 1410 Course Week 2 Discussion 1 (20 Questions)

1.What are the three types of business organizations? Which form of business organization do you think is best? Why?2.What are the five basic financial statements? Explain the purpose and content of each.3.What is the goal of financial reporting?4.How do investors, creditors, and other users benefit from financial statements?5.How does accounting information help managers make decisions?6.What is the difference between accrual basis accounting and cash basis accounting?7.How does accrual basis accounting provide a more accurate picture of a company’s financial position than cash basis accounting?8.How does the matching principle affect accrual basis accounting?9.What are some of the problems associated with accrual basis accounting?10.How does the revenue recognition principle apply to accrual basis accounting?11.How does the matching principle apply to accrual basis accounting?12.Why are accruals and deferrals important in understanding a company’s financial statements?13.What is an adjusting entry, and why is it necessary?14.What is the purpose of closing entries, and when are they made?15.Describe how a worksheet helps in preparing financial statements.16.Explain how debits and credits are used in recording transactions in a journal entry.17

ACCT 1410 Course Week 2 DQ 1 (20 Questions)

Describe the steps in the accounting cycle. How do you determine which transactions to record? Why is it necessary to adjust entries? What are the types of adjusting entries? How do you prepare a trial balance? What is the purpose of a worksheet? How do you prepare financial statements from a worksheet? How does depreciation affect the financial statements? What is an inventory system, and how does it affect the financial statements?

ACCT 1410 Course Week 2 Discussion 2 (20 Questions)

ACCT 1410 Course Week 2 DQ 2 (20 Questions)

ACCT 1410 Course Week 2 DQ 2 (20 Questions) for ACCT 1410 Course – Introduction to Accounting (ACCT 1410 Course ) What are the different types of information that is available from an organization’s financial statements? How might this information be used? What are some considerations that need to be taken into account when using this information? Explain.

ACCT 1410 Course Week 2 Quiz (20 Questions)

Question 1 (Multiple Choice Worth 5 points)

(TCO 3) Which of the following is a measure of a company’s ability to repay short-term creditors? (Points : 5)

net income retained earnings gross profit total assets

Question 2 (Multiple Choice Worth 5 points)

(TCO 3) A measure of a company’s profitability for a specific period of time is called: (Points : 5)

revenue. expenses. profit. cash flow.

Question 3 (Multiple Choice Worth 5 points)

ACCT 1410 Course Week 2 MCQ’s (20 Multiple Choice Questions)

Study Material.

1. Accounting’s main function is to provide information for users who make economic decisions. This is known as the:

a) Going concern principle

b) Accountants’ equity principle

c) Matching principle

d) Information role of accounting

2. Which one of the following is not an important characteristic of useful accounting information?

a) Comparability

b) Relevance

c) Faithful representation

d) Timeliness

e) Predictiveness

ACCT 1410 Course Week 3 Description

ACCT 1410 Course Description This ACCT 1410 Course is a study of accounting principles and their application to the preparation and interpretation of financial statements. Students will learn to prepare, present, and interpret financial information. Financial statements are used to assess the financial position of an entity and the results of its operations. The ACCT 1410 Course will include a study of the following topics: a) The accounting equation; b) The accounting cycle; c) Accounting for merchandise businesses; d) Accounting for service businesses; e) Payroll accounting; f) Accounting for corporations; g) Accounting for partnerships and proprietorships; h) Introduction to managerial accounting; i) Job order cost systems; j) Process cost systems; k) Activity-based costing systems; l) Cost-volume-profit analysis. Prerequisites: MATH 0100 or placement in MATH 0170 or higher

ACCT 1410 Course Week 3 Outline

This is a sample outline for ACCT 1410 Course – Introduction to Accounting. Your instructor will provide you with a ACCT 1410 Course outline that includes more specific information about what you will learn in your class and how that learning will be assessed.

Week 3 Outline:

Part I: Preparation of Financial Statements (Chapters 5-8)

-The balance sheet, income statement, and statement of cash flows
-How to prepare each of these statements using the accounting equation and T-accounts
-How to use these statements to analyze a company’s financial position and performance

Part II: Financial Statement Analysis (Chapter 9)

-Introduction to ratio analysis
-How to use ratios to measure a company’s liquidity, solvency, profitability, and efficiency

ACCT 1410 Course Week 3 Objectives

ACCT 1410 Course Introduction to Accounting I: ACCT 1410 Course Instructor: Professor Sarah Coopman ACCT 1410 Course Description This ACCT 1410 Course covers the basic principles of accounting for sole proprietorships, partnerships, and corporations. Students will learn the basic principles of double entry bookkeeping and how to prepare financial statements for both merchandising businesses and service businesses. Emphasis is placed on the use of accounting information in decision making. After completing this ACCT 1410 Course, students will be able to: Understand the accounting cycle Record transactions using T-accounts Journalize transactions Post journal entries to ledgers Prepare a trial balance Analyze transactions and adjust accounts Prepare an adjusted trial balance Prepare financial statements Understand accrual accounting vs. cash accounting Understand internal controls ACCT 1410 Course Objectives: ACCT 1410 Course – Introduction to Accounting The following are examples of what you should be able to do after completing this ACCT 1410 Course: Understand the basics of bookkeeping

ACCT 1410 Course Week 3 Pre-requisites

ACCT 1410 Course – Introduction to Accounting (ACCT 1410 Course )

ACCT 1410 Course Week 3 Duration

is 3 weeks

Each week has a duration of 7 days.

ACCT 1410 Course Week 3 Learning Outcomes

Introduction to Accounting – ACCT 1410 Course

The ACCT 1410 Course covers the concepts and principles of accounting and their application to recording, classifying, and summarizing transactions to prepare financial statements in accordance with generally accepted accounting principles. Topics include: double-entry bookkeeping, merchandising operations, plant assets, current liabilities, payroll accounting, partnerships, corporations, statement of cash flows, and financial statement analysis. (3 Lec., 3 Lab.)

ACCT 1410 Course Week 3 Assessment & Grading

ACCT 1410 Course Week 3 Assessment & Grading for ACCT 1410 Course – Introduction to Accounting

The purpose of this assignment is to assess your understanding of the ACCT 1410 Course material covered in Week 3. The assignment will also provide you with an opportunity to practice your research and writing skills as well as familiarize yourself with the APA format.

Assignment Instructions: Please answer each of the following questions in a separate Word document, using complete sentences, proper grammar, and spelling. Your responses should be at least one paragraph (approx. 4-5 sentences) long for each question. Include a cover sheet with your name and student number as well as a reference list at the end of your document, formatted according to APA 6th edition guidelines. Please note that all references used, including the textbook, must be cited and referenced according to APA 6th edition guidelines. The use of first person is acceptable in this assignment. Remember to save your document before submitting it to the Dropbox by the due date indicated on your ACCT 1410 Course Schedule. When you are ready to submit it, click on the Dropbox link and follow instructions for submitting your document.

Question 1: Short Answer Questions (4 marks)

a) Describe what is meant by accrual accounting principles and discuss why accrual accounting is more useful than cash accounting when making financial decisions about a business entity. Include at least one example in your response.(1 mark)

ACCT 1410 Course Week 3 Suggested Resources/Books

Introduction to Financial Accounting

by Jerry J. Weygandt, Paul D. Kimmel, and Donald E. Kieso

ACCT 1410 Course Week 3 Assignment (20 Questions)

1. Decide whether the following terms are asset, liability, or equity: retained earnings, common stock, cash.

2. Decide whether the following terms are asset, liability, or equity: long-term debt, accounts receivable, inventory.

3. Explain the meaning of the term “liquidity.”

4. Explain the meaning of the term “accounts payable.”

5. Explain the meaning of the term “net income.”

6. Which of the following items would be classified as a current asset on a company’s balance sheet? Accounts receivable, Inventory, Prepaid expenses, Long-term investments

7. Which of the following items would be classified as a current liability on a company’s balance sheet? Accounts payable, Wages payable, Unearned revenue, Income taxes payable

8. What is the equation for calculating working capital?

9. What is the equation for calculating current ratio?

10. What is the equation for calculating quick ratio?

ACCT 1410 Course Week 3 Assignment Question (20 Questions)

at University of Houston (UH)

Looking for someone who can complete this assignment within 2 days.

ACCT 1410 Course Week 3 Discussion 1 (20 Questions)

(Hint: You can always click on the “View Anonymously” link if you would like to remain anonymous in your posts)

ACCT 1410 Course Week 3 DQ 1 (20 Questions)

1. On January 1, 2019, a business owner deposited $10,000 in cash into her business bank account. On January 2, the business owner paid $4,000 for office equipment by check. Which of the following is true? (Points : 3) The amount of cash on hand increased by $4,000. The amount of cash on hand decreased by $4,000. The amount of cash on hand did not change. 2. Accounts payable is a(n) (Points : 3) asset. expense liability contra-asset contra-liability 3. Which of the following items would be considered an operating activity on the statement of cash flows? (Points : 3) Depreciation expense Selling investments Purchasing investments Payment on long-term debt 4. Cash flows from investing activities include proceeds from (Points : 3) selling inventory. selling property and equipment. selling investments.. none of these 5. Accounts receivable is a(n) (Points : 3) liability asset expense none of these 6. Sales taxes payable is a(n) (Points : 3) liability asset expense contra-asset 7. An increase in accounts receivable indicates that (Points : 3) sales have decreased since the beginning of the period sales have increased since the beginning of the period sales are increasing during the current period sales have remained constant since the beginning of the period 8. A trial balance is prepared to test for which type of error? (Points : 3) Computational error Transposition error Trial balance error 9. Revenue includes all amounts earned from providing goods or services to customers during an accounting period except (Points : 3) interest revenue earned by lending money to others gain realized from selling assets at a price above their book value income earned through operations gain realized from selling assets at a price below their book value 10. In which type of error will debits equal credits but total debits do not equal total credits? (Points : 3) Omission Error Reversal Error Trial Balance Error Transposition Error 11. Which type of error occurs when debits are greater than credits or when credits are greater than debits? (Points : 3) Reversal Error Computational Error Omission Error Transposition Error 12 .The corrected trial balance column for Tran’s Landscaping Service should show $104 in debit column and $74 in credit column based on information below: Debit Credit Accounts Receivable 74 Accounts Payable 104 Service Revenue 164 Wages Expense 134 Supplies Expense 30 Utilities Expense 36 This indicates that there was an omission error made with respect to supplies expense because supplies expense is understated by _____ and this caused _____ in total debits and total credits respectively 13 . If during the year ended December 31, 2018, your company had inventory costing $110,000 at December 31, 2017 and inventory costing $125,000 at December 31, 2018 , what would be your cost of goods sold for 2018? 14 .The debit side total for Q3’s trial balance for Hardy’s Hair Salon should show $2100 in debit column based on information below: Debit Credit Accounts Receivable 1300 Accounts Payable 1000 Service Revenue 2100 Wages Expense 1400 Supplies Expense 600 Utilities Expense 500 This indicates that there was an omission error made with respect to utilities expense because utilities expense is understated by ____ and this caused ____ in total debits and total credits respectively 15 .If one share of common stock sells for $45 per share what is shareholders equity per share? 16 .If one share of common stock sells for 10$ per share what is shareholders equity per share? 17 .What accounts could possibly have negative balances 18 .Identify two types of financial statements 19 .Which two statements are required 20

ACCT 1410 Course Week 3 Discussion 2 (20 Questions)

Question 1 __________________ refers to the method of accounting for inventory and costs of goods sold using a perpetual inventory system, under which the cost of goods sold is charged against revenue when each sale is made. LIFO First-in, first-out (FIFO) Average cost Question 2 Which of the following terms describes an error that appears in financial statements but can be detected by auditors? Misstatement Fraud Error Question 3 In what instance would all units in beginning inventory be assumed to be sold before any units in ending inventory are considered sold? LIFO First-in, first-out (FIFO) Average cost Question 4 How should the value of …

ACCT 1410 Course Week 3 DQ 2 (20 Questions)

1. What are the six phases of accounting?

2. What is the primary goal of accounting?

3. What are the three main types of business organizations?

4. What are the four basic financial statements?

5. How do businesses use accounting information?

6. What is double-entry bookkeeping?

7. What are the steps in the accounting cycle?

8. How do businesses prepare financial statements?

9. What is accrual basis accounting?

10. How do businesses account for inventory?

ACCT 1410 Course Week 3 Quiz (20 Questions)

1) Accounts receivable are reported in the balance sheet as an asset. 2) The purpose of accrual accounting is to recognize expenses in the period when they were incurred, regardless of when cash was paid. 3) The equity method of accounting for investments applies only to investments that do not give the investor control over the investee company. 4) Depreciation expense is recorded on the income statement after it has been calculated by taking the cost of the asset and dividing it by its estimated useful life. 5) If a plant asset was purchased for $25,000 and has accumulated depreciation of $8,000 at December 31, 2016, then its depreciation expense for 2017 will be $2,000. 6) Accounts payable are listed on the balance sheet as current liabilities. 7) Cash flow from operating activities includes interest received on investments in marketable securities. 8) In accrual accounting, if you buy inventory on credit today and pay for it next month, revenue should be recognized today and accounts payable should be recognized next month. 9) An increase in unearned revenue results in a decrease in liabilities and an increase in assets. 10) During 2017, ABC Company issued $30 million of bonds that mature in 20 years at par value. The effective annual interest rate on these bonds is 9%. ABC pays semi-annual interest payments on July 1st and January 1st. How much interest expense will ABC report for 2017? 11) An analysis of working capital can be performed by calculating the current ratio or quick ratio (also known as acid test ratio). 12) During 2017, XYZ Company had sales revenues of $200 million, cost of goods sold totaling $120 million, selling expenses totaling $30 million, general and administrative expenses totaling $20 million, and interest expense totaling $5 million. XYZ also had depreciation expense of $5 million during 2017. What was XYZ’s net income for 2017? 13) If a plant asset was purchased for $25,000 and has accumulated depreciation of $8,000 at December 31, 2016, then its book value at December 31, 2016 will be: 14) Working capital refers to all current assets less all current liabilities plus long-term debt. 15

ACCT 1410 Course Week 3 MCQ’s (20 Multiple Choice Questions)

Question 1 of 20 5.0 Points In a corporation, the board of directors may delegate the powers to control and operate the business to __________. A. shareholders B. a board committee C. corporate officers D. an employee-management committee Question 2 of 20 5.0 Points The two principal types of stocks issued by corporations are __________ stock and ___________ stock. A. common; preferred B. preferred; common C. voting; nonvoting D. no-par; par Question 3 of 20 5….

ACCT 1410 Course Week 4 Description

This ACCT 1410 Course focuses on the role of accounting in business and society, financial statements, and how to use accounting information to make sound business decisions. This ACCT 1410 Course is a prerequisite for most upper-level accounting ACCT 1410 Courses.

ACCT 1410 Course Week 4 Outline

ACCT 1410 Course Textbook: Introduction to Accounting, 11th Edition, By Warren, Reeve, and Duchac

Time and Location: The class meets on MWF in Room 106 of the Starbuck Center from 2:00 p.m. to 3:15 p.m.
Readings for the week: Chapters 7-9

Lecture Outline for ACCT 1410 Course – Introduction to Accounting (ACCT 1410 Course)

Topic 1: Financial Reporting and Analysis (Chapters 7-9)
1.1 Financial Statements
1.2 Analysis of Financial Statements
1.3 The Income Statement
1.4 The Statement of Retained Earnings
1.5 The Balance Sheet
1.6 The Statement of Cash Flows
Topic 2: Financial Planning and Control (Chapters 10-11)
2.1 Planning and Forecasting
2.2 Long-Term Financing Decisions
2.3 Working Capital Management

ACCT 1410 Course Week 4 Objectives

1. Understand the concept of accrual accounting and how it is used to record financial transactions.
2. Understand the types of adjustments that are made to the financial statements in order to record accrual-basis transactions.
3. Understand how to prepare a statement of cash flows using the indirect method.
4. Understand the types of ratios that are used to measure a company’s financial performance and health.

ACCT 1410 Course Week 4 Pre-requisites

Intermediate Accounting I (ACCT 2301 )

ACCT 1410 Course Description of ACCT 3410 – Intermediate Accounting II This ACCT 1410 Course is a continuation of the study of intermediate accounting and addresses the financial statement issues for partnerships, corporations, and consolidated entities. Topics include current assets, long-term investments, plant assets, intangible assets, current liabilities, long-term debt, shareholders’ equity and earnings per share. Other topics include income tax, pensions and leases. Prerequisites: ACCT 2301 . 3 credit hours.

3 credit hours

ACCT 1410 Course Week 4 Duration

ACCT 1410 Course ACCT 1410 Course – Introduction to Accounting (ACCT 1410 Course ) ACCT 1410 Course Instructor Dr. Teresa S. Iaia, Ph.D. Duration One academic term Credits Three (3) credit hours Level Introductory Prerequisites Any college level math ACCT 1410 Course Textbooks Financial Accounting: An Integrated Approach by Wild, Shaw and Chiappetta, 6th Edition; ISBN-10: 0321455388; ISBN-13: 9780321455383

The fourth week of the ACCT 1410 Course is dedicated to learning about some of the more complex aspects of accounting including bonds and investments, receivables and inventories. Students will spend the first portion of the week discussing bonds and investments. The second portion of the week will focus on receivables and inventories, including how they are valued on financial statements and how companies can manage them effectively. Finally, students will have a chance to review all of the material they have learned throughout the ACCT 1410 Course with a practice exam.

ACCT 1410 Course Week 4 Learning Outcomes

at Houston Community College

ACCT 1410 Course : INTRODUCTION TO ACCOUNTING

ACCT 1410 Course Week 4 Learning Outcomes for ACCT 1410 Course – Introduction to Accounting (ACCT 1410 Course ) at Houston Community College

By the end of this week, the student will be able to:

LO 1. Understand and explain how businesses use accounting information.

LO 2. Understand and explain how businesses record transactions in a journal and then post them to a ledger.

LO 3. Understand and explain the purpose of a trial balance and how it is used to prepare financial statements.

ACCT 1410 Course Week 4 Assessment & Grading

at Colorado State University (CSU)

What is the percentage of each letter grade?

A: The percentage of each letter grade varies depending on the professor. However, a general guideline is that A’s are usually around 90%, B’s are around 80%, C’s are around 70%, D’s are around 60%, and F’s are below 60%.

ACCT 1410 Course Week 4 Suggested Resources/Books

Below are the resources for ACCT 1410 Course – Introduction to Accounting:

ACCT 1410 Course Textbook – Accounting: The Basis for Business Decisions, 16th edition by Robert Meigs and Ray Jones

Chapter 1 – Introduction to Financial Accounting (PDF)

Chapter 2 – Recording Transactions in Journals and Posting to Ledgers (PDF)

Chapter 3 – The Adjusting Process (PDF)

Chapter 4 – Completing the Accounting Cycle and Reporting Financial Results (PDF)

Online Lectures/Presentations – ACCT 1410 Course Lecture Notes (PowerPoint)

ACCT 1410 Course Week 4 Assignment (20 Questions)

This is an assignment for a college ACCT 1410 Course. The professor provides us with 20 questions, and we are responsible for providing the answers to each question.

ACCT 1410 Course Week 4 Assignment Question (20 Questions)

ACCT 1410 Course Week 4 Assignment Question (20 Questions) for ACCT 1410 Course – Introduction to Accounting 1. In the context of financial statements, which of the following items would be classified as an operating activity? a. The sale of a factory building. b. Depreciation expense. c. Cash received from the sale of investments. d. The purchase of office equipment on credit 2. In the context of accrual accounting, revenues are recognized a. When earned and realized or realizable b. When earned and realized c. When earned d. When realized or realizable 3. Which statement about management’s use of accounting information is true? a. It is used only in making financial decisions b. It is used only in making operating decisions c. It is used equally in making financial and operating decisions d. Its use in making financial decisions has diminished over time 4 Which company would have the higher current ratio? a Co with total current assets $1,000,000, total current liabilities $500,000 b Co with total current assets $2,000,000, total current liabilities $1,500,000 5 Which company would have the higher quick ratio? a Co with cash $100,000 accounts receivable $200,000 inventory $300,000 accounts payable $400,000 b Co with cash $300,000 accounts receivable $200,000 inventory

ACCT 1410 Course Week 4 Discussion 1 (20 Questions)

at North Carolina State University (NC State)

ACC 561 Week 3 LTA Costing Methods Paper

PSY 325 Week 3 Individual Assignment Week Three Problems

(Opens in a new window)

ACCT 1410 Course Week 4 DQ 1 (20 Questions)

at Liberty University (LU).

1. Explain the primary methods for computing income under accrual basis accounting.

2. How does the timing of revenue recognition impact the reported amount of income?

3. How might a company manage its reported income through the use of accrual basis accounting?

4. What are some of the benefits and drawbacks to using accrual basis accounting?

5. What are some of the common adjustments made to financial statements prepared using accrual basis accounting?

6. How do these adjustments impact the reported amount of income?

7. How might a company manage its reported income through the use of accrual basis accounting?

8. What are some of the benefits and drawbacks to using accrual basis accounting?

9. What are some of the common adjustments made to financial statements prepared using accrual basis accounting?

ACCT 1410 Course Week 4 Discussion 2 (20 Questions)

at Rio Salado College

What is the time period assumption? How does this assumption affect the way we report financial information? What is accrual accounting? How does accrual accounting differ from cash-basis accounting? What are the three basic elements of an accrual system? Define each of the following terms: 1. Accounts receivable 2. Accounts payable 3. Accrued revenues 4. Accrued expenses 5. Depreciation 6. Unearned revenues 7. Prepaid expenses Explain why businesses would choose to use accrual accounting instead of cash-basis accounting.

ACCT 1410 Course Week 4 DQ 2 (20 Questions)

at University of Maryland University College (UMUC)

1. How is the accrual basis of accounting different from the cash basis of accounting? 2. What are some examples of items that would be recorded on an accrual basis, but not on a cash basis? 3. Explain the concept of matching. Why is it important? 4. How does the accrual basis of accounting affect the financial statements? 5. How does the cash basis of accounting affect the financial statements? 6. Which basis of accounting do you think is more useful to managers? Why? 7. Which basis of accounting do you think is more useful to investors and creditors? Why? 8. How does the accrual basis of accounting impact income taxes? 9. How does the cash basis of accounting impact income taxes? 10. Do you think one method is generally preferable to the other? Why or why not? 11. Define revenue recognition and explain its importance. 12. What are some common problems associated with revenue recognition? 13. Explain why it is important to recognize expenses in the same period as the related revenues. 14. Define matching and explain its importance in accrual accounting. 15. Describe how accruals and deferrals are used in accrual accounting. 16. Explain how prepayments and accruals can be used to manage income taxes 17. What are some common problems associated with expense recognition? 18. How can management use accruals and deferrals to manage earnings? 19

ACCT 1410 Course Week 4 Quiz (20 Questions)

1. The income statement summarizes the revenue, expenses, and profit or loss for a period of time.
2. The _________ is a record of all the financial transactions that involve a company’s cash receipts and cash payments during an accounting period.
3. Which of the following items would be included in Cost of Goods Sold on a merchandising company’s income statement?
4. Which of the following items would be included in Selling, General, and Administrative Expenses on a merchandising company’s income statement?
5. Which of the following items would be included in Inventory on a merchandising company’s balance sheet?
6. Which of the following items would be included in Accounts Receivable on a merchandising company’s balance sheet?
7. Accounts receivable are reported on the balance sheet at their ___________ amount.
8. The Allowance for Bad Debts account is used to estimate the amount of uncollectible accounts receivable at the end of an accounting period.
9. A company uses the perpetual inventory system. During June, it purchased merchandise on account from suppliers for $14,000, returned $400 of this merchandise for credit, and paid $12,000 in cash for the remainder. What is the cost of goods available for sale for June?
10. A company uses the periodic inventory system and its ending inventory consists of 200 units that cost $5 each. If the beginning inventory consisted of 400 units that cost $4 each, what was the cost of goods sold during the period?
11. If merchandise costing $2,200 is sold for cash at a price of $3,000, then ____________ was realized on the sale.
12. Assume that all sales are on account and that all purchases are for cash unless otherwise indicated. Presented below is selected information from Juanita Company’s records for December:

During December, Juanita Company sold merchandise on account to customers with terms 2/10, n/30 totalling $12,000 with cost of goods sold equal to $8,000. What was Juanita Company’s gross profit ratio (round to one decimal place)?
13. Assume that all sales are on account and that all purchases are for cash unless otherwise indicated. Presented below is selected information from Juanita Company’s records for December:

During December, Juanita Company sold merchandise on account to customers with terms 2/10, n/30 totalling $12,000 with cost of goods sold equal to $8,000. What was Juanita Company’s gross margin (round to one decimal place)?
14. If current assets exceed current liabilities by $15,000 and total assets equal $85,000, then total liabilities must equal ____________ .
15. In preparing a classified balance sheet, current assets would normally be listed in ____________ order with ____________ assets listed first within each category .
16. Stockholders’ equity represents ____________ .
17. On January 1, 2016, Romero Corporation had 200 shares of common stock outstanding selling at par value per share of $100 each. During 2016 net income was $36,000 and dividends declared were $20,000 per year in even amounts at the end of each quarter (March 31st , June 30th , September 30th , and December 31st ). On January 1st , 2017 there were 250 shares outstanding selling at par value per share of $100 each (due to a 3-for-2 stock split). Compute Romero Corporation’s earnings per share (EPS) for 2016 & 2017 using basic EPS (round to two decimal places).

18. Which one of the following statements is true regarding internal users?
19. Generally accepted accounting principles are guidelines that establish acceptable practices in financial reporting by business enterprises so as to provide decision makers with useful information about economic events affecting businesses .
20. Comparability means that similar types of companies should report their financial information using similar accounting methods .

ACCT 1410 Course Week 4 MCQ’s (20 Multiple Choice Questions)

– University of Houston

1. The purpose of accounting is to report on an organization’s financial position, performance, and cash flows. This information is used by __________ to make economic decisions.

A) creditors

B) employees

C) owners

D) government regulators

2. __________ refers to the use of accounting information for decision making within an organization.

A) Financial accounting

B) Managerial accounting

C) Tax accounting

D) Auditing

3. Financial statements show a company’s financial position at a specific point in time and its financial performance over a period of time. Which of the following is NOT one of the four primary financial statements?

A) Statement of cash flows

B) Balance sheet

C) Income statement

D) Statement of stockholders’ equity

4. The balance sheet equation is: __________.

A) Assets = Liabilities + Equity + Revenue – Expenses + Gains – Losses + Investments – Withdrawals + Depreciation + Amortization – Interest Expense + Taxes Payable + Dividends Payable + Accounts Receivable + Inventory – Prepaid Expenses – Unearned Revenue + Property, Plant, & Equipment – Accumulated Depreciation – Patents & Trademarks – Goodwill – Investments in Debt & Equity Securities – Liabilities for Pensions, Postretirement Benefits, & Other Employee Benefits – Deferred Taxes & Investment Tax Credits – Deferred Charges & Other Assets – Intangible Assets Other Than Goodwill – Investments in Affiliates & Joint Ventures – Liabilities for Contingencies & Commitments – Minority Interests in Consolidated Subsidiaries – Temporary Equity (If Applicable), Such As Treasury Stock or Accumulated Comprehensive Income (Loss), Net Of Taxes (Or Equity Attributable To Noncontrolling Interests In Consolidated Subsidiaries). A More Common Version Of This Equation Is: Assets = Liabilities + Equity. However, This Is Not Precise Because It Ignores The Effect Of Gains And Losses That Have Not Yet Been Recognized In The Income Statement. For Example, If A Company Has Sold Merchandise On Credit But Has Not Yet Received Payment From The Customer, Accounts Receivable Will Be Reported As An Asset, But The Revenue From The Sale Will Not Be Reported Until Payment Is Received. Therefore, The Equation Should Be Stated As: Assets = Liabilities + Equity + (Revenue – Expenses). This Equation Is Also Called The Accounting Equation Or Balance Sheet Equation. It Is Important To Note That This Equation Must Always Balance; That Is, The Left Side Must Equal The Right Side. Any Time An Asset Or Liability Increases (Or A Revenue Or Expense Decreases), Some Other Element On Either The Asset Or Liability Side Of The Equation Must Change By An Equal Amount To Keep The Two Sides In Balance. For Example, If A Company Borrows $10,000 Cash By Signing A Note Payable, Both Total Assets And Total Liabilities Increase By $10,000 Because Cash (An Asset) Increases By $10,000 And Notes Payable (A Liability) Increases By $10,000. Therefore, Total Assets Must Equal Total Liabilities After Any Transaction Takes Place. You Will Learn More About How Transactions Affect The Accounting Equation In Future Chapters.) B) Assets = Liabilities C) Equity = Revenues D) Cash Flows = Net Income

5. Which of the following statements about liabilities is NOT true?

A) All liabilities are classified as either current or long-term on the balance sheet. B) A current liability is one that will be paid within one year or within the operating cycle if it is longer than one year. C) A long-term liability is one that will not be paid within one year or within the operating cycle if it is longer than one year. D) All liabilities involve present obligations of the company incurred through past transactions or events and result in future outflows of assets or services to settle the obligation. E) Some common types of current liabilities include accounts payable, accrued expenses payable, short-term notes payable, and taxes payable.)

6. Which type of financial statement reports a company’s revenues and expenses for a specific period of time and its resulting net income or net loss?
7. __________ refers to the rights and claims that owners have to a company’s assets after all liabilities have been paid.) 8. Which type of financial statement reports a company’s financial position at a specific point in time? 9. Which type of financial statement shows how much cash a company received and used during a specific period of time? 10. __________ refers to an economic resource that provides future benefits to its owner.) 11. Which type of account reports increases in owner’s equity? 12. __________ is an increase in owner’s equity that results from investing cash or other assets into a business.) 13. Owner’s equity can be divided into two categories: __________ and __________.) 14. Which type of account reports decreases in owner’s equity? 15.. __________ refers to an economic resource that an entity currently controls as a result of past transactions or events from which future economic benefits may be obtained.) 16.. __________ are all events and circumstances that could potentially influence the ability of an entity to achieve its objectives.) 17.. An example of an internal stakeholder would be: 18.. An example of an external stakeholder would be: 19.. Generally accepted accounting principles (GAAP): 20.. Financial Accounting Standards Board (FASB):

ACCT 1410 Course Week 5 Description

ACCT 1410 Course Description: ACCT 1410 Course is an introduction to financial accounting, with a focus on understanding and interpreting accounting information. Topics include the recording, summarization, and presentation of financial information, as well as the use of accounting information in business decision-making. The ACCT 1410 Course also emphasizes the role of professional judgment in accounting and how ethical considerations affect accounting decisions. Prerequisites: MATH 1314 or equivalent

ACCT 1410 Course Week 5 Outline

Week 5 Outline: -Partnership -Chapter 19 -Sole Proprietorship vs Partnership -Advantages and Disadvantages of Partnerships -Liquidation of Partnerships ACCT 1410 Course

ACCT 1410 Course Week 5 Objectives

Introduction to Accounting (ACCT 1410 Course ) This ACCT 1410 Course will introduce students to the basic concepts of accounting as a decision-making tool. The ACCT 1410 Course will focus on the use of accounting information in financial and managerial planning and control. Students will be expected to analyze and interpret financial statements for purposes of making sound business decisions. The ACCT 1410 Course will cover the accounting cycle, accrual basis accounting, and the preparation of financial statements. In addition, students will learn about the impact of transactions on financial statements and how to use accounting information for planning and control purposes. The ACCT 1410 Course will also introduce students to topics such as internal controls, cash flow, inventory valuation, receivables management, and liabilities.

ACCT 1410 Course Week 5 Pre-requisites

None

ACCT 1410 Course Week 5 Duration

This ACCT 1410 Course is 2 weeks long.

ACCT 1410 Course Week 5 Learning Outcomes

In this ACCT 1410 Course, students will be able to: 1. Understand the use of accounting information for decision-making 2. Understand and prepare financial statements 3. Understand and apply the accrual basis of accounting 4. Understand and apply time value of money concepts 5. Understand and apply managerial accounting concepts 6. Understand and apply cost accounting concepts 7. Understand ethics and its impact on the accounting profession 8. Understand and apply technology in the accounting profession

ACCT 1410 Course Week 5 Assessment & Grading

B. You will have one assignment each week that is due at the end of that week by Sunday night (unless specified otherwise). The assignments are listed below and on the syllabus. Assignments must be submitted via Turnitin by 11:59 pm Sunday night. If you submit your assignment after the due date, you will receive a zero on that assignment.

C. Please make sure to keep an electronic copy of all of your assignments in case you need to submit a regrade request for any reason. If you have difficulty accessing Turnitin, please contact me immediately so we can work on a solution for you. For students who are not able to access Turnitin, I will also accept paper copies of all assignments before the deadline as long as they are turned in on time with no spelling or grammatical errors and are neat and organized in proper format (including cover page with name, class section number, and date). All cover pages should include your name, class section number and date at the top of each page. Be sure to sign the honor code statement on each assignment cover sheet prior to turning in your work!

D. Assignments submitted late will receive a grade of 0; however, if a student has an emergency or extenuating circumstance, he/she may request an extension from me 24 hours prior to the due date. If I approve the request, then an extension will be granted for 24 hours only; there is no guarantee that additional extensions will be approved once one has already been granted for an individual assignment. If extensions are not approved in advance, then points will not be deducted from late assignments but late assignments will still receive a grade of 0 unless I specifically state otherwise during class when we discuss important deadlines such as those related to our group project which is explained in more detail below! Extensions due to emergency or extenuating circumstances must be requested within 24 hours after you realize there is an issue or concern preventing you from completing your work on time for full credit; requests submitted after this time period will automatically be denied unless prior approval was given by me (e.g., if you know ahead of time that you are going to have surgery or other medical treatment during a particular week). If necessary, written documentation supporting your claim may also be required (e.g., doctor’s note) so please keep this in mind if requesting an extension due to emergencies/extenuating circumstances as well as make sure all documentation is received by me as soon as possible after submission of a request so I can consider it and respond appropriately! Assignments submitted past midnight Sunday night without approval from me ahead of time (i.e., 24 hours before midnight Sunday night) for emergency/extenuating circumstances/problems outside your control (e.g., illness) do not qualify for exceptions under any circumstances so please plan accordingly! You can read more about extenuating circumstances here: https://www1.udayton.edu/admissions/visitdayton/financialaid/_files/Extenuating%20Circumstances%20Policy%20for%20Financial%20Aid%20(July%202012).pdf

E. In addition to regular assignments submitted each week via Turnitin, students will be expected to participate in weekly online discussions over what we have learned during class through Blackboard Learn each week throughout the semester except during exam weeks when no discussions are required although there may still be assignments which need completed such as our group project outlined below! Online discussions occur over Blackboard Learn throughout the semester and students can access these discussions via the “Discussions” link located near the top left side of their screen when they log into Blackboard Learn which can be found here: https://learnonline8l1dev-usao3vwa2rkxw4z4bz2y5qjcm6fve7m7a5p7fa2s4x3m5bzjektdfzr6xo6d3pi3vna-fhdnbfvffi54ev0xboh5lh7la3tddesfdh8c9d26ba73dcb6-usaoedu-myACCT 1410 Coursesitecom-lms-saml2-idp-singlelogoutservice?_ga=2.262355313.-1593010175… Students should check their e mail daily for messages regarding any discussion posts that need completed including deadlines associated with these discussions for full credit!

F. Each student should participate actively at least two times per week during online discussions during both weeks 1 through 3 AND 4 through 7 (a total of eight active discussion posts required throughout all seven weeks) according to posted deadlines shown below plus post replies at least once per day daily except Sundays throughout all seven weeks except exam weeks when no participation is required although there may still be assignments which need completed such as our group project outlined below! You can participate twice per week using either method A or method B described below; however, if you wish to participate three times per week then you must use both methods A & B each week except exam weeks when no participation is required although there may still be assignments which need completed such as our group project outlined below! Students who only participate using method A alone or B alone throughout all seven weeks except exam weeks when no participation is required although there may still be assignments which need completed such as our group project outlined below will only receive half credit (25 points) instead of full credit (50 points)! Participation using either method A alone or B alone means students can choose either option A below OR option B below but cannot choose both methods A & B together because this option provides full credit whereas choosing either method A alone OR B alone provides half credit instead of full credit unless at least two times per week participants complete both methods A & B together including posting replies at least once per day daily except Sundays throughout all seven weeks except exam weeks when no participation is required although there may still be assignments which need completed such as our group project outlined below! All discussion posts must demonstrate critical thinking ability about what we have learned through readings and lectures including questioning material presented rather than just repeating what was said verbatim without thoughtful analysis and interpretation! Students who do not participate regularly or often enough according to specified deadlines listed directly above and described further directly below including posting replies at least once per day daily except Sundays throughout all seven weeks except exam weeks when no participation is required although there may still be assignments which need completed such as our group project outlined below even though every attempt was made by me during face-to-face classes held early fall semester 2020 over Zoom meetings with WebEx technology PLUS through additional e mails sent out periodically throughout fall semester 2020 via WebAdvisor about weekly online discussion requirements listed directly above WILL NOT BE ALLOWED TO PARTICIPATE IN OUR GROUP PROJECT OUTLINED BELOW WHICH IS WORTH 150 TOTAL POINTS DURING FALL SEMESTER 2020 AND WILL RECEIVE NO CREDIT FOR THIS GROUP PROJECT AS WELL AS NO CREDIT FOR WEEKLY ONLINE DISCUSSIONS WHICH MEANS ZERO POINTS WILL BE AWARDED FOR THESE REQUIREMENTS IN THIS ACCT 1410 Course DURING FALL SEMESTER 2020 IF YOU ARE MISSING EVEN ONE WEEK OF PARTICIPATION OR ONE ASSIGNMENT ASSOCIATED WITH OUR GROUP PROJECT OUTLINED BELOW!! Please pay close attention here since this includes ALL students regardless whether struggling academically or doing well academically including those receiving As plus those receiving Cs plus those receiving Fs etc etc etc because I believe everyone deserves equal opportunity thus my decision stands firm!! It should also go without saying that students who fail this ACCT 1410 Course based on final ACCT 1410 Course average calculations would clearly not meet minimum passing grade requirements set forth by usao edu themselves therefore my decision stands firm!! In short, making sure students complete weekly online discussions according to deadlines listed directly above including posting replies at least once per day daily except Sundays PLUS completing assigned tasks related to completion of our group project according to specific deadlines listed directly above remains extremely important throughout fall semester 2020 therefore my decision stands firm!! If anyone has questions about specific details concerning these weekly online discussion requirements plus specific details related to completion requirements associated with our group project outlined further in section G directly below then please feel free contact me directly anytime between 8 am & 5 pm Monday Friday via telephone call text message video chat e mail etc etc etc but please do not wait until last minute before deadline since I prefer talking with students well ahead of time whenever possible about ACCT 1410 Coursework related issues so we can get everything resolved quickly together rather than waiting until last minute right before deadline since this creates unnecessary stress plus causes avoidable problems sometimes too!!! Therefore again my decision stands firm!! However please also remember that decisions made about how grades are calculated remain entirely up myself alone without exception while making every effort being made possible always try help everyone achieve success possible within reasonable limitations though sometimes limits being reached occasionally impossible help everyone 100 percent possible sometimes having take difficult actions mentioned earlier order maintain fairness towards everyone else taking same ACCT 1410 Course towards maintaining same standards equally everywhere else taking same ACCT 1410 Course too even though difficult choices might cause some disappointments occasionally times unfortunately beyond anyone else’s control so please keep these things mind whenever talking seeing ask teacher advice suggestions recommendations tips hints feedback comments concerns worries questions inquiries ideas suggestions concerns worries recommendations tips hints etc etc pertaining ACCT 1410 Coursework matters !!! Thank You !!! = )

Method A – Discussing substantive issues relevant material discussed through readings lectures examples problems exercises word processing spreadsheet journal entries transactions simulations projects tests quizzes reviews exams paper presentations case studies essay writing reports term papers research papers case analyses internet research videotapes movies documentaries netflix films news articles websites videos blogs video clips newspaper articles websites illustrations diagrams charts tables graphs maps infographics timelines concept maps topic summaries topic outlines review sheets study guides study sheets worksheets problem sets practice quizzes flashcards index cards crossword puzzles word scrambles memory games board games card games dice games computer games mobile apps video games internet research word processing software spreadsheets financial analysis tools valuation models statistical analysis software computer simulations accounting software database management systems data mining systems data visualization tools data visualizations knowledge discovery systems knowledge management systems automated reasoning systems machine learning systems natural language processing systems predictive modeling data analytics artificial intelligence deep learning neural networks cognitive computing supercomputers quantum computers virtualization cloud computing big data databases NoSQL databases text analytics document management systems enterprise resource planning enterprise content management business process management knowledge management system customer relationship management human resource management supply chain management vendor relationship management marketing information systems market share market research competitive intelligence marketing mix analysis sales force automation demand planning retail point sale market basket analysis benefit segmentation needs assessment positioning perceptual mapping advertising message strategies promotion strategies public relations strategies channel strategies physical distribution demand forecasting new product development pricing strategies market entry strategies market penetration strategies market development strategies product development strategies product life cycle strategic planning operational planning capital budgeting portfolio analysis ratio analysis breakeven analysis sales volume variance activity ratios inventory turnover ratio receivables turnover ratio fixed assets turnover ratio current ratio working capital cash conversion cycle gross margin return inventory asset operating cash flow ratio return equity price earnings ratio dividend payout ratio cash flow index dividend yield price earnings growth rate market value added economic value added balanced scorecard activity based costing transfer pricing standard costing marginal costing variable costing job order costing process costing accounting equation accruals adjustable entries accruals accounts payable accounts receivable accruals adjusting entries annuity balance sheet bonds closing entries bookkeeping bonds calculating depreciation calculating present value comprehensive income concept investment property construction contracts intangible assets investments interest accruals investments intangible assets journalizing sales journalizing purchases liabilities loans mortgage noting interest notes payable periodic inventory system perpetuity personal income tax double taxation personal taxes perpetual inventory position present value preferred stock property dividends purchases revenue revenue recognition retained earnings stock common stock dividends t accounts transfer taxes vendor vouchers valuation vs transaction value working capital current assets current liabilities double taxation earned income exclusion earned income tax credits effective tax rates filing head household filing joint filing single filing status foreign source income gross income gross receipts taxes marginal tax rates net taxable income non taxable income passive activity losses passive activity recapture tax basis tax brackets tax credits tax deduction

ACCT 1410 Course Week 5 Suggested Resources/Books

“Financial Accounting: An Integrated Approach, 7th Edition by Wild, Shaw and Chiappetta”

ACCT 1410 Course Week 5 Assignment (20 Questions)

ACCT 1410 Course: ACCT 1410 Course – Introduction to Accounting

Question 1

1.1. Which of the following would not be a possible reason for a company to issue new equity?

a. To finance a merger or acquisition.

b. To repurchase stock from existing shareholders.

c. To finance construction of a new factory.

d. To finance research and development expenditures.

Question 2

ACCT 1410 Course Week 5 Assignment Question (20 Questions)

20 Questions | ACCT 1410 Coursework | 10 pages (2700 words)

Bids: 14 14 bids submitted

ACCT 1410 Course Week 5 Assignment Question (20 Questions) for ACCT 1410 Course – Introduction to Accounting (ACCT 1410 Course )

Details: 20 Questions | ACCT 1410 Coursework | 10 pages (2700 words)

ACCT 1410 Course Week 5 Discussion 1 (20 Questions)

at Columbia Southern University (CSU)

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ACCT 1410 Course Week 5 DQ 1 (20 Questions)

What should you do if you are not sure what kind of business to start? 1. Consider your skills, interests, and background. What are you good at? What do you enjoy doing? What did you study in school? 2. Consider the needs of your community or target market. What products or services are in demand? Are there any gaps in the market that you could fill? 3. Do your research. Talk to other entrepreneurs, read books and articles, attend seminars and workshops, and…

ACCT 1410 Course Week 5 Discussion 2 (20 Questions)

“Inventory and Cost of Goods Sold” Please respond to the following: • Go to the website for Nordstrom, located at http://shop.nordstrom.com/. Select a pair of jeans. Using the information on Nordstrom’s website, calculate the cost of goods sold for this item. Use your calculation to answer the following questions: o What would happen if Nordstrom could not sell its inventory? o How would your…

ACCT 1410 Course Week 5 DQ 2 (20 Questions)

What was the amount of income taxes paid by Christensen Company for 2007?a. $56,000b. $60,000c. $64,000d. $70,0002. Christensen Company has a tax rate of 34% and reported net income of $100,000 for 2007. What was the company’s taxable income?a. $100,000b. $66,000c. $34,000d. $0e3. A corporation’s taxable income is determined by subtracting from gross income:a. Dividends received but not taxedb. Taxes paid on interest incomec. All expenses incurred in earning revenue that are not capitalizedd. Amortization4 Christensen Company had current assets of $150,000 at the beginning of 2007 and its current liabilities were $60,000 at that time. The company incurred an operating loss during 2007 and its current assets totaled only $80,000 at the end of 2007 because it had to use cash to pay current expenses and debt service charges during the year and did not receive any cash from long-term financing or equity issues during the year . Which of the following statements is true?a The company’s current ratio improved during 2007 b The company’s working capital increased during 2007c The company’s acid test ratio improved during 2007d None of these statements is true5 If a corporation pays dividends in cash that exceed its earnings available for common stockholders for the period (i e if there are negative retained earnings), what happens to the amount of dividend payments reported in subsequent periods when there are again positive retained earnings ?a Nothing; negative retained earnings do not affect dividend payments for any future periodsb Dividend payments must be reduced until such time as positive retained earnings have been restored c Any future dividend payments will include amounts equal to all previous periods when there were negative retained earnings d None of these answers is correct6 A corporation has authorized 20 000 shares of common stock outstanding What will happen if 1 500 shares are reacquired from shareholders for investment purposes?a The number of shares outstanding increases by 1 500 b The number of shares outstanding decreases by 1 500 c There is no effect on the number…

ACCT 1410 Course Week 5 Quiz (20 Questions)

1. Which of the following statements about firms is true? I. Firms are economic units that produce goods and services and engage in transactions involving money or other consideration. II. All firms are organized as corporations, although some are small, privately owned businesses. III. The primary goal of most firms is to earn a profit for the owners, although not-for-profit organizations also exist. IV. Firms exist in both the service and manufacturing sectors of the economy. A) II and IV only B) I, II, and III only C) I, III, and IV only D) I, II, III, and IV 2. Which of the following items would be included on a firm’s balance sheet? I. Accounts receivable II. Common stock III. Inventory A) I only B) II only C) III only D) I and II only 3. Which of the following items would be included on a firm’s income statement? I. Accounts payable II….

ACCT 1410 Course Week 5 MCQ’s (20 Multiple Choice Questions)

1. Which of the following statements about inventory is not true?
2. Which of the following is not a step in the accounting cycle?
3. A trial balance is used to:
4. The statement of cash flows reports:
5. Net income for a merchandising company includes:
6. Sales discounts are reported as:
7. The periodic inventory system:
8. An advantage of the perpetual inventory system is that it:
9. A disadvantage of the periodic inventory system is that it:
10. The ending inventory under the periodic inventory system is determined by a(n):
11. The cost of goods sold under the perpetual inventory system is determined by a(n):
12. LIFO, FIFO, and weighted average are methods used to:
13. If a company uses the LIFO method of inventory valuation and prices are rising, then its:
14. In computing the cost of goods available for sale, beginning inventory is increased by:
15. Cost of goods sold for a merchandising company is computed by:
16. The lower-of-cost-or-market rule states that inventories should be reported at:
17. When estimating the value of ending inventory using the gross profit method, one assumes that:
18. In applying the retail inventory method, markups are based on:
19. The retail inventory method can be applied only when inventories are valued at the:
20. A physical count of merchandise on hand at the end of an accounting period is necessary under which one of the following methods?

ACCT 1410 Course Week 6 Description

Chapter 20 – Accounting for Pensions and Postretirement Benefits Other Than Pensions

The financial statements required by GAAP reflect the long-term nature of pension and other postretirement benefits. The purpose of this chapter is to learn about accounting for pensions and other postretirement benefits.

This chapter covers the following topics: (1) pension plans, (2) pension cost, (3) defined benefit pension plans, (4) defined contribution pension plans, (5) other postretirement benefits.

Pension Plans: A pension plan is a long-term employee benefit that provides periodic payments to employees after they retire from an employer. A pension plan may be either a defined benefit plan or a defined contribution plan. The most common type of pension plan in the United States is the defined benefit plan. In a defined benefit plan, the employer agrees to pay retirees a certain amount of money each month after they retire. The amount of the monthly payment is based on factors such as the employee’s years of service and salary. In a defined contribution plan, the employer agrees to make contributions to an account that will be used to pay retirees after they retire. The amount of the monthly payment that an employee will receive after retirement depends on how much has been contributed to the account and how well the investments in the account have performed.

Pension Cost: The cost of a pension plan is the present value of all future payments that will be made under the plan. The present value of a stream of future payments can be calculated using a discount rate that reflects the expected rate of return on investments made by the pension fund. The cost of a pension plan is recognized as an expense on an employer’s financial statements over the ACCT 1410 Course of an employee’s career. For example, if an employee is expected to work for 20 years and receive $1,000 per month after retiring, the present value of those payments would be $240,000. This amount would be recognized as an expense on the employer’s financial statements over the 20-year period.

Defined Benefit Pension Plans: A defined benefit pension plan is a type of pension plan in which an employer agrees to pay retirees a certain amount of money each month after they retire. The amount of the monthly payment is based on factors such as the employee’s years of service and salary. Defined benefit pension plans are often referred to as traditional pension plans. The cost of a defined benefit pension plan is recognized as an expense on an employer’s financial statements over the ACCT 1410 Course of an employee’s career. For example, if an employee is expected to work for 20 years and receive $1,000 per month after retiring, the present value of those payments would be $240,000. This amount would be recognized as an expense on the employer’s financial statements over the 20-year period.

Defined Contribution Pension Plans: A defined contribution pension plan is a type of pension plan in which an employer agrees to make contributions to an account that will be used to pay retirees after they retire. The amount of the monthly payment that an employee will receive after retirement depends on how much has been contributed to the account and how well the investments in the account have performed. Defined contribution pension plans are often referred to as 401(k) plans or 403(b) plans. The cost of a defined contribution pension plan is recognized as an expense on an employer’s financial statements when contributions are made to the plan. For example, if an employer contributes $1,000 per year to a 401(k) plan for each employee, the total expense would be $1,000 per year. This expense would be recognized on the employer’s financial statements in the year when contributions are made.

Other Postretirement Benefits: Other postretirement benefits are benefits that are provided to employees after they retire from an employer. These benefits can include health insurance, life insurance, and disability insurance. Other postretirement benefits are often referred to as OPEB plans. The cost of other postretirement benefits is recognized as an expense on an employer’s financial statements when benefits are paid out to employees or when contributions are made to funding arrangements such as trust funds or insurance contracts

ACCT 1410 Course Week 6 Outline

This week we will be finishing our final exam for the ACCT 1410 Course. We will cover how to account for inventory using the periodic system, how to value inventories using both the FIFO and LIFO methods, and how to use the lower of cost or market rule when necessary. We will also discuss how companies account for bad debts using both the direct write-off method and the allowance method. Finally, we will finish up with a discussion of bonds and bond valuation.

ACCT 1410 Course Week 6 Objectives

– Financial Accounting Principles

ACCT 1410 Course ACCT 1410 Course Week 6 Objectives for ACCT 1410 Course – Introduction to Accounting (ACCT 1410 Course ) – Financial Accounting Principles 1. Understand the purpose of accounting in business, including the types of information it produces 2. Understand and use the basic financial statements for a sole proprietorship, partnership, and corporation 3. Understand and apply principles of internal control 4. Understand and apply depreciation methods 5. Understand current liabilities and payroll accounting 6. Understand investments 7. Understand plant assets and intangible assets 8. Understand current liabilities 9. Understand long-term liabilities 10. Understand stockholders’ equity 11. Prepare a statement of cash flows 12. Prepare end-of-period adjusting entries 13. Prepare an end-of-period work sheet 14. Prepare financial statements from an end-of-period work sheet 15. Explain how accounting information is used in management decision making 16. Use ratios to analyze a company’s financial statements 17. Recognize unethical practices in accounting 18. Explain the impact of Sarbanes-Oxley Act on public companies

ACCT 1410 Course Week 6 Pre-requisites

are: Pre-requisites for ACCT 1410 Course – Introduction to Accounting (ACCT 1410 Course ) are: ACCT 1410 Course

Week 6

Pre-requisites for ACCT 1410 Course – Introduction to Accounting (ACCT 1410 Course ) are:

1. College level reading proficiency

2. College level mathematics proficiency

ACCT 1410 Course Week 6 Duration

The ACCT 1410 Course is four weeks long, with each week consisting of six days (Monday through Saturday).

ACCT 1410 Course Week 6 Learning Outcomes

Week 6 Learning Outcomes for ACCT 1410 Course – Introduction to Accounting (ACCT 1410 Course )

By the end of this week, students will be able to:

• Understand and explain how to prepare payroll records and payroll tax returns.

• Understand and apply the concepts of accrual accounting.

• Understand and apply the concepts of double-entry bookkeeping.

ACCT 1410 Course Week 6 Assessment & Grading

Assessment and Grading for ACCT 1410 Course – Introduction to Accounting

Assessment and Grading:

There will be four (4) examinations given during the ACCT 1410 Course of the semester. Each examination will cover material from the lecture and reading assignments assigned since the previous examination. The first examination will be given during the second week of classes, the second examination during the fourth week of classes, the third examination during the sixth week of classes, and the fourth examination will be given during finals week. In addition, there will be several short quizzes administered in class throughout the semester.

The examinations will consist of multiple-choice and true/false questions. The quizzes will also consist of multiple-choice and true/false questions. Some of the questions on each examination may require a brief written answer.

The examinations and quizzes are closed book and closed notes. No calculators, cellular phones, or other electronic devices will be allowed during examinations or quizzes.

A student’s grade in this ACCT 1410 Course will be computed as follows:

Examinations (4 @ 100 points each) ………………………………………. 400 points
Quizzes (various @ 10 points each) …………………………………………. 150 points
Final Examination (comprehensive)…………………………………………… 150 points

Total = 700 points

The following grading scale will be used:

A = 90% – 100%
B = 80% – 89%
C = 70% – 79%
D = 60% – 69%
F = below 60%

ACCT 1410 Course Week 6 Suggested Resources/Books

• Accounting: Tools for Business Decision Making, 6th Edition

• Financial Accounting: An Integrated Approach, 6th Edition

ACCT 1410 Course Week 6 Assignment (20 Questions)

Question 1. (4 points)

For each transaction described below, indicate whether it would be classified as a financing activity, an investing activity, or an operating activity on the statement of cash flows. Assume that all transactions are cash transactions.

1. Purchased inventory for cash.

2. Paid accounts payable from the current period.

3. Paid cash dividends to shareholders.

4. Paid income taxes for the current period.

5. Received cash from customers on account.

6. Received cash from issuing common stock to investors.

ACCT 1410 Course Week 6 Assignment Question (20 Questions)

1. How does the use of accounting information help in decision making? 2. What is the basic equation of accounting? 3. Explain the meaning of “double entry” in bookkeeping. 4. Which financial statement reports a company’s assets, liabilities, and stockholders’ equity at a specific point in time? 5. Which financial statement reports a company’s revenues and expenses for a specific period of time? 6. What are the three categories of cash flows? 7. What are the two methods used in accounting for inventory? 8. How does a company account for depreciation expense? 9. How does a company account for bad debts expense? 10. Why is accrual basis accounting preferred over cash basis accounting? 11. How does the matching principle affect the determination of revenue and expenses? 12. Define “operating activities” as they relate to cash flows from operating activities. 13. Define “investing activities” as they relate to cash flows from investing activities. 14. Define “financing activities” as they relate to cash flows from financing activities 15. How do companies account for long-term investments on the balance sheet? 16. How do companies account for plant assets on the balance sheet? 17. How does straight-line depreciation differ from accelerated depreciation methods? 18. What is an intangible asset? 19. How do companies amortize intangible assets on the income statement 20

ACCT 1410 Course Week 6 Discussion 1 (20 Questions)

1. (TCO 8) The cost of inventory on hand at December 31, 2010 is equal to the:

(Points : 5)

historical cost.

lower of the market or historical cost.

replacement cost, but only if it is below the historical cost.

replacement cost, regardless of whether it is below the historical cost.

ACCT 1410 Course Week 6 DQ 1 (20 Questions)

What do you think are the three most important skills that accounting graduates need to be successful in the workplace? Explain your answer. How can you develop these skills while you are in college? What examples can you give of how you have developed one or more of these skills? What challenges do you face in developing these skills? How can your professor and classmates help you develop these skills? How important are ethical values to success in accounting? What examples can you give of an ethical dilemma that an accountant might face? How would you resolve this dilemma? What are some red flags that might indicate unethical behavior by an accountant?

ACCT 1410 Course Week 6 Discussion 2 (20 Questions)

at University of Houston (UH)

What is the advantage of a sole proprietorship? What is the disadvantage of a sole proprietorship? A sole proprietorship is the simplest and most common structure chosen to start a business. It is an unincorporated business owned and operated by an individual with no distinction between the business and you, the owner. You are entitled to all profits and are responsible for all your business’s debts, losses and liabilities. A sole proprietorship can be set up quickly and cheaply, requires little paperwork, and has few government regulations to comply with. Starting a sole proprietorship generally involves just registering your business name and obtaining any required local licenses or permits. The main disadvantages of a sole proprietorship are: Unlimited liability: Your business debts become your personal debts and you are personally liable for them. This means that if your business cannot pay its debts, creditors can go after your personal assets, such as your home or savings account. Therefore, you are risking more than just your business assets if you choose a sole proprietor- ship. Difficulty in raising capital: Because sole proprietorships are relatively small in scale, they may have difficulty raising money from outside sources, such as banks or investors. If you need substantial financing to get started or expand your business, a sole proprietor- ship will probably not be the best choice. Lack of continued existence: If you decide to sell or retire from your business, the ownership also changes hands. A buyer would have to purchase not only your products or services but also your good will in order to continue operating under your business name. Family businesses sometimes use the sole proprietor- ship form when family members take over ownership from one another; however, when outside buyers are involved this type of transfer can be complicated

ACCT 1410 Course Week 6 DQ 2 (20 Questions)

What are the advantages of ratio analysis? How can ratios be used in decision making? What are some limitations of ratio analysis?

ACCT 1410 Course Week 6 Quiz (20 Questions)

at University of Houston (UH)

Question 1 1 / 1 pts

If a corporation has cash, then its balance sheet must list accounts receivable. True False Question 2 1 / 1 pts Which of the following is an advantage of the corporate form of business organization? Limited liability of owners for debts of the corporation Double taxation Transferability of ownership Question 3 1 / 1 pts On July 15, 2016, Eagle Corp. received a note from Smith Co. that had a face value of $100,000 and required six months’ interest at 8%. The maturity date was January 15, 2017. Eagle immediately sold the note to a financial institution for $99,000 and received an interest rate of 5% on its investment. What is the effective-interest rate on this transaction? 4% 5% 6% 7% Question 4 1 / 1 pts Stock dividends should be recorded in the ledger as: A decrease in total stockholders’ equity. An increase in total stockholders’ equity. A decrease in retained earnings. No entry is required because no cash changes hands with a stock dividend distribution. Question 5 1 / 1 pts On June 30, 2016, Parker Company received two loans: one from First National Bank for $100,000 payable over three years at 7% interest and one from Parker Company’s officers for $60,000 payable over four years at 10%. Parker Company pays interest semi-annually on both loans on December 31 and June 30 each year. What amount should Parker Company charge to Interest Expense for the year ended December 31, 2016? $5,600 $8,400 $8,700 $12,600 Question 6 0 / 1 pts On July 15, 2016, Eagle Corp. received a note from Smith Co. that had a face value of $100,000 and required six months’ interest at 8%. The maturity date was January 15, 2017. Eagle immediately sold the note to a financial institution for $99,000 and received an interest rate of 5% on its investment. What amount should be reported as Cash on Eagle Corp.’s balance sheet dated December 31 2016?

Question 7 0 / 1 pts All corporations are required by law to have preferred stock as part of their capital structure. True False Question 8 0 / 1 pts Harris Company has been operating at capacity during 2015 but anticipates lower sales next year. To reduce inventory levels next year without reducing its output or laying off employees during 2016 Harris decides to reduce purchases next year by using up current inventory levels and reducing production costs by increasing operating efficiency through new equipment and training programs paid for out-of-pocket by Harris’s owners during 2015 and used in 2016 Harris can expect its net operating working capital (NOWC) to: Decrease by an amount equal to any reduction in current assets used up in operations Decrease if purchases are reduced as planned but not change if new equipment and training programs are purchased as planned Increase if purchases are reduced as planned but not change if new equipment and training programs are purchased as planned Not change because current assets would remain unchanged if only inventories are reduced Question 9 0 / 1 pts All corporations must have authorized common stock issued in order for them to legally exist so they can do business True False Question 10 0 / 1 pts The statement “when we know how much cash we have we will know whether we need more” best describes which concept? Living within our means Cash budget Balance sheet Cash management Question 11 0 / 1 pts Musician Corporation sold goods on account for 60 days terms with customers paying interest at 18% per annum when their account balance is outstanding past due date Which statement below best describe this situation? Customers pay no interest Customers pay interest under regular terms Customers pay varying amounts based upon actual credit arrangement Customers pay monthly

ACCT 1410 Course Week 6 MCQ’s (20 Multiple Choice Questions)

1.The two types of elements in the chart of accounts are ________ and ________.

2.The account used to accumulate all of a company’s revenue is the ________ account.

3.The ________ account is used to record all sales on account.

4.The ________ is an internal control device that establishes responsibility for receipts, records, and deposits of cash.

5.A ________ is a formal written request from a customer authorizing the business to charge the customer’s credit card for payment of an outstanding balance or for future purchases.

6.The two types of journals used in accounting are the ________ journal and the ________ journal.

7.The term “debit” means ________ and the term “credit” means ________.

8.”T-accounts” are so named because they look like the letter ________.

ACCT 1410 Course Week 7 Description

Prerequisite: ACCT 1406. An introduction to accounting for assets, liabilities, and stockholders’ equity. Financial statements are analyzed, interpreted, and discussed with emphasis on the role of accounting information in business decision-making.

ACCT 1410 Course Week 7 Outline

Instructor: Victoria Scaduto

**ACCT 1410 Course Description**
This ACCT 1410 Course covers the fundamentals of accounting. Topics include the accounting cycle, financial statements, internal controls, and ethics. Upon completion, students should be able to analyze and record financial transactions; prepare financial statements; and maintain internal control over assets. This ACCT 1410 Course has been approved for transfer under the CAA as a general education ACCT 1410 Course in Accounting.

ACCT 1410 Course Week 7 Objectives

ACCT 1410 Course Objectives: The objectives for ACCT 1410 Course are designed to meet the requirements of the Texas State Board of Public Accountancy. The specific objectives are as follows: To learn the basic terminology and concepts of accounting; to understand how accounting information is used by management in planning, controlling, and decision making; to prepare, interpret, and use financial statements; to gain an understanding of the principles underlying generally accepted accounting principles (GAAP); and to apply accounting concepts in various business situations.

ACCT 1410 Course Week 7 Pre-requisites

Financial Accounting (ACCT 2410 ) or Accounting Principles (ACCT 2301 )

ACCT 1410 Course Description for ACCT 1410 Course – Introduction to Accounting (ACCT 1410 Course )

Introduces accounting concepts, principles, and practices. Introduces the use of accounting information for business decision making. Covers transactions, journal entries, general ledger, working papers, and financial statements. Includes the use of accounting software. Develops critical thinking and problem-solving skills using basic accounting concepts. Other topics include internal controls, ethics, cash flow statements, merchandising operations, receivables and payables, payroll accounting, and current assets. This ACCT 1410 Course is required for students pursuing the Bachelor of Business Administration degree with an emphasis in accounting at the University of Houston-Downtown. Prerequisite: Financial Accounting (ACCT 2410) or Accounting Principles (ACCT 2301).

ACCT 1410 Course Week 7 Duration

Winter, 2017.

The duration of ACCT 1410 Course is 7 weeks.

ACCT 1410 Course Week 7 Learning Outcomes

1. Explain the purpose of accounting and its role in business.

2. Understand the basic concepts and accounting principles underlying financial statements.

3. Record transactions in journals and post to ledgers using both the manual and computerized accounting systems.

4. Prepare a trial balance and use it to identify and correct errors.

5. Prepare financial statements in accordance with generally accepted accounting principles.

6. Understand the use of special journals and subsidiary ledgers and prepare adjusting entries.

7. Understand the nature of accruals, deferrals, and estimates and prepare adjusting entries for these items.

8. Prepare closing entries and a post-closing trial balance.

ACCT 1410 Course Week 7 Assessment & Grading

1.What is the primary purpose of financial statements?

2.What are the four basic financial statements?

3.What is the equation for calculating the current ratio?

4.What is the equation for calculating gross profit margin?

5.What is the equation for calculating return on assets?

ACCT 1410 Course Week 7 Suggested Resources/Books

Chapter 12: Accounting for Partnerships and Limited Liability Companies (LLCs)

Required Textbook:

Kimmel, Paul D., Weygandt, Jerry J., & Kieso, Donald E. (2011). Financial accounting: Tools for business decision-making (6th ed.). New York, NY: John Wiley & Sons. ISBN-13: 978-1118085638 or ISBN-10: 1118085631

ACCT 1410 Course Week 7 Assignment (20 Questions)

1. What is the accounting equation?

2. What are the three elements of the accounting equation?

3. What is the purpose of the accounting equation?

4. How does the accounting equation impact financial statements?

5. What is double-entry bookkeeping?

6. How does double-entry bookkeeping impact the accounting equation?

7. What is the journal?

8. What is the ledger?

9. What is a trial balance?

10. How do errors impact the trial balance?

ACCT 1410 Course Week 7 Assignment Question (20 Questions)

at University of Maryland University College, UMUC (UMUC)

ACCT 1410 Course Week 7 Assignment Question (20 Questions) for ACCT 1410 Course – Introduction to Accounting (ACCT 1410 Course ) at University of Maryland University College, UMUC (UMUC)

Question 1.1. (TCO 6) On December 31, 2011, the fiscal year-end for X Corporation, the following summary information is taken from the balance sheet: Accounts Receivable $50,000 Inventory $120,000 Accounts Payable $30,000 Cash $15,000 Notes Payable $45,000 Common Stock $80,000 Total Liabilities and Equity $300,000 Retained Earnings The correct order of the current assets is: (Points : 5) A. cash first and accounts receivable second B. cash second and accounts receivable first C. inventory first and accounts receivable second D. inventory second and accounts receivable first Question 2.2. (TCO 6) A company began operations on January 1 with common stock of $200,000. During the year it had sales of $1 million and had expenses of $750,000. It paid dividends of $50,000 during the year. Which amount below represents the company’s retained earnings at December 31? (Points : 5) A. $250,000 B. $200,500 C. $150,000 D. –$50,500 Question 3.3. (TCO 6) An accountant is preparing a balance sheet for a client and finds that one number is missing from the asset section—the value of inventory on hand at December 31st was not recorded by anyone in the company during the month-end closing procedure. Which statement is true regarding this situation? A business has no control over any balance sheet account until after all transactions have been properly recorded in a journal or subsidiary ledger; therefore no entry will be made to reflect an estimation of the correct amount until that time when the information is available in journal or subsidiary ledger form for review by management and/or accountants creating financial statements for external reporting purposes B If a company uses LIFO methods for determining its inventory valuation method then it should estimate inventory based upon last year’s ending valuation number as it will be close enough to be considered accurate in order to avoid restating previous financial statements C As long as there are enough assets remaining on a company’s balance sheet after subtracting total liabilities there is no need to estimate an amount since management can adjust their dividend policy accordingly in order to ensure sufficient cash flow remains available to satisfy creditors D It is generally recommended that an estimate be made using the prior year’s ending balance as a starting point and then adding on any estimated sales growth rate percentage according to expected industry sales growth percentages published by trade organizations representing different industries because this information can be obtained easily online without having to go back through transaction records Question 4.4….

ACCT 1410 Course Week 7 Discussion 1 (20 Questions)

1. What is the basic equation of accounting? 2. If a company’s current liabilities exceed its current assets, is the company solvent or insolvent? 3. How do you calculate current ratio? 4. How do you calculate working capital? 5. If…

ACCT 1410 Course Week 7 DQ 1 (20 Questions)

ACCT 1410 Course Week 7 DQ 1 (20 Questions) for ACCT 1410 Course – Introduction to Accounting (ACCT 1410 Course )

ACCT 1410 Course Week 7 Discussion 2 (20 Questions)

Accounting for Partnerships and Corporation Read Case 6-1, “Sally Beauty Company,” on page 209 of your textbook and answer the following questions. 1. What are the three forms of business organization? Describe each form in your own words. 2. Why did Sally Beauty choose to be a corporation? What benefits…

ACCT 1410 Course Week 7 DQ 2 (20 Questions)

The goal of this exercise is to review and practice the journalizing process. Use the transactions below, as well as your knowledge of double-entry accounting, to fill in the blanks. 1. Purchased office supplies on credit from Harms & Sons, $250. _____ 2. Paid rent for the month, $1,000. _____ 3. Received cash from customers on account, $2,400. _____ 4. Paid salaries for the month, $1,500. _____ 5. Paid interest expense for…

ACCT 1410 Course Week 7 Quiz (20 Questions)

Question 1 (2 points) ______________________ is defined as the accounting process of recording, classifying, and summarizing transactions to provide information that is useful in making business decisions. Your Answer: Journaling Question 2 (2 points) A trial balance is a list of all ledger accounts showing the ____________________. Your Answer: Balance Question 3 (2 points) The ____________________ statement lists the balances of all real accounts at the end of the accounting period. Your Answer: Balance Sheet Question 4 (2 points) If current assets are $300,000 and current liabilities are $200,000, then working capital is $______________. Your Answer: 100,000 Question 5 (2 points) Which ratio is used to measure a company’s ability to pay short-term obligations? Your Answer: Current ratio Question 6 (2 points) The equation that reflects the basic accounting equation is ___________________________. Your Answer: Assets = Liabilities + Owner’s Equity Question 7 (2 points) On January 1st your company had an owner’s equity balance of $100,000. During January you had sales revenues of $50,000 and expenses of $30,000. On January 31st your owner’s equity balance was __________________. Your Answer: 120,000

ACCT 1410 Course Week 7 MCQ’s (20 Multiple Choice Questions)

Question 1.1. Which of the following terms best describes an asset with a limited useful life and a declining value as that life expires? (Points : 5)

Intangible assets

Natural resources

Fixed assets

Capital assets

Question 2.2. The “going concern” concept is best described as: (Points : 5)

the assumption that the enterprise will have sufficient cash to continue operating in the near future, but not for an indefinite period of time.

the assumption that the enterprise will have sufficient cash to continue operating in the near future, for an indefinite period of time, and for any other purpose that management may have for using its cash. the assumption that all enterprises are organized to produce income over an extended period of time. the assumption that all enterprises are organized to produce income over an indefinite period of time.

ACCT 1410 Course Week 8 Description

Week 8 Chapter 10: The Statement of Cash Flows

This chapter introduces you to the final financial statement, the statement of cash flows. It describes the three activities reported in the statement of cash flows—operating, investing, and financing—and explains how transactions are classified into these categories. You will also learn about indirect and direct methods for preparing the statement of cash flows.

ACCT 1410 Course Week 8 Outline

ACCT 1410 Course Material:

• ACCT 1410 Course – Financial Accounting and Reporting I Textbook by Smith, Hayt, and Kemmerly (ISBN# 978-0-07-780271-9) – Required

• ACCT 1410 Course Study Guide – Available at the bookstore, online through CengageBrain.com, or as an e-book for your mobile device through CengageBrain.com.

• Access to CengageBrain.com with ACCT 1410 Course ID KMTX6ETB7C will provide you with access to your textbook, study guide and chapter quizzes.

ACCT 1410 Course Week 8 Objectives

The primary objectives of ACCT 1410 Course are to provide students with an understanding of the basic accounting cycle, general ledger, and financial statements. The ACCT 1410 Course will also introduce students to the use of accounting information in business decision-making.

ACCT 1410 Course Week 8 Pre-requisites

ACCT 1410 Course Overview for ACCT 1410 Course – Introduction to Accounting (ACCT 1410 Course )

Pre-requisites for ACCT 1410 Course – Introduction to Accounting (ACCT 1410 Course ) ACCT 2301 with a grade of C or higher OR equivalent. Equivalent includes: AP Score of 3 or higher, IB Score of 4 or higher, CLEP score of 50 or higher, and credit by exam. Other equivalencies may be allowed with departmental approval. Additional pre-requisites may apply depending on which section you are registered in. Please contact your instructor for additional information. ACCT 1410 Course Description This ACCT 1410 Course is an introduction to accounting principles and their application in the field of accounting. It covers basic financial statements, the accounting cycle, measurement systems, and basic cost concepts. This ACCT 1410 Course is required for all business majors and other students who wish to pursue upper division accounting ACCT 1410 Courses. (3 Credits)

Required Materials for ACCT 1410 Course – Introduction to Accounting (ACCT 1410 Course ) No book required

ACCT 1410 Course Week 8 Duration

The eighth week of study for ACCT 1410 Course – Introduction to Accounting covers the topics of interest expense and investment income. These topics include: • How to calculate interest expense • How to determine the amount of investment income • The different types of investment income • How to account for investment income on the income statement • How to report investment income on the balance sheet

ACCT 1410 Course Week 8 Learning Outcomes

ACCT 1410 Course Outcomes: – Understand the basic concepts of accounting and how it relates to business. – Apply the basic concepts learned in accounting to maintain financial records for a small business. – Understand the use of accounting information for decision-making purposes. – Understand the ethical considerations involved in accounting.

ACCT 1410 Course Week 8 Assessment & Grading

This assessment focuses on learning objectives 6 and 7 for ACCT 1410 Course – Introduction to Accounting. The objective of the first part is to have you use your knowledge of accounting to interpret financial statements. The objective of the second part is to test your knowledge of common ratios used in the field of accounting.

I need a grade and please include name, ACCT 1410 Course, date, assignment number and question number.

ACCT 1410 Course Week 8 Suggested Resources/Books

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ACCT 1410 Course Week 8 Assignment (20 Questions)

*PLEASE DO NOT USE CONVERTING UNITS (I.E. MULTIPLYING BY 12 TO GET MONTHLY) AS THIS WILL BE DEDUCTED*

1. On January 1, 2018, Faber Corporation had the following balances: Common stock, $100; retained earnings, $40; dividends payable, $0; and paid-in capital in excess of par value, common stock, $10. During 2018, Faber earned net income of $50 and declared cash dividends of $20. What is the balance of retained earnings at December 31, 2018?

A) 40

B) 70

C) 50

D) 60

2. How are preferred stocks different from common stocks?

A) Preferred stocks generally have higher dividend rates than common stocks.
B) Common stocks generally have higher dividend rates than preferred stocks.
C) Preferred stocks generally have a stated par value whereas common stocks do not.
D) Common stocks generally have a stated par value whereas preferred stocks do not.

3. Which one of the following is an advantage of the corporate form of organization?

A) Personal liability of owners for debts of the business
B) Ability to raise large amounts of capital by selling shares
C) Easier to transfer ownership interest
D) All of these are advantages of the corporate form of organization.

4. When a corporation issues bonds that mature in several years, it should report the unamortized premium or discount on the balance sheet in the:

A) current liabilities section
B) current assets section
C) long-term investments section
D) shareholders’ equity section

5. The source documents for a corporation’s sales transactions are called:

A) invoices
B) bills
C) ledgers
D) journals

6. Which one of the following items would not be included in calculating a company’s operating cash flow using the indirect method?

A) Depreciation expense
B) Accounts receivable
C) Accounts payable
D) Inventory

7. Which one of the following ratios is not a measure of profitability?

A) Price-earnings ratio B ) Debt-to-assets ratio C ) Return on equity ratio D ) Current ratio

8. The term “net cash provided by operating activities” means:

A ) Net income plus depreciation expense B ) Net income plus amortization expense C ) Net income less dividends paid D ) Net income plus amortization expense less dividends paid 9 . If total liabilities exceed total assets, then: A ) Working capital must be negative B ) Shareholders’ equity must be negative C ) Total liabilities exceed total shareholders’ equity D ) Accounts receivable must be negative 10 . Which one of the following is considered to be cash? A ) Short-term investments B ) Accounts receivable C ) Accrued expenses payable D ) All of these are considered to be cash 11 . In order for an entity to qualify as a corporation for tax purposes, it must have a(n): A ) Minimum number of employees B ) Minimum amount of capital invested in plant and equipment C ) Minimum amount of sales D ) Minimum number of shareholders 12 . As used in accounting, the term “revenues” means: A ) Increases in owners’ equity from peripheral or incidental transactions B ) Increases in assets from peripheral or incidental transactions C ) Increases in liabilities from peripheral or incidental transactions D ) Increases in owners’ equity other than from investments by owners 13 . The heading “Statement Of Cash Flows—Operating Activities” would typically include all but which oneof the following items? A ) Depreciation expense B ) Interest expense C ) Income taxes paid D ) Amortization expense 14 . On September 1, 2015 Frazier Company sold land with a book valueof $40,000 for $60,000 cash. Frazier uses straight-line depreciationand has a December 31 fiscal year end. What is Frazier’s gain on saleof land if its marginal tax rate is 40% and its effective tax rate is30%? A ). 8400 B ). 6000 C ). 7200 D ). 4800 15 . On January 2, 2019 Newell Company purchased office furniturefor $25,000 paying $5,000 down and signing a six month note for theremainder due July 2 with simple interest at 10%. The proceeds fromthe note were applied toward payment on January 2 2020 what wasthe net cost Newell paid for this furniture if it used straight linedepreciation and had a December 31 fiscal year end? A ). 22500 B ). 25000 C ). 20000 D ). 21000 16 . Stockholders’ equity consistsof: A ). Paid-in capital B ). Treasury stock C ). Retained earnings D ). All three are components ofstockholders’ equity 17 . Suppose you buy 100 sharesof common stock that pays an annual dividend 5%, when should yourecord interest revenue on this investment if you use accrual basisaccounting principles? A ). When I receive my quarterly dividend check B ). When I pay for my shares C). When I receive my annual dividend check D). None – I would not record interest revenue for this investment because it pays adividend 18 . Whichone offollowingis primary goalofmanagerswhen they makeinvestmentdecisionsand issue bonds ratherthan sell moresharesofstock? A). To minimize chanceoffailure B). To makemaximumpossibleamountofprofit C). To maximizeamountoffundsthatcanberaised D). Tomaximizethepriceoftheirstocksoastoincreaseofficialsalariesandperquisites 19 . Theitems listed belowareall recorded onthebalance sheetas eitherassetsorliabilities exceptforwhichone item? A). Stockholders’equity B). Revenue C). Inventory D). Commonstock 20 Whichaccountwouldbestoredonthebalance sheetas ashort-termorlong-termliability dependingonitsmaturitydate? A). Accountsreceivable B). Unearnedrevenue C). Wagespayable D). Notespayable

ACCT 1410 Course Week 8 Assignment Question (20 Questions)

ACCT 1410 Course Week 8 Assignment Question (20 Questions) for ACCT 1410 Course – Introduction to Accounting (ACCT 1410 Course )

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MGT Week 8 Assignment Worksheet.docx

Chapter 4 Review Questions (2 pts each) – 20 points total1. The statement of cash flows reports the cash inflows and outflows from operating,investing, and financing activities for a period.2. Net income for a period is reported on the income statement, but in order todetermine the company’s net cash flow from operating activities, we mustadjust net income to reflect only those items that affect cash flows directly.3. Depreciation expense is not reported on the income statement as an operatingexpense because depreciation is considered a non-cash expense.4. Accruals are not reflected in the calculation of net cash flow from operatingactivities because accruals are not paid or received during the period; they arejust reports of expenses or revenues that have been earned or incurred butnot yet paid or received at the end of the period being reported on.5. Investing activities include transactions that result in changes in long-termassets, such as acquiring or selling land and buildings, equipment, orinvestments in other companies’ securities.6. Financing activities include transactions that result in changes in long-termliabilities and equity such as issuing common stock, paying dividends, andobtaining loans from creditors7. To calculate “net change in cash” we must add up all three categories (operatingactivities, investing activities, and financing activities).8. Cash equivalents are short-term investments with maturities of three monthsor less that can be easily converted into cash without risk of loss of principalvalue9. A current asset is expected to be realized by converting it into cash withinone year or one operating cycle10. On November 30th your company has $6000 available after sales taxes arepaid11DUE DATE: 06/08/19 10:00 AM EST (5 MINUTE EXTENSION GRANTED). Must show work for partial credit unlessotherwise stated (no work = 0). MGT Week 8 Assignment Worksheet(Chapters 5 & 6) Chapter 5 Review Questions (2 pts each) – 20 points total1a.) Post retained earnings entries first?b.) Then post dividend entriesc.) Lastly post common stock entry2a.) $500 contribution to common stockb.) $600 contribution to retained earningsc.) $800 contribution to dividends3a.) Dr: Common Stock; Cr: Cashb.) Dr: Retained Earnings; Cr: Cashc.) Dr: Dividends; Cr: Casha) Does this corporation have any preferred stock outstanding? Yesa) Does this corporation have any bonds outstanding? NoBond Interest Paid during 2017 interest payments on December 31st BOND MATURITY DATE January 1st 2019 BOND YIELD RATE 5% BOND PRICE 100 FACE VALUE OF BONDS ISSUED 10,000 BOND PRINCIPAL PAYMENTS ARE MADE ON DECEMBER 31ST OF EACH YEAR BOND INTEREST PAYMENTS ARE MADE ON JANUARY 1ST OF EACH YEAR INTEREST PAYMENT DATES FOR THE NEXT FOUR YEARS ARE AS FOLLOWS December 31st 2018 January 1st 2019 December 31st 2019 January 1st 2020 BONDHOLDERS WILL RECEIVE 10% INTEREST PER ANNUM BASED ON THE FACE VALUE OF THE BONDSThis question was created from nicholas_sapra_-_mgt_week_8_assignment_worksheet__1_.docx

ACCT 1410 Course Week 8 Discussion 1 (20 Questions)

What were the causes of the Enron scandal? Who were the parties involved and what role did each play in causing the scandal? When was the scandal uncovered, and how did it come to light? What were the effects of this scandal on corporate America and investors? Do you think that there were any winners in this situation, or was it all a complete loss for all parties involved? Would you consider investing in Enron stock if given the chance after learning about their past track record? Why or why not?

ACCT 1410 Course Week 8 DQ 1 (20 Questions)

1. What is the amount of supplies expense for the period? The cost of supplies used during the period was $4,000. 2. How much depreciation expense will be reported for the period? The depreciation expense for the period is $1,500. 3. What is the amount of interest expense for the period? The interest expense for

ACCT 1410 Course Week 8 Discussion 2 (20 Questions)

1. Create a basic personal financial statement. Include at least the following information: your name, address, occupation, total annual income (before taxes), your major sources of income, total annual expenses (housing, food, car payments, credit card debt payments), assets and liabilities. If you prefer to use a spreadsheet to create your statement instead of writing it out by hand, feel free to do so. You may want to use this…

ACCT 1410 Course Week 8 DQ 2 (20 Questions)

1. “The balance sheet is the financial statement that provides the most information about a company’s current assets and liabilities, and it can be used to calculate a company’s working capital.” What does this statement mean?

2. How do current assets and liabilities affect a company’s working capital?

3. What are some factors that could impact a company’s working capital?

4. How might a change in working capital affect a company’s financial statements?

5. What is the formula for calculating working capital?

6. How can working capital be used to assess a company’s financial health?

7. What are some limitations of using working capital to assess a company’s financial health?

8. What are some other ways to assess a company’s financial health?

9. How might changes in working capital impact a company’s ability to obtain financing?

10. Why is it important for companies to manage their working capital effectively?

ACCT 1410 Course Week 8 Quiz (20 Questions)

1.For 2010, Company A has a beginning inventory of 200 units at $5 per unit and purchases 500 units during the year at $6 per unit. If Company A uses LIFO, what is its ending inventory balance for 2010?$1,500$2,000$2,100$3,0002.On January 2, 2008,…

ACCT 1410 Course Week 8 MCQ’s (20 Multiple Choice Questions)

by:

ACCOUNTING 1410 – Introduction to Accounting

1) The information in a trial balance is used by the accountant to:

A) Prepare financial statements.

B) Determine the correct journal entries.

C) Verify that debits equal credits.

D) All of the above

2) Which one of the following items would not be included in calculating gross profit?

A) Sales returns and allowances.

B) Cost of goods sold.

C) Sales discounts.

D) Sales.

3) The two basic financial statements are the:

A) Balance sheet and statement of cash flows.B) Statement of cash flows and income statement.C) Income statement and balance sheet.D) Balance sheet and owners’ equity statement.

ACCT 1410 Course Week 9 Description

This ACCT 1410 Course covers the use of accounting information for financial planning and control. The ACCT 1410 Course emphasizes the use of accounting data in managerial decision-making, including capital budgeting decisions, product pricing, and financial planning. Topics include: tools for financial analysis, statements of cash flows, ratios and other financial planning techniques. Prerequisite: ACCT 1405

ACCT 1410 Course Week 9 Outline

– University of Houston, Downtown

**ACCT 1410 Course Outline** **Week 9:** Job-Order Costing: Overhead Allocation and Application **Readings:** * Ch. 6 (pp. 246–251): Accounting for Overhead * Ch. 11 (pp. 490–499): Cost Allocation Using Activity-Based Costing * Ch. 12 (pp. 521–526): Job-Order Costing Systems * p. 52 of Appendix B: Principles for Applying Overhead Costs * Website article: [What Does Direct Labor Mean?](https://smallbusiness.chron.com/direct-labor-mean-13685.html) **Assignments & Activities:**

*Ch.* **6, pp. 246–251: Accounting for Overhead**

Read the chapter and complete the following activities:

1. Read the opening case on page 246 and answer Questions 1–3 in the text on page 247.
2. Review the types of manufacturing costs on pages 248 and 249, and complete Problems 6-1A through 6-1C on page 250.
3. Complete Problem 6-2A on page 251.

*Ch.* **11, pp. 490–499: Cost Allocation Using Activity-Based Costing**

Read the chapter and complete the following activities:

1. Read the opening case on page 491 and answer Questions 1 and 2 in the text on page 492.
2. Review the types of manufacturing costs on pages 493 and 494, and complete Problems 11-1A through 11-1C on page 495.
3. Complete Problem 11-2A on page 496 and Problem 11-3A on page 498.

*Ch.* **12, pp. 521–526: Job-Order Costing Systems**

Read the chapter and complete the following activities:

1. Read the opening case on page 522 and answer Questions 1–4 in the text on page 523.
2. Review the types of manufacturing costs on pages 524 and 525, and complete Problems 12-1A through 12-1C on page 526

ACCT 1410 Course Week 9 Objectives

1.1 Explain the function of accounting in society

1.2 Explain the steps in the accounting cycle and their purpose

1.3 Understand the basic types of financial statements and how they are used

2.1 Understand the nature and purpose of internal controls

2.2 Understand the types of internal control procedures used in businesses

ACCT 1410 Course Week 9 Pre-requisites

ACCT 1410 Course – Introduction to Accounting

ACCT 1410 Course Week 9 Duration

This ACCT 1410 Course is designed to introduce the student to accounting principles and practices. Topics will include the accounting cycle, preparation of financial statements, Merchandising operations, internal control, and ethical issues in accounting. Students will use computerized accounting software to record transactions and prepare reports. Upon completion, students should be able to analyze transactions, prepare financial statements, and use basic accounting terminology.

ACCT 1410 Course Week 9 Learning Outcomes

1. Understand and apply the accounting equation.

2. Understand and use basic accounting terminology.

3. Understand the purpose of financial statements and how they are used by users.

4. Understand the role of debits and credits in the double-entry bookkeeping system.

5. Understand the different types of financial statements and how they are prepared.

ACCT 1410 Course Week 9 Assessment & Grading

ACCT 1410 Course Week 9 Assessment & Grading for ACCT 1410 Course – Introduction to Accounting

Question 1.1. (TCO 3) The _____ records the financial history of a corporation and is often used by stockholders, creditors, and others to assess the past performance of a company. (Points : 2)

Balance sheet

Income statement

Retained earnings statement

Statement of cash flows

Question 2.2. (TCO 3) The board of directors approves the hiring of an independent auditor at the _____ meeting. (Points : 2)

Annual shareholders’ annual shareholders’ meetingannual shareholders’ annual shareholders’ meetingannual shareholders’ annual shareholders’ meetingannual shareholders’ annual shareholders’ meetingannual shareholders’ annual shareholders’ meetingannual shareholders’ annual shareholders’ meetingannual shareholders’ annual shareholders’ meetingannual shareholders’ annual shareholders’ meetingannual shareholders’ annual shareholders’ meetingannual shareholders’meetingmeetingmeetingmeetingmeetingmeetingmeetingmeeting . (Points : 2) Annual special meetingspecial meetingspecial meetingspecial meetingspecial meetingspecial meetingspecial meeting , if one is held heldheldheldheldheld . (Points : 2) Quarterly quarterly quarterly quarterly quarterly quarterly special meetings , if one is held heldheldheldheld . (Points : 2) First first first first first first special meetings , if one is held heldheldheld . (Points : 2) Last last last last last last special meetings , if one is held held . (Points : 2) No no no no no no specific timing required requiredrequiredrequiredrequiredrequired . (Points : 2) Auditors are not hired by the board of directors because they are already employed by the government governmentgovernmentgovernmentgovernment . (Points : 2) Directors do not hire auditors for corporations; they work directly for the SEC SECSECSECSECSEC instead insteadinsteadinsteadinsteadinstead . (Points : 2) None of these none of these none of these none of these none of these none of these answers answersanswersanswersanswers are correct correctcorrectcorrectcorrectcorrect . (Points : 2) Question 3.3. (TCO 3) The president is responsible for _____. (Points : 2) Hiring managersmanagerManagersManagerManagersManagerManagersManagerManagersManagersManager Hiring managersmanagerManagersManagerManagersManagerManagersManagerManagersManager Managers in all departmentsdepartmentsdepartmentsdepartmentsdepartments except accounting accountingaccountingaccountingaccounting Accounting AccountingAccountingAccountingAccounting all areas areasareasareasareasareasareasAreasAreasAreas except marketing marketingmarketingmarketingmarketing Marketing MarketingMarketingMarketingMarketingMarketingMarketing department departmentdepartmentDepartmentDepartmentDepartmentDepartment Department Department Department department department department Departments Departments DepartmentsDepartmentsDepartmentsDepartments including accounting accountingaccountingaccountingaccounting Accounting AccountingAccountingAccountingAccounting departments departmentsdepartmentsdepartmentsDepartmentsDepartments including marketing marketingmarketingmarketingmarketing Marketing MarketingMarketingMarketingMarketingMarketing Marketing Marketing Marketing Marketing Marketing Marketing department departmentdepartmentDepartmentDepartmentDepartment Departments Departments DepartmentsDepartmentsDepartments None noneNonenoneNonenoneNoneNoneNonenoneof theseof theseof theseof theseof theseof these answersanswersanswersanswersanswers answers answers answers answers answers are correctCorrectCorrectCorrectCorrect Correct Question 4.4. (TCO 6, 8, 9) Which events would most likely lead to an increase in a company’s current assets? Select all that apply.(Points : 5) Receiving payments from customers receiving payments from customersReceiving payments from customersReceiving payments from customersReceiving payments from customersReceiving payments from customersReceiving payments from customersReceiving payments from customersReceiving payments from customers Receiving cash through new investments or borrowing borrowingBorrowiNgborrowing BorrowiNgborrowingborrowingBorrowiNgborrowing BorrowiNgborrowing BorrowiNgborrowing borrowiNg borrowing BorrowiNg BorrowiNg borrowiNg borrowiNg borrowiNg borrowiNgbOrrOWinG None None Of These Of These Of These Of These Of These Of These Answers Answers Answers Answers Answers AnswerS AnswerS AnswerS Are CORRECT CORRECT CORRECT CORRECT CORRECT Question 5.5. (TCO 6, 8, 9, 10, 11, 12, 13 ) Which event would most likely lead to an increase in common stockholders equity?( Points: 5 ) Receivingshares through new investments or borrowing Receivingshares through new investments or borrowing Receivingshares through new investments or borrowing Receivingshares through new investments or borrowing Receivingshares through new investments or borrowing Receivingshares through new investments or borrowing Receivingshares through new investments or borrowing Receivingshares through new investments or borrowing ShArES ShaRES shares ShareS ShareS SHares SHAReS SHARES shares SHaRes Through ThRough ThrOugh THROUGH tHrOUgh ThrouGH ThrouGH ThrouGH New New New N E W N E W N E W Investments Investments INVESTMENTS INVESTMENTS OR OR Or OR OR Or Or Or Or Or borroWING boRrOWING boRRowIng BorroWING boRROWING BoRrowINg borrOWinG bORROWINg borrowerquestion6 question6 question6 Question6 question6 question6 question6 question6 question6 quesTION 6 6 6 TCO8 TCO8 TCO8 WhichWhichWhichWhichOne OneOneOneOfThe FollowingOfThe FollowingOfThe Following Statements StatementsStatementsStatementsIsTrue Regarding IsTrueRegardingIsTrue RegardingIsTrue RegardingThe Balance Sheet? The Balance Sheet?The Balance Sheet?The Balance Sheet? A balance sheet A balance sheetA balance sheet A balance sheet shows showsShowSSSHOWSshowshow much muchmuchmuchis owed owedowedowedto creditors creditorscreditorscreditorsand how howhowhowmuchmuch muchis owned ownedownedownedby owners ownersownersowners The equity portion The equity portionThe equity portion The equity portion on abalance on abalanceon abalance on abalance sheet shows sheet shows sheet showssheet showswhether whetherwhetherwhetherthere has been a gain there has been a gainthere has been a gain there has been a gainor loss since inception or loss since inceptionor loss since inception or loss since inceptionowner’s investment owner’s investment owner’s investment owner’s investmentin a company in a company in a company in a company Common stockholders Common stockholders Common stockholders Common stockholdersequity includes equity includes equity includes equity includesassets less liabilities assets less liabilities assets less liabilities assets less liabilitiesretained earnings retained earnings retained earnings retained earningsquestion7 question7 question7 Question7 question7 question7 question7 question7 quesTION 7 7 7 TCO9 TCO9 TCO9 What WhatWhat WhatIs True About Is True About Is True About Is True AboutFinancial Financial Financial FinancialRatios? Ratios?Ratios?Ratios? Financial ratios can be useful as an indicator offuture profitability future profitabilityfuture profitability future profitability Financial ratios can be useful as an indicator offuture liquidity future liquidity future liquidity future liquidity Financial ratios can be useful as an indicator offuture solvency future solvency future solvency future solvency All three statements All three statements All three statements All three statementsabove above above aboveare true are trueare true are truequestion8 8 8TCO9 TCO9 TCO9 WhichWhichWhichOne OneOneOfFollowingOfFollowingOfFollowingQuestions QuestionsQuestionsShould Not Be Asked When Should Not Be Asked When Should Not Be Asked WhenInterpreting Interpreting InterpretingFinancial Statements? Financial Statements?Financial Statements? A How many units were sold this year compared withlast year ? B How fast is this company growing ? C How profitable was this firm this year ? D What did sales total during each month thisyear ? E What was the average number of inventory turns permonth during 2010 ? F How well did we use our assets this year ? G Do we have enough cash on hand to pay ourbills over the next few months ? H How much debt does our firm carry compared withits competitors ? I Can we afford to expand operations next year ? J Did we have more cash outflows than inflowsfrom operating activities during 2010 L Do our current assets exceed our currentliabilities ? M Does inventory equal sales multiplied by dayssales outstanding at yearend 2010 ? N Do fixed assets exceed long-term debt plus commonstock at yearend 2010 ? O Does long-term debt exceed fixed assets plus commonstock at yearend 2010 P Does preferred dividends exceed net income for theyear just ended…

ACCT 1410 Course Week 9 Suggested Resources/Books

For your final project, you are required to use at least two scholarly resources in your research paper. The scholarly resources may be found in the CSU Online Library or in other external scholarly sources. To access the CSU Online Library, go to the library website and log in with your student ID number and password.

Books:

1. “Financial Accounting: An Integrated Approach” by Kenneth W. Boyd and Bruce A. White

2. “Intermediate Accounting” by Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield

ACCT 1410 Course Week 9 Assignment (20 Questions)

1. In order to prepare for the CPA exam, which of the following ACCT 1410 Courses is NOT recommended? A. Business Law B. Governmental Accounting C. Auditing D. Taxation 2. Which of the following is a concern that auditors have when using analytical procedures as a significant part of the audit? A. Auditor’s judgment may be biased when evaluating the client’s internal controls. B. Auditor’s reliance on analytical procedures may result in less testing of transactions and account balances. C. Auditor’s use of analytical procedures may result in more detection risk because unusual items may not be identified through other audit tests. D. All of the above are concerns that auditors have when using analytical procedures as a significant part of the audit 3. When auditors use general controls to assess control risk, which of the following is true? A. General controls address all areas of client business risk, including risks relating to information technology, environment, and management override of controls B. General controls relate only to information technology C. General controls relate only to client environment D. General controls relate only to management override of internal controls 4. In determining whether it is appropriate for an auditor to issue an unqualified opinion on financial statements, which item would NOT be considered? A..

ACCT 1410 Course Week 9 Assignment Question (20 Questions)

1. Define the term “Management Accounting” and describe how it is used by businesses to help in decision making.

2. Describe the three types of financial statements that businesses use to report their financial position, results of operations, and cash flows.

3. Understand the purpose of cost accounting and the different types of costs that are incurred by businesses.

4. Understand the different methods that can be used to allocate overhead costs to products or services.

5. Understand the use of activity-based costing and its benefits over traditional costing methods.

6. Understand the use of job-order costing and its benefits over other costing methods.

7. Understand the use of process costing and its benefits over other costing methods.

8. Understand the different types of inventory that businesses may hold and the accounting treatment for each type.

9. Understand the different methods used to value inventory and the advantages and disadvantages of each method.

10. Understand the concept of just-in-time inventory management and how it can benefit businesses.

ACCT 1410 Course Week 9 Discussion 1 (20 Questions)

The purpose of this discussion is to help you better understand the principles and practices related to business transactions. Business transactions are the basic building blocks of accounting information. You will be able to identify transaction types and how they affect financial statements. You will learn about the timing of revenue recognition and its impact on accounting for bad debts. Finally, you will also gain an understanding of internal controls for cash receipts. After completing this week’s reading, respond to the following questions: 1. What is a business transaction? Give two examples of different types of business transactions that are common in your current organization or a past organization where you have worked. 2. Describe how each type of business transaction (from Question 1) affects the financial statements. 3. The timing of revenue recognition can impact reported income on the financial statements. Explain how this could happen and give an example to illustrate your point 4. How might businesses account for bad debts? 5. Why are strong internal controls for cash receipts important? 6

ACCT 1410 Course Week 9 DQ 1 (20 Questions)

What is accounting?

Accounting is the process of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions. The information provided by accounting can be used in financial planning, decision making, and performance evaluation.

What are the three basic types of business organizations?

The three basic types of business organizations are sole proprietorships, partnerships, and corporations.

What are the advantages and disadvantages of each type of organization?

Sole proprietorships have several advantages, including ease of formation, flexibility, and sole control. However, they also have several disadvantages, such as unlimited liability and limited resources. Partnerships have many of the same advantages and disadvantages as sole proprietorships. In addition, they offer the advantage of shared risk and resources but have the disadvantage of potential disagreements among partners. Corporations offer several advantages over sole proprietorships and partnerships, including limited liability, easy transferability of ownership interests, and access to capital markets. However, they also have some disadvantages, such as double taxation and complex tax rules.

ACCT 1410 Course Week 9 Discussion 2 (20 Questions)

ACCT 1410 Course Week 9 Discussion 2: (20 Questions) For this week’s discussion, please select at least 5 of the questions below to respond to. Your initial post should be at least 200 words in length and utilize a minimum of 2 scholarly sources, not including your textbook. Please review the rubric located in Doc Sharing for specific grading criteria. Post your initial response by Monday night (11:59 PM CT). Respond to at least 1 other student’s postings by Wednesday night (11:59 PM CT). 1. Prepare journal entries to record the operations for Kevin’s Lawn Service on January 6, 8, and 10. Use the following information as a guide: Jan 6 Jan 8 Jan 10 • Accounts Receivable $1,500 • Accounts Receivable $1,000 • Accounts Receivable $500 • Accounts Payable $700 • Accounts Payable $500 • Accounts Payable $400 • Cash 1,000 • Cash 500 • Cash 600Kevin completed his first lawn service job on January 4th and was paid cash immediately. He hired an assistant on January 5th for a two-week trial period at a salary of $250 per week plus payroll taxes of 20%. His second job was completed on January 6th and he received cash immediately. On January 7th he bought supplies from J&J Supplies Inc., using his credit card. The bill is due in 30 days. He completed two more jobs on January 8th and was paid in cash immediately. Also on this day he purchased additional supplies from J&J using his credit card; the amount due is due in 30 days also. On January 9th Kevin borrowed money from his sister to meet his personal needs; the loan is payable in 60 days with interest charged at 10%. He completed three jobs on January 10th and was paid in cash immediately. 2. Prepare journal entries for all transactions that occurred during November for Mason Company, which began operations on November 1st with $35,000 cash obtained from investors (the owners). Use the following information as a guide: Nov 1 Nov 7 Nov 13 Nov 15 Purchased office furniture valued at $5,000 on credit from Office Depot Purchased building supplies valued at $2,000 with cash Paid Office Depot purchase with check Paid salaries of employees valued at $3,000 with check Paid rent valued at $800 with check 3

ACCT 1410 Course Week 9 DQ 2 (20 Questions)

1. How would you explain the balance sheet equation? How is it used in business?

2. What are the three major categories of items on a balance sheet?

3. How do businesses use balance sheets to make decisions?

4. How do changes in the value of assets and liabilities affect the balance sheet equation?

5. What is the purpose of a statement of cash flows? How is it used in business?

6. What are the three major categories of items on a statement of cash flows?

7. How do businesses use statements of cash flows to make decisions?

8. How do changes in the value of assets and liabilities affect the statement of cash flows?

ACCT 1410 Course Week 9 Quiz (20 Questions)

at University of Houston (UH)

Question ID: 498731873

(TCO 9) The end-of-period adjustment for the following situation would be a credit to Accounts Receivable for $4,000 and a debit to Sales Revenue for $4,000. Accounts Receivable July 31 Debit Credit Sale Revenue July 31 Debit Credit $7,000 10,000 11,000 14,000

ACCT 1410 Course Week 9 MCQ’s (20 Multiple Choice Questions)

1. When a company uses a perpetual inventory system, the company:
2. The term “net realizable value” is defined as the selling price of an item less:
3. In order for a firm to use the weighted average method in its inventory computations, it must:
4. A physical count of inventory would not be necessary under which one of the following methods of inventory?
5. Which of the following is an advantage of the periodic inventory system?
6. Which cost is included in ending inventory under the LIFO method?
7. The periodic inventory system would not be appropriate for a company that:
8. A merchandiser has the following information available from its records. What is the cost of goods sold using FIFO?
9. A merchandiser has the following information available from its records. What is the cost of goods sold using LIFO?
10. A merchandiser has the following information available from its records. What is the cost of goods sold using weighted average?
11. For financial statement purposes, which one of the following methods would produce the lowest income tax liability?
12. For tax purposes, which one of the following methods would produce the lowest income tax liability?
13. The periodic inventory system would not be appropriate for a company that:
14. If a firm uses LIFO and prices are rising, which one of the following will occur?
15. Gross profit is defined as:
16. If sales prices are rising and a company uses LIFO, which one of the following will occur?
17. Which one of the following is an advantage of FIFO over LIFO?
18. If ending inventory is overstated, then:
19. Which one of the following methods will result in the highest net income in periods of inflation?
20. The main purpose of inventories is to:

ACCT 1410 Course Week 10 Description

Final Exam: This is an exam that covers the entire ACCT 1410 Course. The exam is cumulative and will consist of multiple choice questions, true/false questions, short answer questions and essay questions.

ACCT 1410 Course Week 10 Outline

Lecture Outline for Week 10 (Chapters 14, 15) Chapter 14: Accounting for Corporations and the Time Value of Money • Accounting for Business Combinations o Types of Combinations: Acquisition vs. Merger o Consolidated Financial Statements o Goodwill • Accounting for Equity Investments o Cost Method vs. Equity Method • Accounting for Bonds o Issuing Bonds o Accounting for Bond Interest Expense • The Time Value of Money o Compounding Interest – Continuous Compounding o Present Value & Future Value Problems Chapter 15: Managerial Accounting and Analysis of Financial Statements • Introduction to Managerial Accounting – It’s all about decision making! • Basic Financial Statements and Their Users • Preparation of…

Accounting, Balance sheet, Cash flow statement 639 Words | 3 Pages

ACCT 1410 Course Week 10 Objectives

ACCT 1410 Course – Week 10
Objectives:
1. Understand and apply the accounting equation.
2. Understand and apply double-entry bookkeeping principles.
3. Understand the purpose of financial statements.
4. Understand the types of financial statements.

ACCT 1410 Course Week 10 Pre-requisites

ACCT 1410 Course Overview

This ACCT 1410 Course provides an introduction to accounting. Topics covered include the accounting cycle, financial statements, and internal control. This ACCT 1410 Course is recommended for students pursuing a degree in business.

ACCT 1410 Course Week 10 Duration

The duration of the ACCT 1410 Course is 10 weeks.

ACCT 1410 Course Week 10 Learning Outcomes

– Lecture

This ACCT 1410 Course week covers:  Chapter 6: Accounting in Service Companies and Merchandising Companies  Using accounting to make decisions and analyze financial statements After completing this week, you should be able to: 1. Understand the service company model. 2. Understand how revenue is recognized for service companies and merchandising companies. 3. Understand how expenses are recognized for service companies and merchandising companies. 4. Prepare income statements and statement of retained earnings for service companies and merchandising companies. 5. Analyze income statements and statement of retained earnings for service companies and merchandising companies using ratios, common-size statements, trend analysis, and horizontal analysis.

ACCT 1410 Course Week 10 Assessment & Grading

ASSESSMENT 1: ACCT 1410 Course PROJECTThis assessment is designed to test your ability to apply the knowledge you have gained throughout this ACCT 1410 Course. You will be asked to use the skills and knowledge learned in this ACCT 1410 Course to create a spreadsheet-based income statement using real-world data, as well as determine the impact of different accounting choices on financial statements and tax returns. You will also be asked to analyze how different types of business entities are taxed. This assessment covers topics 1–7.

1.Using the information provided in the workbook, prepare an annual multi-step income statement for 2017 for Ajax Corporation. Be sure to include separate sections for operating activities, investing activities, and financing activities, as well as a summary section at the end. Assume that Ajax uses the indirect method to report operating cash flows from operating activities.

2.Evaluate how changes in accounting methods or principles can impact financial statements and tax returns by completing the following:

a.Identify three accounting methods or principles that can be used to reduce taxable income. Include a brief description of each method or principle and an explanation of how it can reduce taxable income.

b.For each of the three methods or principles identified in part a, discuss what effect it would have on two specific items included in Ajax’s income statement and balance sheet (e.g., net income, cash).

3.(TCO 7) Compare and contrast how different types of business entities are taxed by completing the following:

a.Describe how a C corporation is taxed (include details on double taxation).

b.(TCO 7) Describe how an S corporation is taxed (include details on pass-through taxation).

c.(TCO 7) Compare and contrast the taxation methods described in parts a and b (C corporations versus S corporations), including any benefits or drawbacks associated with each type of taxation method.

ACCT 1410 Course Week 10 Suggested Resources/Books

Chapter 10: Plant Assets, Natural Resources, and Intangible Assets

• Plant assets are long-term operating resources that have physical substance, are used in business operations, and are not intended for resale.

• Depreciation is the systematic and rational allocation of the cost of a plant asset to expense over the estimated useful life of the asset in a manner that will match the expected benefits derived from using the asset. The matching principle requires that depreciation expense be recorded in the period when the revenue is earned as a result of using the depreciable asset.

• Methods of computing depreciation include (1) straight-line, (2) units-of-production, (3) declining-balance, and (4) sum-of-the-years’-digits.

• The major factor in choosing a depreciation method is its effect on reported net income in the early years of an asset’s life versus later years. The straight-line method results in equal amounts of depreciation expense for each year of an asset’s life. The units-of-production method results in higher depreciation expense in early years and lower expense in later years. The declining-balance methods produce more depreciation expense in early years than later years. The sum-of-the-years’-digits method results in depreciation expense that is somewhere between that produced by the straight line and declining balance methods.

• Gains or losses on disposal of plant assets are measured as the difference between proceeds from sale and the carrying amount (net book value) of the asset at the date of its disposition. If proceeds exceed net book value, a gain is recognized; if proceeds are less than net book value, a loss is recognized.

ACCT 1410 Course Week 10 Assignment (20 Questions)

Accounting Question 1:

What is the difference between a balance sheet and an income statement?

The balance sheet provides information about a company’s assets, liabilities, and equity, while the income statement shows a company’s revenue and expenses.

Accounting Question 2:

What are the three types of business activities?

The three types of business activities are operating, investing, and financing.

Operating activities involve a company’s primary business activities, such as producing and selling goods or services. Investing activities involve a company’s long-term investments, such as purchasing equipment or real estate. Financing activities involve a company’s borrowing and lending activities, such as issuing bonds or taking out loans.

Accounting Question 3:

What is the purpose of financial statements?

Financial statements provide information that is useful in making business decisions. They can be used to assess a company’s financial health, to track its performance over time, or to compare it to other companies in its industry.

ACCT 1410 Course Week 10 Assignment Question (20 Questions)

1. Which of the following statements about the current ratio is false?

A) The current ratio is one of the most widely used measures of liquidity.

B) In general, a higher current ratio indicates a more liquid firm.

C) A low current ratio may indicate poor management of short-term assets and liabilities or inadequate short-term financing.

D) All of the above are false statements about the current ratio.

2. The primary purpose of financial reporting is to provide information that is useful to present and potential equity investors, lenders, and other creditors in making decisions about providing resources to an entity. Which one of the following is not an element of financial statements?

A) Balance sheet.

B) Income statement.

C) Cash flow statement.

D) Statement of changes in equity.

3. The balance sheet equation is:

A) Assets = Liabilities + Equity. B) Assets = Liabilities – Equity. C) Equity = Assets – Liabilities. D) Equity = Assets + Liabilities. 4. Which one of the following is not a characteristic of liabilities? A) Future economic benefits are expected to flow to the entity as a result of past transactions or events. B) Settlement by transfer or use of assets or provision of services is expected in the future as a result of past transactions or events. C) Present obligations of the entity arising from past transactions or events that will be settled by transfer or use of assets, provision of services, or incurrence of further liabilities in the future. D) They arise from past transactions or events and will be settled by transfer or use of assets, provision of services, or incurrence 5. An adjusting entry for accruals and deferrals would affect which one of the following? A) Only income statement items B) Only balance sheet items C) Both income statement and balance sheet items D) Neither income statement nor balance sheet items 6. Which one of the following statements about intangible assets is false? A) Intangible assets have definite lives and are subject to amortization over those lives using methods similar to those used for depreciating tangible long-lived assets B) Internally generated intangible assets with indefinite lives generally are not amortized but are tested for impairment at least annually C) Amortization begins when an intangible asset is available for use D) All intangible assets with definite lives are recorded at cost 7. Which one

ACCT 1410 Course Week 10 Discussion 1 (20 Questions)

ACCT 1410 Course: ACCT 1410 Course – Introduction to Accounting (ACCT 1410 Course )ACCOUNTING FOR MANAGEMENT DECISIONSDiscussion 1What is the goal of financial statement analysis? What are the primary users of financial statement analysis? Explain.What is your organization’s current financial condition? How did you determine this?What are some specific examples of how your organization could use ratio analysis to improve its financial condition? Explain.Financial statements can be found at the SEC website (www.sec.gov).

ACCT 1410 Course Week 10 DQ 1 (20 Questions)

1. How would you define accounting? Accounting is the process of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions. 2. Explain the steps in the accounting cycle. The steps in the accounting cycle are: identification…

ACCT 1410 Course Week 10 Discussion 2 (20 Questions)

1. What are the three types of activity ratios? What is the primary purpose of each? How can activity ratios be used to analyze a company’s financial condition? 2. How are receivables and payables related to cash? How do they affect a company’s working capital and cash flow? 3. Why is it important for a company to maintain enough inventory on hand to meet customer demand? 4. How do current assets and current liabilities differ from each other? What are some examples of each? 5. Explain what is meant by the term “operating cycle.” What is the relationship between the operating cycle and working capital? 6. Describe how companies can use short-term financing to improve their working capital and cash flow positions. 7. What is meant by the term “trade terms?” How do they affect a company’s cash flow? 8. Explain how a company’s credit policy can affect its receivables, payables, and cash flow position. 9. Why is it important for companies to manage their inventories effectively? 10. Explain how companies can use short-term financing to improve their working capital and cash flow positions. 11. Describe how companies can use inventory management techniques to improve their working capital and cash flow positions. 12. Explain how companies can use accounts receivable management techniques to improve their working capital and cash flow positions. 13. Explain how companies can use accounts payable management techniques to improve their working capital and cash flow positions. 14. What are some of the risks associated with holding too much inventory? 15. What are some of the risks associated with extending too much credit to customers? 16

ACCT 1410 Course Week 10 DQ 2 (20 Questions)

Question 1: What is the difference between accounting and finance?

Question 2: What are the three main types of financial statements?

Question 3: How do businesses use accounting information?

Question 4: What are some common financial ratios?

Question 5: How can ratios be used to analyze a business?

Question 6: What is cash flow?

Question 7: How is cash flow different from profit?

Question 8: What are some common types of cash flow analysis?

Question 9: What is working capital?

Question 10: How can working capital be managed effectively?

ACCT 1410 Course Week 10 Quiz (20 Questions)

Question ID: 232892 (Multiple Choice) Which of the following is not a consequence of issuing bonds at a premium? Question ID: 232924 (Multiple Choice) On December 31, 2012, Alton Corporation has bonds outstanding with a maturity value of $1,000,000 and a stated interest rate of 6%. The market interest rate on the date of issuance was 8%. The effective-interest method amortization table for the year ended December 31, 2013 would show: Question ID: 232932 (Multiple Choice) On January 1, 2012, Wayne Corporation issues $200,000 face value 10%, 20-year bonds dated January 1, 2012. Interest is payable semi-annually on June 30 and December 31. The bonds were sold to yield 12%. Refer to Wayne Corporation. During 2014 Wayne corporation pays interest on its bonds by check dated June 30. What amount will be paid to holders of record on that date? Question ID: 233019 (Multiple Choice) Paying cash dividends to shareholders reduces the market price per share because: Question ID: 233131 (Multiple Choice) On January 1, 2015 Smiley Company issues 1%, 10-year bonds with face value of $2 million at 105 plus accrued interest. Assume that the market rate for similar securities is 10%. Interest payments will be made semi-annually on June 30 and December 31. Use the effective interest method for amortization and assume that there are 360 days in each year. Refer to Smiley Company. What is the journal entry that would be used by Smiley Company to record its 2016 semi-annual interest payment? Question ID: 233142 (True/False) The balance sheet equation includes cash and investments. Question ID: 233155 (Multiple Choice) In May 2015 Smith Company received 200 shares of Acme Corporation common stock as collateral for a loan made by Smith Company to one of its customers who pledged his or her holdings in Acme as security for repayment of the debt owed to Smith Company. When these shares were pledged as collateral for this loan they had an estimated fair value in excess of their book value by $4 per share. On August 15, 2015 Smith Company sold 150 shares of this stock at $38 per share after receiving evidence that the fair value per share had fallen to about $34 per share since it received these shares as collateral for a loan in May 2015. The remaining 50 shares have been properly valued at their current estimated fair values as of December 31, 2015 using the lower-of-cost-or-market rule. Refer to Smith Company. How much gain or loss did Smith Company recognize from selling these 150 shares of Acme Corporation common stock in August 2015? Question ID: 233173 (Multiple Choice) On March 1, 2016 Holmes Incorporated purchased 100% ownership in Holmes Jewelers by investing $700,000 cash into Holmes Jewelers when it issued 100% ownership in Holmes Jewelers common stock to Holmes Incorporated which has a par value per share equal to its stated value per share at that time ($5). Holmes Jewelers has no other issued and outstanding shares besides these 200 shares held by Holmes Incorporated since this purchase was completed by Holmes Incorporated in March 2016 when it purchased all 200 outstanding common shares owned by Holmes Jewelers prior owners at par plus accumulated dividends through February 29th ($50). Refer to Holmes Incorporated. What amount should be reported on this consolidated balance sheet prepared immediately after completion of this transaction if reported using equity method accounting assuming that all assets are reported at their book values as required under GAAP guidelines? Question ID: 233176 (Multiple Choice) When reporting a long-term investment on a parent’s balance sheet using equity method accounting principles the carrying amount reported must include all amounts recognized from income statements previously prepared including any prior years earnings which were not distributed as cash dividends during those prior years but are expected to be distributed during future years when they are earned after completion of consolidation workpapers used during this current year’s consolidation process including adjustment workpapers prepared during preparation of this current year’s consolidated financial statements for this reporting entity and its subsidiaries preparing these financial statements for use during this current year only without regard to any future earnings expected from any subsidiary companies after completion of this current year’s consolidated financial statements preparation process and before completion of next year’s annual consolidation process which will begin again next January 1st when those subsidiary companies prepare their annual individual financial statements again beginning with their first quarter ending March 31st followed by second quarter ending June 30th followed by third quarter ending September 30th followed by fourth quarter ending December 31st before beginning another full 12 month annual consolidated financial statements preparation cycle beginning again next January 1st when those subsidiary companies prepare their annual individual financial statements again beginning with their first quarter ending March 31st followed by second quarter ending June 30th followed by third quarter ending September 30th followed by fourth quarter ending December 31st before beginning another full 12 month annual consolidated financial statements preparation cycle beginning again next January 1st when those subsidiary companies prepare their annual individual financial statements again beginning with their first quarter ending March 31st followed by second quarter ending June 30th followed by third quarter ending September 30th followed by fourth quarter ending December 31st before beginning another full 12 month annual consolidated financial statements preparation cycle beginning again next January 1st when those subsidiary companies prepare their annual individual financial statements again beginnin

ACCT 1410 Course Week 10 MCQ’s (20 Multiple Choice Questions)

Question 1.1

Which of the following is an advantage of a corporation?

a. Ability to issue multiple classes of stock. b. Unlimited life. c. Limited liability for owners. d. All of the above are advantages of a corporation.

Question 2.2 Which of the following is not a reason why corporate income taxes are higher than personal income taxes? a) Corporate income taxes include state and local income taxes, whereas personal income taxes do not. b) The corporate tax rate is 35 percent, whereas the highest individual tax rate is 39 percent for 2013. c) The standard deduction is higher for corporations than for individuals; corporations also can deduct depreciation expense and interest expense, whereas individuals cannot deduct these expenses directly on their tax returns (but they may be able to deduct them indirectly). d) Corporations pay social security and Medicare payroll taxes, whereas individuals pay only social security payroll taxes (or Medicare payroll taxes if they are self-employed).

ACCT 1410 Course Week 11 Description

This ACCT 1410 Course focuses on the use of accounting information to make sound business decisions. Students will learn the fundamentals of financial and managerial accounting in a decision-making context. The topics covered include: income statements, balance sheets, statement of cash flows, job order costing, process costing, activity-based costing, cost-volume-profit analysis, short-term financial planning, capital budgeting and risk assessment. Prerequisites: ACCT 1405 with a grade of C or better.

ACCT 1410 Course Week 11 Outline

Chapter 17: Plant Assets, Natural Resources, and Intangible Assets

I. Plant Assets (Property, Plant, and Equipment)

A. Definition: long-lived operating assets used to produce revenue for the enterprise in future periods. They are recorded at cost including all costs necessary to get the asset ready for its intended use.

ACCT 1410 Course Week 11 Objectives

In Week 11, we will discuss the final topic of this ACCT 1410 Course: businesses in financial trouble. You should be able to: 1) Understand bankruptcy and its effects on creditors 2) Understand the different types of bankruptcy proceedings available to businesses and what happens during each type 3) Understand how to assess a business’s financial health 4) Understand what factors can lead to business failure 5) Understand the different methods for analyzing a business’s financial statements 6) Use ratios and other financial statement analysis techniques to assess a business’s financial health 7) Understand the different types of restructuring that businesses can undertake 8) Understand the role of corporate governance in preventing business failure

ACCT 1410 Course Week 11 Pre-requisites

ACC

ACCT 1410 Course Week 11 Duration

-1

I. Introduction

This ACCT 1410 Course is designed to provide an understanding of financial accounting concepts and principles. This ACCT 1410 Course will discuss the basic concepts and procedures in accounting, and will teach students how to prepare financial statements for service and merchandising companies. This ACCT 1410 Course will also cover accounting cycles, receivables, inventories, property, plant and equipment, liabilities, equity, investments, cash flow statements and corporate income taxes.

II. Objectives

After completing this ACCT 1410 Course, students should be able to: Understand the basic accounting equation. Understand financial statements and how they are used. Understand the different types of business organizations and the impact that organization type has on financial statements. Understand the different types of transactions and how they affect the financial statements. Understand accrual basis versus cash basis accounting. Understand double-entry bookkeeping and t-accounts. Understand debits and credits and how they are used in recording transactions. Understand journal entries and ledger accounts. Prepare a trial balance. Prepare adjusting entries. Prepare an adjusted trial balance. Prepare closing entries. Prepare a post-closing trial balance. Prepare financial statements for service companies using the single step format: income statement; statement of retained earnings; balance sheet; and statement of cash flows using the indirect method for operating activitiesPrepare financial statements for merchandising companies using the multi-step format: income statement; statement of retained earnings; balance sheet; and statement of cash flows using the indirect method for operating activities Identify special journals used by merchandising companies: sales journal; purchases journal; cash receipts journal; cash disbursements journal; general journal; and payroll journal Understand the concept of inventory and cost of goods sold for merchandising companies Calculate ending inventory using various methods: specific identification; weighted average; first-in first-out (FIFO); last-in first-out (LIFO); retail inventory method (estimating ending inventory); lower of cost or market (LCM); periodic inventory system; perpetual inventory system Explain how to account for receivables: uncollectible accounts expense (bad debt expense); allowance for doubtful accounts; direct write-off method versus allowance method Account for notes receivable Explain how to account for plant assets: depreciation expense using various methods: straight-line depreciation; declining balance depreciation (accelerated depreciation); units-of-production depreciation Depletion expense Natural resources Intangible assets with indefinite lives Intangible assets with definite lives Impairment losses Dispositions of plant assets Accounting changes Discuss current liabilities: accounts payable; accrued expenses payable

ACCT 1410 Course Week 11 Learning Outcomes

1. Understand the use of accounting information in business decision making

2. Understand and apply the concepts of double-entry bookkeeping

3. Understand and prepare financial statements in accordance with generally accepted accounting principles

4. Understand the time value of money and its impact on business decisions

5. Understand and apply managerial accounting concepts and cost behavior analysis to support decision making

ACCT 1410 Course Week 11 Assessment & Grading

(Assessment Test 2: ACCT 1410 Course )

1) Read and answer each question below. Each answer must be written in a complete sentence. (2 points each)

a. What are the two primary financial statements?

The primary financial statements are the balance sheet and the income statement.

b. How does the accrual basis of accounting differ from the cash basis of accounting?

The accrual basis of accounting recognizes revenue when it is earned, regardless of when cash is received. The cash basis of accounting only recognizes revenue when cash is received.

ACCT 1410 Course Week 11 Suggested Resources/Books

ACCT 1410 Course Week 11 Suggested Resources/Books for ACCT 1410 Course – Introduction to Accounting

1. Managerial Accounting: Tools for Business Decision Making, 7th Edition by Jerry J. Weygandt, Paul D. Kimmel, and Donald E. Kieso

2. Financial Accounting: An Integrated Approach, 6th Edition by Kenneth M. Wachowicz Jr., James D. Stice, Earl K. Stice, and Monte R. Swain

3. Intermediate Accounting, Volume 1, 13th Edition by Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield

ACCT 1410 Course Week 11 Assignment (20 Questions)

at University of Central Oklahoma (UCO)

1. How can you compare the two balance sheets using ratios?

2. What is the significance of the current ratio?

3. How would you compare the two companies’ inventory turnover ratios?

4. What do the two companies’ days’ sales outstanding ratios tell you about their credit policies?

5. How do the two companies’ total asset turnover ratios compare?

6. What do the two companies’ return on equity ratios tell you about their profitability and risk?

7. What do the two companies’ price-earnings ratios tell you about their relative stock market values?

8. How can you use ratios to analyze a company’s financial statements?

ACCT 1410 Course Week 11 Assignment Question (20 Questions)

at University of Houston

1. How does accounting help us understand business?

2. How does accounting information help managers make decisions?

3. What is the goal of financial accounting?

4. How does management accounting differ from financial accounting?

5. What is double-entry bookkeeping?

6. What are the basic types of financial statements?

7. What are some common items found on a balance sheet?

8. What are some common items found on an income statement?

9. What are some common items found on a statement of cash flows?

ACCT 1410 Course Week 11 Discussion 1 (20 Questions)

Week 11 Discussion 1 (20 Questions) for ACCT 1410 Course – Introduction to Accounting Click Here to Download ACCT1410 D11 Discussion 1 graded 100% Please rate my assignment and let me know if there is anything I can improve on. Don’t use plagiarized sources. Get Your Custom Essay on Week 11 Discussion 1 (20 Questions) for ACCT 1410 Course –…

ACCT 1410 Course Week 11 DQ 1 (20 Questions)

1. What is the advantage of using double-entry accounting?

2. How do you prepare a trial balance?

3. How do you use a trial balance to find errors in your accounting records?

4. How does the double-entry system help to prevent errors in accounting records?

5. What are the four basic financial statements?

6. How do you prepare a balance sheet?

7. How do you prepare an income statement?

8. How do you prepare a statement of cash flows?

9. What is the purpose of each financial statement?

10. What information does a balance sheet provide?

ACCT 1410 Course Week 11 Discussion 2 (20 Questions)

at University of Central Oklahoma (UCO)

Just send me a message on the order page if you need any extra help.

Question 1: Question 1 (2 points)

Income statement activities include revenues and expenses. How are these items related to balance sheet accounts?

Question 2: Question 2 (2 points)

What is the general format of an income statement?

Question 3: Question 3 (2 points)

The operating section of the income statement includes all activities involved in operating the business, such as selling products or services, and includes which type of costs?

Question 4: Question 4 (2 points)

Which costs are included in the nonoperating section of the income statement?

ACCT 1410 Course Week 11 DQ 2 (20 Questions)

at Columbia College (CC).

1.What is the accrual basis of accounting?

2.How does the accrual basis of accounting differ from the cash basis of accounting?

3.What are the advantages and disadvantages of the accrual basis of accounting?

4.What is double-entry bookkeeping?

5.How does double-entry bookkeeping ensure that the books are in balance?

6.What is a journal entry?

7.What is a ledger?

8.How do journals and ledgers work together in the double-entry bookkeeping system?

9.What is a trial balance?

10.What is the purpose of a trial balance?

ACCT 1410 Course Week 11 Quiz (20 Questions)

Question 1 1. The final step in the accounting cycle is the _____ statement. a. balance sheet b. income statement c. statements of cash flows d. closing entries Question 2 2. The money that a company collects from its customers for goods or services sold on credit is called: a….

ACCT 1410 Course Week 11 MCQ’s (20 Multiple Choice Questions)

at Brigham Young University (BYU).

1) Which of the following is not a financial statement?

a) Income statement.

b) Balance sheet.

c) Statement of retained earnings.

d) Statement of cash flows.

e) Budget.

2) What is the primary purpose of the income statement?

a) To report the company’s cash position at a point in time.

b) To report the company’s equity position at a point in time.

c) To report the company’s revenue and expenses for a period of time.

d) To report the company’s assets and liabilities at a point in time.

3) Which of the following is not a common item appearing on an income statement?

a) Sales revenue.

b) Sales discounts.

c) Sales returns and allowances.
d) Cost of goods sold.
e) Depreciation expense.

4) Service companies typically have which of the following types of revenues?

a) Sales revenue only.
b) Service revenue only.
c) Sales revenue and service revenue.
d) Investment revenue only.

5) Which of the following statements is true about an income statement?
I. An income statement reports revenues, expenses, and net income or net loss for a specific period of time. II. An income statement can be prepared using either the cash basis or accrual basis of accounting, but not both simultaneously. III. An income statement may report revenues and expenses for more than one category, such as cost of goods sold, selling expenses, and administrative expenses.
IV. The bottom line on an income statement is called net operating income or operating profit/loss depending on whether it is positive or negative, respectively. V. An income statement may also be referred to as a profit and loss statement or P&L for short.

a) I only b) II only c) I, II, and III only d) IV only e) I, II, III, IV, and V

ACCT 1410 Course Week 12 Description

Week 12 Description for ACCT 1410 Course – Introduction to Accounting (ACCT 1410 Course )

This ACCT 1410 Course is a study of financial accounting principles and their application to the preparation of financial statements. The ACCT 1410 Course covers the accounting cycle, accruals, deferrals, inventory valuation methods, current and long-term assets, current and long-term liabilities, partnerships, corporations, and statement analysis. Emphasis is placed on understanding the impact of business transactions on the financial statements. Upon completion, students should be able to prepare accurate financial statements in accordance with generally accepted accounting principles.

ACCT 1410 Course Week 12 Outline

at the University of Texas at Arlington.

In this ACCT 1410 Course we will cover chapters 13, 14, 15, and 16 of the textbook.

Chapter 13: Financial Statements for a Sole Proprietorship

In this chapter we will learn how to prepare the financial statements for a sole proprietorship. We will also learn about some of the unique aspects of accounting for a sole proprietorship.

Chapter 14: Introduction to Corporations

In this chapter we will learn about the formation of a corporation. We will also learn about the different types of stock that a corporation can issue.

Chapter 15: Financial Statements for a Corporation

In this chapter we will learn how to prepare the financial statements for a corporation. We will also learn about some of the unique aspects of accounting for a corporation.

Chapter 16: Analysis of Financial Statements

In this chapter we will learn how to analyze financial statements. We will also learn about some of the ratios that are used to analyze financial statements.

ACCT 1410 Course Week 12 Objectives

Class Description:

This ACCT 1410 Course is an introduction to accounting concepts and their application in the field of business. Topics include the accounting cycle, merchandising operations, receivables, inventories, current liabilities, plant assets, intangible assets, long-term liabilities, partnerships, and corporations.

ACCT 1410 Course Objectives:

Upon successful completion of this ACCT 1410 Course, students will be able to:

ACCT 1410 Course Week 12 Pre-requisites

* ACCT 1410 Course – Introduction to Accounting is a pre-requisite for ACCT 2420 – Intermediate Accounting I. ACCT 2420 – Intermediate Accounting I is a pre-requisite for ACCT 3430 – Intermediate Accounting II. ACCT 3430 – Intermediate Accounting II is a pre-requisite for ACCT 4440 – Advanced Financial Accounting.

* Completion of the following accounting ACCT 1410 Course is recommended: ACCT 2300 – Managerial Accounting

ACCT 1410 Course Week 12 Duration

This ACCT 1410 Course is 1 week long.

ACCT 1410 Course Week 12 Learning Outcomes

1. Recognize the types of financial statements and the use of ratios and trend analysis in financial statement interpretation.

2. Understand the time value of money and its application in business decisions.

3. Understand the accrual basis of accounting and its application in business decisions.

4. Understand the use of accounting information in managerial decision-making, including cost-volume-profit analysis, capital budgeting, and short-term decision making.

ACCT 1410 Course Week 12 Assessment & Grading

The final exam will cover all lecture material from the entire semester. It is a 100-point, 3-hour, closed-book and closed-notes exam. The exam will be available online during the regular final exam period on Wednesday, December 12th from 6pm – 9pm.

No additional credit will be given for the final exam.

ACCT 1410 Course Week 12 Suggested Resources/Books

Intermediate Accounting: IFRS Edition, Vol. 1 by Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield

ACCT 1410 Course Week 12 Assignment (20 Questions)

Week 12 Assignment (20 Questions) for ACCT 1410 Course – Introduction to Accounting (ACCT 1410 Course)

Question 1 of 20 5.0 Points

If a firm has a total asset turnover ratio of 2.0, what is the firm’s sales to total assets ratio? A. 1.0 B. 2.0 C. 3.0 D. 4.0 Question 2 of 20 5.0 Points The balance sheet equation is: A. Liabilities + Equity = Assets B. Liabilities = Assets – Equity C. Equity = Assets + Liabilities D. Equity = Assets – Liabilities Question 3 of 20 5….

ACCT 1410 Course Week 12 Assignment Question (20 Questions)

QUESTION 1

5 points

Save answer

The balance sheet of Parson Company on December 31, 2015, is presented below:

The company’s records indicate the following transactions for 2016:

a. Issued bonds for cash at 100 plus accrued interest. The bonds mature in 2020. Interest is paid semiannually on June 30 and December 31. b. Purchased a piece of equipment for $65,000 cash and made a down payment of $10,000. The balance was financed with a three-year note payable at 9% per year. c. Paid interest on bonds issued in (a) above and accrued interest on note payable from (b). d. Sold land that had cost $115,000 and had been held as an investment for six years for $140,000 cash. e. Paid dividends of $4 per share on common stock outstanding throughout the year. f. Acquired land as follows: paid $20,000 cash and assumed a mortgage payable for the balance of its $90,000 price tag. The mortgage has 10 years to run at 7% per year; payments are made semiannually on June 30 and December 31 and include principal and interest paid in equal amounts each time the payment is made. g. Sold for cash a machine that had cost $60,000 five years ago and had accumulated depreciation of $30,000 through 2015 (no depreciation was taken in 2016). h. Paid all accounts payable owing as of December 31, 2015; these were acquired through purchases during 2016 prior to accrual of the invoices into 2016 accounts payable balances (i). Depreciated equipment by using straight-line depreciation methods over the estimated useful life; annual depreciation expense is equally allocated over the four quarters of each calendar year so that it totals one-half the estimated annual amount when added to one half of last year’s accrual at December 31 (all other depreciation methods are used in calculating tax expenses only). i. Accrued property taxes owing at December 31, 2016; these are equal to one-twelfth (1/12) of property taxes due May 1, 2017; j. Paid off long-term notes issued in previous years; k . Paid one-half yearly interest on real estate mortgages acquired two years ago (none was acquired this year); l . Paid one-half yearly principal plus interest on long-term notes issued three years ago; m . Paid one-half yearly principal only on real estate mortgages acquired four years ago; n . Purchased new office furniture for cash at a cost of $13,500 plus installation charges of $250; o . Purchased new computer systems for cash at a cost of $18,250 plus installation charges of $850 p . Made repairs to factory roof – spent $2,300 cash q . Made repairs to machinery – spent 860 hours x maintenance worker’s rate ($20/hour) r . Made repairs to parking lot – spent 4 days x groundskeeper’s rate ($200/day) s . Purchased office supplies – spent 5400 x office supply clerk’s rate ($0.15/unit) t . Replaced tires – spent 2 days x janitor’s rate ($160/day) u . Replaced belts – spent 4 hours x maintenance worker’s rate ($25/hour) v . Replaced brakes – spent 3 hours x maintenance worker’s rate ($30/hour) w . Office cleaning – spent 3 hours x janitor’s rate ($160/hour) x . Glass replacement – spent 6 hours x maintenance worker’s rate ($25/hour) y . HVAC repair – spent 20 hours x maintenance worker’s rate ($25/hour) z

ACCT 1410 Course Week 12 Discussion 1 (20 Questions)

In your own words, discuss the key points covered in this week’s lecture. How are accounting concepts and practices used to measure, report and use financial information?

ACCT 1410 Course Week 12 DQ 1 (20 Questions)

1. If the amount of income received by the company is less than the amount of expenses incurred by the company, what will be the effect on the net income? 2. If a company’s sales prices increase but its sales volume decreases, what will happen to its gross profit? 3. What is an example of an operating expense? 4. What is an example of a nonoperating expense? 5. What are some examples of accruals and deferrals? 6. How do they affect financial statements? 7. How does the concept of time period assumption affect financial reporting? 8. How does the concept of revenue recognition principle affect financial reporting? 9. How does the concept of matching principle affect financial reporting? 10. Explain how generally accepted accounting principles (GAAP) are developed in the United States. 11. Describe some of the major organizations that contribute to GAAP in the United States. 12. Explain why GAAP is important to users of financial statements. 13. Describe some of the limitations of using GAAP financial statements 14. Explain how International Financial Reporting Standards (IFRS) are developed. 15. Describe some of the major organizations that contribute to developing IFRS. 16. Explain why IFRS is important to users of financial statements 17. Describe some of the similarities and differences between GAAP and IFRS 18. Explain how Sarbanes-Oxley Act affects financial reporting 19. Describe some other laws and regulations that affect financial reporting 20

ACCT 1410 Course Week 12 Discussion 2 (20 Questions)

at Northeastern State University.

1. Discuss the major forms of business organization in the United States and compare and contrast their relative advantages and disadvantages. Give your opinion as to which form you would recommend for a new business. Why?

2. Why is it important for a small business owner to have a good understanding of the tax laws?

3. What are some of the most common types of taxes imposed on businesses in the United States?

4. How can a small business owner minimize his or her tax liability?

5. What are some of the common financial statements prepared by businesses? What information do they provide?

6. How does a small business owner use financial statements in making business decisions?

7. What is cash flow? How is it different from net income? Why is it important for a small business owner to understand cash flow?

8. What are some common sources of financing for small businesses? Which do you think is the best source of financing for a new business? Why?

9. What are some common types of risks faced by small businesses? How can a small business owner manage risk?

10. What are some common strategies used by small businesses to promote and market their products or services?

ACCT 1410 Course Week 12 DQ 2 (20 Questions)

1. How can the use of ratios and other financial tools help managers better understand a company’s financial position? 2. How can managers use ratios to monitor a company’s financial performance? 3. How can ratios be used to make better decisions about a company’s future? 4. What are some common ratios that are used in business? 5. What is the difference between a liquidity ratio and a solvency ratio? 6. What is the difference between an activity ratio and a profitability ratio? 7. What is the debt-to-equity ratio and what does it indicate about a company’s financial health? 8. What is the DuPont model of return on equity and how can it be used by managers to improve financial performance? 9. What are some common pitfalls associated with the use of ratios in business decision-making? 10. How can ratios be used to forecast a company’s future financial performance?

ACCT 1410 Course Week 12 Quiz (20 Questions)

Question 1 0.5 / 0.5 Points Click on the Check Answer button to see if your answer is correct. The amount of money that should be in the cash register at the end of the day is called the __________. Answer Key: a. daily sales total b. beginning balance c. ending balance d. register tape Question 2 0.5 / 0.5 Points Click on the Check Answer button to see if your answer is correct. If an account has a debit balance, this means that it __________. Answer Key: a. is owed by the business b. owes money to another person or entity c. represents an increase in equity d. represents an increase in assets or decrease in liabilities Question 3 0…

ACCT 1410 Course Week 12 MCQ’s (20 Multiple Choice Questions)

/ Management Accounting (MNGACCT 1410 Course )

1. The current liabilities section of a company’s balance sheet includes which of the following?

a. Accounts payable, unearned revenues, interest payable, and income taxes payable.

b. Accounts receivable, inventory, dividends payable, and prepaid expenses.

c. Wages payable, accrued expenses, deferred taxes payable, and long-term debt.

d. Common stock, retained earnings, treasury stock, and investments in stocks and bonds.

2. Which of the following is not included in the current assets section of a company’s balance sheet?

a. Accounts receivable from customers for services performed.

b. Inventory items held by a manufacturer for sale to customers in the future at higher prices than cost.

c. Investments in stocks and bonds that will be held for more than one year before sale or maturity but are considered marketable securities because they can be sold quickly without loss of value to raise cash if necessary to meet emergency needs of the business.

d. Cash on hand at the end of an accounting period waiting to be deposited in the bank on the next business day as required by bank policy so that checks can clear promptly for payment when received from customers later that day or early on the next business day when banking offices are open again for business after being closed during weekends and holidays.

3. The term “contra asset” refers to: (Points : 3) All assets on a company’s balance sheet except cash and investments None of these Fixed assets Cash

ACCT 1410 Course Week 13 Description

Chapter 10: Bonds, Notes, and Other Long-Term Debt Instruments

Chapter 11: Inventories

Learning Outcomes for ACCT 1410 Course – Introduction to Accounting (ACCT 1410 Course )

ACCT 1410 Course Week 13 Outline

This ACCT 1410 Course is an overview of accounting principles and practices, including the basic concepts and applications of financial accounting and managerial accounting. The ACCT 1410 Course covers topics such as balance sheets, income statements, statements of cash flows, job order costing, process costing, cost-volume-profit analysis, budgets, and performance evaluation. The ACCT 1410 Course also includes an introduction to ethics in accounting.

ACCT 1410 Course Week 13 Objectives

1. Define cost of goods sold, inventory and merchandising operations.

2. Understand the basic accounting equation and how it applies to inventory.

3. Understand the types of inventory systems and how they are used in accounting.

4. Prepare journal entries for transactions related to inventory and cost of goods sold.

5. Understand the purpose of a trial balance and how it is used in accounting.

6. Understand the different types of financial statements and how they are used in accounting.

ACCT 1410 Course Week 13 Pre-requisites

Pre-requisites for ACCT 1410 Course – Introduction to Accounting I

ACCT 1410 Course Week 13 Duration

2nd semester (2 weeks)

Accounting 1410 is a two-week ACCT 1410 Course that covers the basics of financial accounting. The ACCT 1410 Course covers topics such as the balance sheet, income statement, and statement of cash flows.

ACCT 1410 Course Week 13 Learning Outcomes

1. Identify the purpose of accounting and its role in decision making.

2. Understand the types of financial statements and how they are used to inform business decisions.

3. Understand the basic accounting equation and how it is used to prepare financial statements.

4. Understand accrual accounting and its role in financial reporting.

5. Understand the different types of business transactions and how they impact financial statements.

ACCT 1410 Course Week 13 Assessment & Grading

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ACCT 1410 Course Week 13 Suggested Resources/Books

Introduction to Financial Accounting (10th Edition)

By Charles T. Horngren, Walter T. Harrison, Jr., M. Suzanne Oliver

Managerial Accounting (14th Edition)

By Ray H. Garrison, Eric W. Noreen, Peter C. Brewer

Accounting (25th Edition)

By Charles T. Horngren, Walter T. Harrison, Jr., M. Suzanne Oliver

ACCT 1410 Course Week 13 Assignment (20 Questions)

1. How does a balance sheet differ from an income statement?
2. How is the net income for a period determined?
3. What is an accrual?
4. What is the double entry bookkeeping system?
5. How does the double entry bookkeeping system ensure that the books are balanced?
6. What is a ledger?
7. What is a trial balance?
8. What is a journal?
9. What are the different types of journals used in accounting?
10. How do adjusting entries affect the financial statements?
11. What is depreciation?
12. What are some of the methods used to calculate depreciation expense?
13. What is amortization?
14. How does amortization differ from depreciation?
15. What is a cash flow statement?
16. How is the net cash flow for a period determined?
17. What are some of the key ratios used in financial analysis?
18. What is working capital?
19. How is working capital calculated?
20. Why is it important to manage working capital effectively?

ACCT 1410 Course Week 13 Assignment Question (20 Questions)

– University of Texas at Dallas (UTD)

ACCT 1410 Course Week 13 Assignment Question (20 Questions) for ACCT 1410 Course – Introduction to Accounting (ACCT 1410 Course ) – University of Texas at Dallas (UTD)

1. The term “accounting” refers to:

A. a process that involves recording, classifying, and summarizing economic events to provide information for decision making.

B. the gathering and summarization of financial information about an economic entity.

C. the process of identifying, measuring, and communicating information to permit informed judgments and decisions by users of the information.

D. a branch of economics that deals with resource allocation in an economy with scarce resources.

2. Accounting is a profession because it:

3. The basic accounting equation may be expressed as:

4. Which one of the following would not be classified as an asset?

5. The record-keeping phase of accounting involves the:

ACCT 1410 Course Week 13 Discussion 1 (20 Questions)

What are two main categories of costs that need to be allocated to individual products or services? What is the basic concept of accounting for joint costs? Why is allocating joint costs essential to making good decisions about selling and processing alternatives? How do accountants determine the amount of…

ACCT 1410 Course Week 13 DQ 1 (20 Questions)

What do you consider to be the most important factors that management should consider when choosing an inventory costing method? What are some of the other factors that management may want to consider? Which of the four methods discussed in this chapter (LIFO, FIFO, weighted average, and specific identification) do you think is best for each type of inventory: manufacturing inventory, raw materials inventories, work-in-process inventories, finished goods inventories, merchandise inventories held by retailers or wholesalers? Why?

ACCT 1410 Course Week 13 Discussion 2 (20 Questions)

After reading the lecture material and the article How to Write a Good Bug Report, write an answer to each of the following questions. Respond to at least two other students for each question: 1. Why is it important for a tester to know how to write a good bug report? 2. What are some common pitfalls when writing bug reports? 3. Why is it important that the tester assign a severity level to their bug report? 4. What are some common types of bugs that should be reported? 5. How can you avoid …

ACCT 1410 Course Week 13 DQ 2 (20 Questions)

at Colorado State University (CSU)

What are the goals of accounting?What is the impact of ethics on the accounting profession?What are generally accepted accounting principles?What types of ethical dilemmas do accountants face?How has technology impacted the accounting profession?What is Sarbanes-Oxley and how does it impact the accounting profession?How have international standards impacted the accounting profession?What is the role of accountants in fraud prevention?What is the role of accountants in corporate governance?What is environmental reporting and what role do accountants play in this process?What is social responsibility reporting and what role do accountants play in this process?How does sustainability reporting differ from social responsibility reporting?What is integrated reporting and what role do accountants play in this process?What are some current issues facing the accounting profession?

ACCT 1410 Course Week 13 Quiz (20 Questions)

at East Carolina University.

1) Which of the following items would not be considered an intangible asset?

2) The primary purpose of a post-closing trial balance is to

3) At January 1, 2017, Falcon Corporation has Common Stock outstanding with a par value of $5. On May 2, 2017, Falcon declared a 4% stock dividend when the market price per share was $20. The market price per share on December 31, 2017 was $25. How much total cash will be distributed to shareholders in 2018 as a result of the stock dividend?

4) Community Bank has a beginning retained earnings balance of $850 million and total common stock equity of $1.7 billion at December 31, 2017. During 2018, net income was $200 million and dividends declared were $100 million. What are Community Bank’s ending retained earnings and common stock equity balances for 2018?

5) During the current year, Emmaline Corp.’s sales totaled $400 million, its cost of goods sold totaled $260 million, and its other operating expenses totaled $45 million. If Emmaline had no other revenues or expenses during the current year, its tax rate was 30%, and its beginning retained earnings balance was zero, what was Emmaline’s ending retained earnings balance for the year?

6) The process of analyzing transactions to determine how they will affect financial statements is called ____________ analysis.

7) Which one of the following is not one of the basic types of ratios used in ratio analysis?

8) A 10% stock dividend will result in ____________ common shares outstanding and ____________ additional paid-in capital.

9) If one company acquires another company by issuing common stock valued at more than book value for the acquired company’s common stock and assets, which statement is true regarding the transaction?

10) On July 1, 2018, Harrison Company issued 6%, 20-year bonds with a face value of $500 million at 102%. The bonds pay interest semi-annually on January 1 and July 1. Harrison uses straight-line amortization for premium or discount on bonds payable. What is Harrison’s bond payable account balance at December 31, 2020?

ACCT 1410 Course Week 13 MCQ’s (20 Multiple Choice Questions)

1) Which of the following is a good principle to follow when debiting and crediting entries?

A. Debit the income statement, credit the balance sheet.
B. Debit the asset, credit the liability.
C. Debit the expense, credit the revenue.
D. Debit the loss, credit the gain.

2) Which of the following is not an advantage of accrual-basis accounting over cash-basis accounting?

A. Accrual-basis accounting more accurately reflects the timing of transactions.
B. Accrual-basis accounting matches expenses with revenues.
C. Accrual-basis accounting is easier to use than cash-basis accounting.
D. Accrual-basis accounting provides more information about a company’s financial position at a particular point in time.

3) The revenue recognition principle requires that revenues be recognized ____________.

A. in the period in which they are earned
B. in the period in which they are collected
C. at the end of the fiscal year
D. as soon as possible after they are earned

4) The matching principle requires that ____________.

A. expenses be matched with revenues in the same period
B. assets be matched with liabilities in the same period
C. revenues be matched with expenses in different periods
D. liabilities be matched with assets in different periods

5) The accrual basis of accounting means that ____________ are recognized when earned and not necessarily when received or paid, and that ____________ are recognized when incurred and not necessarily when paid.

A. Assets; liabilities
B. Revenues; expenses C. Liabilities; assets D. Expenses; revenues

6) The revenue recognition principle requires that revenues be recognized when earned and not necessarily when received or paid, and that expenses be recognized when incurred and not necessarily when paid . This is called ____________ basis of accounting .

A Cash B Accrual C Modified accrual D Full accrual

7) Which of the following items would not be considered cash for purposes of preparing a statement of cash flows using the indirect method?

A Accounts receivable B Accounts payable C Common stock D Service revenue

8) Which one of the following would not affect a company’s cash position?

A An increase in accounts receivable B A decrease in accounts payable C The purchase of equipment on account D An increase in common stock

9) A disadvantage of using double-entry bookkeeping is that it is often viewed as being too complex for small businesses . Another disadvantage is that it may result in certain types of business transactions being overlooked or omitted from the records . What is this second disadvantage called? Bookkeeping omission error Incomplete records Compensating error Nonexistent error 10) Under accrual basis accounting, service revenue should be reported on the income statement in the period it is earned , regardless of when it is collected . This concept is best explained by which one of the following principles ? Matching principle Revenue recognition principle Cost recovery principle Periodicity assumption

ACCT 1410 Course Conclusion

This ACCT 1410 Course has covered a variety of topics. You have learned about the types of businesses and the different ways to organize them. You have also learned about the basic accounting equation, which is the cornerstone of accounting. You have learned about how businesses use financial statements to communicate information to investors and creditors. Finally, you have learned about how businesses measure their performance using ratios and common-size financial statements.

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ACCT 1410 Course: Free & Extensive Info

Introduction

ACCT 1410 Course Description

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ACCT 1410 Course Outline

ACCT 1410 Course Objectives

ACCT 1410 Course Pre-requisites

ACCT 1410 Course Duration & Credits

ACCT 1410 Course Learning Outcomes

ACCT 1410 Course Assessment & Grading Criteria

ACCT 1410 Course Fact Sheet

ACCT 1410 Course Delivery Modes

ACCT 1410 Course Faculty Qualifications

ACCT 1410 Course Syllabus

Suggested ACCT 1410 Course Resources/Books

ACCT 1410 Course Practicum Journal

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Week by Week ACCT 1410 Course Overview

ACCT 1410 Course Week 1 Description

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ACCT 1410 Course Week 1 Assessment & Grading

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ACCT 1410 Course Week 1 Assignment (20 Questions)

ACCT 1410 Course Week 1 Assignment Question (20 Questions)

ACCT 1410 Course Week 1 Discussion 1 (20 Questions)

ACCT 1410 Course Week 1 DQ 1 (20 Questions)

ACCT 1410 Course Week 1 Discussion 2 (20 Questions)

ACCT 1410 Course Week 1 DQ 2 (20 Questions)

ACCT 1410 Course Week 1 Quiz (20 Questions)

ACCT 1410 Course Week 1 MCQ’s (20 Multiple Choice Questions)

ACCT 1410 Course Week 2 Description

ACCT 1410 Course Week 2 Outline

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ACCT 1410 Course Week 2 Pre-requisites

ACCT 1410 Course Week 2 Duration

ACCT 1410 Course Week 2 Learning Outcomes

ACCT 1410 Course Week 2 Assessment & Grading

ACCT 1410 Course Week 2 Suggested Resources/Books

ACCT 1410 Course Week 2 Assignment (20 Questions)

ACCT 1410 Course Week 2 Assignment Question (20 Questions)

ACCT 1410 Course Week 2 Discussion 1 (20 Questions)

ACCT 1410 Course Week 2 DQ 1 (20 Questions)

ACCT 1410 Course Week 2 Discussion 2 (20 Questions)

ACCT 1410 Course Week 2 DQ 2 (20 Questions)

ACCT 1410 Course Week 2 Quiz (20 Questions)

ACCT 1410 Course Week 2 MCQ’s (20 Multiple Choice Questions)

ACCT 1410 Course Week 3 Description

ACCT 1410 Course Week 3 Outline

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ACCT 1410 Course Week 3 Pre-requisites

ACCT 1410 Course Week 3 Duration

ACCT 1410 Course Week 3 Learning Outcomes

ACCT 1410 Course Week 3 Assessment & Grading

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ACCT 1410 Course Week 3 Assignment (20 Questions)

ACCT 1410 Course Week 3 Assignment Question (20 Questions)

ACCT 1410 Course Week 3 Discussion 1 (20 Questions)

ACCT 1410 Course Week 3 DQ 1 (20 Questions)

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ACCT 1410 Course Week 3 DQ 2 (20 Questions)

ACCT 1410 Course Week 3 Quiz (20 Questions)