ACC 300 Final Exam

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11. Investors and creditors are particularly interested in this financial statement because it tells them what is happening to the company’s most important resource?

The process of transferring the cost of metal ores and other minerals removed from the earth to an

Classify each of the following transactions as arising from an operating (O), investing (I), financing (F), or noncash investing/financing (N)

The company position is strong enough so its better that company should use debt financing instead of equity financing.

3. On the basis of the responses to Question 1 and 2, what are the units of accounting in this arrangement?

Fill in the blanks with the correct vocabulary terms from this chapter. 1. Judy was unaware that checks were processed through at her bank. before they arrived

5.    Prepare any necessary adjusting entries to reflect the Inventory count at year end. These must be hand written.

As part of the expansion plan, Wie will acquire some used equipment by signing a zero-interest-bearing note. The note has a maturity value of $50,000 and matures in 5 years. A reliable fair value measure for the equipment is not available, given the age and specialty nature of the equipment. As a result, Wie 's accounting staff is unable to

Garcia Corporation purchased a truck by issuing an $90,400, 4-year, zero-interest-bearing note to Equinox Inc. The market rate of interest for obligations of this nature is 10%. Prepare the journal entry to record the purchase of this truck. (Round answers to 0 decimal places, e.g. 15,510. List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2. Hint: Use tables in text.)

Shakespeare’s management uses $10 m from the modified line of credit to acquire Hamlet, a competitor publishing company. Management’s best estimate of the allocation of the $10 million purchase is as follows: $2 million of current assets and $8 million noncurrent assets (comprising $5 million of identifiable noncurrent assets, $2 million of intangible assets, and $1 million of goodwill). Hamlet’s prior-year

Trace items returned to the receiving report, taking note of quantity and date received (S‑4).

Classify each of the following transactions as arising from an operating (O), investing (I), financing (F), or noncash investing/financing (N)

c. Trace the check number and amount of outstanding items – Occurrence, Completeness, & Accuracy (AU-C 315.A114 a.i-iii)

Internal Control is a system of checking balances and it is designed to provide a reasonable assurance that assets are protected. Then, accounting data must be accurate according to the information of accounting. Operations should be efficient and also law and policies are compiled with. For this company (Goodners Brothers), We noted that weaknesses in internal control of this company make employee of this company, Woody Robinson was in serious financial trouble. So, the employee took advantage of his company’s weak internal controls by stealing a large of inventory, which