devry act301 full course [ all discussions and all assignmens midterm and final ] latest 2015

| June 4, 2016

Question

week 1

How is accounting the language of business? Who are the users of accounting information, and how do they use it?

Financial Statements (graded)
What is the difference between cash and accrual accounting? When would a company prepare its financial statements on a cash basis? When would a company prepare its financial statements on an accrual basis?
week 2

Internal Controls (graded)
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?

Ethics (graded)
Describe one of the three elements that are present when fraud occurs. Of the three elements, which do you think is present first in an ethical situation?

week 3

Horizontal and Vertical Analysis (graded)
Go to Yahoo! Finance at the following URL: .yahoo.com/”>http://finance.yahoo.com/.yahoo.com/”>. Enter the name of your favorite public company in the box in the upper left-hand corner, and click on Get Quotes. Click on the income statement or balance in the bottom left-hand corner of your favorite company. Perform a horizontal or vertical analysis of one of the line items on its income statement or balance sheet. What does this information tell you

diss 2

Ratio Analysis (graded)
Go to Yahoo! Finance at the following URL: .yahoo.com/”>http://finance.yahoo.com/.yahoo.com/”>. Enter the name of your favorite public company in the box in the upper left-hand corner, and click on Get Quotes. Explore the information given for your favorite company by clicking on the links on the left-hand side of the screen. What information do you find interesting?

week 4

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 it useful to managers?

week 5

Incremental Analysis (graded)
What is incremental analysis? How is it used by management?

Relevant Costs (graded)
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!

eek 6

Budgeting (graded)
Why is budgeting important for a company? What are some reasons that a company would not prepare a budget?

Responsibility Accounting (graded)
Describe responsibility accounting and its purpose. What conditions are necessary for responsibility accounting to be used effectively?

week 7

Capital Budgeting (graded)
Discuss the capital budgeting process and the inputs that are used in capital budgeting.

diss 2

Transfer Pricing (graded)
What is the transfer price? Why is determining a fair transfer price important for division managers?

all homeworks

Devry ACCT301 all assignments

week 1-7

ACCT301

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 1

Problem 1

Required: Identify the financial statement on which each of the following items appears by making an X in the appropriate column. The first one is done for you.

(15 points total, 1 point each)

Income Balance Statement of

Item Statement Sheet Cash Flows

Accounts Payable X

Accounts Receivable

Advertising Expense

Common Stock

Dividends

Equipment

Financing Activities

Investing Activities

Land

Operating Activities

Rent Expense

Retained Earnings

Revenue

Salaries Payable

Utility Expense

Problem 2

Problem 2

Required: Show the effects on the financial statements using a horizontal statement model as outlined below. The first one is done for you.

(35 points total, 5 points each)

1 Sold $30,000 in merchandise for cash

2 Paid $5,000 for rent with cash

3 Paid $10,000 in salaries to employees with cash

4 Sold $25,000 in merchandise and customer paid on credit

5 Collected $10,000 cash for transaction #4

6 Purchased a building for $100,000 and took out a loan for the money

7 Paid the $1,200 telephone bill with cash

Week 3

Problem 1

Required: Express each income statement component as a percentage of sales, and comment on the trends in each line from 2013 to 2014.

(25 points)

2014 % Sales 2013 % Sales

Sales $10,00,000 $12,00,000

Cost of goods sold $4,50,000 $6,00,000

Gross margin $5,50,000 $6,00,000

Operating expenses $6,00,000 $4,50,000

Net income $(50,000) $1,50,000

Problem 2

Required: Compute (1) accounts receivable turnover for 2014, (2) the inventory turnover for 2014, and (3) the net margin for 2014.

(25 points)

2014 2013

Balance sheet items

Accounts receivable $3,80,000.00 $3,76,000.00

Allowance for doubtful accounts $(20,000.00) $(16,000.00)

Net accounts receivable $3,60,000.00 $3,60,000.00

Inventory $4,80,000.00 $4,40,000.00

Income statement items

Sales $34,00,000.00 $30,80,000.00

Cost of goods sold $16,00,000.00 $14,40,000.00

Operating expenses $7,80,000.00 $6,80,000.00

Week 4

Problem 1

Required: Use the following information to complete the below schedule of cost of goods manufactured.

(25 points)

Purchases of raw materials $1,20,000.00

Raw materials available for use $1,48,000.00

Cost of direct raw materials used $1,24,000.00

Manufacturing overhead $24,000.00

Total manufacturing costs $3,10,000.00

Ending work-in-process inventory $(46,000.00)

Cost of goods manufactured $3,06,000.00

Schedule of Cost of Goods Manufactured

Beginning inventory, raw materials

Plus: Purchases of raw materials

Raw materials available for use $-

Less: Ending raw materials inventory

Cost of direct raw materials used $-

Direct labor

Manufacturing overhead

Total manufacturing costs $-

Plus: Beginning work-in-process inventory

Total work in process $-

Less: Ending work-in-process inventory

Cost of goods manufactured $-

Problem 2

Required: JZ is a musician who is considering whether to independently produce and sell a CD. JZ estimates fixed costs of $10,000 and variable costs of $4.00 per unit. The expected selling price is $12 per CD. What is JZ’s break-even point in units and dollars?

(25 points)

Break-even point in units Fixed Costs

Contribution margin per unit

Week 5

Problem 1

Required:Identify each of the following as either a direct or indirect cost.

(20 points)

Direct or Indirect?

Material used in production

Salary of manufacturing supervisor

Wages of manufacturing worker

Telephone costs

Rent

Problem 2

Required: GH Company is trying to decide whether to replace a current piece of machinery with a new machine. Using the below data, determine the relevant costs of the old machine and the new machine. Should GH Company purchase the new machine?

(30 points)

Old Machine New machine

Original cost 1,00,000

Accumulated depreciation (50,000)

Book value 50,000

Market value (now) 25,000 30,000

Salvage value (in 5 years) 5,000 8,000

Annual depreciation expense 11,000

Operating expenses

Per year 9,000 4,500

Times number of years 4 4

Total operating expenses 36,000 18,000

Week 6

Problem 1

Required:In the space below, describe the advantages of budgeting.

(10 points)

Problem 2

Required: Compute the ROI for each division below to two decimal places. (30 points)
Which division has the best performance? (10 points)

(40 points total)

Division A

Division B

Division C

Operating income

2,45,000

1,25,000

3,50,000

Operating assets

12,00,000

7,75,000

15,00,000

Week 7

Problem 1

Required: In the space below, describe the net present value method of capital budgeting.

(10 points)

Problem 2

Required:Compute the average annual cash inflows. (20 points)
Compute the payback period using the accumulation method. (20 points)

(40 points total)

2013

2014

2015

2016

2017

Incremental revenue

6,000

2,000

4,000

2,000

1,000

Cost of new machine

Week 4 midterm
Page 1

1.(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)

2.(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)

3.(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)

4.(TCO 4) What is horizontal analysis of financial statements? How does horizontal analysis differ from vertical analysis?(Points : 12)

Page 2

1.(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)

2.(TCO 1) Describe the balance sheet. Why is this statement important to the company, creditors, and investors?(Points : 24)

3.(TCO 4) Name and describe one liquidity ratio. What does this ratio measure? What is the formula for this ratio?(Points : 24)

Week 8 : Final Exam – Final Exam
Page 1

1.(TCO 1) What is the accounting equation? Suppose your company sold $12,000 in merchandise to a customer for cash. How does this transaction impact the accounting equation?(Points : 17)

2.(TCO 2) What are the four basic financial statements? Describe the balance sheet, and explain why it is important.(Points : 17)

3.(TCO 3) What is the Sarbanes-Oxley Act? Do you think this act has more importance for the accounting profession or for investors? Why?(Points : 17)

4.(TCO 4) What is horizontal analysis of financial statements? How does horizontal analysis differ from vertical analysis?(Points : 17)

1.(TCO 8) Why is capital budgeting important? What is the IRR method? How is it calculated?(Points : 26)

2.(TCO 9) What are five different types of decisions that could use incremental analysis? What are the relevant costs in a make-or-buy decision?(Points : 26)

3.(TCO 10) How is a transfer price determined? Describe the cost-based method. Do you think it is better than the market-based method?(Points : 26)

4.(TCO 11) What are direct materials? Give an example of a direct material. How do direct materials differ from indirect materials? Give an example of an indirect material.(Points : 26)

1.(TCO 5) What is CVP analysis? Why is this an important analysis for a company to perform?(Points : 26)

2.(TCO 6) What is an operating budget? What does it result in? What is the first step in completing an operating budget?(Points : 26)

3.(TCO 7) What is responsibility accounting? What is a cost center? How does a cost center differ from a profit center?(Points : 26)

Page2

1.(TCO 8) Why is capital budgeting important? What is the IRR method? How is it calculated? (Points : 26)

2.(TCO 9) What are five different types of decisions that could use incremental analysis? What are the relevant costs in a make-or-buy decision? (Points : 26)

3.(TCO 10) How is a transfer price determined? Describe the cost-based method. Do you think it is better than the market-based method? (Points : 26)

4.(TCO 11) What are direct materials? Give an example of a direct material. How do direct materials differ from indirect materials? Give an example of an indirect material. (Points : 26)

1.(TCO 5) What is CVP analysis? Why is this an important analysis for a company to perform? (Points : 26)

2.(TCO 6) What is an operating budget? What does it result in? What is the first step in completing an operating budget? (Points : 26)

3.(TCO 7) What is responsibility accounting? What is a cost center? How does a cost center differ from a profit center? (Points : 26)

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