Acct 302
Research Project
Part I
1. What does IFRS stand for? How is IFRS different than US GAAP?
(IFRS) stand for International Financial Reporting Standards (IFRS). It is a set of
accounting standards rules developed for the preparation of public compan
Problem 6-1
Choose the option with the lowest present value of cash outflows, net of the
present value of any cash inflows (Cash outflows are shown as negative amounts;
cash inflows as positive amounts).
Machine A:
PV = $48,000 1,000 (6.71008) + 5,000 (.4
Student Name:
_
University of Baltimore
ACCT 302 & 511
Exam 1
September 26, 2012
21. Listed below are ten terms followed by a list of phrases that describe or characterize the
terms. Match each phrase with the correct term by placing the letter designatin
Chapter 14 - Bonds and Long-Term Notes
Exercise 14-16
Requirement 1
The error caused both 2009 net income and 2010 net income to be overstated, so
retained earnings is overstated by a total of $85,000. Also, the note payable would be
understated by the sa
Chapter 14 - Bonds and Long-Term Notes
Brief Exercise 14-12
The issue price of bonds with detachable warrants is allocated between the two
different securities on the basis of their market values.
($ in millions)
Cash (102% x $60 million).
Discount on bon
Acct 401
Chapter 4 Homework
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
D
A
C
B
A
C
C
B
A
B
D
MC 4.20 4.45, E.53, ANSWERS
31. D
42. C
32. C
43. B
33. A
44. C
34. D
45. B
35. D
36. B
37. C
38. A
39. C
40. C
41. D
E.53
After I have performed the preliminary
Exercise 14-3
1. Price of the bonds at January 1, 2011
x
11.46992 *
Principal
$80,000,000
x
Present value (price) of the bonds
*
Interest
*
*
$4,000,000
0.31180
=
$45,879,680
=
24,944,000
$70,823,680
5% x $80,000,000
present value of an ordinary annuity o
Exercise 14-10
1. Price of the bonds at January 1, 2011
Interest
$22,500
x
6.46321 *
Principal
$500,000 x 0.67684
Present value (price) of the bonds
*
*
*
=
$145,422
=
338,420
$483,842
4.5% x $500,000
present value of an ordinary annuity of $1: n=8, i=5%
Acct 401
Chapter 11 Homework
MC 11.31-11.51
E 11.52, E 11.55, E 11.61, E 11.62
31. A
51. A
32. C
33. B
34. D
35. A
36. C
37. A
38. D
39. D
40. B
41. D
42. C
43. A
44. C
45. D
46. A
47. B
48. B
49. A
50. B
E 11.52
a) Auditors are required to obtain a writt
Chapter 06 - Time Value of Money Concepts
Problem 6-6
1.
PV of $1 factor = $30,000 = .5000
$60,000
Present value of $1: n=? , i=8% (from Table 2, n = approximately 9 years)
2.
Annuity factor =
Annuity factor = $28,700 = 4.1000
$7,000
Present value of an o
Chapter 06 - Time Value of Money Concepts
Problem 6-13
Choose the option with the lowest present value of cash outflows, net of the
present value of any cash inflows. (Cash outflows are shown as negative amounts;
cash inflows as positive amounts)
1. Buy o
Chapter 06 - Time Value of Money Concepts
Problem 6-15
Bond liability:
PV = $4,000,0001 (18.40158) + 100,000,000 (.17193)
PV = $73,606,320 + 17,193,000 = $90,799,320 = initial bond liability
1
$100,000,000 x 4 % = $4,000,000
Present value of an ordinary a
Team 5
WorldCom Assignment
1-What was WorldCom?
WorldCom was the second largest long distance phone company offering long distance services
at a discount in the United States. The company was created in 1983 by Murray Waldron and
William Rector and was na
Chapter 14 - Bonds and Long-Term Notes
Problem 14-7
Requirement 1
Interest
$16,000,000
x
17.15909 *
Principal $400,000,000
x
0.14205
Present value (price) of the bonds
*
*
*
=
$274,545,440
=
56,820,000
$331,365,440
4% x $400,000,000
present value of an or
Chapter 14 - Bonds and Long-Term Notes
Exercise 14-8
1. January 1, 2011
Interest
$7,500,000
x 13.76483 *
Principal $150,000,000 x 0.17411
Present value (price) of the bonds
*
*
*
=
$103,236,225
=
26,116,500
$129,352,725
5% x $150,000,000
present value of
Chapter 06 - Time Value of Money Concepts
Exercise 6-18
Requirement 1
To determine the price of the bonds, we calculate the present value of the 30period annuity (30 semiannual interest payments of $6 million) and the lump-sum
payment of $200 million paid
Chapter 06 - Time Value of Money Concepts
Exercise 6-8
1.
PVA
= $5,000 (3.60478)
= $18,024
Present value of an ordinary annuity of $1: n=5, i=12% (from Table 4)
2.
PVAD = $5,000 (4.03735)
= $20,187
Present value of an annuity due of $1: n=5, i=12% (from T
Accounting 401
Chapter 4 homework
Answers to E 4.50, E 4.52 and E 4.56.
E4.50
This is a memorandum identifying and explaining potential problem areas where misstatement in
the current financial statement could exist.
The net sales decreased by 10% and the
Acct 401
Chapter 6 Homework
MC 6.24-6.42
E 6.45, E 6.46
Cases 6.1 and 6.2 (pp. 246-247)
questions 6.19 and 6.20 (p. 247)
24.
25.
26.
27.
28.
29.
30.
31.
32.
33.
34.
A
D
A
C
C
B
C
A
C
C
B
35. B
36. C
37. A
38. D
39. B
40. A
41. C
42. D
E.6-45
Other Audit p
Acct 401
Chapter 7 Homework
29.
30.
31.
32.
33.
34.
35.
36.
37.
38.
39.
B
A
B
D
A
C
C
B
A
B
D
40.
41.
42.
43.
44.
45.
46.
47.
48.
49.
50.
MC 7.29 7.56, ANSWERS
D
51.
C
52.
A
53.
D
54.
D
55.
B
56.
C
A
C
C
D
C
B
C
B
C
B
Acct 401
Homework chapter 12
ANSWERS TO E 12.38, E 12.39, E 12.41, E 12.44, E 12.47
12.38:
a) List the reports that require sufficient appropriate evidence:
Reference paragraph for changes in accounting principles
Standard unqualified audit report
Citi
ACCT 401
HOMEWORK
11/10/2012
ANSWERS TO E 7.57, E 7.61, E 7.66
7.57
a.
b.
c.
d.
e.
f.
g.
Sales recorded, goods not shipped
Goods shipped, sales not recorded
Goods shipped to a bad credit risk customer
Sales billed at the wrong price or wrong quantity
Prod
Acct 401
Module A Homework
MC A.19-A.40
19. D
20. A
21. A
22. B
23. C
24. C
25. D
26. B
27. A
28. B
29. D
30. A
31. C
32. B
33. B
34. C
35. C
36. B
37. D
38. A
39. A
40. B
114
CHAPTER 6
Internal Control Evaluation: Assessing Control Risk
LEARNING OBJECTIVES
Review
Checkpoints
Exercises
and Problems
Cases
1. Write an essay or memo explaining
primary and secondary reasons for
conducting an evaluation of a
client's internal co
University of Baltimore
Robert G. Merrick School of Business
Intermediate Accounting II (ACCT 302 & ACCT 511)
Computer Project
D. Scott Emge, CPA
Fall 2012
Requirements:
Using Excel, prepare an effective interest amortization schedule for P14-1 on page 79