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DEVRY ACCT 301 Week 7 Homework Assignment

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 ACCT 301 Week 7 Homework Assignment

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DEVRY ACCT 301 Week 6 Quiz

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 ACCT 301 Week 6 Quiz

1.    (TCO 9) Which one of the following stages of the management decision-making process is properly sequenced?

2.    (TCO 9) When is incremental analysis most useful?

3.    (TCO 9) Which of the following will never be a relevant cost?

4.    (TCO 9) A company is deciding whether or not to replace some old equipment with new equipment. Which of the following is not considered in the incremental analysis?

5.    (TCO 9) It costs Lannon Fields $14 of variable costs and $6 of allocated fixed costs to produce an industrial trash can that sells for $30. A buyer in Mexico offers to purchase 2,000 units at $18 each. Lannon has excess capacity and can handle the additional production. What effect will acceptance of the offer have on net income?

6.    (TCO 9) Wishnell Toys can make 1,000 toy robots with the following costs:

Direct Materials $70,000 Direct Labor 26,000 Variable Overhead 15,000 Fixed Overhead 15,000 The company can purchase the 1,000 robots externally for $120,000. The avoidable fixed costs are $5,000 if the units are purchased externally. What is the cost savings if the company makes the robots?

7.    (TCO 9) All of the following are relevant to the sell or process-further decision, except for __________

8.    (TCO 8) Most of the capital budgeting methods use __________

9.    (TCO 8) The capital budgeting decision depends in part on the __________

10.    (TCO 8) The cash-payback technique __________

11.    (TCO 8) All of the following statements about intangible benefits in capital budgeting are correct, except that they __________

12.    (TCO 8) The profitability index __________.

13.    (TCO 8) Post audits of capital projects __________

14.    (TCO 8) A company has a minimum required rate of return of 9% and is considering investing in a project that costs $50,000 and is expected to generate cash inflows of $20,000 at the end of each year for 3 years. The profitability index for this project is __________

15.    (TCO 8) Disadvantages of the annual rate of return method include all of the following, except that __________

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DEVRY ACCT 301 Week 6 Homework Assignment

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 ACCT 301 Week 6 Homework Assignment

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DEVRY ACCT 301 Week 5 Homework Assignment

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 ACCT 301 Week 5 Homework Assignment

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DEVRY ACCT 301 Week 4 Homework Assignment

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 ACCT 301 Week 4 Homework Assignment

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DEVRY ACCT 301 Week 3 Homework Assignment

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 ACCT 301 Week 3 Homework Assignment

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DEVRY ACCT 301 Week 2 Quiz

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 ACCT 301 Week 2 Quiz

(TCO 1) Which of the following     would not be considered an external user of accounting data for XYZ     Company?

(TCO 1) The cost of assets     consumed or services used is also known as _________.

(TCO 1) The financial statement     that summarizes the changes in retained earnings for a specific period of     time is the _________.

(TCO 1) Pinson Company began     the year with retained earnings of $210,000. During the year, the company     recorded revenues of $300,000, expenses of $228,000, and paid dividends of     $24,000. What was Pinson’s retained earnings at the end of the year?

(TCO 4) Which of the following     statements is not true?

(TCO 4) Using the following     balance sheet and income statement data, what is the current ratio?

Current assets $7,000 Net income $12,000

Current liabilities 4,000 Stockholders’ equity 21,000

Total assets 30,000 Total liabilities 9,000

Average common shares outstanding was 10,000

(TCO 4) Using the following     balance sheet and income statement data, what is the total amount of     working capital?

Current assets $7,000 Net income $12,000

Current liabilities 4,000 Stockholders’ equity 21,000

Total assets 30,000 Total liabilities 9,000

Average common shares outstanding was 10,000

  (TCO 4) Using the following     balance sheet and income statement data, what is the debt to total assets     ratio?

Current assets $7,000 Net income $12,000

Current liabilities 4,000 Stockholders’ equity 21,000

Total assets 30,000 Total liabilities 9,000

Average common shares outstanding was 10,000

  (TCO 2) Powers Company paid its     office rent of $1,000 with cash. As a result of this event, _________.

(TCO 2) Which accounts normally     have debit balances?

(TCO 2) In the first month of     operations, the total of the debit entries to the cash account amounted to     $700 and the total of the credit entries to the cash account amounted to     $300. The cash account has a _________

(TCO 2) A trial balance would     only help in detecting which one of the following errors?

(TCO 3) From an internal     control standpoint, the asset most susceptible to improper diversion and     use is _________

(TCO 3) Ron Jones has been a     trusted employee for over 10 years. He is responsible for ordering     merchandise inventory, receiving the inventory items, and authorizing the     payment for these items. Which internal control principle, if any, is     being violated?

(TCO 3) A check written by the     company for $167 is incorrectly recorded by a company as $176. On the bank     reconciliation, the $9 error should be _________

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ACCT 301 Week 1 To Week 7 Discussion Questions

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DEVRY ACCT 301 Week 1 To Week 7 Discussion Questions

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 ACCT 301 Week 1 To Week 7 Discussion Questions

Week 2 DQ 1. Internal Control - Describe what you think is the most important control activity that a company can implement. Why do you think that the one you chose is the most important?

Week 2 DQ 2. Fraud - Describe one of the three elements that are present when fraud occurs. Of the three elements, which do you think is present first in an ethical situation?

Week 3 DQ 1 Horizontal and Vertical Analysis - Go to Yahoo! Finance at the following URL http://finance.yahoo.com/. Enter the name of your favorite public company in the box in the upper left-hand corner, and click on Get Quotes. Click on the income statement or balance in the bottom left-hand corner of your favorite company. Perform a horizontal or vertical analysis of one of the line items on its income statement or balance sheet. What does this information tell you?

Week 3 DQ 2 Ratio Analysis - Go to Yahoo! Finance at the following URL http://finance.yahoo.com/. Enter the name of your favorite public company in the box in the upper left-hand corner, and click on Get Quotes. Explore the information given for your favorite company by clicking on the links on the left-hand side of the screen. What information do you find interesting?

Week 4 DQ 1 Managerial Accounting - This week, we are shifting our focus from financial accounting to managerial accounting. How do the content and verification of the reports differ between managerial and financial accounting?

Week 4 DQ 2 - What is CVP analysis? How is it useful to managers?

Week 5 DQ 1 Incremental Analysis - What is incremental analysis? How is it used by management?

Week 5 DQ 2 Relevant Costs - Our lecture states that relevant costs can also be viewed as avoidable costs. What does this mean? This is a very difficult concept, so help your classmates understand it!

Week 6 DQ 1 Budgeting - Why is budgeting important for a company? What are some reasons that a company would not prepare a budget?

Week 6 DQ 2 Responsibility Accounting - Describe responsibility accounting and its purpose. What conditions are necessary for responsibility accounting to be used effectively?

Week 7 DQ 1 Capital Budgeting - Discuss the capital budgeting process and the inputs that are used in capital budgeting.

Week 7 DQ 2 Transfer Pricing - What is the transfer price? Why is determining a fair transfer price important for division managers?

Week 8 - Looking Ahead  Class, looking back over the Terminal Course Objectives for this course, what are you looking forward to learning more about throughout your education and career?

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DEVRY ACCT 301 Week 1 Homework Assignment

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 ACCT 301 Week 1 Homework Assignment

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DEVRY ACCT 301 Final Exam

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 ACCT 301 Final Exam

1. (TCO 1) What is the accounting equation? Suppose your company sold $12,000 in merchandise to a customer for cash. How does this transaction impact the accounting equation? (Points : 17)

2. (TCO 2) What are the four basic financial statements? Describe the balance sheet, and explain why it is important

Q3What is the Sarbanes-Oxley Act? Do you think this act has more importance for the accounting profession or for investors? Why

Q4What is horizontal analysis of financial statements? How does horizontal analysis differ from vertical analysis?

1. (TCO 8) Why is capital budgeting important? What is the IRR method? How is it calculated? (Points : 26)

2. (TCO 9) What are five different types of decisions that could use incremental analysis? What are the relevant costs in a make-or-buy decision? (Points : 26)

3. (TCO 10) How is a transfer price determined? Describe the cost-based method. Do you think it is better than the market-based method? (Points : 26)

4. (TCO 11) What are direct materials? Give an example of a direct material. How do direct materials differ from indirect materials? Give an example of an indirect material. (Points : 26)

1. (TCO 5) What is CVP analysis? Why is this an important analysis for a company to perform? (Points : 26)

2. (TCO 6) What is an operating budget? What does it result in? What is the first step in completing an operating budget? (Points : 26)

3. (TCO 7) What is responsibility accounting? What is a cost center? How does a cost center differ  from a profit center? (Points : 26)

(1) What is the accounting equation? Suppose your company paid $6,000 in cash for its rent. How does this transaction impact the accounting equation?

(2) What are the four basic financial statements? Describe the statement of cash flows, and explain why it is important.

(3) What is the Sarbanes-Oxley Act? Why is it important to the accounting profession?

(4) How does vertical analysis of financial statements differ from horizontal analysis? Which method do you think is a better analysis tool?

(5) Why is capital budgeting important? What is the net present value method? How do you know whether to accept a project using this method? (Points : 26)

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DEVRY ACCT 301 Entire Course

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 ACCT 301 Entire Course

ACCT 301 Week 1 Homework

ACCT 301 Week 2 Discussion Internal Controls

ACCT 301 Week 2 Homework

ACCT 301 Week 2 Quiz

ACCT 301 Week 3 Discussion Financial Statement Analysis

ACCT 301 Week 3 Homework

ACCT 301 Week 4 Discussion Managerial Accounting

ACCT 301 Week 4 Homework

ACCT 301 Week 4 Midterm Exam

ACCT 301 Week 5 Discussion Budgets and Productivity

ACCT 301 Week 5 Homework

ACCT 301 Week 6 Discussion Pricing

ACCT 301 Week 6 Homework

ACCT 301 Week 6 Quiz

ACCT 301 Week 7 Discussion Capital investment and Incremental

ACCT 301 Week 7 Homework

ACCT 301 Week 8 Discussion Looking Ahead

ACCT 301 Week 8 Final Exam