...Faculty of Business School of Accounting Economics and Finance Student to complete: Family name Other names Student number Table number ACCY111 Accounting Fundamentals in Society Final Examination Practice Paper Autumn Session, 2014 Exam duration Items permitted by examiner Aids supplied Directions to students 3 hours UOW approved calculator nil All questions to be answered. Questions are worth different marks. This exam paper must not be removed from the exam venue Question 1 (8 marks) The following account balances are from the ledger of S. Gill, architect, at 31 January 2014. The accounts are not listed in any particular order. The firm’s accounting year began on 1 January. All accounts had normal balances. Prepaid Insurance Insurance Expense Supplies on Hand Advertising Expense S. Gill, Capital 1 January Cash Accounts Payable Rent Expense Supplies Expense Electricity Expense Service Fees Accounts Receivable Salaries Expenses S. Gill, Drawings Required: a) Prepare a trial balance from the given data. $ 320 80 560 230 21 000 9 500 480 720 350 140 9 420 16 500 1 800 700 (8marks) Question 2 (20 marks) Firelights Displays is a graphic design firm providing art services to publishers and advertisers. It has the following accounts in its general ledger: Cash Accounts Receivable Supplies on Hand Office Equipment Accounts Payable O. Harper, Capital O. Harper, Drawings Fees Earned Rent Expense Telephone and Electricity Expense Salaries Expense Required...
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...CHAPTER 9 Inventories: Additional Valuation Issues ASSIGNMENT CLASSIFICATION TABLE (BY TOPIC) Topics Questions Brief Exercises Concepts for Analysis Exercises Problems 1, 2, 3, 9, 10 1, 2, 3, 5 6 1. Lower-of-cost-or-market. 1, 2, 3, 4, 5, 6 1, 2, 3 1, 2, 3, 4, 5, 6 2. Inventory accounting changes; relative sales value method; net realizable value. 7, 8 4 7, 8 3. Purchase commitments. 9 5, 6 9, 10 9 4. Gross profit method. 10, 11, 12, 13 7 11, 12, 13, 14, 15, 16, 17 4, 5 5. Retail inventory method. 14, 15, 16 8 18, 19, 20, 22, 23, 26 6, 7, 8, 10, 11 6. Presentation and analysis. 17, 18 9 21 9 19 10 22, 23 12, 13, 14 11 24, 25, 26, 27 11, 13 28 13, 14 *7. LIFO retail. *8. Dollar-value LIFO retail. *9. Special LIFO problems. 4, 5 *This material is discussed in an Appendix to the chapter. Copyright © 2013 John Wiley & Sons, Inc. Kieso, Intermediate Accounting, 15/e, Solutions Manual (For Instructor Use Only) 9-1 ASSIGNMENT CLASSIFICATION TABLE (BY LEARNING OBJECTIVE) Learning Objectives Brief Exercises Questions Exercises Problems 1. Describe and apply the lowerof-cost-or-market rule. 1, 2, 3, 4 1, 2, 3 1, 2, 3, 4, 5, 6 1, 2, 3, 9, 10 2. Explain when companies value inventories at net realizable value. 5, 6, 7 1, 2, 3 1, 2, 3, 4, 5, 6 1, 2, 3, 9, 10 ...
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...A Comprehensive Example Arlington Security System experienced the following transac8ons in October of 2009: 10/1: Made cash sales of $2,000 for its inventory (security equipment) cosCng $1,000 . 10/1: Paid rent for the quarter (October to December) in cash for $1,200. 10/1: Signed contract with Arlington Apartments to provide service for the three months starCng October and will receive $1,500 on December 31st. 10/10: Purchased inventory on account for $500. 10/12: Collected from clients receivables of $850. 10/15:The company pays its employees half month salary of $500. 10/18: Pays back suppliers for $900 cash. 10/20: Signed security contract with a client for one year service starCng immediately for a monthly rate of $900, payable on the 20th of each month. The client made the first monthly payment upon signing the contract. Addi$onal informa$on: • The pay days are the 15th and the last...
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...Di Qi BB1 1/23/2016 1. Provide two sentences that correctly illustrate each of the elementary rules of usage, Rules 1-5. (10 sentences total) Rule 1. 1. Jim’s daughter ate someone else’s candy. 2. It’s very convenient that the restaurant always update its online menu. Rule 2. 1. He walked out, sweep the snow on the car, and drive to school. 2. There are red, yellow, and green leaves on the tree. Rule 3. 1. In 2015, Mary’s son, Tom had same classes with me. 2. Elisabeth invited us to Vernon hills, where she was born, is one and half hours from DeKalb. Rule 4. 1. These flowers aren't only beautiful, but they smell very nice. 2. She want to leave the office, and spend the evening with her family. Rule 5. 1. She almost run to the finish line; we can’t exceed her. 2. I have never saw this phone number before; besides, it was from other states. 2. How would you characterize yourself as a writer? Do you like to write? Is is a torture you try at all costs to avoid? What types of writing do you encounter most on a daily basis (emails, texts, articles, books, etc.)? As a writer, I would like to write about my feeling, and I always write down the stories every day. But sometimes, I don’t like writing. I don’t like to write something that I don’t really interested in. In fact, if I can avoid to write, then, I will. I usually text to my friends. What is the title of the last book you read? Strength of...
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...The FASB Accounting Standards Codification Group members: 1) Asset Classification Your manager, Jane Murphy, is reviewing the preliminary balance sheet you compiled for your company. She asks, "We prepaid six months of next year's rent. Why is prepaid rent classified as a current asset? We're not converting rent payments into cash. Shouldn't it be concurrent?" Research the appropriate accounting standards and explain why prepaid expenses are current assets even though no cash will be received. Cite your references. 2) Inventory Valuation AgroCo operates several farms that produce a variety of agricultural products, including corn. At any given time, AgroCo has a significant amount of corn in its warehouses ready for sale to third party food product manufacturers. AgroCo currently values its agricultural inventory using an average cost system. The president of AgroCo asks, “Since the price of corn has risen recently, is it possible for us to reflect our corn stocks at market prices, rather than at historical costs?” Research the relevant GAAP and prepare a memo advising the president of his options. 3) Maintenance Costs. Fargo Co. has recently acquired a new stamping machine for use in its manufacturing facility. Certain components of this machine are prone to wear and must be replaced, on average, once every three years at a cost of $120,000. The CFO of the company has elected to accrue that...
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...1 Chapter 4 study guide 1. What are the types of differences that exist between IFRS and U. S. GAAP? 2. The International Accounting Standards Committee (IASC) issued a total of ______ International Accounting Standards (IAS) during the period 1973–2001. 3. The International Accounting Standards Board issued a total of ______ IFRS from 2001 to present. 4. In many cases, IFRS are more flexible than U.S. GAAP. True or False? 5. Inventory is an example of IAS that provides less extensive guidance than U.S. GAAP. True/False 6. What should include in the cost of inventories? 7. How does IAS 2 require inventory to be reported on the balance sheet? How does U.S. GAAP require inventory reported on the balance sheet? 8. Which items should be included in the cost of property, plant, and equipment under IAS 16? 9. What are the two models allowed for measuring property, plant, and equipment at dates subsequent to original acquisition? 2 10. Define fair value in IAS 16. 11. If the enterprise chooses to follow the revaluation model, revaluation must be made ______ ________ that the carrying amount of assets does not differ materially from the assets’ fair value. 12. IAS 16 requires that all assets of _____ ______ ______ be revalued at the same time. 13. Revaluation increases are ______ directly to the other ____________ ________ component of ________ as a revaluation _________. 14. How is depreciation determined for an item of property, plant, and equipment that is comprised...
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...ACCY 415 – AUDITING FALL 2015 Required Reading Date Mon - 8/24 Wed – 8/26 Topic Introduction: What is auditing and the source of the demand for it? The demand for audits (cont.); Whittington & Pany Ch. 1 p. 1-12 (LOs 1-6) Wallace 1980 Monograph p. 13 – 29 (Ch. 1-5) Management Assertions and Audit Evidence Mon – 8/31 The accounting profession, its history & SOX 1933 & 1934 Acts Other Readings (These can be found on Compass2g) Case Assignments (D): Prepare for discussion; Read case and think (G): Graded; Be about questions prepared to turn in before class at start of class Ch. 1 p. 12-19 (LO 7) Ch. 4 p. 114-121 (LOs 4-5) Chow 1982 The Accounting Review p. 272-277 (Sections 1 & 2 only) AICPA Summary of SOX Oxley (2007): Restoring Investor Confidence (D) Enron Corporation and Andersen, LLP. (case 4.1 in Beasley, Buckless, Glower and Prawitt) Ciconte 2015 (Sections 1 & 2 only) Wed – 9/2 PAGE 1 OF 2 Ch. 2 p. 49-54 (LOs 7-8) The professional standards Mon – 9/7 Wed – 9/9 The accounting profession, its history & SOX (cont.) Ch. 2 p. 33-48 (LOs 1-6) Quality Control and Regulation of CPA Firms; Professional Ethics & Independence Ch. 3 p. 66-82 (LOs 1-5) Labor Day Holiday Ciconte, Knechel, and Mayberry 2015 CALENDAR PART ONE ACCY 415 – AUDITING FALL 2015 Mon – 9/14 Wed – 9/16 Mon – 9/21 Independence for Public Company Audits & Other AICPA...
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...WEEK 1 Web 1-15: The primary objective of the federal income tax law is to raise revenue. What are its secondary objectives? The secondary objectives of the federal income tax law include economic and social objectives. It also encourages certain activities and industries. Such activities include research in expenses and special tax credits, as well as special incentives provided to the oil and gas industries. It’s used fiscally to stimulate private investment, reduce unemployment, and reduce the effects of inflation on the economy. Socially it encourages or discourages certain socially desirable or undesirable activities like pensions and charitable contributions. 2-4: List the conditions that must be met in order to claim a dependency exemption for qualifying children and qualifying relatives. Briefly explain each one. The conditions that have to be met for claiming dependency exemption for a qualifying child include: Identification number- They must have a Social Security number, and that number must be reported on the return. Citizenship- Dependents must be a citizen of the U.S., Canada, or Mexico for a part of the year. Joint return- Married dependents cannot file joint returns. Can be done if the dependent files a joint return only to claim a refund of tax withheld No dependent- Dependents can’t claim exemptions on their own returns Relationship test- Must be a child of the taxpayer (including natural, adopted, foster, and stepchildren). Can be descendants...
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...Chapter 1—AIS overview (3 Questions = 4.5 points) Purpose of/value provided by AIS 1. Improving the quality and reducing the costs of products or service 2. Improve efficiency and effectiveness of the value chain and supply chain 3. Share knowledge 4. Improve the internal control structure 5. Improve decision making Key Role if the AIS 1. Collecting and storing data 2. Providing information for decisions 3. Safeguarding assets Value Chain Activities 1. Inbound Logistics------ receiving and storage 2. Operations -------------- manufacturing and repackaging 3. Outbound Logistics---- distribution shipping 4. Marketing & Sales------ advertising, selling 5. Service-------------------- repair, maintenance Characteristic of Useful Information 1. Relevant 2. Reliable 3. Timely 4. Verifiable 5. Understandable 6. Accessible 7. Complete Chapter 2/SUA Purpose/use of general ledger, subsidiary ledgers, special journals and cash prelist General Ledger= contains summary level data for every asset, liability, equity and revenue, and expense account...(accounts receivable) Subsidiary Ledger= contains detailed data for any general ledger account with many individualized subaccounts.... (Separate account for each accounts receivable) General Journal= used to record infrequent or non-routine transaction, such as loan payments Specialized Journal= records large numbers of repetitive...
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...The University of Illinois Executive MBA Case Summaries Accy 401, EMBA; Fall 2000 Accounting courses are usually separated into five general categories. Two, taxes and auditing, are usually quite technical and often focus on CPA preparation. The other three categories are more general: 1. Financial accounting deals almost strictly with financial statement preparation. It focuses on pronouncements issued by the Financial Accounting Standards Board (FASB) and the SEC, and on accounting concepts such as materiality, matching revenues and expenses, relevance, and consistency. It also considers highly technical details about consolidated financial statements, leases, pensions, income taxes, and inventory valuation methods that are often found on the CPA exam. 2. Financial accounting from a management perspective covers many of the same topics as financial accounting but it does so from the view of a manager using financial accounting information to help make decisions or to report an organization’s performance to others. This is the typical focus of an MBA financial accounting course, or a financial accounting course in a non-degreed program for executives. It is the primary focus of Accy 401, EMBA. 3. Cost and managerial accounting deals almost exclusively with accounting as a tool to help manage and understand a business. These courses focus on areas such as fixed and variable costs, how costs behave over time (e.g., the learning curve), cost...
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...Time Room CORE UNITS 200396 Introductory Accounting GC Acc GD Acc MPA MPA Adv M Accy GC Acc GD Acc MPA GC Acc GD Acc MPA MPA Adv M Accy GC Acc GD Acc MPA MPA Adv M Accy GC Acc GD Acc MPA MPA Adv M Accy GC Acc GD Acc MPA MPA Adv M Accy Tuesday Autumn Tuesday Wednesday Spring Autumn Spring Autumn Spring Autumn Spring Autumn Spring Autumn Spring Thursday Wednesday Monday Friday Monday Monday Wednesday Thursday 9am - 12pm 1pm - 4pm 6pm - 9pm 1pm - 4pm 6pm - 9 pm 5pm-8pm 6pm - 9pm 1pm - 4pm 6pm - 9pm 1pm - 4pm 1pm - 4pm 6pm-9pm 6pm - 9pm 1pm - 4pm 6pm - 9pm 1pm - 4pm 6pm - 9 pm 12pm - 3pm 6pm - 9pm X6.4.20 X6.4.20 X6.5.20 Seminar Seminar Seminar Seminar Seminar 200397 Revenue Law X6.4.21 X6.4.14 X6.4.15 Seminar Seminar Seminar Seminar Seminar 200398 Auditing 200399 Information Systems for Accountants X6.5.21 X6.5.21 X6.4.20 X6.4.21 Practical Practical Practical Seminar Seminar Seminar Seminar 200400 Company Accounting 200401 Accounting Theory & Applications X6.4.20 Seminar Seminar Disclaimer: Information in this publication is correct as at 6th March 2014 however it is subject to change without notice from time to time. SGSM reserves the right to change the timetable including the scheduling or removal of classes and method of delivery. 2014 POSTGRADUATE ACCOUNTING TIMETABLE 12pm-2pm 2pm-4pm GC Acc GD Acc MPA MPA Adv M Accy X6.4.21 X6.5.21 X6.5.21 X6.4.14 X6.5.21 Lecture Practical Practical Lecture...
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...Metering Formula 1. Meter Multiplier Meter Multiplier - the multiplier applied to the register reading to obtain kilowatt-hours. M = Kh X Rr X Rs X CTR X VTR 10,000 Where ; Kh = watt-hour constant of the meter in watt-hour per revolution Rr = register ratio = the number of revolutions of the register worm wheel for a revolution of the first dial pointer (right hand). Rs = gear ratio = the number of revolution of the disk for one revolution of the first point CTR = current transformer ratio VTR = voltage transformer ratio Example #1: A G.E., three phase, three wire, 120 volts, type VM-63-A, Form 5A, Class 20, KWh meter indicates Kh of 2.4 at its nameplate and register ratio of 166-2/3 was installed at 13.2 KV wye grounded system having a current transformer of 25:5 ratio. Determine the following; a). The internal multiplier b). The billing multiplier Solution: a). Internal Multiplier = Kh X Rr X Rs 10,000 For G.E.; Rs =50 for Type V-60, DS-50 and DS-60 Family Rs = 100 for Other family For Sangamo; Rs = 100 for J3 meters Rs = 50 for J4 and Polyphase meters For Westinghouse; Rs = 100 for all types of meter Internal Multiplier = 2.4 X 166-2/3 X 50 10,000 Internal Multiplier = 2 b). Billing Multiplier = Kh X Rr X Rs X CTR X VTR 10,000 Billing Multiplier = 2.4 X 166-2/3 X 50 X 25 X 70 10,000 5 1 Billing Multiplier = 700 2 Example #2: A single phase, 2-wire, bottom connected Harbin meter, type DD101x-6E, 15(100)A, having a 210 rev per KWh and 28 register ratio, determine the...
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...Recognized Courses in Accounting/Tax Research and Analysis and Accounting/Business Communications September 3, 2014 The Texas State Board of Public Accountancy requires each candidate to complete a minimum of two semester hours in accounting research and analysis or tax research and analysis from a recognized college or university. The semester hours may be obtained through a discrete course or offered through an integrated approach. If the course content is offered through integration, the college or university must advise the Board which course(s) contain the research and analysis content. Courses identified through integration must dedicate 1 semester hour, or quarter hour equivalent, to research and analysis. Courses used to meet this requirement may not be used to meet the requirement for accounting or business communications described below. Course(s) identified by a university to meet the requirements for research and analysis in accounting or taxation should primarily address the identification, organization, and integration of diverse sources of information such as authoritative literature and pronouncements, to reach a conclusion or make a decision; and should analyze accounting and taxation issues by reviewing information, using empirical data and analytical methods, recognizing data in patterned activities, forecasting, and integrating data. CPAs may be asked to conduct research and analysis when providing attest services, professional accounting...
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...SACRAMENTO College of Business Administration ACCY 1-11 – Fundamentals of Financial Accounting SYLLABUS / Fall 2015 PROFESSOR: Behrooz Amini, MBA, MA, CPA OFFICE: TAH-2121 OFFICE HOURS: T/R: 10:45 to 11:30 am, and by appointment OFFICE PHONE: 916-278-7154 (No voice mail available) E-MAIL: amini@csus.edu The most effective and efficient way to communicate. Class Days, Time, and Room T / R, 9-10:15 am, Amador Hall - 152 Course Description: Accounting as the basis of an information system with emphasis on concepts and assumptions underlying data accumulation for financial reports. It includes the concepts of income determination, cash flow position, financial position, and accounting for various types of ownership equities ( a corporation emphasis). Course Objectives: After successfully completing ACCY 1, you should have the basic knowledge and understanding of a company’s (a corporation emphasis) financial and economic resources. You should also be able to analyze and interpret the results of operations, cash flow situation, and the financial position. Prerequisite: Entry Level Math (ELM) test of at least 36, and fair knowledge of Excel. Required Textbook: Financial Accounting, 3nd Edition, Spiceland / Publisher: McGraw Hill (Loose-leaf pages) with Connect+ Access /ISBN#: 9781259757099 • Connect log-in: http://connect.mheducation.com/class/b-amini-accy-1-11_-9-to-1015-am Other free resources ...
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...Chapter 1 ACCY 231 Spring Session 1. A set of two or more interrelated components that interact to achieve a goal is: a) A system b) An accounting information system c) Data d) Mandatory information 2. Facts that are collected, recorded, stored and processed by an information system a) Information b) Data c) Systems d) Mandatory information 3. Information is a) What happens when the data exceeds the amount the human mind can absorb. b) The benefit produced by the information minus the cost of producing it. c) Facts that are collected, recorded, stored, and processed by an information system. d) Data that have been organized and processed to provide meaning to a user. 4. Data are a) facts entered, stored, and processed by an information system. b) processed output that is useful to decision makers. c) another word for information. d) quantitative facts that are not qualitative by nature. 5. Which of the following statements below shows the contrast between data and information? a) Data is the output of an AIS. b) Information is the primary output of an AIS. c) Data is more useful in decision-making than information. d) Data and information are the same. 6. The value of information can best be defined as a) how useful it is to decision makers. b) the benefits produced by possessing and using the information minus the cost of producing it. c) how relevant it is. d) the extent to which it maximizes the value chain. 7. An accounting information...
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