ACCT 304

ACCT 304 WEEK 8 Final Exam 1. (TCO 1) CPAs are licensed by: (Points : 6) 2. (TCO 1) When a registrant company submits its annual filing to the SEC, it uses: (Points : 6) 3. (TCO 2) The conceptual framework's qualitative characteristic of relevance includes: (Points : 6) 4. (TCO 2) Net income equals: (Points : 6) 5. (TCO 3) Incurring an expense for advertising on an account would be recorded by: (Points : 6) 6. (TCO 3

ACCT 304 WEEK 8 Final Exam Question 1 1 TCO 1 The SEC issues accounting standards in the form of Points : 6 Question 2.2. (TCO 1) Which of the following is not a provision of the Public Company Accounting Reform and Investor Protection Act of 2002? (Points : 6) Question 3.3. (TCO 2) The conceptual framework's qualitative characteristic of faithful representation includes (Points : 6) Question 4.4. (TC

ACCT 304 WEEK 7 QUIZ Question 1 Question TCO 8 In applying LCM market cannot be Question 2. Question : (TCO 8) Data related to the inventories of Costco Medical Supply is presented below: In applying the LCM rule, the inventory of surgical supplies would be valued at Question 3. Question : (TCO 8) So. California Inc., through no fault of its own, lost an entire plant due to an earthquake on May 1, 2011. In preparing

ACCT 304 WEEK 7 Discussion II It is discovered in 2013 that ending inventory from 2011 is understated. What accounts will be affected by this understatement, and how will they be affected? This is a situation that really happens. Start with the 2011 inventory being understated, and track the changes through the inventory account to 2013.

ACCT 304 WEEK 7 Discussion I The lower-of-cost-or-market (LCM) approach was developed to avoid reporting inventory at an amount greater than the benefits it can provide. The LCM approach records losses in the period the value of the inventory drops below its cost instead of later in the period that the goods are ultimately sold. Is this a conservative or an aggressive approach? What does GAAP say about LCM?

ACCT 304 WEEK 6 Assignment Objective To analysis the financial statements of a publicly traded company. Obtain an annual report from a corporation that is interesting to you. Using techniques you have learned in the previous weeks, respond to the following questions: 1. Who are the firm’s auditors? Do they provide a clean opinion on the financial statements? 2. Have there been any subsequent events, errors and irregularities, illegal a

ACCT 304 WEEK 6 QUIZ Question 1 TCO 7 Compensating balances represent Question 2. Question : (TCO 7) On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit term 2/10, n/30. Flores uses the gross method of accounting for cash discounts. What is the correct entry for Flores on December 5, assuming the correct payment was received on that date? Question 3. Question : (TCO 7) Col

ACCT 304 WEEK 6 Discussion II We read about the Perpetual and the Periodic Inventory System. Regardless of which system is used, under both, we need to assign dollar amounts to the Ending Inventory and Cost of Goods Sold so that we can trace how costs flow through the system. Start by identifying what is included in inventory and then discuss how each item might be treated differently in the Perpetual vs. the Periodic Inventory System.

ACCT 304 WEEK 6 Discussion Merchandise Inventory is assets held for sale in the ordinary course of business of wholesale and retail companies. Manufacturing inventories are raw materials or WIP that will be used or consumed in the production of finished goods to be sold. Review the Annual Report that you chose for the Week 3 Discussion topic #1 and based on what you've read in the text and in the Becker materials, explain how inventory is presen

1 Question TCO 7 Compensating balances represent Question 2. Question : (TCO 7) On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit term 2/10, n/30. Flores uses the gross method of accounting for cash discounts. What is the correct entry for Flores on December 5, assuming the correct payment was received on that date? Question 3. Question : (TCO 7) Collection of accounts