...Midterm Exam Review 1.The revenue recognition principle provides that revenue is recognized when? Pages 907-8 Dot Point, Inc. is a retailer of washers and dryers and offers a three-year service contract on each appliance sold. Although Dot Point sells the appliances on an installment basis, all service contracts are cash sales at the time of purchase by the buyer. Collections received for service contracts should be recorded when? An alternative available when the seller is exposed to continued risks of ownership through return of the product is what? Page 910 2. In selecting an accounting method for a newly-contracted long-term construction project, the principal factor to be considered should be what? Page 933 The percentage-of-completion method must be used when certain conditions exist. Review the necessary conditions? Page 912 In accounting for a long-term construction-type contract using the percentage-of-completion method, the gross profit recognized during the first year would be the estimated total gross profit from the contract, multiplied by the percentage of the costs incurred during the year is what? Page 914 (and Interactive example included in lecture) 3. Melton Construction Co. began operations in 2010. Construction activity for 2010 is shown below. Melton uses the completed-contract method. Contract Contract Price Billings Through 12/31/10 Collections Through 12/31/10 Costs to 12/31/10 Estimated Costs to Complete 1 $3,200,000 $3,150,000 $2,600...
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...ACCT 312 Intermediate Accounting III – Entire Course http://hwguiders.com/downloads/acct-312-intermediate-accounting-iii-entire-course/ ACCT 312 Intermediate Accounting III Complete Homework Sets ACCT 312 Week 1 Homework Chapter 16, Exercise 16-3, 16-5, 16-10,16-22 ACCT 312 Week 2 Homework Chapter 17, Exercise 17-5, 17-10, 17-12, 17-15 ACCT 312 Week 3 Homework Chapter 18, Exercise 18-5, 18-11, 18-13, 18-19 ACCT 312 Week 4 Homework Chapter 19, Exercise 19-2, 19-5, 19-10, 19-17 ACCT 312 Week 5 Homework Chapter 20, E20-1, E20-10, E20-17, E20-24 ACCT 312 Week 6 Homework Chapter 21, E21-14, E21-21, P21-4] ACCT 312 Week 7 Homework Problems P21-5, P21-6 ACCT 312 Intermediate Accounting III Complete Quizzes ACCT 312 Week 1 Quiz 1. (TCO 1) Which causes a temporary difference between taxable and pretax accounting income? 2. (TCO 1) Which difference between financial accounting and tax accounting ordinarily creates a deferred tax liability? 3. (TCO 1) Which temporary difference ordinarily creates a deferred tax asset? 4. (TCO 1) Under current tax law, a net operating loss may be carried forward up to 5. (TCO 1) Which causes a permanent difference between taxable income and pretax accounting income? ACCT 312 Week 2 Quiz 1. (TCO 2) Which causes a temporary difference between taxable and pretax accounting income? 2. (TCO 2) Which statement typifies defined contribution plans? 3. (TCO 2) Which is not a way of measuring the pension obligation...
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...HOLY FAMILY UNIVERSITY SCHOOL OF BUSINESS ADMINISTRATION AND EXTENDED LEARNING INTERMEDIATE ACCOUNTING I Semester: Fall 2014 August 27, 2014 – December 17, 2014 Course: ACCT 307 Intermediate Accounting I Credits: (3) Credit Hours Prerequisites: ACCT 206 Location: Woodhaven, Room 4 Days/Times T/TH (8:00am–9:30am) Instructor: Stephen B. Bates MBA, CPA, CGMA Office: Aquinas Hall, Rm. 17 Office Hours: T (1:30-4:30 p.m.)NE / TH (1:00-2:30 p.m.)WH Telephone: (267) 341-3522 E-mail: sbates@holyfamily.edu Catalog Course Description Preparation and interpretation of complex accounting statements, in particular assets using contemporary reporting techniques. Study of financial statements as well as in-depth analysis of the individual components of statements, with specific emphasis on current FASB statements and International Financial Reporting Standards. Students will utilize computerized spreadsheets to solve problems. Required Textbook Kieso, Weygandt, Warfield. INTERMEDIATE ACCOUNTING 15th Edition, 2013. John Wiley & Sons, Inc. Hoboken, N.J. ISBN – 978-1-118-14729-0 Other Required Resources Students will be required to access portions of selected financial statements of publicly held corporations via the internet. Additionally, three financial statements, Tootsie Roll, Hershey, and DuPont will be handed out...
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...the institute of cost accountants of india(ICAI) (A Statutory body under an act of parliament) SYLLABUS 2012 STRUCTURE & contents Evaluation Synthesis ANALYSIS ANALYSIS APPLICATION APPLICATION COMPREHENSION COMPREHENSION COMPREHENSION KNOWLEDGE KNOWLEDGE KNOWLEDGE LEVEL A LEVEL B LEVEL C FOUNDATION COURSE - Syllabus 2012 the institute of cost accountants of india(ICAI) (A Statutory body under an act of parliament) SYLLABUS 2012 STRUCTURE & contents The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 1 FOUNDATION COURSE - Syllabus 2012 The Following table lists the learning objectives and the verbs that appear in the syllabus learning aims and examination question. Learning objectives Level A COMPREHENSION What you are expected to understand List Make a list of. State Express, fully or clearly , the details/ facts of. Define Give the exact meaning of. Communicate the key features of. Distinguish Highlight the differences between. Explain Make clear or intangible/state the meaning or purpose of. Identify Recognise, establish or select after consideration. Illustrate What you are expected to know Definition Describe KNOWLEDGE Verbs used Use an example to describe or explain something. The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) ...
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...Chapter 02 Financial Statements, Taxes, and Cash Flow Answer Key Multiple Choice Questions 1. Which one of the following is the financial statement that shows the accounting value of a firm's equity as of a particular date? A. income statement B. creditor's statement C. balance sheet D. statement of cash flows E. dividend statement Refer to section 2.1 AACSB: N/A Bloom's: Knowledge Difficulty: Basic Learning Objective: 2-1 Section: 2.1 Topic: Balance sheet 2. Net working capital is defined as: A. total liabilities minus shareholders' equity. B. current liabilities minus shareholders' equity. C. fixed assets minus long-term liabilities. D. total assets minus total liabilities. E. current assets minus current liabilities. Refer to section 2.1 AACSB: N/A Bloom's: Knowledge Difficulty: Basic Learning Objective: 2-1 Section: 2.1 Topic: Net working capital 3. The common set of standards and procedures by which audited financial statements are prepared is known as the: A. matching principle. B. cash flow identity. C. Generally Accepted Accounting Principles. D. Financial Accounting Reporting Principles. E. Standard Accounting Value Guidelines. Refer to section 2.1 AACSB: N/A Bloom's: Knowledge Difficulty: Basic Learning Objective: 2-1 Section: 2.1 Topic: GAAP 4. Which one of the following is the financial statement that summarizes a firm's revenue and expenses over a period of...
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...1/3 The Institute of Chartered Accountants of India INTERMEDIATE (INTEGRATED PROFESSIONAL COMPETENCE) EXAMINATION / ACCOUNTING TECHNICIAN EXAMINATION - MAY 2014 CANDIDATE DETAILS Name of Candidate : SWEETY AGARWAL DOB: 23/08/1994 Registration No : ERO0183077 Applied Date: 23/02/2014 Medium Opted : English Gender : Female E Mail : radhasurana8@gmail.com Control No: 4285300 Landline No: - Exam Applied : Intermediate (IPCE) Both Groups Examination Centre : Kolkata III Center Code: 309 Mobile No : 9230422289 Father's Name: ANIL AGARWAL Registration date of Intermediate(IPCC)/ATC/Inter/PEE-II/PCC: 20/07/2012 PIN :1994 Differently Abled :No Revalidation Date: - ENTRANCE/ FOUNDATION/ PEE-I/ CPT PASSING PARTICULARS Exam Passed CPT MONTH & YEAR 06, 2012 Roll No. 178973 PARTIAL INTERMEDIATE/ PEE-II/ PCE/ IPCE EXAMINATION PASSING DETAILS Exam Passed MONTH & YEAR Roll No. EXEMPTION DETAILS OF EXEMPTION SECURED IN ERSTWHILE PCE Month & Year Roll No P1 P2 P3 P4 P5 P6 EXEMPTION DETAILS OF EXEMPTION SECURED IN IPCE/ATE Month & Year PAYMENT DETAILS Total Amount: 1600 INR Transaction Date: 23/02/2014 Bank Transaction No: EFI_ERO0183077_1180823904 Roll No. P1 P2 P3 P4 P5 P6 P7 2/3 The Institute of Chartered Accountants of India INTERMEDIATE (INTEGRATED PROFESSIONAL COMPETENCE) EXAMINATION / ACCOUNTING TECHNICIAN EXAMINATION - MAY 2014 Registration No : ERO0183077 Control No: 4285300 DECLARATION BY THE STUDENT 1. I SWEETY AGARWAL son/daughter of ANIL AGARWAL...
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...will take full advantage of my experience, technical knowledge and skills in a competitive world of dynamic business environment. PROFESSIONAL BACKGRAUND: YEAR 2014 CPA PART III: SECTION UNITS COVERED SECTION 6 Advanced Taxation Advanced Auditing and Assurance Advanced Financial Reporting UNITS COVERED SECTION 5 YEAR 2014 CPA PART III: SECTION 5 YEAR 2013 CPA PART II: SECTION 4 UNITS COVERED SECTION 4 ÿ Taxation ÿ Company Law ÿ Quantitative Analysis Year 2012 CPA PART II: SECTION 3 SECTION 3 ÿ Financial Reporting. ÿ Financial Management. ÿ Management Information Systems YEAR 2008 – 2009 CPA PART I: SECTION 1 & SECTION 2 SECTION 2 ÿ Cost accounting. ÿ Economics. ÿ Auditing and Assurance SECTION 1 ÿ Financial Accounting. ÿ Introduction to Law. ÿ Entrepreneurship and Communication YEAR 2006 – 2007 ATC Intermediate Level & Final Level Intermediate level: 1. 2. 3. 4. 5. Introduction to Financial Accounting Introduction to Law Entrepreneurship and Communication Principles of Management Business Mathematics/statistics Final level: 1. 2. 3. 4. 5. Financial Accounting Fundamentals of Information Communication Technology Cost Accounting Taxation Auditing COMPUTER SKILLS YEAR 2007 Computerized accounting & computer certificate 1. Quick books 2. Pastel 3. Sage YEAR: 1999 – 2002 Merigi High School Kenya Certificate of Secondary Education (KCSE) YEAR: 1990 – 1998...
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...A. i. Section 320-10-25-1 of the Accounting Standards Codification defines Trading Securities as follows, “If a security is acquired with the intent of selling it within hours or days, the security shall be classified as trading. However, at acquisition an entity is not precluded from classifying as trading a security it plans to hold for a longer period. Classification of a security as trading shall not be precluded simply because the entity does not intend to sell it in the near term.” ii. Dividends and interest received from trading securities should be included in earnings according to Section 320-10-35-4. The company can record the Dividend or Interest Revenue as follows, Journal Entry: Cash $1 Dividend/Interest Revenue $1 iii. The company would record the increase in market value using the fair value method as follows, Journal Entry: Fair Value Adjustment (trading) $1 Unrealized holding gain $1 B. i. According to 320-10-25-1, available- for-sale is “Investments in debt securities and equity securities that have readily determinable fair values not classified as trading securities or as held-to-maturity securities shall be classified as available-for-sale securities.” ii. According to 320-10-35-4 “Dividend and interest income, including...
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...DEGREE REQUIREMENTS M.S. Business Economics A minimum of 33 credits are required for the degree Effective Fall 2011 ____________________________________________________________ ________________ (I) Economics Core (5 courses; 15 credits) Take ALL of the following courses: (A) Econ 7000X [700x](Option 2 and Option 3 students may take Busn 7206X [706X] -“Microeconomics for Business Decisions” -- in lieu of Econ 7000X), (B) Econ 7010X [710X], (C) Econ 7025X [725.1], Option 3 students only who took an undergrad course in calculus may, with permission of the Grad. Deputy, waive Econ 7025X and substitute a course from the Option 3 requirements listed below. (D) Econ 7020X [720X], and (E) Econ 7021X [721X] (Option 2 and Option 3 students may take Busn 7279X [779X] -- “Applied Business Research” -- in lieu of Econ 7021X). (II) Choose either Option 1 or Option 2 or Option 3 Option 1. Economic Analysis (394): Take a minimum of 18 credits (6 courses) from the following: Busn/Econ 7215X [711X]; Econ 7027X [727X]; Econ 7028X [728X]; Econ 7030X [713X]; Econ 7040X [711.1X]; Econ 7045X [715X]; Econ 7050X [730X]; Econ 7055X [735X]; Econ 7060X/HNSC 7144 [772X]; Econ 7090X [781X]; Econ 7095G [783G] (Permission Required for Thesis Research class). With permission of the graduate deputy chairperson, students may be allowed to take up to 6 credits of other courses to complete the 18 credit requirement in Option 1. Option 2. Global Business and Finance (339): Take a minimum of 18 credits (6 courses)...
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...Current Program Bachelor of Sci/Master of Sci College: The Peter J. Tobin Coll of Bus Major: Accounting ***This is NOT an Official Transcript*** DEGREES AWARDED Sought: Bachelor of Degree Date: Science Curriculum Information Primary Degree Major: Accounting Attempt Passed Earned GPA Hours Hours Hours Hours Institution: 64.000 61.000 61.000 Quality GPA Points 52.000 202.90 3.90 TRANSFER CREDIT ACCEPTED BY INSTITUTION Top 2009: Arkansas State University Subject Course Title Grade MTH 1001 INTRODUCTION TO ALGEBRA TC 3.000 0.00 MUS 0000 MUSIC TC 3.000 0.00 SCI 1000C CORE: SCIENTIFIC INQUIRY TC 3.000 0.00 SOC 1000C INTRODUCTION TO SOCIOLOGY TC 3.000 0.00 Current Term: Credit Quality Points Hours Attempt Passed Earned GPA Hours Hours Hours Hours 12.000 12.000 12.000 0.000 R Quality GPA Points 0.00 0.00 Unofficial Transcript https://apollo.stjohns.edu/sjusis/bwskotrn.P_ViewTran 1/4 5/13/2015 Academic Record INSTITUTION CREDIT Top Term: Fall 2013 Academic Standing: Subject Course Level Title Grade Credit Hours ESLS 1300 UG ADVANCED ORAL/AURAL COMMUNICA P 3.000 ESLW 1200 UG INTERMEDIATE READING & WRITING P HIS 1000C UG CORE:EMERGENCE GLOBAL SOCIETY A MTH 1320 UG ...
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...& PROBABILITY CONTEMPORARY ISSUES IN GLOBAL ECONOMY INTRODUCTION TO ECONOMICS PUBLIC SPEAKING POWER STATIONS Released on March 29, 2016 SECTIONS A,B,C,D,E,F,G,H,I,J,K,L,M,O,P,Q,R A,B,C,D,E A A,B A A A,B A,C1,C2,C3,C4,C5,C6,C7,C8 A A A,B,C A,B,C,D,E,F,G,H A,B,C,D,E,F,G,H,I A,B,C B,C,D,I,J A,B A A,B,C,D,E,F,G,H,I,J,K,L,M,N,O F1 A A A,C,D A,B,C,E,F,G,H,I, A,B,C,E,F,G,H,I A A,B,C A A N,O,P,Q A,B,C,D,E,F,G,H,I,J,K,L,M A A A A,B,C,D,E,F,G Day 2: April 24, 2016 (Sunday) TIME Building 1, 5 & 4 BUSINESS MATHEMATICS – 1 BASICS IN NATURAL SCIENCE ISLAMIC FINANCE & BANKING CONTEMPORARY ARCH. THEORY Building 7 COMPUTER NETWORKS MULTIMEDIA SYSTEMS ANALOG ELECTRONICS 1 9:3011:30 INTERMEDIATE MICROECONOMICS BIOMEDICAL INST. MEASUREMENT & DESIGN SALES MANAGEMENT [MKT.] INTRODUCTION TO SOCIOLOGY LOGIC AND PHILISOPHY 12-2 BUSINESS...
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...Memorandum- CPA Report Vincent Mokwenye ACCA 545- Financial Reporting Monday December 18, 2012 Memorandum- CPA Report MEMORANDUM Date: December10, 2012 To: Libby Grimes Re: CPA Report In response to your request for information, this memo will address the methodology used to determine deferred taxes, the various procedures used for reporting accounting changes and error corrections, and the rationale for establishing the subsidiary as a corporation. In addition it will address our professional responsibilities are as a Certified Public Accountants (CPA’s) and finally distinguish between a financial audit and a financial review. The Methodology used to Determine Deferred Taxes The accounting for tax liability is governed by the internal revenue service (IRS) code whereas income statement financial reporting is done according the generally accepted accounting principles (GAAP). The taxable income reported to the IRS is based on the cash basis accounting whereas the pre-tax profit reported in the income statement to the stockholders is prepared using the accrual accounting. As a result, there is a difference between the tax liability reported to the IRS and the tax expense reported in the income statement. This causes the book income reported to stockholders to be different from the tax income reported to the IRS. If certain revenues and/or expenses are reported in different years in income statements and on income tax returns, an asset or liability called...
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...Intermediate Accounting 2 Week 2 - Answer Marks will be awarded with logical argumentation and appropriate presentation of the answers. Answer to question 1 1 Definition of liability: A present obligation arising from a past event, the settlement of which is expected to result in an outflow of resources embodying benefits (i.e. usually a cash payment) There are two types of event creating obligation a) Legal – arises from the conclusion of legal contract, legislation or other operation of law. Example: repair warranty in sales agreement Constructive – derives from the actions of the enterprise where: Past actions – by an established pattern of past practice, published policies or a sufficiently specific current statement, the enterprise has indicated to other parties that it will accept certain responsibilities; and Created valid expectations – as a result, the enterprise has created valid expectations on the part of those parties that it will discharge those responsibilities For example: manufacturer has repaired any faulty items free of charge though there is no warranty in the sales agreement 3. Provision is a liability of uncertain timing or amount. It is accrued on the statement of financial position as it is probable it will be settled and a reliable estimate can be made of the amount that will be settled. Application of the recognition and measurement rules Future operating losses Do not meet the definition of liability and no provision should be made. Onerous contracts...
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...The Coca-Cola Company and PepsiCo Pension Plans Intermediate Accounting III – ACC 305 Strayer University November 20, 2011 Abstract The Coca-Cola Company and PepsiCo are both very large manufacturing corporations that operate worldwide. Over the years, each corporation has had a very longevity of business success. The expansion of business and brands through subsidiaries, partnerships and franchises in beverage and food products has been a consistent growth in retail sales for both corporations. With such growth, they employ thousands of employees worldwide and offer competitive benefits to include medical, life, and retirement. In 2006, both corporations adopted SFAS 158, Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans — an amendment of FASB Statements No. 87, 88, 106, and 132(R) (SFAS 158). For this particular paper, the goal will be to complete a comparative analysis of the pension plans that each corporation make available to their employees and retirees. Analysis A pension plan is an employer contributory or noncontributory saving plan which can also be qualified and nonqualified that businesses offer to their employees to assist with their retirement. With contributory plans, the employer and the employee make contributions into the savings. Whereas, with noncontributory plans, only the employer is required to make the contributions while the employee’s participation is optional. Under a qualified plan, tax...
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...Paper 15- Business Strategy & Strategic Cost Management" and further, "Paper 18- Business Strategy & Strategic Cost Management" should be read as "Paper 18- Corporate Financial Reporting". The title and nomenclature of all other remaining papers including their contents remains unaltered, until otherwise notified. Hence, the detailed Syllabus 2012: Curriculum, as amended, stands as under:Syllabus 2012: Curriculum Foundation Course Paper 1: Fundamentals of Economics & Management Paper 2: Fundamentals of Accounting Paper 3: Fundamentals of Laws & Ethics Paper 4: Fundamentals of Business Mathematics & Statistics Intermediate Course Group I Paper 5: Financial Accounting Paper 6: Laws, Ethics & Governance Paper 7: Direct Taxation Paper 8: Cost Accounting & Financial Management Group II Paper 9: Operations Management & Information Systems Paper 10: Cost & Management Accountancy Paper 11: Indirect Taxation Paper 12: Company Accounts & Audit February 1, 2013 1 Final Course Group III Paper 13: Corporate Laws & Compliance Paper 14: Advanced Financial Management Paper 15: Business Strategy & Strategic Cost Management Paper 16: Tax Management & Practice Group IV Paper 17: Strategic Performance Management Paper 18: Corporate Financial Reporting Paper 19: Cost and Management Audit Paper 20: Financial Analysis & Business Valuation This issues with the approval of the competent authority....
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