Devry NR 439 Week 5 assignment

Devry NR 439 Week 5 assignment http://homeworktimes.com/downloads/devry-nr-439-week-5-assignment/ Reading Research Literature – Week 5 Type your answers to the following questions using complete sentences and correct grammar, spelling, and syntax. Click Save as and save the file with your last name and assignment, e.g.,NR439_RRL_Smith.Submit to the Week 5 RRL basket in the Dropbox by11:59 pm MT Sunday at the end of Week 5. The guidelines and grading rubric for this assignment may be found in Doc Sharing. Title: RRL Name:[replace this text with your name] The following questions pertain to: George, S., & Thomas, S. (2010). Lived experience of diabetes among older, rural people. Journal of Advanced Nursing, 66(5), 1092-1100. 1) What is the purpose of this research? 2) What is the research question (or questions)? This may be implicit or explicit. 3) Did the authors describe the research design of this study? If so, give a description. 4) Describe the population (sample) for this study. 5) Was the sample adequate for the research design that was selected? 6) Describe the data collection procedure. 7) How were the data analyzed after collection? 8) Discuss the limitations found in the study. 9) Discuss the authors’ conclusions. Do you feel these conclusions are based on the data that they collected? 10) How does this advance knowledge in the field? The following questions pertain to: Hunt, C., Sanderson, B., Ellison, K., (2014). Support for diabetes using technology: A pilot study to improve self-management. MedSurgNursing, 23(4), 231-237. 11)What is the purpose of this research? 12)What is the research question (or questions)? This may be implicit or explicit. 13) Did the authors describe the research design of this study? If so, give a description. 14)Describe the population (sample) for this study. 15) Was the sample adequate for the research design that was selected? 16) Describe the data collection procedure. 17)How were the data analyzed? 18)Discuss the limitations found in the study? 19)Discuss the authors’ conclusions. Do you feel these conclusions are based on the data that they collected? 20)How does this advance knowledge in the field.

devry NETW 583 Strategic Management of Technology Midterm Exam

devry NETW 583 Strategic Management of Technology Midterm Exam http://homeworktimes.com/downloads/devry-netw-583-strategic-management-technology-midterm-exam/ • Question: TCO A – The Solow Residual refers to • Question: TCO A – Which of the following is true about technology trajectories? • Question: TCO B – When you buy a product on eBay you can pay for it using an online payment system called PayPal (which accepts credit cards or electronic funds transfers). The payment system is heavily secured using encryption technology. PayPal is offering simplicity, convenience and __________ utility levers according to the Kim and Mauborgne model. • Question: TCO B – One advantage cell phone customers in the European Union (EU) had over U.S. customers early in the adoption of cells phones is that… • Question: TCO A – At a retreat by the Salisbury City Council, community leaders held a discussion on attracting and developing new businesses and increasing employment rates in the city. One leader suggested that the city consider sponsoring a business incubator. Explain what an incubator is and how this might help the city meet its goals. • Question: TCO A – Lately computer users have been using USB Jump Drives to copy and store files. These are also called “thumb drives,” “pen drives,” and other names. These are small drives you can attach to a key chain and plug into any USB port and have the utility of a hard drive. The size of their memory varies from 16 kilobytes to several gigabytes. Assume you are the CEO of the Ajax Thumb Drive Company. How might you use the s-curve model to predict when to switch to a new technology? What would be the limitations of this approach? • Question: TCO B – Explain why it is that if a company’s technology is adopted by users ahead of other technologies, it might be at a tremendous advantage and competitors will have trouble catching up. • Question: TCO B – Why is the installed base of users of a technology that requires complementary goods so important to a company’s future success? • Question: TCO C – Prahalad and Hamel offer 3 tests to identify a firm’s core competencies: List the tests, explain them, and provide examples. • Question: TCO C – Gallon, Stillman & Coates suggest a six-step approach for identifying and cultivating a firm’s core competencies. Describe this approach and provide examples.

Devry HIST410N Entire course all Weeks Material

Devry HIST410N Entire course all Weeks Material http://homeworktimes.com/downloads/devry-hist410n-entire-course-weeks-material/ HIST410N Week 1 Discussion DQ 1 & DQ 2 Latest 2016 DQ 1 1900: The Age of Hope and the Age of ‘Isms’ (graded) Here’s a statement to consider: “Imperialism has been the most powerful force in world history over the last four or five centuries, carving up whole continents while oppressing indigenous peoples and obliterating entire civilizations.” Defend or condemn the argument by giving examples of the interaction between Western industrial powers and traditional, non Western societies. Were these contacts essentially positive or negative? ” DQ 2 The First Total War (graded) World War 1 is said to have been the first ‘total’ war. What does that mean? And what does it mean for people and nations trying to pick up the pieces and resume normal life? HIST410N Week 2 Discussion DQ 1 & DQ 2 Latest 2016 DQ 1 The Rise of Totalitarianism (graded) Compare and contrast the two types of totalitarian governments that arose after 1917, that is, communism and fascism. What were the origins of these governments, their accomplishments, and their failures? What accounts for the fact that the masses mobilized to support these movements? Elaborate. DQ 2 Nationalism and the Treaty of Versailles (graded) What were reasons that led to the ultimate failure of the Treaty of Versailles? What were the challenges facing the newly-formed League of Nations, and why was it so difficult to form a lasting agreement that would prevent another war? Elaborate. Devry HIST410N Week 3 Discussion DQ 1 & DQ 2 Latest 2016 DQ 1 Dictatorship and Democracy (graded) Analyze Adolph Hitler’s rise to power and the policies he used to rule Germany. Textbook tyrant? Overheated Nationalist? Or the right man for at the right time for the right job? DQ 2 World War II and the Holocaust (graded) The following statement was taken from a contemporary account of Germany in 1939: “Though the Fuhrer’s anti-Semitic program furnished the National Socialist party in the first instances with a nucleus and a rallying-cry, it was swept into office by two things with which the “Jewish Problem” did not have the slightest connection. On the one side was economic distress and the revulsion against Versailles: on the other, chicanery and intrigue…Hitler and his party promised the unhappy Germans a new heaven and a new earth, coupled with the persecution of the Jews. Unfortunately a new heaven and earth cannot be manufactured to order. But a persecution of the Jews can…”How do you interpret this contemporary account of the persecution of people who are Jewish? Elaborate. Devry HIST410N Week 4 Discussion DQ 1 & DQ 2 Latest 2016 DQ 1 The Cold War: Who Shot First? (graded) The United States accused the Soviet Union of breaking all its wartime pledges and holding Eastern Europe hostage while trying to subvert governments in the west. The Soviet Union accused the US and its allies of trying surround and ultimately destroy it. War of words? Or was somebody telling the truth? And where do our ‘Isms’ fit in? In particular nationalism? DQ 2 Cold War Buzz Words (graded) The Cold War its very own verbiage. The West had more than its share: Cold War, Iron Curtain, Containment, Domino Theory were just a few. What did they mean in this strange new post-war environment? Devry HIST410N Week 5 Discussion DQ 1 & DQ 2 Latest 2016 DQ 1 Africa and the West (graded) What accounts for the rather late emergence of African countries as independent nation-states? Is there something peculiar about Africa that delayed its drive for independence? (Begin with a specific African country, and argue your case.) DQ 2 Israel and the Middle East (graded) Why has the Arab-Israeli conflict been so persistent? What religious and cultural factors have contributed to the persistent state of unrest in the Middle East and, in particular, in what some people refer to as the Holy Land? Devry HIST410N Week 6Discussion DQ 1 & DQ 2 Latest 2016 DQ 1 The End of the Cold War (graded) What impact did Mikhail Gorbachev’s ideas of glasnost (openness), perestroika (restructuring) and demokratizatsiia (democratization) have on Communist society? Were these principles compatible with collectivization and a command economy? Did Communist leaders favor these principles or did they feel that their hand were tied once they were introduced into Communist society? DQ 2 The not so Cold War (graded) It would be easy to dismiss the Cold War simply as proof that Capitalism was a better theory than Communism. Easy, but not the whole story. In order for Communism to be relegated to the dustbin of history, it first had to be proven that its struggle against Capitalism unecessary and thus irrelevant. How do the US and the USSR close the gap in the last quarter of the 20th Century to allow Communism to go out with a whimper and not a bang? Devry HIST410N Week 7 Discussion DQ 1 & DQ 2 Latest 2016 DQ 1 Cold War Nostalgia (graded) In the years after the Cold War and the collapse of the bipolar order, the world has undergone significant changes. Chief among those changes has been a perceived deterioration of world stability, not only in terms of economics but also in terms of security. What indicators could lead one to conclude that in the years following the collapse of the Communist world, things have gotten more dangerous? DQ 2 Brave New World (graded) So…the Cold War is over. Time to do a victory lap and celebrate the primacy of American power. But the celebration seemed short-lived, as there were plenty of other concerns. Nothing is as it should be. Our adversaries are now our allies, and our allies are now competitors. The end of the Cold War knocked down the Iron Curtain, but it also destroyed conventional economic patterns. Is the end of the Cold War proving to be good for world peace, but not so good for world business? Devry HIST410N Week 1 Case Study Latest 2016 Case Study # 1: Jules Ferry Jules Ferry was Prime Minister of France as that nation launched its imperial expansion. In a debate with member of the French Parliament, Ferry Defends the decision to expand. Read his remarks and respond to the following questions: 1. According to Ferry, what recent developments in world trade have made it urgent for France to have colonies? 2. What arguments against imperialism have been raised by Ferry’s critics? How does he counter them? 3. What non-economic arguments does Ferry offer in favor of imperialism? This 2-3 page assignment is to be submitted to the Week 1 Dropbox, located at the top of this page. For instructions on how to use the Dropbox, read these Devry HIST410N Week 2 Case Study Latest 2016 Case Study #2: Versailles: The Allies’ “Last Horrible Triumph” This week, you will read the comments of the German Delegation to the Paris Peace Conference on the conditions of the peace which ended World War 1. You will find that document in the webliography. Many have argued that it was the way World War 1 ended which made World War 2 inevitable. Read the document and answer the following questions: 1. According to the authors of Germany’s complaint, how will various provisions of the treaty hurt Germany’s economy? 2. In Germany’s view, how would the country have been treated differently if the principles they attribute to President Wilson had been applied? 3. To what higher “fundamental laws” does the document appeal to in order to strengthen German assertions? 4. Do you agree with the authors of the document that Germany was being poorly treated? What response to their complaints might defenders of the treaty have made? http://college.cengage.com/history/primary_sources/world/conditions_of_peace.htm Submit your assignment to the Week 2 Dropbox, located at the top of this page. For instructions on how to use the Dropbox, read these Case Study: The Democrat and The Dictator Franklin Roosevelt and Adolph Hitler both came to power in 1933. They found themselves in charge of nations still suffering from the consequences of World War 1 and the Great Depression. Unemployment in the US was nearly 25%, while nearly one-third of Germany’s workforce had been idled. Americans and Germans had opted for new leadership in 1933 and were now looking to their new leaders for solutions, and perhaps a new vision of the future. Both FDR’s Inaugural address and Hitler’s first address as Chancellor of Germany have been analyzed for their similarities and differences. Now it’s our turn! In 2-3 pages, do the following: 1. Read both speeches and give an assessment of what these two leaders thought was the cause of the problems their countries faced. Provide quotes to support your view. 2. Using quotes from both speeches, tell how each leader intended to deal with: 1. Unemployment 2. Banking, finance and in general, the economy 3. Agriculture 4. Foreign Policy 3. Finally, in a concluding statement, tell where think these leaders find common ground in terms of their proposed solutions, and what you think their vision is with regard to the power of their position. Complete your Case Study in a Word document, approximately 300–400 words in length. Submit your assignment to the Dropbox, located at the top of this page. For instructions on how to use the Dropbox, read these See the Syllabus section “Due Dates for Assignments & Exams” for due date information. Devry HIST410N Week 5 Case Study Latest 2016 Case Study: Winston Churchill’s Iron Curtain Speech There are many ways to get a feel for the events of the 20th Century. One way is through the analysis of primary source documents. Few documents set the stage for the second half than Winston Churchill’s 1946 speech in Fulton, Missouri. Officially entitled “The Sinews of Peace”, it came to be known as “The Iron Curtain Speech”, in which Churchill laid out the challenges for the West in general, and the US and Britain in particular, regarding what would soon be known as the Cold War. Your assignment this week is to not just read Churchill’s speech, but read between the lines to answer the following questions in a well written 2-3 page document: 1. Churchill believes the Soviet Union “desires the fruits of war and the indefinite expansion of their power and doctrines.” How might those expansionist desires challenge the Western principle of national political self determination, a cause it championed during World War 2? 2. Churchill’s speech acknowledges “Russia’s need to be secure on her western borders,” but at the same time it raises concerns about Soviet actions in Eastern Europe. Is Churchill being inconsistent? Or does he provide concrete justifications for those concerns? 3. In his speech, Churchill asserts “There is nothing they (the Russians) admire so much as strength, and nothing for which they have less respect for than military weakness.” If he isn’t advocating a direct military confrontation with the Soviet Union, then what is he saying? 4. Churchill delivered this speech to an American audience, but after reading it one might conclude it could have been given in any western country. Why did he pick the US? Devry HIST410N Week 6 Case Study Latest 2016 Case Study: Ho Chi Minh and Vietnamese Independence Was Ho Chi Minh a Communist? To many Americans he was. But to many Vietnamese he was a nationalist hero, and to even a few Americans he was that as well, plus a friend, and ally and a comrade in arms during World War 2. It may be hard to paint Ho with any color other than gray, and now, nearly 50 years after his death and 40 years after the end of the American war in Vietnam, even that color has faded with time. What we do have are his words. The link below will take you the speech Ho Chi Minh gave on September 2, 1945, in which he proclaimed Vietnam’s independence, and its arrival on the world stage. Your assignment will be to read the speech and provide answers to the following questions: Complete your Case Study in a Word document, approximately 300-400 words in length. Questions for exploration: 1. Ho’s speech proclaiming Vietnam’s independence contains a demand that the free world support that independence in part as payment for services rendered during World War 2. What ‘service’ did Vietnam render during that conflict? 2. Ho claims that Vietnam’s independence is consistent with the philosophical principles which the Allies claimed were paramount during World War 2. What principles was Ho referring to, and does he make references to occasions where those principles were reasserted? 3. In the speech, Ho mentions crimes committed by the French during their occupation of Vietnam. Which crimes, as you read them, were in your opinion most severe and justified Vietnamese independence? Devry HIST410N Week 7 Case Study Latest 2016 Case Study: Mikhail Gorbachev’s 1988 UN Speech If the pace of improving US-Soviet relations seemed rapid, Mikhail Gorbachev’s speech to the United Nations General Assembly would shift the process into overdrive. In this remarkable oration, which you can find by clicking on the link below,Gorbachev emphatically declared that all nations must have the freedom to choose their own destiny, that ideology had no place in foreign affairs, and that great powers should renounce the use of force in international relations. Review his speech and answer in essay form the following questions: 1. Why did Gorbachev choose the United Nations as his forum for this speech? 2. What did Gorbachev mean by “de-ideologizing relations among states? What implications did this have for superpower relations? 3. Why did he say that “force no longer can…be an instrument of foreign policy”? What implications did this have for the Soviet bloc? 4. What did he foresee as the future role of the superpowers in the world and the future relationship between them? HIST410N Week 4 Midterm Examination 1. Question : (TCO 1, 2) Analyze how World War 1 changed the economic, social, and political landscapes in the affected nations. Use examples to explain how the war affected men and women, government power, and the economy. Question 2. Question : (TCO 5, 6) Identify and describe the major cultural changes in the Soviet Union from 1917–1932. Give special attention to the New Economic Policy (NEP) of 1921–1928 and the first Five-Year Plan of 1928–1932. Use historical examples to support your answer. How successful were Stalin’s collectivization policies and the first Five-Year Plan by 1932–1933? Question 3. Question : (TCO 5, 11) Describe the rise of fascism in Germany. Indicate the conditions present in Germany that made it possible for Hitler to come to power. Then describe the Nazi persecution of German Jews leading up to WW2. Analyze how the Nazi government translated its hatred of the Jews into policies and practicies that in 1938 had forced over 100,000 Jews to flee. Question 4. Question : (TCO 5, 11) Compare and contrast the empires of Germany and Japan before the outbreak of World War II. Identify and describe the leadership qualities of their respective leaders. Make sure you use enough historical details to support your answer.

ACCT-251 Introduction to Accounting Complete Course

ACCT-251 Introduction to Accounting Complete Course http://homeworktimes.com/downloads/acct-251-introduction-accounting-complete-course/ ACCT 251 week 1 DQ Underestimating/Overestimating Peachtree (graded) Automated accounting information systems, such as Peachtree Complete Accounting 2010, are powerful business tools. Identify and discuss how we may overestimate or underestimate the power of accounting information systems such as Peachtree Complete Accounting 2010. This section lists options that can be used to view responses. Accounting Knowledge (graded) Many of you have taken at least one accounting class prior to taking this class. Explain how a person’s understanding of accounting may help or hurt him or her in his or her use of automated accounting information systems like Peachtree Complete Accounting 2010. ACCT251 week 2 DQ Maintaining Vendor Relationships (graded) As you know, maintaining a strong & dependable relationship with your vendors is crucial to your business. How can systems like Peachtree Complete Accounting 2010 help you to maintain this relationship? Payment Options (graded) Most businesses allow their customers to use a variety of options (credit cards, store credit, check, cash, or e-cash like PayPal) when making payments. What are some of the challenges in offering a wide variety of payment options for firms that use systems like Peachtree Complete Accounting 2010? ACCT 251 week 3 DQ Employee Data (graded) Assume that you have employees who live in one state and work in another. How does this affect your set up and use of an automated accounting system such as Peachtree Complete Accounting 2010 for payroll processing? Chart of Accounts (graded) Most automated accounting systems provide you with a chart of account (general ledger) that is already established. What are the challenges in relying on a pre-established chart of account? ACCT 251 week 4 DQ Job Costing Challenges (graded) What are some of the challenges a bookkeeper will face when trying to utilize job costing in using Peachtree Complete Accounting 2010? Financial Statements (graded) You have created financial statements from your other accounting classes. These financial statements were created manually. How similar and/or different are these statements from the ones generated in an automated accounting system like Peachtree Complete Accounting 2010? ACCT 251 week 5 DQ Journals & Ledgers (graded) What are the similarities and differences between manual-based journals/ledgers and automated accounting system journals/ledgers? Closing the Books (graded) As you close your books, what source document(s) are needed to help your close your books in an automated accounting systems? ACCT251 week 6 DQ Data Needed for Purchasing Activities (graded) In order topurchase goods & services via an automated accounting system, we know that vendor data must be created correctly in Peachtree. Identify and discuss what is needed to be set-up correctly in Peachtree Complete Accounting 2010. Data Needed for Sales Activities (graded) In order to sell goods & services via an automated accounting system, we know that customer data must be created correctly in Peachtree. Identify and discuss what additional is needed to be set-up correctly in Peachtree Complete Accounting 2010. ACCT251 week 7 DQ Selection of an Inventory Method (graded) There are several inventory methods that a firm can choose to use. How does a firm’s business type affects its selection of an inventory method in automated systems like Peachtree Complete Accounting 2010? Payroll Reference Data (graded) In order to process payroll correctly in an computerized accounting system, there are some important reference tables that must be updated on a periodic basis. Identify at least two key tables and explain their importance. ACCT 251 Week 3 Quiz Latest (TCO 1) The name of the sample company or companies included in the Peachtree Complete Accounting 2010 software is/are: Pavilion Garden Supply. Bellwether Garden Supply and Stone Arbor Landscaping. Berkeley Custom Pools & Spas. Stone Arbor Landscaping. Fabrikam, Inc. and Northwind Traders. Question 2. Question : (TCO 1) To display the size of your backup file, you can use the Windows program called: Windows Explorer. scan disk. defrag. Windows Accessories. Windows Defender. Question 3. Question : (TCO 1) The Options menu has selections that allow the user to: check global settings and define an Internet connection. Back up. print reports. enter journal entries. post to the general ledger. Question 4. Question : (TCO 2) In the computer accounting cycle, the following report is not included: adjusted trial balance. unadjusted trial balance. worksheet. financial statements. statement of cash flow. Question 5. Question : (TCO 6) The customer ID for Teesdale Real Estate is: TEESDALE-01. TEESDALE. Teesdale-01. Teesdale 01. Teesdale Estate. Question 6. Question : (TCO 6) On the Navigation Bar, make the following selections to enter a sales invoice: Customers & Sales page; click on the Customers icon and select View and Edit Customers. Customers & Sales page; click on the Sales Invoices icon and select Set Up Invoice Defaults. Tasks; Purchases/Receive Inventory. Customers & Sales page; click on the Sales Invoices icon and select New Sales Invoice. Inventory & Services page; click on the Invoice icon, select View and Edit Invoices. Question 7. Question : (TCO 6) The standard sales discount, in terms of number of days, for Bellwether Garden Supply is: no sales discount is offered. a discount if balance is paid in full within 10 days. a discount if balance is paid in full within 15 days. a discount if balance is paid in full within 20 days. a discount if balance is paid in full within 25 days. Question 8. Question : (TCO 7) On the Navigation Bar, make the following selections to make a general journal entry: Company page; click on the Chart of Accounts icon and select View and Edit Accounts. Company page; link to General Journal Entry. Banking page; click on the Write Checks icon and select New Check. Company page; link to Restore a backup and click on the General Journal Entry icon. Maintain; select General Journal record. Question 9. Question : (TCO 7) To transfer money to the money market fund, make the following type of entry: General Journal. Payments. Receipts. Tasks. Maintenance. Question 10. Question : (TCO 7) If your GL Account columns and A/P Account field are not displayed on the Purchases/Receive Inventory window, you need to: check the Tasks windows. check the maintenance menus. click on Options; Global; uncheck the three boxes in the Hide General Ledger Accounts section. reset the defaults in the Accounting Behind the Screens selection. do nothing; Accounting Behind the Screens cannot be changed. Question 11. Question : (TCO 9) The contact name for the vendor Anderson’s Landscaping is: Jesse Wood. Jerry Johnson. Steven Cole. Frank Anderson. Lilio Chomette. Question 12. Question : (TCO 9) The purchase account for Anderson’s Landscaping is: 57200, Materials Cost. 57000, Direct Labor. 57000 – LS, Direct Labor – Landscaping. 57200 – LS, Materials Cost – Landscaping. 14700, Other Current Assets. Question 13. Question : (TCO 9) The following accounts are debited and credited when you purchase inventory on account: Dr. Inventory account; Cr. Accounts Receivable/Vendor. Dr. Accounts Payable/Vendor; Cr. Expense account. Dr. Inventory account; Cr. Accounts Payable/Vendor. Dr. Accounts Receivable/Customer; Cr. Sales account. Dr. Accounts Payable/Vendor; Cr. Inventory account. Question 14. Question : (TCO 10) To set up specific guidelines for individual employees, make these selections: Employee tasks; click Employees, Employee Maintenance, make appropriate selection. Tasks; Select for Payment, select Employee. Maintain; Default Information, Employees. Employees & Payroll page, click Employees, View and Edit Employees. Tasks; Payroll for one employee. Question 15. Question : (TCO 10) To look at an employee’s record, display this window: Payroll Entry window. Tasks; Employees. Maintain Employees & Sales Reps. Company; General Journal entry. Employees & Tasks page; click Employees. Question 16. Question : (TCO 10) On the Employee Defaults window, the Employee Fields tab is for: liability accounts that are related to employee deductions. assets accounts that are related to employee deductions. expense accounts that are related to employee deductions. lability accounts that are related to employer deductions. expense accounts that are deducted from liabilities. ACCT 251 Week 6 Quiz (TCO 1) The balance sheet lists: : assets, liabilities, and capital of a business. revenues and expenses of a business. the percentage of revenue at the end of the year. the percentage of debt at the end of the year. cash disbursements. Question 2. Question : (TCO 1) The Income Statement’s net income or (net loss) is also shown on the: : income statement’s revenue section. balance sheet’s capital section. departmental gross profit totals. cash balance at the end of the period. general ledger trial balance. Question 3. Question : (TCO 1) To use Peachtree’s masking feature, do the following to an account number. : Add a prefix. Add a suffix. Add an account number. Change the account in the general journal. Change the account type. Question 4. Question : (TCO 2) The sample company chart of accounts that you use as the model for Chapter 9’s business is: : accounting practice. general contractor. gift shop. service company. retail company. Question 5. Question : (TCO 2) The chart of accounts is: : the accounts shown on the income statement. the accounts shown on the balance sheet. a list of accounts in the general ledger. a list of accounts in the general journal. a list showing account beginning balances. Question 6. Question : (TCO 2) The account type for Account No. 3920 (Vernon Firestone) [or your name] capital is: : cash. equity-gets closed. equity-doesn’t close. retained earning. other current liabilities. Question 7. Question : (TCO 3) In Chapter 11, the ______________________________ is completed before recording and posting the end-of-quarter adjusting entries. : adjusted trial balance cash disbursements journal unadjusted trial balance cash receipts journal post-closing trial balance Question 8. Question : (TCO 3) To print a post-closing trial balance, you need to: : select Tasks; System, change accounting periods. select Reports & Forms; Accounts Receivable, print reports. select Options; Default Information. select Help; About Peachtree Accounting. close the fiscal year, then print a trial balance. Question 9. Question : (TCO 4) If your journals do not agree with the textbook illustrations, use the following Peachtree feature: : Maintain; defaults, general ledger. Edit journal transactions. Tasks; general journal transaction. Maintain chart of accounts. Company page; link to restore. Question 10. Question : (TCO 4) The December 31 balance in Mr. Firestone’s retained earnings account (Account No. 3910) is: : Revenue minus expenses. assets minus liabilities plus owner’s equity. year-to-date net income plus the total of the drawing account. year-to-date net income minus the total of the drawing account. capital minus drawing. Question 11. Question : (TCO 5) To change an entry on the Write Checks window or Receipts window, do this: : make a completely new entry. delete the record. add a transaction line. select Maintain; Chart of Accounts. edit the record. Question 12. Question : (TCO 5) The Write Checks window automatically debits the following account: : Account No. 1020, Checking Account. the Expense account selected. You need to select the account credited, not debited. Account No. 1040, IRA Savings. Account No. 1010, Money Market. Question 13. Question : (TCO 5) In Chapter 10, you do the following: : set up a retail business. select November 2010 as the accounting period. record deposits, checks, and ATMs. print the chart of accounts. record purchase invoices. Question 14. Question : (TCO 6) On the Navigation Bar, make the following selections to apply the sale of an irrigation system to the Franklin Botanical Gardens job: : Customers & Sales page; click on the Sales Invoices icon and select New Sales Invoice. Customers & Sales page; click on the Sales Invoices icon and select View and Edit Sales Invoices. Vendor & Purchases page; click on Purchase Orders and select new Purchase Order. Customers & Sales page; click on the Jobs icon and select New Jobs. Inventory & Services page; select the Inventory Items icon, then select View and Edit. Question 15. Question : (TCO 6) The start date for the Franklin Botanical Gardens job is: : January 3, 2010. February 3, 2010. March 3, 2010. March 4, 2010. April 3, 2010. Question 16. Question : (TCO 6) After completing the exercises in Chapter 5, restore the following backup to start Chapter 6: : Chapter 5.ptb. Exercise 5.ptb. Exercise 5-2.ptb. Exercise 5-1.ptb. Bgs.ptb. ACCT 251 Course Project Course Project: Peachtree Project Note! Submit your assignment to the Dropbox located on the silver tab at the top of this page. (See the Syllabus section “Due Dates for Assignments & Exams” for due dates.) Your Assignment| Grading Rubrics Your Assignment Back to Top Students will be required to complete a project in this class that tests their knowledge & skills in managing the books for a small business using Peachtree Complete Accounting 2010. The assignments that you will be completing during Week 1 – 4 focus on specific Peachtree skills; however, this assignment allows you to use what you have learned about Peachtree to manage the books for a firm without \’step-by-step\’ guidance, which is typical for assignments you will see in the workplace. You will complete Project 1 (Susan Watson Accounting), which is located at the end of Chapter 11. As part of this project, you will generate the required reports as listed in the textbook as well as the Check Your Progress worksheet (which you will create in Excel) at the end of the project. • If you fail to submit the “Check Your Progress” worksheet, you will lose 20%. Once you have submitted your project and it has been graded, you cannot resubmit it. • You will need to generate the reports when requested per the project for you cannot assume that every report is generated at the end of the project. You do not need to submit the reports as listed as “Optional”. All of the instructions for completing the project are listed in the textbook. When you are done, you will submit one Excel workbook titled “ACCT251PeachProject” that contains an Excel worksheet for each of the reports required, as well as one worksheet that contains the Check Your Progress worksheet. • Failure to submit one workbook that contains everything will result in a penalty of 15%. Once you have completed Peachtree Project, you will post your assignment to the Peachtree Project drop box. If you post it to the wrong drop box, your assignment will not be graded. Hint: Here are the minimum number of reports that you will need to submit for this project: Checklist of Printouts, Project 1: Mesa Computer Club 1 Chart of Accounts 2 Account Reconciliation 3 Account Register 4 General Ledger Trial Balance (unadjusted) 5 December 31, 2010 General Journal 6 Cash Disbursement Journal 7 General Ledger Trial Balance (adjusted) 8 General Ledger 9 Balance Sheet 10 Income Statement 11 Statement of Retained Earnings 12 Statement of Cash Flow 13 Statement of Changes in Financial Position 14 Postclosing Trial Balance Once you have completed this assignment, you will post your assignment to the Course Projectdrop box. If you post it to the wrong drop box, your assignment will not be graded. In addition, once the project has been submitted and graded, you cannot resubmit to include missing documents. See Syllabus/”Due Dates for Assignments & Exams” for due dates. Grading Rubrics Back to Top ACCT 251 week 1 Peachtree Assignment You’ll be completing your assignment using Peachtree, accessible in the iLab. Visit the iLab content item under Course Home for instructions on how to access Peachtree. Complete Exercise 1.1 and 1.2. In Exercise 1-2; Step #6 involves generating a report that you convert to Excel. Submit this report as your homework. Submit your assignment to the Dropbox located on the silver tab at the top of this page. For instructions on how to use the Dropbox, read thesestep-by-step instructions or watch this Dropbox Tutorial. See the Syllabus section “Due Dates for Assignments & Exams” for due date information. ACC T251 week 2 Peachtree Assignment You will be completing your assignment using Peachtree, accessible in the iLab. Visit the iLab content item under Course Home for instructions on how to access Peachtree. Complete Exercise 2-1 and 2-2. In Exercise 2-2, Step #4 has you generate a report that you will convert to Excel. This is the report that you will submit as your homework. Complete Exercise 3-1 and 3-2. In Exercise 3-2, Step #3 has you generate a report that you will convert to Excel. This is the report that you will submit as your homework. Submit your assignment to the Dropbox located on the silver tab at the top of this page. For instructions on how to use the Dropbox, read thesestep-by-step instructions or watch this Dropbox Tutorial. ACCT 251 week 3 Peachtree Assignment Peachtree Assignment You will be completing your assignment using Peachtree, which is accessible in the iLab. Visit the iLab content item under Course Home for instructions on how to access Peachtree. Complete Exercise 4-1 and 4-2. In Exercise 4-2, Step #4 has you generate a report that you will convert to Excel. This is the report that you will submit as your homework. Complete Exercise 5-1 and 5-2. In Exercise 3-2, Step #3 as you generate a report that you will convert to Excel. This is the report that you will submit as your homework. Submit your assignment to the Dropbox located on the silver tab at the top of this page. For instructions on how to use the Dropbox, read thesestep-by-step instructions or watch this Dropbox Tutorial. See the Syllabus section “Due Dates for Assignments & Exams” for due date information ACC T251 week 4 Peachtree Assignment You will be completing your assignment using Peachtree, accessible in the iLab. Visit the iLab content item under Course Home for instructions on how to access Peachtree. Complete Exercise 6-1 and 6-2. In Exercise 6-2, Steps #1 has you to generate a report that you will convert to Excel. This is the report that you will submit as your homework. Complete Exercise 9-1 and 9-2. In Exercise 9-1, Step #13 asks you to generate a report that you will convert to Excel. This is the report that you will submit as your homework. In Exercise 9-2, Step #2 asks you to generate a report that you will convert to Excel. This is the report that you will submit as your homework. Submit your assignment to the Dropbox located on the silver tab at the top of this page. For instructions on how to use the Dropbox, read thesestep-by-step instructions or watch this Dropbox Tutorial. See the Syllabus section “Due Dates for Assignments & Exams” for due date information. ACCT 251 week 5 Peachtree Assignment You will be completing your assignment using Peachtree, accessible in the iLab. Visit the iLab content item under Course Home for instructions on how to access Peachtree. Complete Exercise 10-1 and 10-2. In Exercise 10-2, Steps #4-#10 asks you to generate a series of reports that you will convert to Excel. These are the reports that you will submit as your homework. Complete Exercise 11-1 and 11-2. In Exercise 11-1, Steps #6-#12 asks you to generate a series of reports that you will convert to Excel. These are the reports that you will submit as your homework. In Exercise 11-2, Steps #6-#11, #14-16, and #21 asks you to generate a series of reports that you will convert to Excel. These are the reports that you will submit as your homework. Submit your assignment to the Dropbox located on the silver tab at the top of this page. For instructions on how to use the Dropbox, read thesestep-by-step instructions or watch this Dropbox Tutorial. See the Syllabus section “Due Dates for Assignments & Exams” for due date information. ACCT 251 week 6 Peachtree Assignment You will be completing your assignment using Peachtree, accessible in the iLab. Visit the iLab content item under Course Home for instructions on how to access Peachtree. Complete Exercise 12-1 and 12-2. In Exercise 12-1, Steps #3-#4 have you to generate a series of reports that you will convert to Excel. These are the reports that you will submit as your homework. In Exercise 12-2, Steps #3 and #6 have you to generate a series of reports that you will convert to Excel. These are the reports that you will submit as your homework. Complete Exercise 13-1 and 13-2. In Exercise 13-2, Steps #4 -#7 have you to generate a series of reports that you will convert to Excel. These are the reports that you will submit as your homework. Submit your assignment to the Dropbox located on the silver tab at the top of this page. For instructions on how to use the Dropbox, read thesestep-by-step instructions or watch this Dropbox Tutorial. ACCT 251 week 7 Peachtree Assignment You will be completing your assignment using Peachtree, accessible in the iLab. Visit the iLab content item under Course Home for instructions on how to access Peachtree. Complete Exercise 14-1 and 14-2. In Exercise 14-2, Steps #1-#4 have you generate a series of reports that you will convert to Excel. These are the reports that you will submit as your homework. Complete Exercise 15-1 and 15-2. In Exercise 15-1, Steps #4 and #12 have you generate a series of reports that you will convert to Excel. These are the reports that you will submit as your homework. In Exercise 15-2, Steps #6, #9-#13 have you generate a series of reports that you will convert to Excel. These are the reports that you will submit as your homework. Submit your assignment to the Dropbox located on the silver tab at the top of this page. For instructions on how to use the Dropbox, read thesestep-by-step instructions or watch this Dropbox Tutorial. See the Syllabus section “Due Dates for Assignments & Exams” for due date information. ACCT251 Final Exam The Final Exam has 3 pages and is worth 270 points total. This first page has all Multiple Choice questions. Question 1.1. (TCO 1) To display the size of your backup file, you can use the Windows program called: (Points : 5) Windows Explorer Scan disk Defrag Windows Accessories Windows Defender Question 2.2. (TCO 1) The Edit menu allows you to do the following: (Points : 5) cut copy paste clear find transactions Question 3.3. (TCO 1) The balance sheet lists: (Points : 5) assets, liabilities, and capital of a business. revenues and expenses of a business. the percentage of revenue at the end of the year. the percentage of debt at the end of the year. cash disbursements. Question 4.4. (TCO 1) Business managers and owners depend on financial statements because: (Points : 5) Peachtree automatically calculates accurate financial statements. financial statements are for internal use only. they have primary responsibility for the business. they can evaluate cash and make appropriate decisions. they can use account balances to customize financial statements. Question 5.5. (TCO 2) The sample company, Bellwether Garden Supply, uses which method of posting? (Points : 5) Batch posting Real-time posting Cash basis posting Accrual basis posting Just-in-time posting Question 6.6. (TCO 2) The posting method used by the business in Chapter 9 is: (Points : 5) batch posting real-time posting a combination of batch posting and real-time posting. accrual posting cash basis posting Question 7.7. (TCO 2) The account type specified on the chart of accounts is also the account classification for the: (Points : 5) balance sheet and income statement general ledger general journal cash receipts journal receipts Question 8.8. (TCO 3) In Chapter 11, the ______________________________is completed before recording and posting the end-of-quarter adjusting entries. (Points : 5) adjusted trial balance cash disbursements journal unadjusted trial balance cash receipts journal post-closing trial balance Question 9.9. (TCO 3) The best time to record adjusting entries is: (Points : 5) the end of the quarter. the end of each month. six month intervals. the end of the year only. during the month. Question 10.10. (TCO 4) To change accounting periods, you need to make the following menu bar selections: (Points : 5) Tasks; System, Change Accounting Period Tasks; Default, Change Accounting Period Tasks; Maintain, Defaults Maintain; System, Change Accounting Period Maintain; User Security Question 11.11. (TCO 4) If your journals do not agree with the textbook illustrations, use the following Peachtree feature: (Points : 5) Maintain; defaults, general ledger Edit journal transactions Tasks; general journal transaction Maintain chart of accounts Company page; link to restore Question 12.12. (TCO 5) The account credited on the Receipts window is: (Points : 5) Account No. 1020, Checking Account The GL Account selected Account No. 1040, IRA Savings The Receipts window does not need to have an account credited. Account No. 1010, Money Market Question 13.13. (TCO 5) In Chapter 10, you do the following: (Points : 5) Set up a retail business. Select November 2010 as the accounting period. Record deposits, checks, and ATMs. Print the chart of accounts. Record purchase invoices. Question 14.14. (TCO 6) On the Navigation Bar, make the following selections to enter a sales invoice: (Points : 5) Customers & Sales page; click on the Customers icon and select View and Edit Customers. Customers & Sales page; click on the Sales Invoices icon and select Set Up Invoice Defaults. Tasks; Purchases/Receive Inventory. Customers & Sales page; click on the Sales Invoices icon and select New Sales Invoice. Inventory & Services page; click on the Invoice icon, select View and Edit Invoices. Question 15.15. (TCO 6) The standard sales discount, in terms of number of days, for Bellwether Garden Supply is: (Points : 5) no sales discount is offered. a discount if balance is paid in full within 10 days. a discount if balance is paid in full within 15 days. a discount if balance is paid in full within 20 days. a discount if balance is paid in full within 25 days. Question 16.16. (TCO 6) You need to set up a Job ID for Franklin Botanical Gardens in Chapter 6, so that you can track: (Points : 5) the employees’ expenses and miles driven to the job. how much the merchandise cost. how much the merchandise sold for. the supplies and employee hours charged to this customer. employee expenses and cost of inventory. Question 17.17. (TCO 6) The Sales/Invoicing window is also known as the: (Points : 5) purchase journal cash receipts journal sales journal cash disbursements journal general ledger Question 18.18. (TCO 6) On the Navigation Bar, make the following selections to record a sales return: (Points : 5) Customers & Sales page; click on the Credits and Returns icon and select Make Payment to Customer, select the customer, type the invoice number Customers & Sales page; click on the Credits and Returns icon and select New Credit Memo Customers & Sales page; click on the Sales Invoices icon and select New Sales Invoice Customers & Sales page; click on the Credits and Returns icon and select View and Edit Credit Memos Tasks page; select Maintain Customers/Sales Reps, Defaults Question 19.19. (TCO 6) On the Navigation Bar, make the following selections to record a cash sale: (Points : 5) On the Customers & Sales page, click on the Sales Invoices icon and select New Sales Invoice. On the Customers & Sales page, click on the Receive Money icon and select View and Edit Payments Receive, Apply to Revenues tab, record the cash sale. On the Customers & Sales page, click on the Receive Money icon and select Receive Money From Customer, Apply to Revenues tab, record the cash sale. On the Banking page, click on the Receive Money icon and select Receive Money From Customer, Apply to Revenues tab, record the cash sale. On the Inventory & Services page, select Inventory Adjustments. Question 20.20. (TCO 6) The Franklin Botanical Gardens job has the following special circumstance: (Points : 5) It is a motel overlooking a freeway. It is a hotel near the airport. It is a new building overlooking a park. It is an apartment complex with surrounding gardens. A newly remodeled building. ACC T251 Final Exam – Page 2 This page has all multiple choice questions. Question 1.1. (TCO 7) On the Navigation Bar, make the following selections to enter inventory item maintenance information: (Points : 5) Inventory & Services page; click on the Inventory Items icon, select View and Edit Inventory items and record inventory information Vendors & Purchases page; click on the Purchase Orders icon, select New Purchase Orders and record inventory information Inventory & Services page; click on the Inventory Items icon, select New Inventory Item and record inventory information Maintain; Defaults, Inventory Items, record inventory information Vendor & Purchases; select Pay Bills, New Bill Question 2.2. (TCO 7) The LIFO (last in, first out) method of inventory assumes: (Points : 5) the lowest amount of net loss. the highest amount of net income. cost of sales is based on current replacement. beginning inventory is sold first. overall Average cost. Question 3.3. (TCO 7) On the Navigation Bar, make the following selections to make a general journal entry: (Points : 5) Company page; click on the Chart of Accounts icon and select View and Edit Accounts Company page; link to General Journal Entry Banking page; click on the Write Checks icon and select New Check Company page; link to Restore a backup and click on the General Journal Entry icon Maintain; select General Journal record Question 4.4. (TCO 7) If your GL Account columns and A/P Account field are not displayed on the Purchases/Receive Inventory window, you need to: (Points : 5) check the Tasks windows. check the maintenance menus. click on Options; Global and uncheck the three boxes in the Hide General Ledger Accounts section. reset the defaults in the Accounting Behind the Screens selection. accounting Behind the Screens cannot be changed. Question 5.5. (TCO 9) An organized body of related information is called a/an: (Points : 5) feature of the software software function accounting software application Peachtree Complete Accounting database Question 6.6. (TCO 9) The Payments window is also known as the: (Points : 5) Cash Receipts Journal Purchase Journal Sales Journal Cash Disbursements Journal General Journal Question 7.7. (TCO 9) The following accounts are debited and credited when you purchase inventory on account: (Points : 5) Dr. Inventory account, credit Account Receivable/vendor. Dr. Accounts Payable/Vendor; Cr. expense account. Dr. Inventory account; Cr. Accounts Payable/Vendor. Dr. Accounts Receivable/Customer; Cr. Sales account. Dr. Accounts Payable/Vendor; Cr. Inventory account. Question 8.8. (TCO 9) Sharon’s Service Merchandise is a partnership owned by: (Points : 5) Sharon Stewart and David Becker Constance Molina and Sally Sweeney Charles Anderson and Sharon Walters Karen Hart and Maria Stanton Richard Williams and Carol Dash Question 9.9. (TCO 9) The Purchases/Receive Inventory window is also called the: (Points : 5) cash disbursements journal sales journal cost of goods sold journal purchase journal general journal Question 10.10. (TCO 9) Sharon’s Service Merchandise accounting records are set up to begin on: (Points : 5) November 1, 2010 December 1, 2010 January 1, 2009 January 1, 2010 December 1, 2009 Question 11.11. (TCO 10) Processing payroll is automatic once _____________________ are set up correctly. (Points : 5) defaults tasks employees/sales rep tasks payroll tables manually recorded payroll deductions Question 12.12. (TCO 10) The employee deductions display as negative amounts on the Payroll Entry window because: (Points : 5) they are added to the paycheck amount. they are not used to compute the paycheck. they are deducted from the employee’s gross pay. the employer always pays deductions from the paycheck. employee deductions display as positive amounts. Question 13.13. (TCO 10) The account number used to record employees’ regular pay is: (Points : 5) 77500 77600 77700 77800 77900 Question 14.14. (TCO 10) On the Navigation Bar, make the following selections to enter employee maintenance information: (Points : 5) Employees & Payroll page; click on the Employees icon and select Write Letters to Employees Employees & Payroll page; click on the Employees icon and select New Employee Employees & Payroll page; click on the Pay Employees icon and select Set Up Payroll Service Tasks; Payroll Entry Tasks; Payroll Entry, View and Edit Employee Payments ACCT 251 Final Exam – Page 3 On the third page are 4 essay questions at 25 points each for a total of 100 points. Question 1. 1. (TCO 2, 3, & 4) The following selected accounts with normal balances appeared in the unadjusted trial balance of Bellwether Garden Industries: Accounts receivable $176,000 Prepaid rent 69,000 Prepaid insurance 36,000 Equipment 280,000 Accumulated depreciation-equipment 30,000 Unearned service revenue 24,000 Salary expense 130,000 REQUIRED: Prepare the necessary year-end adjusting entries as of December 31, 2011 for each part. Be sure to note which account is debited and credited. – Part A: One-half of the revenue received in advance has been earned by December 31, 2011. – Part B: The prepaid insurance represents three years’ premium on a policy providing coverage starting September 1, 2011. – Part C: Since the last payday, employees have earned an additional $2,500 which has not yet been paid or recorded. – Part D: The equipment has an estimated life of 10 years and no expected value at the end of its life. – Part E: Services performed but unbilled and uncollected at year-end amount to $6,500. – Part F: The prepaid rent relates to one-half of a year beginning on October 1, 2011. (Points : 25) Question 2. 2. (TCO 2, 4, & 5) Prepare any journal entries based on the following data regarding the bank reconciliation prepared by Titon Com for the month of April 20XX: Part A. The unadjusted balance in the cash account on Titon’s books was $8,715.71. Part B. The April 30 balance shown on Titon’s bank statement was $8,472.36. Part C. A customer that owed Titon $700 on a note paid the $700, and $35 for interest directly to Titon’s bank. Titon did not know about this payment prior to receiving its bank statement. Part D. Titon had made a deposit of $1,635.25 near the end of April that had not cleared the bank when it prepared Titon’s bank statement. Part E. Titon discovered that a check it had written for $153.15 had been erroneously recorded in its books as $135.15. This check had been written to pay an account payable. Part F Three checks that Titon had written during April had not cleared the bank by April 30. The amounts of these checks were $147.90, $372.15, and $209.45. Part G. Titon has a checking account that earns interest on the minimum monthly balance. The bank statement showed that $35.12 of interest was earned during April. Part H The bank statement showed that a check written by one of Titon’s customers was returned for NSF. The check was for $79.72. Titon did not know about the NSF check before receiving its bank statement. Part I. The bank charged Titon a $10.00 service charge for the month of April. REQUIRED: Prepare the necessary reconciliation entries for each part. Be sure to note which account is debited and credited. (Points : 25) Question 3. 3. (TCO 2, 4, & 7) Inventory data for Midwest Logistics Company for June 20XX are as follows: June 1 balance 80 units at $25 June 10 purchase 100 units at $28 June 15 sale 120 units June 21 purchase 90 units at $32 June 30 sale 130 units REQUIRED: Using the FIFO cost method, compute ending inventory as of June 30, 20XX and determine cost of goods sold for June. Be sure to show your calculations. (Points : 25) Question 4. 4. (TCO 2, 4, & 8) On January 2, 20XX, Bellwether Garden Supply purchased a delivery truck for $34,000. The estimated useful life of the truck is 5 years, with an estimated salvage value of $4,000. The truck is expected to be driven 200,000 miles during its useful life. Part A. Compute the amount of depreciation expense that the company will recognize in a year in which the truck is driven 47,000 miles, assuming the company uses the units-of-production method. Part B. Compute the book value of the asset at the end of the Third year, assuming the company uses the straight-line method. Part C. Determine the balance in the Accumulated Depreciation account at the end of the Second year that it owns the asset, assuming the company uses the double-declining-balance method. REQUIRED: For each part, compute the results. Be sure to show your calculations. (Poin ts : 25)

ACCT 555 External Auditing Complete Course

ACCT 555 External Auditing Complete Course http://homeworktimes.com/downloads/acct-555-external-auditing-complete-course/ ACCT 555 Full Class ACCT 555 Week 1 Homework Chapter 2, pages 41–44: Problems 2-16, 2-17, 2-19, and 2-20 Chapter 3, pages 67–69: Problems 3-23, 3-25, and 3-26 ACCT 555 Week 2 Homework 4-18, 4-21, 4-22, 5-17, 5-19, 5-21, 5-26, 11-19, 11-20 ACCT 555 Week 3 Homework Assignment Week 3 Homework 6-19 (Objective 6-1) The following questions concern the reasons auditors do audits. Choose the best response. 1. Which of the following best describes the reason why an independent auditor reports on financial statements? 1. Because of the risk of material misstatement, an audit should be planned and performed with an attitude of 1. The major reason an independent auditor gathers audit evidence is to 6-20 (Objective 6-3) The following questions deal with errors and fraud. Choose the best response. 1. An independent auditor has the responsibility to design the audit to provide reasonable assurance of detecting errors and fraud that might have a material effect on the financial statements. Which of the following, if material, is a fraud as defined in auditing standards? 1. What assurance does the auditor provide that errors, fraud, and direct-effect illegal acts that are material to the financial statements will be detected? 6-27 (Objectives 6-6, 6-7) The following are specific transaction-related audit objectives applied to the audit of cash disbursement transactions (a through f), management assertions about classes of transactions (1 through 5), and general transaction-related audit objectives (6 through 11). Specific Transaction-Related Audit Objective 1. Recorded cash disbursement transactions are for the amount of goods or services received and are correctly recorded. 7-25 (Objectives 7-3, 7-4) The following questions concern persuasiveness of evidence. Choose the best response. 1. Which of the following types of documentary evidence should the auditor consider to be the most reliable? 1. Which of the following statements concerning audit evidence is true? 1. Audit evidence can come in different forms with different degrees of persuasiveness. Which of the following is the least persuasive type of evidence? 1. Which of the following presumptions is correct about the reliability of audit evidence? 7-26 (Objectives 7-5, 7-6) The following questions concern audit documentation. Choose the best response. 1. Which of the following isnota primary purpose of audit documentation? 1. During an audit engagement, pertinent data are compiled and included in the audit files. The audit files primarily are considered to be 1. Although the quantity, type, and content of audit documentation will vary with the circumstances, audit documentation generally will include the 1. The permanent file of an auditor’s working papers most likely would include copies of the 7-27 (Objective 7-4) The following are examples of documentation typically obtained by auditors: 7-28 (Objective 7-4) The following are examples of audit procedures: 8-25 (Objectives 8-1, 8-3) The following questions concern the planning of the engagement. Select the best response. 1. Which of the following is an effective audit planning procedure that helps prevent misunderstandings and inefficient use of audit personnel? 8-28 (Objectives 8-2, 8-3, 8-4, 8-5) The following are various activities an auditor does during audit planning. ACCT 555 Week 4 Homework Assignment 9-22 (Objectives 9-1, 9-2) The following questions deal with materiality. Choose the best response. 9-23 (Objectives 9-6, 9-8) The following questions concern audit risk. Choose the best response. • Some account balances, such as those for pensions and leases, are the result of complex calculations. The susceptibility to material misstatements in these types of accounts is defined as 9-24 (Objective 9-9) The following questions deal with audit risk and evidence. Choose the best response. 10-30 (Objectives 10-1, 10-2, 10-7) The following are general questions about internal control. Choose the best response. • When considering internal control, an auditor must be aware of the concept of reasonable assurance, which recognizes that the ACCT 555 Week 5 Homework Assignment Chapter 12, pages 390–397: Problems 12-17, 12-18, and 12-27 Chapter 13, pages 429–430: Problems 13-22, 13-23, and 13-24 ACCT 555 Week 6 Homework Chapter 14 . Problems 14-21, 14-22, 14-23 14-24, Chapter 15 Problems 15-22, 15-24, 15-25, Chapter 16- Problem 220,21,22,24,28 Chapter 17 Problem 28 ACCT 555 Week 7 Homework Assignment 20-17 a.A factory foreman at Steblecki Corporation discharged an hourly worker but did not notify the human resources department. The foreman then forged the worker’s signature on time cards and work tickets and, when giving out the checks, diverted the payroll checks drawn from the discharged worker to his own use. The most effective procedure for preventing this activity is to 1. An auditor found that employee time records in one department are not properly approved by the supervisor. Which of the following could result? 1. The purpose of segregating the duties of hiring personnel and distributing payroll checks is to separate the 20-20 • Identify whether each of the procedures is primarily a test of control or a substantive test of transactions. • Identify the transaction-related audit objective(s) of each of the procedures. 21-17 Which of the following controls will most likely justify a reduced assessed level of control risk for the occurrence assertion for purchases of inventory? 21-18 When an auditor tests a client’s cost accounting records, the auditor’s tests are primarily designed to determine that 21-19 Which of the following procedures is the auditor least likely to perform on the actual date the physical inventory count is observed? 21-20 • For each of the preceding questions, state the purpose of the internal control. • For each internal control, list a test of control to test its effectiveness. • For each of the preceding questions, identify the nature of the potential financial misstatement(s) if the control is not in effect. 1. For each of the potential misstatements in part c, list a substantive audit procedure to determine whether a material misstatement exists ACCT 555 Course Project ACCT 555 Week 7 Course Project Smackey Dog Foods Inc ACCT 555 Midterm Answers 1. (TCO F) Which of the following procedures should an auditor generally perform regarding subsequent events? 2. (TCO A) An auditor reads the letter of transmittal accompanying a county’s comprehensive annual financial report and identifies a material inconsistency with the financial statements. The auditor determines that the financial statements do not require revision. Which of the following actions should the auditor take? 3. (TCO F) An auditor’s independence is considered impaired if the auditor has 4. (TCO B) When an independent CPA is associated with the financial statements of a publicly held entity but has not audited or reviewed such statements, the appropriate form of report to be issued must include a(an): 5. (TCO F) Which is not a characteristic of the reliability of evidence? 6. (TCO C) According to PCAOB standards, the nature and extent of required planning activities for an issuer audit are influenced by all of the following factors, except for: 7. (TCO F) Analytical procedures must be used during which phase(s) of the audit? Test of controls OR planning OR completion 8. (TCO F) In a financial statement audit, inherent risk is evaluated to help an auditor assess which of the following? 9. (TCO F) The primary purpose of performing analytical procedures in the planning phase of an audit is to 10. (TCO G) The most widely used profitability ratio is 11. (TCO G) Which ratio is best used to assess a company’s ability to meet its long-term debt obligations? 12. (TCO A) Match the following definitions to the appropriate terms. 13. (TCO B) The following is a portion of a qualified audit report issued for a private company. To the shareholders of Tamarak Corporation, We have audited the accompanying balance sheet of Tamarak Corporation as of October 31, 2009, and the related statements of income, retained earnings, and cash flows for the past year. These financial statements are the responsibility of the company’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. The company has included in property and debt in the accompanying balance sheet certain lease obligations that, in our opinion, should be expensed in order to conform with generally accepted accounting principles. If these lease obligations were capitalized, property would be decreased by $4,000,000, long-term debt by $2,000,000, and retained earnings by $180,000 as of October 31, 2009, and net income and earnings per share would be decreased by $180,000 and $0.62, respectively, for the past year. 3. (TCO C) The following situation involves a possible violation of the AICPA’s code of professional conduct. For this situation, (1) determine the applicable rule number from the code, (2) decide whether or not the code has been violated, and (3) briefly explain how the situation violates (or does not violate) the code. Your answer should be set up something like this: Rule # _____ Violation? Yes or No. Provide a one- or two-line explanation. Auditor Tex Gato of the CPA firm Smackey and Smackey, CPAs, enjoyed auditing his favorite client, Super Pup Dog Food, because the client would allow him to take home to his dog a variety of dog food samples that amounted to a year’s worth of dog food. 4. (TCO C) The following situation involves a possible violation of the AICPA’s code of professional conduct. For this situation, (1) determine the applicable rule number from the code, (2) decide whether or not the code has been violated, and (3) briefly explain how the situation violates (or does not violate) the code. Your answer should be set up something like this: Rule # _____ Violation? Yes or No. Provide a one- or two-line explanation. Howard Cunningham & Co., CPAs, designates its firm as Members of the American Institute of Certified Public Accountants. All of the partners of the firm are CPAs. However, one of the partners has recently chosen to allow her membership to lapse because of personal reasons. 5. (TCO C) Under the provisions of the Sarbanes-Oxley Act of 2002 (SOX), the audit committee of a public company has specific guidelines to which employees must adhere. Discuss some of the mandated features of the audit committee of a public company under SOX. 6. (TCO D) Discuss some of the steps the AICPA and the accounting profession as a whole can and are taking to reduce practitioners’ exposure to lawsuits. You answer should provide at least five steps. 7. (TCO F) Match nine of the terms (A–K) with the definitions provided below (1–9). A – Foot B – Compute C – Scan D – Inquire E – Count F – Trace G – Recompute H – Read I – Examine J – Observe K – Compare _____ 1: A calculation done by the auditor independent of the client _____ 2: Addition of a column of numbers to determine if the total is the same as the client’s _____ 3: A comparison of information in two different locations _____ 4: A use of the senses to assess certain activities _____ 5: Following details of transactions from original documents to journals _____ 6: A less detailed examination of a document or record to determine if there is something unusual warranting further investigation _____ 7: Obtaining information from the client in response to specific questions _____ 8: A determination of assets on hand at a given time _____ 9: An examination of written information to determine facts pertinent to the audit 8. (TCO G) Discuss the essential activities involved in the initial planning of an audit. ACCT 555 Final Exam 1. (TCO B) An auditor was unable to obtain sufficient appropriate audit evidence concerning certain transactions due to an inadequacy in the entity’s accounting records. The auditor would choose between issuing a(an): (Points : 5) 2. (TCO K) An auditor should consider which of the following when evaluating the ability of a company to continue as a going concern? (Points : 5) 3. (TCO A) An auditor’s independence is considered impaired if the auditor has: (Points : 5) 4. (TCO H) Which of the following should be included as a written representation from management? (Points : 5) 5. (TCO E) An auditor would most likely be concerned with internal controls that provide reasonable assurance about the: (Points : 5) Page 2 1.(TCO A) In performing an ATTEST Engagement A CPA would be required to do what as part of the engagement? (Points : 19) 2.(TCO B) When a CPA performs an Audit the Client is always looking to receive a “CLEAN OPINION” or an Unqualified Opinion. Explain what your client must do for a CPA to justify that Unqualified Opinion? (Points : 19) 3.(TCO C) – Based upon the below 4 situations – explain your position of “why” or “why not” the following circumstances would have violated the professions ethical standards when you are a practicing CPA? 4.(TCO D) Discuss five steps individual practicing auditors can take to minimize their legal liability.(Points : 19) 5.(TCO F) Sarbanes Oxley requires that per Section 404 that Internal Controls within a publicly held company are to be reviewed, evaluated and tested at year end to insure that adequate controls are in place. In addition to understanding the Internal Controls present within your client’s company, the auditor must also evaluate whether these controls are in place, and implemented. How does an auditor evaluate these controls to see that they are working and in place?(Points : 19) Page 3 1. (TCO E) What is COSO? Describe the 5 elements of COSO’s Internal Control-Integrated Framework. Provide an example of each of those components and explain why they are important in providing “Reliable Financial Reporting” for a company. Please provide a complete answer for full points. (Points : 30) 2.(TCO G) Business risk must be assessed in performing an audit. (a) Define business risk in association with an audit and describe several sources of such risk. (b) How does business risk relate to the performance of preliminary analytical procedures in an audit? (c) There are four major areas in planning an audit engagement and there are subparts to each of the four major areas. Please identify the four major areas and the subparts that are associated with the major areas.(Points : 30) 3.(TCO H) Audit Risk consists of inherent risk, control risk, and detection risk. (a) Please completely define each of the above. (b) Indicate whether each of the statements below is true or false and explain your position: (1) The risk that material misstatement will not be prevented or detected on a timely basis by internal controls can be reduced to zero by having effective controls in place. (2) Detection Risk is a function of the efficiency of an auditing procedure. (3) Cash is more susceptible to theft than an inventory of coal because it has greater inherent risk? (4) The Inherent risk of the theft of an inventory of cellphones at a mall store is greater than the misappropriation of cash at a COSTCO Store?(Points : 30) 4.(TCO I) Accounts Receivable – For each of the following, please explain if an auditor’s review of the client’s sales cutoff would detect these problems: (a) Would excessive goods returned for credit be detected by a sales cut-off test – why or why not? (b) Would unrecorded sales discounts be detected by a sales cut-off test – why or why not? (c) Lapping of year-end accounts receivable be detected by a sales cut-off test – why or why not? (d) Inflated sales for the year – could it be detected by a sales-cut-off test – why or why not?(Points : 30) 5.(TCO J) One of the major problems in a computer system is that incompatible functions may be performed by the same individual. Identify from the below choices the control compensating for inadequate segregation of duties in a computer system. Explain why you have selected your response. (a) Echo Checks (b) A check digit system (c) Computer-Generated hash totals (d) A computer access log (Points : 30) 6.(TCO K) You are the Senior Auditor for WWZ Co. and you have completed the testing of all the accounts. However, prior to issuing your report, what are at least five other procedures or reviews that must be performed prior to issuing your report? Explain your responses(Points : 30) ACCT 555 Week 8 Final Exam 1. (TCO A) There are ten generally accepted auditing standards, divided into three categories. What are the standards of reporting? 2. (TCO A) Distinguish between generally accepted auditing standards (GAAS) and generally accepted accounting principles (GAAP). What professional organization establishes GAAS? What professional organization establishes GAAP? 3. Assume you are the partner in charge of the audit of Franklin Corporation’s 2002 financial statements. The audit report has not yet been prepared. In each independent situation following, indicate the appropriate opinion you should issue and why you would issue that opinion 4. State whether there is any violation of the AICPA Code of Professional Conduct, and the nature of the violation. Where there is a violation, evaluate the potential legal liability the accountant may face. Justify your position 5. Discuss at least five of the actions that can be taken by individual CPAs, to protect themselves from legal liability 6. (TCO E) Bobby Thigpen, waiter at Relief Stop, has been taking cash from the restaurant. Thigpen prepares a customer’s check from which the customer pays. Thigpen then destroys the check, and prepares a new one with different items of lower cost. He presents the new check and indicated amount on the check to the cashier, and saves the excess cash for himself. Question: Formulate three internal control features that the restaurant could implement, to eliminate this defalcation 7. Three types of legal documents and records that auditors examine in the planning phase of an audit are the corporate charter and bylaws, corporate minutes of meetings of the board of directors and stockholders, and contracts. Discuss the audit-relevant information contained in each of these three types of documents that an auditor should be aware of early in the audit. 8. (TCO F) What are specific audit objectives? Explain their relationship to the general audit objectives. (Points: 25) 2.(TCO H) Explain why it is necessary to allocate the preliminary judgment about materiality to individual accounts (segments) in the financial statements. Also explain why allocating to balance sheet accounts is more common than allocating to income statement accounts. (Points: 25) Allocating the preliminary judgment about materiality to individual segments is necessary because evidence is accumulated for segments rather than for the financial statements as a whole. Allocating to segments establishes a tolerable misstatement amount for each segment, which helps the auditor decide the appropriate audit evidence to accumulate for each segment. Most practitioners allocate materiality to balance sheet accounts rather than income statement accounts because there are fewer balance sheet than income statement accounts 3. (TCO I) For each of the following potential misstatements, provide one potential audit test that could be used to detect the misstatement 4. (TCO I) Describe how the auditor tests the classification objective for accounts receivable. (Points: 25) The classification objective is tested by reviewing the aged trial balance for material receivables from affiliates, officers, directors, or other related parties. If notes receivable or accounts that should not be classified as a current asset are included with the regular accounts, these should also be segregated. Finally, if credit balances in accounts receivable are significant, it is appropriate to reclassify them as accounts payable 5. The design of tests of details of balances for inventory is affected by audit results from multiple cycles. Identify the cycles, other than the inventory and warehousing cycle, that affect the audit of inventory 6. Describe three computer auditing techniques available to the auditor 7. (TCO K) Match seven of the terms (a-p) with the description/definitions provided below (1-7):

ACCT 553 Federal Taxes and Management Decisions Complete Course

ACCT 553 Federal Taxes and Management Decisions Complete Course http://homeworktimes.com/downloads/acct-553-federal-taxes-management-decisions-complete-course/ ACCT 553 Week 1 Homework ACCT 553 Week 2 Homework ACCT 553 Week 3 Homework ACCT 553 Week 3 Quiz.docx ACCT 553 Week 4 Homework ACCT 553 Week 4 You Decide . ACCT 553 Week 5 Homework ACCT 553 Week 5 Quiz.docx ACCT 553 Week 6 Homework ACCT 553 Week 6 You Decide . ACCT 553 Week 7 Homework ACCT 553 Midterm Exam ACCT 553 Final Exam ACCT 553 Week 1 Homework Chapter 1 (5 pts) 1. Briefly discuss the purpose of the Sixteenth Amendment Chapter 2 (5 pts) 2. Explain the two “safe harbors” available to an Individual taxpayer to avoid a penalty for underpayment of estimated tax. Chapter 3 (5 pts) 3. Explain the distinction between an “above the line” deduction (i.e. FOR AGI) and a below the line deduction (i.e. FROM AGI). Which one is more valuable? Chapter 13 (5 pts) 4. What is an Installment Sale? Is it a form of income “deferral” ? Whencan’tyou elect this form of reporting? ACCT 553 Week 2 Homework Chapter 4 1. Your brother is short on cash and cannot pay his rent this month. You pay his rent for him. Is this taxable income to your brother? Do you get a deduction? (2 pts) 2. Which of the following items would beexcludedfrom income? (a) $100 bill found under the sugar caddy at the restaurant (b) Inheritance of a car from your grandmother valued at $5,000. (c) Loan from your father-in-law to start your business, (d) Child Support received totaling $16,500. (4 pts) Chapter 5 3. Shaun & Kayla earned the following in 2013: Interest on a Savings account of $36, Interest on a U.S. Series EE Savings Bond of $25, Interest on a CD that has not matured yet of $20. How much taxable interest income must they report on their 2013 tax return? (4 pts) 4. Explain what a Cafeteria Plan is (hint: it has nothing to do with what you eat between classes ). (5 pts) Chapter 6 5. Explain the limitations placed on the deductibility of Business Gifts? What code section dictates this treatment? (5 pts) ACCT 553 Week 3 Homework Chapter 7 1. In your “own” words, please describe what a “Suspended Loss” is, how it is generated and when it is becomes deductible. (5 pts) 2. Please describe “Active Participation” as it relates to a taxpayer’s involvement in an investment in Real Estate. (5 pts). Chapter 8 3. Macy had a lot of medical expenses this year that were not covered by her insurance (either due to a deductible, co-insurance, or co-pay). Her un-reimbursed qualifying medical expenses total $8,356 and her AGI for 2013 is $45,000. Assuming she will itemize on her 2013 tax return, how much of her medical expenses will she be able to deduct? (5 pts) 4. Heather & Terry have a mortgage on their primary residence of $750,000 and a mortgage on their vacation home of $410,000. In 2013, they incurred $46,400 of mortgage interest expense. How much, if any, of that interest is deductible on Schedule A? (5 pts) ACCT 553 Week 3 Quiz 1. (TCO A) A taxpayer may litigate a tax dispute without first paying the tax in the: 2. (TCO F) A business bad debt is deductible for tax purposes as a(n): 3. (TCO I) Under the cash method of tax accounting, tax deductions are generally taken when: 4. (TCO A) Which of the following constitutes tax evasion? 5. (TCO C) Which of the following items is not subject to federal income tax? 6. (TCO B) Sam owes Bob $8,000. Bob cancels (forgives) the debt. The cancellation is not a gift, and Sam is bankrupt. Which of the following statements is correct concerning the impact of this transaction? 7. (TCO I) Johnny, a cash basis taxpayer, owns two rental properties. Based on the following information, compute the amount that he must include in his 2012 gross rental income. 8. (TCO F) Section 197’s intangible assets, such as patents and trademarks, are amortized for tax purposes over: 9. (TCO E) Explain the constructive receipt doctrine. 10. (TCO G) Answer the following questions concerning the sources of tax law. ACCT 553 Week 4 Homework Chapter 14 1. Please describe the concept of “double taxation” and discuss which entity(ies) are subject to this type of taxation. (5 pts) 2. What type of taxpayers are considered “eligible” taxpayers with regard to special ordinary loss treatment of IRC Section 1244 stock? (5 pts.) 3. Please describe how the treatment of capital gains(losses) differ for a C Corporation as compared to an Individual. ( 5 pts.) 4. Please describe the concept of “Depreciation recapture”. ( 5 pts.) ACCT 553 Week 4 You Decide Jane Smith Case How is the $300,000 treated for purposes of federal tax income? Jane Smith Tax Issues: (a) What are the different tax consequences between paying down the mortgage debt and assuming a new mortgage debt for federal income tax purposes? (a) Should John and Jane file separate or joint tax returns? ACCT 553 Week 5 Homework Chapter 14 1. Please explain how Charitable Contributions come into play in determining “Corporate” taxable income. (5 pts) 2. What happens to a loss on the Corporate Tax Return (Form 1120)? Does it pass through to the shareholders? Is it available for future or past periods? Please explain in detail. (5 pts.) 3. Please describe the purpose of Sch3edules M-1 and M-3. When is a Schedule M-3 required in lieu of a Schedule M-1. (5 pts.) Chapter 17 4. Please define and differentiate a Spin-off, Split-off, and Split-up. ( 5 pts.) ACCT 553 Week 5 Quiz 1. (TCO E) For federal tax purposes, royalty income not derived in the ordinary course of a business is classified as: 2. (TCO F) When comparing corporate and individual taxation, the following statements are true, except: 3. (TCO H) Al and Amy file a joint return for the 2012 tax year. Their adjusted gross income is $80,000. They had a net investment income of $8,000. In 2012, they had the following interest expenses: Personal credit card interest: $4,000 Home mortgage interest: $8,000 Investment interest (on loans used to buy stocks): $10,000 4. (TCO B) Charitable contribution deductions for capital gains property made by individuals without a reduction for long-term capital gains to public charities are limited to: 5. (TCO A) The following taxes were paid by Tim: Real estate taxes on his home: $2,000 State income taxes: $900 State gasoline tax (personal use of automobile): $150 6. (TCO F) Hoover, Inc. had gross receipts from operations of $230,000, operating and other expenses of $310,000, and dividends received from a 45 percent-owned domestic corporation of $120,000. Hoover’s tax position for the year is: 7. (TCO G) All of the outstanding stock of a closely held C corporation is owned equally by David Smith and Steve Bufusno. In 2012, the corporation generates taxable income of $30,000 from its active business activities. In addition, it earns $20,000 of interest from investments and incurs a $40,000 loss from a passive activity. How much income does the C corporation report for 2012? 8. (TCO G) Mike, who is single, has $100,000 of salary, $15,000 of income from a limited partnership, and a $30,000 passive loss from a real estate rental activity in which he actively participates. His modified adjusted gross income is $100,000. Of the $30,000 loss, how much is deductible? 9. (TCO F) Pam owns a sole proprietorship, and Kevin is the sole shareholder of a C (regular) corporation. Each business sustained a $16,000 operating loss and a $2,500 capital loss for the year. Evaluate how these losses will affect the taxable income of the two owners? 10. (TCO G) Briefly (1) define and (2) discuss the purpose and impact of each of the following: 11. net operating loss b. at-risk rules 12. tax shelter ACCT 553 Week 6 Homework • Miyasyke, Inc., a calendar year S corporation, has five equal shareholders at the end of the tax year. Miyasyke had $75,000 of taxable income. Miyasyke made distributions to its shareholders of $32,000 each, for a total of $160,000. Each shareholder’s basis in the S corporation is $100,000 at the beginning of the tax year. What amount from Miyasyke should be included in each shareholder’s gross income? For which of the following entities is the owner’s basis increased by the owner’s share of profits and decreased by the owner’s share of losses, but is not affected by the entity’s bank loan increases or decreases? ACCT 553 Week 6 You Decide Mark, and John Case Part I: Discuss the various forms of organization that are available to Penelope, Mark, and John Part II: Make your recommendation as to what form of organization you believe will be best, and be sure to explain the reasoning for your choice. Part III: Discuss the tax consequences of contributing cash, property, and/or services to the new entity. ACCT 553 Week 7 Homework Chapters 10-11-12 1. Please explain the distinction between a “realized” gain and a “recognized” gain. (5 pts) 2. Are there any limits to the deductibility of losses on sales and exchanges between related parties? What code section defines this limitation? (5 pts.) 3. What is the basis of property received (i.e. new property) in a like-kind exchange? What is the holding period for the new asset? (5 pts.) 4. David purchased stock in Zoll Corporation in 1985 for $6,000. On April 16, 2013 he gifted the stock to his daughter Susan; at the time of the gift, the Zoll stock was valued at $250,000. Susan sold the stock the next month for $ 252,000. What is Susan’s gain or loss and what is the character of the gain or loss? ( 5 pts.) ACCT 553 Midterm 1. (TCO C) Under current accounting practice, intangible assets are classified as (Points: 5) amortizable or unamortizable. limited-life or indefinite-life. specifically identifiable or goodwill-type. legally restricted or goodwill-type. 2. (TCO C) Which of the following intangible assets should not be amortized? (Points: 5) Copyrights Customer lists Perpetual franchises All of these intangible assets should be amortized. 3. (TCO C) The intangible asset goodwill may be (Points: 5) capitalized only when purchased. capitalized either when purchased or created internally. capitalized only when created internally. written off directly to retained earnings. 4. (TCO C) ELO Corporation purchased a patent for $90,000 on September 1, 2008. It had a useful life of ten years. On January 1, 2010, ELO spent $22,000 to successfully defend the patent in a lawsuit. ELO feels that as of that date, the remaining useful life is five years. What amount should be reported for patent amortization expense for 2010? (Points: 5) $20,600. $20,000. $18,800. $15,600. 5. (TCO C) During 2011, Bond Company purchased the net assets of May Corporation for $1,000,000. On the date of the transaction, May had $300,000 of liabilities. The fair value of May’s assets when acquired were as follows: How should the $500,000 difference between the fair value of the net assets acquired ($1,500,000) and the cost ($1,000,000) be accounted for by Bond? (Points: 5) The $500,000 difference should be credited to retained earnings. The $500,000 difference should be recognized as a gain. The current assets should be recorded at $540,000 and the noncurrent assets should be recorded at $760,000. A deferred credit of $500,000 should be set up and then amortized to income over a period not to exceed forty years. 6. (TCO D) Which of the following is a condition for accruing a liability for the cost of compensation for future absences? (Points: 5) The obligation relates to the rights that vest or accumulate. Payment of the compensation is probable. The obligation is attributable to employee services already performed. All of these are conditions for the accrual. 7. (TCO D) Which of the following taxes does not represent a payroll deduction a company may incur? (Points: 5) Federal income taxes. FICA taxes. State unemployment taxes. State income taxes. 8. (TCO D) Assume that a manufacturing corporation has (1) good quality control, (2) a one-year operating cycle, (3) a relatively stable pattern of annual sales, and (4) a continuing policy of guaranteeing new products against defects for three years that has resulted in material but rather stable warranty repair and replacement costs. Any liability for the warranty (Points: 5) should be reported as long-term. should be reported as current. should be reported as part current and part long-term. need not be disclosed. 9. (TCO D) Jenkins Corporation has $2,500,000 of short-term debt it expects to retire with proceeds from the sale of 75,000 shares of common stock. If the stock is sold for $20 per share subsequent to the balance sheet date, but before the balance sheet is issued, what amount of short-term debt could be excluded from current liabilities? (Points: 5) $1,500,000 $2,500,000 $1,000,000 $0 10. (TCO D) Tender Foot Inc. is involved in litigation regarding a faulty product sold in a prior year. The company has consulted with its attorney and determined that it is possible that they may lose the case. The attorneys estimated that there is a 40% chance of losing. If this is the case, their attorney estimated that the amount of any payment would be $500,000. What is the required journal entry as a result of this litigation? (Points: 5) Debit Litigation Expense for $500,000 and credit Litigation liability for $500,000. No journal entry is required. Debit Litigation Expense for $200,000 and credit Litigation Liability for $200,000. Debit Litigation Expense for $300,000 and credit Litigation Liability for $300,000. 11. (TCO D) If bonds are initially sold at a discount and the straight-line method of amortization is used, interest expense in the earlier years will (Points: 5) exceed what it would have been had the effective-interest method of amortization been used. be less than what it would have been had the effective-interest method of amortization been used. be the same as it would have been had the effective-interest method of amortiza-tion been used. be less than the stated (nominal) rate of interest. 12. (TCO D)When the interest payment dates of a bond are May 1 and November 1, and a bond issue is sold on June 1, the amount of cash received by the issuer will be (Points: 5) decreased by accrued interest from June 1 to November 1. decreased by accrued interest from May 1 to June 1. increased by accrued interest from June 1 to November 1. increased by accrued interest from May 1 to June 1. 13. (TCO D) Feller Company issues $20,000,000 of ten-year, 9% bonds on March 1, 2010 at 97 plus accrued interest. The bonds are dated January 1, 2010, and pay interest on June 30 and December 31. What is the total cash received on the issue date? (Points: 5) $19,400,000 $20,450,000 $19,700,000 $19,100,000 14. (TCO D) A company issues $20,000,000, 7.8%, 20-year bonds to yield 8% on January 1, 2010. Interest is paid on June 30 and December 31. The proceeds from the bonds are $19,604,145. What is interest expense for 2011, using straight-line amortization? (Points: 5) $1,540,207 $1,560,000 $1,569,192 $1,579,793 15. (TCO D) On January 1, Patterson Inc. issued $5,000,000, 9% bonds for $4,695,000. The market rate of interest for these bonds is 10%. Interest is payable annually on December 31. Patterson uses the effective-interest method of amortizing bond discount. At the end of the first year, Patterson should report unamortized bond discount of (Points: 5) $274,500. $285,500. $258,050. $255,000. (TCO C) Sisco Co. purchased a patent from Thornton Co. for $180,000 on July 1, 2008. Expenditures of $68,000 for successful litigation in defense of the patent were paid on July 1, 2011. Sisco estimates that the useful life of the patent will be 20 years from the date of acquisition. Instructions: Prepare a computation of the carrying value of the patent at December 31, 2011. Amortization (2008) = $180,000 / 20 years x 6/12 = $4,500 Amortization (2009 – 2010) = $180,000 / 20 years x 2 = $18,000 Amortization (2011) = ($180,000 / 20 years) + ($68,000 / 17 years x 6/12) = $11,000 Carrying Value = $180,000 + $68,000 – $4,500 – $18,000 – $11,000 = $214,500 (TCO C) Fred’s Company is considering the write-off of a limited life intangible asset because of its lack of profitability. Explain to the management of Fred’s how to determine whether a writeoff is permitted. 3. (TCO D) Edwards Co. includes one coupon in each bag of dog food it sells. In return for four coupons, customers receive a dog toy that the company purchases for $1.20 each. Edwards’s experience indicates that 60 percent of the coupons will be redeemed. During 2010, 100,000 bags of dog food were sold, 12,000 toys were purchased, and 40,000 coupons were redeemed. During 2011, 120,000 bags of dog food were sold, 16,000 toys were purchased, and 60,000 coupons were redeemed. Instructions: Determine the premium expense to be reported in the income statement and the estimated liability for premiums on the balance sheet for 2010 and 2011. 2010 Premium Expense = 100,000 bags / 4 coupons x 60% x $1.20 = $18,000 Estimated Liability = $18,000 – (40,000 coupons / 4 coupons x $1.20) = $6,000 2011 Premium Expense = 120,000 bags / 4 coupons x 60% x $1.20 = $21,600 Estimated Liability = $6,000 + $21,600 – (60,000 coupons / 4 coupons x $1.20) = $9,600 4. (TCO D) Grider Industries, Inc. issued $6,000,000 of 8% debentures on May 1, 2010 and received cash totaling $5,323,577. The bonds pay interest semiannually on May 1 and November 1. The maturity date on these bonds is November 1, 2018. The firm uses the effective-interest method of amortizing discounts and premiums. The bonds were sold to yield an effective-interest rate of 10%. Instructions: Calculate the total dollar amount of discount or premium amortization during the first year (5/1/10 through 4/30/11) these bonds were outstanding. (Show computations and round to the nearest dollar.) Discount Amortization (1st Interest Payment) = ($5,323,577 x 10% x 6/12) – ($6,000,000 x 8% x 6/12) = $26,179 Discount Amortization (2nd Interest Payment) = [($5,323,577 + $26,179) x 10% x 6/12] – ($6,000,000 x 8% x 6/12) = $27,488 Total Discount Amortized (5/1/10 – 4/30/11) = $26,179 + $27,488 = $53,667 5. (TCO D) Hurst, Incorporated sold its 8% bonds with a maturity value of $3,000,000 on August 1, 2009 for $2,946,000. At the time of the sale, the bonds had five years until they reached maturity. Interest on the bonds is payable semiannually on August 1 and February 1. The bonds are callable at 104 at any time after August 1, 2011. By October 1, 2011, the market rate of interest has declined and the market price of Hurst’s bonds has risen to a price of 101. The firm decides to refund the bonds by selling a new 6% bond issue to mature in five years. Hurst begins to reacquire its 8% bonds in the market and is able to purchase $500,000 worth at 101. The remainder of the outstanding bonds is reacquired by exercising the bonds’ call feature. In the final analysis, how much was the gain or loss experienced by Hurst in reacquiring its 8% bonds? (Assume the firm used straight-line amortization.) Show calculations. ACCT 553 Final Exam 1. (TCO E) Zelda Zayer has been a widow for over 3 years and files a return as a single taxpayer. Items of income received by Zelda in 2011 were as follows. Interest on savings account with Bank of America: $50 Interest on state income tax refund: $25 Gambling winnings: $2,400 Dividends from mutual life insurance company on life insurance policy: $500 Dividends from Better Auto Co. received on January 2, 2011: $875 The total dividends received on the life insurance policy do not exceed the aggregate of the premiums paid to the company. (a) How much should Zelda include in her 2011 taxable income as interest? (b) How much should Zelda report as dividend income for 2011? (c) How much should Zelda include in taxable “Other Income” for her state lottery winnings? 2. (TCO E) Distinguish between realized gains and losses and recognized gains and losses.(Points : 17) 3. (TCO F) Describe the current tax law for sale of residence.(Points : 17) 4. (TCO G) Briefly describe what “material participation” is. Why is the determination of whether a taxpayer materially participates important?(Points : 17) 5. (TCO I) Amos, a single individual with a salary of $50,000, incurred and paid the following expenses during the year. Medical expenses: $5,000 Alimony: $14,000 Casualty loss (after $100 floor): $1,000 State income taxes: $4,000 Moving expenses: $1,500 Contribution to a traditional IRA: $2,000 Student loan interest: $1,200 Analyze the above expenses and determine which ones are deductible for AGI. Please support your position.(Points : 17) 6. (TCO I) A review of Bearing’s Year 2 records disclosed the following tax information: Wages $ 20,000 Taxable interest and qualifying dividends 4,000 Schedule C trucking business net income 32,000 Rental (loss) from residential property (35,000) Limited partnership (loss) (5,000) Bearing actively participated in the rental property and was a limited partner in the partnership. Bearing had sufficient amounts at risk for the rental property and the partnership. What is Bearing’s Year 2 adjusted gross income? 7. (TCO F) (Becker CPA Review Course, Reg. 1) Smith has an adjusted gross income (AGI) of $140,000 without taking into consideration $40,000 of losses from rental real estate activities. Smith actively participates in the rental real estate activities. What amount of the rental losses may Smith deduct in determining taxable income?(Points : 17) 8. (TCO B) (Becker CPA Review Course Reg. 3) For the year ended December 31, Year 6, Taylor Corp. had a net operating loss of $200,000. Taxable income for the earlier years of corporate existence, computed without reference to the net operating loss, was as follows: Taxable Income: Year 1 $ 5,000 Year 2 10,000 Year 3 20,000 Year 4 50,000 Year 5 50,000 What amount of net operating loss will be available to Taylor for the year ended December 31, Year 7?(Points : 17) 9. (TCO F) (Becker CPA Review Exam Reg. 1) Randolph is a single individual who always claims the standard deduction. Randolph received the following in the current year: Wages $ 22,000 Unemployment compensation 6,000 Pension distribution (100% taxable) 4,000 A state tax refund from the previous year 425 What is Randolph’s gross income?(Points : 17) 10. (TCO H) Alex Smith purchased 30 shares of XYZ stock on April 30, 2010 for $210, and on September 1, 2010, he purchased 90 additional shares for $900. On November 8, 2010, he sold 48 shares, which could not be specifically identified, for $528, and on December 15, 2010, he sold another 25 shares for $50. What is his recognized gain or loss?(Points : 17)