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Michigan | ACC 471
Professors
- Winkle,
- Willams,
- Jeff Williams,
- Jefferson Williams
36 sample documents related to ACC 471
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Michigan ACC 471
1 ACCOUNTING 471 PRACTICE EXAM #3 KEY WINTER 2011 1. c. 2. d. 3. c. 4. d. 5. a. 6. d. 7. a. 8. b. 9. c. 10. b. 11. d. 12. d. 13. a. 14. d. 15. a. 16. d. 17. c. 18. c. 19. c. 20. a. Selected explanations and calculations: 2. Calculate the present values us -
Michigan ACC 471
1 PRACTICE EXAM #2 ANSWER KEY 1. A 2. C 3. C 4. B 5. B 6. B 7. B 8. D 9. A 10. B 11. D 12. D 13. D 14. B 15. C 16. C 17. D 18. B 19. A 20. E Selected calculations and explanations: (Computed intermediate numbers are underlined and the final answer is in b -
Michigan ACC 471
ACC471 PRACTICE FIRST EXAM SUGGESTED SOLUTIONS WINTER 2011 1. b. Economic resources are assets, and obligations are liabilities. Choice a. describes a statement of cash flows. Choice c. describes one of the objectives of financial statement analysis that -
Michigan ACC 471
ACC 471 REVIEW QUESTIONS ACCOUNTS RECEIVABLE Circle the letter of the correct answer for each question. 1. All sales are on account. At the beginning of the year, Accounts Receivable and Allowance for Uncollectible Accounts had balances of $655,050 and $2 -
Michigan ACC 471
ACC 471 REVIEW QUESTIONS CHAPTER 3 1. Which of the following creates a transaction that affects the accrual -basis income statement of Company X? a. b. c. d. e. Company Z promises to pay Company X $10,000 for services that have not yet been performed. Com -
Michigan ACC 471
ACC 471 REVIEW QUESTIONS INVENTORY Circle the letter of the correct answer for each question. 1. Beginning inventory was $81,000, purchases were $477,000, purchase discounts were $60,000, transportation-in was $66,000, ending inventory was $93,000, and co -
Michigan ACC 471
ACC 471 REVIEW QUESTIONS - LIABILITIES Circle the letter of the correct answer for each question. 1. A firm estimates that 1% of the products that it sells will require repair or replacement. During the current year, the firm had sales of $4,100,000 of pr -
Michigan ACC 471
ACC 471 REVIEW QUESTIONS PROPERTY AND EQUIPMENT Circle the letter of the correct answer for each question. 1. A plant asset was purchased on May 1, 2000. The asset had a cost of $54,000, a salvage value of $4,500, and an estimated useful life of 12 years. -
Michigan ACC 471
1. Groucho Co. sold $4 million of 10-year bonds on December 31, 2000, with interest payable June 30 and December 31 at an annual rate of 12%. The bonds were priced to yield an effective rate of 12% . a. What were the proceeds received by Groucho upon the -
Michigan ACC 471
ACC 471 REVIEW QUESTIONS CHAPTERS 2 & 3 Circle the letter of the correct answer for each question. 1. The change statements explain changes in important elements of the balance sheet from one date to another. Which of the following are the change statemen -
Michigan ACC 471
ACC 471 REVIEW QUESTIONS CHAPTER 1 Circle the letter of the correct answer for each question. 1. The following is a list of all of the assets, liabilities, and stockholders equities at year -end: Accounts payable Accounts receivable Cash Common stock Equi -
Michigan ACC 471
ACC 471 REVIEW QUESTIONS STATEMENT OF CASH FLOWS Circle the letter of the correct answer for each question. 1. Which of the following statements is true? a. Cash flows from operations is calculated under the direct method by starting with the accrual net -
Michigan ACC 471
ACC 471 REVIEW QUESTIONS STOCKHOLDERS EQUITY Circle the letter of the correct answer for each question. 1. Green, Inc., has no preferred stock outstanding. If Green issues 100 shares of $50 par, 10% cumulative preferred stock at $60, what will Green inclu -
Michigan ACC 471
Accounting Equation: A= L+E Assets = Liabilities + Equity Assets: resources owned by a business. Anything of value. Current asset:Cash amount that continually change. Exp: cash, accounts receivable, inventory or raw materials. o o Investments o Capital as -
Michigan ACC 471
Transaction (I): Received $4,200 from insurance companies, which paid on patient accounts for services that have been provided. Transaction (J): Paid $100 on account for supplies that had been purchased. Transaction (K): Expenses paid during November were -
Michigan ACC 471
Business Entity: applies accounting to a specific entity for which stakeholders need economic data. Once identified, the account determines which economic data and activities should be analyzed, recorded and summarized in a financial statement. o Cost: th -
Michigan ACC 471
Parts classified on Balance Sheet: a. Current assets: Cash and other assets that are expected to be converted to cash or sold or used up within 1 year or less, through the normal operations of the business. Include- accounts receivable, notes receivable, -
Michigan ACC 471
Current Ratio: Expressing the relationship between current assets and current liabilities. Calculated by: Total Current Assets / Total Current Liabilities = Current Ratio 1. Accrual basis of accounting is required by GAAP: Accrual accounting concepts are -
Michigan ACC 471
Elements of Internal Control: a. Control environment: the overall attitude of management and employees Organizational structure- framework for planning and controlling operations Personnel policies- hiring, training, evaluation, compensation, and promotio -
Michigan ACC 471
1. What they do and how their financial statements differ Manufacturing business makes goods and sells them to Merchandisers a.i. Balance sheet: inventory in three conditions a.i.1. Raw materials a.i.2. Work in process a.i.3. Finished goods a.ii. Income s -
Michigan ACC 471
1. Three Inventory accounts of a Manufacturing Business a. Raw Materials Inventory when materials are purchased a.i. Increase when materials are purchased a.ii. Decrease when work begins on product b. Work in Process Inventory when work begins on product -
Michigan ACC 471
Product and Period Costs for a manufacturing business Product Cost costs are included in the asset inventory on the Balance Sheet because they will be used to help generate revenue in the future (when the product is sold), inventory product costs are unu -
Michigan ACC 471
Overtime the liability will decrease. And Family Health Care will earn rental revenue. Exp: End of November, 1/5th of the $1,800 ($360) will have been earned. a. Transaction (B): On November 1, paid $2,400 for an insurance premium on a 2 year, general bu -
Michigan ACC 471
ACC471 PRACTICE FIRST EXAM SUGGESTED SOLUTIONS FALL 2010 1. b. Economic resources are assets, and obligations are liabilities. Choice a. describes a statement of cash flows. Choice c. describes one of the objectives of financial statement analys is that i -
Michigan ACC 471
ACCOUNTING 471 FINANCIAL ACCOUNTING WINTER 2006 Quiz #1 Name: (Print) Student Number: Instructions 1. This quiz has 15 points and ends in 40 minutes. 2. Print your name on this cover sheet and initial each page in the upper right-hand corner. 3. -
Michigan ACC 471
ACCOUNTING 4711 FINANCIAL ACCOUNTING WINTER 2006 Quiz #2 Name: (Print) Student Number: Instructions 1. This quiz has 15 points and ends in 50 minutes. 2. Print your name on this cover sheet and initial each page in the upper right-hand corner. 3. -
Michigan ACC 471
ACCOUNTING 4711 FINANCIAL ACCOUNTING WINTER 2006 Quiz #3 Name: (Print) Student Number: Instructions 1. This quiz has 15 points and ends in 40 minutes. 2. Print your name on this cover sheet and initial each page in the upper right-hand corner. 3. -
Michigan ACC 471
ACCOUNTING 471 FINANCIAL ACCOUNTING WINTER 2006 Quiz #4 Name: (Print) Student Number: Instructions 1. This quiz has 15 points and ends in 45 minutes. 2. Print your name on this cover sheet and initial each page in the upper right-hand corner. 3. -
Michigan ACC 471
ACCOUNTING 471 FINANCIAL ACCOUNTING WINTER 2006 Quiz #5 Name: (Print) Student Number: Instructions 1. This quiz has 15 points and ends in 45 minutes. 2. Print your name on this cover sheet and initial each page in the upper right-hand corner. 3. -
Michigan ACC 471
Quiz #2 Solution Problem I-Multiple Choice 1. E-The correct journal entry would be a debit to inventory for $29,000 and a credit to accounts payable for $29,000. 2. B-The revenue account (an owners equity account) is overstated by $23,000 and thus th -
Michigan ACC 471
ACCOUNTING 471 QUIZ #1 SOLUTIONS WINTER 2006 PROBLEM I 12 Multiple Choice (36 points) Three points for each correct answer. Calculated amounts are shown in italics. The answer is shown in bold. 1. D. We can use the Assets = Liabilities + Stockhold -
Michigan ACC 471
Answer Key to Quiz 5 1a) B. (.02/(1-.02)*365/20 = .372 1b) C. Purchase entry DR Inventory CR AP DR AP 100,000 100,000 100,000 CR Inventory 2,000 CR Cash 98,000 2) D. 360,000 + (18,000*4,000*.005) 310,000 5,000 = 405,000 3) D. 4) D. 5a) A. 40,000, -
Michigan ACC 471
Solution Quiz #4 Problem I. 1. E-Book value equals historical cost less accumulated depreciation. The historical value of the equipment is 169,000 (126,000+26,000+17,000). Based on straight-line we should depreciate 16,900 a year (169,000/10 years). -
Michigan ACC 471
EXAM #1 SOLUTIONS Problem I. Multiple Choice (60 points; 3 points each) Calculations and explanations: (Intermediate numbers are shown in italics and the final answer is shown in bold.) 1. C. Financing activities involve acquiring capital to use for -
Michigan ACC 471
EXAM #2 SOLUTIONS Problem I. Multiple Choice (60 points; 3 points each) Calculations and explanations: (Intermediate numbers are shown in italics and the final answer is shown in bold.) 1. E. In order to allow revenue recognition for credit sales, th -
Michigan ACC 471
Exam #3 SOLUTIONS Multiple Choice (120 points; 3 points each) Calculations and explanations: (Computed intermediate numbers are underlined and the final answer is in bold.) 1. A. Four months of interest on this seven-month note payable will relate to
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