week 2 E1-9
1 Page

week 2 E1-9

Course Number: COB ACCY 202, Spring 2010

College/University: University of Illinois,...

Word Count: 215

Rating:

Document Preview

E 1-9 Basic assumptions and principles LO6 through LO8 Listed below are several statements that relate to financial accounting and reporting. Identify the basic assumption, broad accounting principle, or pervasive constraint that applies to each statement. 1. Jim Marley is the sole owner of Marleys Appliances. Jim borrowed $100,000 to buy a new home to be used as his personal residence. This liability was not...

Unformatted Document Excerpt
Coursehero >> Illinois >> University of Illinois, Urbana Champaign >> COB ACCY 202

Course Hero has millions of student submitted documents similar to the one
below including study guides, practice problems, reference materials, practice exams, textbook help and tutor support.

Course Hero has millions of student submitted documents similar to the one below including study guides, practice problems, reference materials, practice exams, textbook help and tutor support.

1-9 E Basic assumptions and principles LO6 through LO8 Listed below are several statements that relate to financial accounting and reporting. Identify the basic assumption, broad accounting principle, or pervasive constraint that applies to each statement. 1. Jim Marley is the sole owner of Marleys Appliances. Jim borrowed $100,000 to buy a new home to be used as his personal residence. This liability was not recorded in the records of Marleys Appliances. Economic entity assumption 2. Apple Computer, Inc., distributes an annual report to its shareholders. Periodicity assumption 3. Hewlett-Packard Corporation depreciates machinery and equipment over their useful lives. Matching principle (also the going concern assumption) 4. Crosby Company land lists on its balance sheet at $120,000, its original purchase price, even though the land has a current market value of $200,000. Historical cost or original transaction value principle 5. Honeywell Corporation records revenue when products are delivered to customers, even though the cash has not yet been received. Realization principle or revenue recognition principle 6. Liquidation values are not normally reported in financial statements even though many companies do go out of business. Going concern assumption 7. IBM Corporation, a multibillion dollar company, purchased some small tools at a cost of $800. Even though the tools will be used for a number of years, the company recorded the purchase as an expense. Materiality

Find millions of documents on Course Hero - Study Guides, Lecture Notes, Reference Materials, Practice Exams and more. Course Hero has millions of course specific materials providing students with the best way to expand their education.

Below is a small sample set of documents:

University of Illinois, Urbana Champaign - COB - ACCY 202
E 23 T-accounts and trial balance LO3 Post the journal entries prepared below to T-accounts. Assume that the opening balances in each of the accounts is zero. Prepare a trial balance from the ending account balances.1. Issued 35,000 shares of common stoc
University of Illinois, Urbana Champaign - COB - ACCY 202
P2-2 Accounting cycle through unadjusted trial balance LO2 LO3 The following is the post-closing trial balance for the Whitlow Manufaruring Corporation as of December 31, 2005. Account Title Debit Credit Cash $5,000 Accounts receivable 2,000 Inventory 5,0
University of Illinois, Urbana Champaign - COB - ACCY 202
E 2-9 Adjusting entries LO4 LO5 Prepare the necessary adjusting entries at December 31, 2006, for the Microchip Company for each of the following situations. Assume that no financial statements were prepared during the year and no adjusting entries were r
University of Illinois, Urbana Champaign - COB - ACCY 202
E 2-13 External transactions and adjusting entries LO2 LO4 LO5 The following transactions occurred during 2006 for the Beehive Honey Corporation:Feb. 1 Borrowed $20,500 from a bank and signed a note. Principal and interest at 9% will be paid on January 3
University of Illinois, Urbana Champaign - COB - ACCY 202
E 2-14 Accrual accounting income determination LO4 LO8 During the course of your examination of the financial statements of the Hales Corporation for the year ended December 31, 2006, you discover the following:a. An insurance policy covering three years
University of Illinois, Urbana Champaign - COB - ACCY 202
E 13-3 Multiple choice; CPA exam; current liabilities LO3 LO4 The following questions dealing with current liabilities are adapted from questions that appeared on past CPA examinations. Determine the response that best answers the question, and enter the
University of Illinois, Urbana Champaign - COB - ACCY 202
E 13-8 Customer deposits LO3 Diversified Semiconductors sells perishable electronic components. Some must be shipped and stored in reusable protective containers. Customers pay a deposit for each container received. The deposit is equal to the container's
University of Illinois, Urbana Champaign - COB - ACCY 202
P 2-5 Adjusting entries LO4 LO5 The Whitlow Manufacturing Corporation's fiscal year-end is December 31. Below are the unadjusted and adjusted trial balances for December 31, 2006.Account Title Cash Accounts receivable Allowance for uncollectible accounts
University of Illinois, Urbana Champaign - COB - ACCY 202
E 2-10 Financial statements and closing entries LO6 LO7 The December 31, 2006, adjusted trial balance for the Blueboy Cheese Corporation is presented below.Account Title Cash Accounts receivable Allowance for uncollectible accounts Prepaid rent Inventory
University of Illinois, Urbana Champaign - COB - ACCY 202
E 2-11 Closing entries LO7 American Chip Corporations fiscal year-end is December 31. The following is a partial adjusted trial balance as of December 31, 2006.Account Title Retained earnings Sales revenue Interest revenue Cost of goods sold Salaries exp
University of Illinois, Urbana Champaign - COB - ACCY 202
E 13-1 Bank loan; accrued interest LO2 LO3 On November 1, 2006, Quantum Technology, a geothermal energy supplier, borrowed $ 8,186,000 cash to fund a geological survey. The loan was made by Nevada BancCorp under a noncommitted short-term line of credit ar
University of Illinois, Urbana Champaign - COB - ACCY 202
E 13-2 Determining accrued interest in various situations LO2 LO3 On July 1, 2006, Ross-Livermore Industries issued nine-month notes in the amount of $200 million. Interest is payable at maturity.Required: Determine the amount of interest expense that sh
University of Illinois, Urbana Champaign - COB - ACCY 202
E 13-12 Warranties LO5 LO6 Cupola Awning Corporation introduced a new line of commercial awnings in 2006 that carry a two-year warranty against manufacturer's defects. Based on their experience with previous product introductions, warranty costs are expec
University of Illinois, Urbana Champaign - COB - ACCY 202
Exercise 2-29 Schedules of Cost of Goods Manufactured and Sold; Income Statement (LO 1, 3, 6) Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1. Inventory Classificat
University of Illinois, Urbana Champaign - COB - ACCY 202
Problem 2-41 Incomplete Data; Manufacturing Costs (LO 2, 5) Determine the missing amounts in each of the following independent cases. (Omit the "$" sign in your response.)Case A Case B Case C Beginning inventory, raw material $60,000$ 20,000 $ 15,000 E
University of Illinois, Urbana Champaign - COB - ACCY 202
Problem 3-44 Manufacturing Cost Flows; Analysis of T-Accounts (LO 2, 5) Perfecto Pizza Company produces microwavable pizzas. The following accounts appeared in Perfecto's ledger as of December 31.Raw-Materials Inventory Accounts Payable Bal.1/1 20,5002,
University of Illinois, Urbana Champaign - COB - ACCY 202
Problem 3-45 Job-Order Costing; Journal Entries (LO 2, 5) Stellar Sound, Inc. which uses a job-order costing system, had two jobs in process at the start of 20x1: job no. 64 ($84,500) and job no. 65 ($53,000). The following information is available:a. Th
University of Illinois, Urbana Champaign - COB - ACCY 202
Exercise 3-25 Job-Order Costing Basics (LO 5) Finley Educational Products started and finished job number B67 during June. The job required $4,750 of direct material and 42 hours of direct labor at $19 per hour. The predetermined overhead rate is $5 per d
University of Illinois, Urbana Champaign - COB - ACCY 202
Exercise 3-30 Schedule of Cost of Goods Manufactured (LO 2, 6) Crunchem Cereal Company incurred the following actual costs during 20x1.Direct material used $ 298,000 Direct labor 129,000 Manufacturing overhead 277,350The firm's predetermined overhead ra
University of Illinois, Urbana Champaign - COB - ACCY 202
Exercise 3-27 Job-Order Costing Basics (LO 2, 6) Bodin Company manufactures finger splints for kids who get tendonitis from playing video games. The firm had the following inventories at the beginning and end of the month of January.January 1 January 31
University of Illinois, Urbana Champaign - COB - ACCY 202
Exercise 3-28 Cost Relationships; Normal Costing System (LO 2, 6) Herget, Inc. employs a normal costing system. The following information pertains to the year just ended. Total manufacturing costs were $2,500,000. Cost of goods manufactured was $2,250,00
Indiana - BUS-A - 100
A100 Exam 1 Material from Spring 1 2005, Spring 2 2005, Fall 1 2006, and Fall 2 2006 ExamsSOLUTIONS Some of these have been re-formatted from the original multiple-choice format so that they will be more useful for study/review purposes.1. Which of the
Indiana - BUS-A - 100
A100 Exam 1 Material from Spring 1 2005, Spring 2 2005, Fall 1 2006, and Fall 2 2006 ExamsSOLUTIONS Some of these have been re-formatted from the original multiple-choice format so that they will be more useful for study/review purposes.1. Which of the
Indiana - BUS-A - 100
A100 Exam 1 Spring 2 2007 Second Eight WeeksExam version AInstruction 1: Fill in the information below. Write clearly:NAME (print): Name (Signature): E-mail address: Student i.d. # : Course Section #: . . .Instruction 2: Read carefully and follow the
Indiana - BUS-A - 100
A100 Exam 1 Spring 2 2007 Second Eight WeeksExam version AInstruction 1: Fill in the information below. Write clearly:NAME (print): Name (Signature): E-mail address: Student i.d. # : Course Section #: . . .Instruction 2: Read carefully and follow the
Indiana - BUS-A - 100
A100 Exam 1 Material from Fall 1 2004, Fall 2 2004, Spring 1 2006, Spring 2 2006 ExamsPROBLEMS Some of these have been re-formatted from the original multiple-choice format so that they will be more useful for study/review purposes.1. Which of the follo
Indiana - BUS-A - 100
A100 Exam 1 Material from Fall 1 2004, Fall 2 2004, Spring 1 2006, Spring 2 2006 ExamsSOLUTIONS Some of these have been re-formatted from the original multiple-choice format so that they will be more useful for study/review purposes.1. Which of the foll
Indiana - BUS-A - 100
Definition and Sample Components of Internal Control SystemsInternal control has been defined as: A process - effected by an entity's board of directors, management, and other personneldesigned to provide reasonable assurance regarding the achievement of
Indiana - BUS-A - 100
DigitalImagery:Project1:Collage Due9/26 Selectatheme: Technolandscape Dreamscape Consumerism CyborgIdenity HumanAnimalHybrid Homageto Gathermaterials:foundimages,foundobjects,takephotographs,scan materials Researchartists:Gotothelibrary,checkoutthemuseum
Indiana - BUS-A - 100
Sample audit opinion taken as an excerpt from: www.pcaob.org/Rules/Rules_of_the_Board/ Public Company Accounting Oversight Board Bylaws and Rules Standards AS5 - Auditing Standard No. 5 An Audit of Internal Control Over Financial Reporting That Is Integra
Indiana - BUS-A - 100
SARBANES-OXLEY ACT of 2002 - Summary/HighlightsSection 3: Commission Rules and Enforcement. A violation of Rules of the Public Company Accounting Oversight Board (Board) is treated as a violation of the 34 Act, giving rise to the same penalties that may
Indiana - BUS-A - 100
NOTEHIGHLIGHTEDsectionsaremostimportantfor ourpurposesinA100(EXCERPTSeewww.sec.govforcompleterecord.) FinalRule: Management'sReportsonInternalControlOverFinancialReporting andCertificationofDisclosureinExchangeActPeriodicReportsSECURITIESANDEXCHANGECOMM
Indiana - ECON-E - 202
E202 - FrameworkSTYLIZED FACTSLong-run (secular) Growth in output Slower growth 1973 - 1995 Short-run Output fluctuates around its trend growth (the bus ine s s c y c le ) Smaller fluctuations since WWII1E202 - FrameworkMACRO FRAMEWORKThe economy is
Indiana - ECON-E - 202
E202 Long-runLONG-RUN ADJUSTMENTQUESTIONS What determines the trend level of output?FACTS Output grows Deflation (falling prices) in 19th century Inflation (rising prices) in 20th centuryAvailable factor supplies and te chnology What explains growt
Indiana - ECON-E - 202
E202 - MoneyMONEYDefinition Money is the medium of exchangeMoney is defined as those things which are generally acceptable as a means of payment.KINDS OF MONEYCommoditiesGold and silver coins played a role in the domestic U.S. monetary system until
Indiana - ECON-E - 202
E202 - N IPATRACKING THE PRODUCTION PROCESSProduction involves using factors of production to produce goods and services. The transactions which result (in the goods market) can be measured on either the purchase side or on the selling side. Sale side P
Indiana - ECON-E - 202
E202 - PolicyPOLICY EFFECTSShort-Run Expansionary policy raises aggregate demand.As aggregate demand increase s output and employment rise.Fiscal policyG! tr #" "AD ! Yd ! " C! " AD !Monetary policyWRS " # i $ => I " , C " % E $ => EX " , IM $S
Indiana - ECON-E - 202
E202 - PricesSTYLIZED FACTS: Prices and Inflation Deflation in 19th century; inflation in 20th century High inflation during wars Inflation fluctuates procyclically with a lag1E202 - PricesPRICE ADJUSTMENT QUESTIONS1. What is the market environment
Indiana - ECON-E - 202
E202 Short-run EquilibriumSHORT-RUN EQUILIBRIUMThe feedback effect from the circular flow of output and income complicates short-run adjustment. AD Q Y C AD Schematically:The behavioral elements of this model fall into two categories. INDUCED: Determin
Indiana - ECON-E - 202
E202 Short-Run IntroSchools of Economic ThoughtCLASSICALSCHOOLS OF THOUGHTView of PricesFlexible1776Adam Smith : The Wealth of NationsSchoolView of EconomySmoothly self-regulating1798 1817Thomas Malthus : Essay on PopulationClassical 1776 Key
USC - CHEM 322B - CHEM 322 B
Chapter 18 Carboxylic Acids and their Derivatives: Nucleophilic Substitution at Acyl CarbonCarboxylic acids are a family of organic compounds with the functional groupO -C-OHThe carbon-oxygen double bond is made up of a !-bond and a "-bond. The carbon
USC - CHEM 322B - CHEM 322 B
Nucleophilic Substitution at Acyl CarbonAldehydes and ketones undergo nucleophilic additions to the carbonyl group:R' RR'C=O+ Nu:-RC-O: Nu-Nu-HR' R C-O-H + Nu:Nu::The typical reaction with carboxylic acids and their derivatives is nucleophili
USC - CHEM 322B - CHEM 322 B
AmidesAmides like amines are classified according to the structure around the nitrogen :O RCNH2 1oO RCNHR' 2oO RCNR'R' 3o=Synthesis of Amides from Acyl ChloridesThe nucleophilic ammonia, and the derived primary and secondary amines, all react rapid
USC - CHEM 322B - CHEM 322 B
'<,1: ~O~B1- Esw -\Jo~:5e.'6~c.'" @lks~e~.".ed.,.,.~tA.~_-,3LKL-/6CD-'.__~ He)~Cl+-'\ - E:;,'e.hl\eLp-Sessio~ I Wodsshop-~_wed_~e.s _ -G."-=-g~-l.J,.3:3~,-,:S,-O_Th~.5_~Cu. j~01~\-"-,k.~V)=-:ow",- -_'._~Eled_f"or. 5+f\.lC+~bdJlut-h.0LlrFe
USC - CHEM 322B - CHEM 322 B
USC - CHEM 322B - CHEM 322 B
1-1 ~1.:.;:;IO_(j)_Oft=IC~ tcfw_D~SL-1"-\0 \-\-'-_Or H~p- Sess io~O_r_~?Y!o~ll:.rtr .!.:.:M.~ .:We- \_- \_~ /._2_-_3_F\-\~ / R - SQ(.~ ~.-,-D_~-0-t.~c~:)B"~ ~ ~~-~-'-'",~"'-e :)p+_._~ he-re)It\cwO.J~_C(~15_1.W'~_~-.H-zCOteH~-?2G
USC - CHEM 322B - CHEM 322 B
USC - CHEM 322B - CHEM 322 B
USC - CHEM 322B - CHEM 322 B
USC - CHEM 322B - CHEM 322 B
USC - CHEM 322B - CHEM 322 B
USC - CHEM 322B - CHEM 322 B
USC - CHEM 322B - CHEM 322 B
USC - CHEM 322B - CHEM 322 B
USC - CHEM 322B - CHEM 322 B
Chemistry 322bL Basic Organic Chemistry August 9, 2004Name _SAMPLE2005EXAMINATION 5 (FINAL)Answer the following questions in the space provided. Please organize your thoughts and attempt to make your answer as legible as possible. If we cannot read y
USC - CHEM 322B - CHEM 322 B
USC - CHEM 322B - CHEM 322 B
USC - CHEM 322B - CHEM 322 B
USC - CHEM 322B - CHEM 322 B
USC - CHEM 322B - CHEM 322 B
USC - CHEM 322B - CHEM 322 B