ACCT 301 ESSENTIALS OF ACCOUNTING (ENTIRE COURSE) –
DEVRY
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ACCT 301 ESSENTIALS OF ACCOUNTING
(ENTIRE COURSE) – DEVRY
ACCT 301 (Essential of Accounting)
Week 1 ACCT 301 Week 1 Homework Problems
Week 2: Internal Controls – Discussion
Describe what you think is the most important control activity
that a company can implement. Why do you think that the one you chose is the
most important?
Describe one of the three elements that are present when fraud
occurs.
Week 2 Assignments:
ACCT 301 Week 2 Quiz (15 MCQ’s)
(TCO 1) Which of the following would not be considered an
external user of accounting data for XYZ Company?
(TCO 1) The cost of assets consumed or services used is also
known as _________.
(TCO 1) The financial statement that summarizes the changes in
retained earnings for a specific period of time is the _________.
(TCO 1) Pinson Company began the year with retained earnings of
$210,000. During the year, the company recorded revenues of $300,000, expenses
of $228,000, and paid dividends of $24,000. What was Pinson’s retained earnings
at the end of the year?
(TCO 4) Which of the following statements is not true?
(TCO 4) Using the following balance sheet and income statement
data, what is the current ratio? Current assets $7,000 Net income $12,000
Current liabilities 4,000 Stockholders’ equity 21,000 Total assets 30,000 Total
liabilities 9,000 Average common shares outstanding was 10,000
(TCO 4) Using the following balance sheet and income statement
data, what is the total amount of working capital? Current assets $7,000 Net
income $12,000 Current liabilities 4,000 Stockholders’ equity 21,000 Total
assets 30,000 Total liabilities 9,000 Average common shares outstanding was
10,000
(TCO 4) Using the following balance sheet and income statement
data, what is the debt to total assets ratio? Current assets $7,000 Net income
$12,000 Current liabilities 4,000 Stockholders’ equity 21,000 Total assets
30,000 Total liabilities 9,000 Average common shares outstanding was 10,000
(TCO 2) Powers Company paid its office rent of $1,000 with cash.
As a result of this event, _________.
(TCO 2) Which accounts normally have debit balances?
Week 2 Homework
1. In two to three paragraphs, describe the
Sarbanes-Oxley Act and why it is important to the accounting profession. (15
points)
2. Name and briefly describe the five
components of COSO’s internal control framework. (10 points)
3. Describe the relationship between the
Sarbanes-Oxley Act and COSO. (10 points)
4. Tom Jackson is a CPA who really likes to
go to Las Vegas, play poker, and bet on football games. Tom knows that the
accounting profession disapproves of gambling, but because he spends a lot of
time studying sports facts and how to win at poker, he feels that he is simply
making educated decisions based on facts. He says that this is no different
from using accounting information to buy stocks. Use the fraud triangle as a
basis to comment on Tom’s gambling activities. (15 points)
Week 3
Week 3 DQ 1: Financial Statement Analysis
Horizontal and Vertical Analysis (Graded)
Week 3 Assignment:
ACCT 301 Week 3 Homework Problems
Week 4
Week 4 DQ 1: Managerial Accounting
Managerial Accounting (Graded)
This week, we are shifting our focus from financial accounting
to managerial accounting.
How do the content and verification of the reports differ
between managerial and financial accounting?
CVP Analysis (Graded) What is CVP analysis? How is i t useful to
managers?
Week 4 Assignments:
ACCT 301 Week 4 Homework Problems
ACCT 301 Week 4 Midterm Exam Set 1 (4 MCQ’s and Problem)
(TCO 1) Suppose your company sold $25,000 in merchandise to a
customer for cash. How does this transaction impact the accounting equation?
(Points : 12)
(TCO 2) Suppose your company sold $50,000 in merchandise to a
customer for cash. How does this transaction impact the accounting equation?
(Points : 12)
(TCO 3) Rationalization is one of the components of the fraud
triangle. What types of rationalization could a person use to justify
misconduct? How can a company protect itself from rationalization as a part of
fraud? (Points : 12)
(TCO 4) What is horizontal analysis of financial statements? How
does horizontal analysis differ from vertical analysis? (Points : 12)
(TCO 3) Separation of duties is a key feature in an internal
control system. Why is separation of duties such an important internal control?
Give an example of separation of duties as an internal control. (Points : 24)
(TCO 1) Describe the balance sheet. Why is this statement
important to the company, creditors, and investors? (Points : 24)
(TCO 4) Name and describe one liquidity ratio. What does this
ratio measure? What is the formula for this ratio? (Points : 24)
ACCT 301 Week 4 Midterm Exam Set 2 (15 MCQ’s)
(TCO 1) The retained earnings statement shows all of the
following except which one?
(TCO 1) Management’s views on the company’s short-term debt
paying ability, expansion financing, and results of operations are found in
which of the following?
(TCO 4) For 2010, Fielder Corporation reported net income of
$30,000; net sales $400,000; and average share outstanding 6,000. There were no
preferred stock dividends. What was the 2010 earnings per share?
(TCO 4) A useful measure of solvency is which of the following?
(TCO 2) Which pair of accounts follows the rules of debit and
credit, in relation to increases and decreases, in the same manner?
(TCO 2) The principle purpose of posting is which of the
following?
(TCO 3) Joe is a warehouse custodian, and also maintains the
accounting record of the inventory held at the warehouse. An assessment of this
situation indicates
(TCO 3) The following information was taken from Hurlbert
Company cash budget for the month of June:
(TCO 11) Managerial accounting information does which of the
following?
(TCO 11) Which one of the following is not a direct material?
ACCT 301 Week 4 Midterm Exam Set 3 (15 MCQ’s and Q & A’s)
(TCO 5) A company has total fixed costs of $210,000 and a
contribution margin ratio of 30%. How much sales are necessary to break even?
(TCO 5) How much sales are required to earn a target income of
$70,000, if total fixed costs are $100,000 and the contribution margin ratio is
40%?
(TCO 6) For which one of the following budgeting aspects does the
budget committee generally have the responsibility?
(TCO 6) Under what situation might a budget be most effective?
(TCO 6) How does long-range planning compare to a master budget?
(TCO 6) Which one of the following is a source of information
used to prepare the budgeted income statement?
(TCO 7) When is a static budget most appropriate in evaluating a
manager’s performance?
(TCO 7) Which type of center is the housekeeping department of a
manufacturing company?
(TCO 7) For which of the following is an investment center
manager responsible?
(TCO 7) Merck Pharmaceuticals is evaluating its Vioxx division,
an investment center. The division has a $45,000 controllable margin and
$300,000 of sales. How much will Merck’s average operating assets be when its
return on investment is 10%?
(TCO 11) Financial and managerial accounting are both concerned
with the economic events of an enterprise. Similarities between financial and
managerial accounting do exist, but they have a different focus. Briefly
distinguish between financial and managerial accounting as they relate to (1)
the primary users, (2) the type and frequency of reports, (3) the purpose of
reports, and (4) the content of reports.
(TCO 4) Are short-term creditors, long-term creditors, and
stockholders primarily interested in the same characteristics of a company?
Explain.
(TCO 5) In the month of September, Nixon Company sold 800 units
of product. The average sales price was $30. During the month, fixed costs were
$7,200 and variable costs were 60% of sales.
Week 5
Week 5: Budgets and Productivity – Discussion
Incremental Analysis (Graded) Relevant Costs (Graded)
Week 5 Assignment:What is incremental analysis? How is it used
by management?Our lecture states that relevant costs can also be viewed as
avoidable costs. What does this mean? This is a very difficult concept, so help
your classmates understand it!
ACCT 301 Week 5 Homework Problems
Week 6
Week 6: Pricing Budgeting (Graded)
Why is budgeting important for a company? What are some reasons
that a company would not prepare a budget?
Responsibility Accounting (Graded)
Week 6 Assignments:Describe responsibility accounting and its
purpose. What conditions are necessary for responsibility accounting to be used
effectively?
ACCT 301 Week 6 Homework Problems
ACCT 301 Week 6 Quiz (15 MCQ’s)
(TCO 9) Which one of the following stages of the management
decision-making process is properly sequenced?
(TCO 9) When is incremental analysis most useful?
(TCO 9) Which of the following will never be a relevant cost?
(TCO 9) A company is deciding whether or not to replace some old
equipment with new equipment. Which of the following is not considered in the
incremental analysis?
(TCO 9) It costs Lannon Fields $14 of variable costs and $6 of
allocated fixed costs to produce an industrial trash can that sells for $30. A
buyer in Mexico offers to purchase 2,000 units at $18 each. Lannon has excess
capacity and can handle the additional production. What effect will acceptance
of the offer have on net income?
(TCO 9) Wishnell Toys can make 1,000 toy robots with the
following costs:
(TCO 9) All of the following are relevant to the sell or
process-further decision, except for __________.
(TCO 8) Most of the capital budgeting methods use __________.
(TCO 8) The capital budgeting decision depends in part on the
__________.
(TCO 8) The cash-payback technique __________.
(TCO 8) All of the following statements about intangible
benefits in capital budgeting are correct, except that they __________
(TCO 8) The profitability index __________.
(TCO 8) Post audits of capital projects __________.
(TCO 8) A company has a minimum required rate of return of 9%
and is considering investing in a project that costs $50,000 and is expected to
generate cash inflows of $20,000 at the end of each year for 3 years. The
profitability index for this project is __________
(TCO 8) Disadvantages of the annual rate of return method
include all of the following, except that____
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