Acct 324 Federal Tax Accounting I Entire Course

The third pair of columns on a 10-column work sheet prepared at the end of the period would be the

Use the lecture folder to help you complete this guide. The more detail you can provide the better prepared for the test you will be.

Accounting is commonly described as the language of business. It is very important for all business owners to have very good understanding of their finances. Having the knowledge of your business finance, you will know where the money is going. Every business owner should have a good understanding of finance. To have a good understanding business owners needs to understand basic accounting steeps, how does accounting play a role in their business, how to define a financial statement and how the omission of any of these steps would affect the success of a business. Once you have an understanding of accounting/finance and the how it plays

and types of questions) will be presented at the start of the class prior to the exam. The

This course focuses on ways in which financial statements reflect business operations and emphasizes use of financial statements in the decision-making process. The course encompasses all business forms and various sectors such as merchandising, manufacturing and service. Students make extensive use of spreadsheet applications to analyze accounting records and financial statements. Prerequisites: COMP100 and MATH114 / 4-4

Complete the following practice exercises from Chapter 1 and 2 and submit them to your instructor. This assignment will be graded as a completion only to allow you to transition into the subject matter during the first week. The instructor will post the answers to these exercises by the end of Day 6 for you to check your accuracy and comprehension on the subject matter. Exercises:

All other required readings for the course are articles or book chapters, which can be downloaded and

Datar, S., Rajan, M., (2013). Financial and Managerial accounting, custom edition, Pearson Learning Solutions, Ch. 9

Assignment - AFF2491 Company Reporting Semester 1 2013 This assessment task is designed to test a student’s achievement of objectives 1, 2, 3 and 4 (refer to AFF2491 Unit Guide). It is an individual assessment task. This assignment must be handed in for successful completion of this unit. It will contribute 15% towards the final mark in this unit. The assignment consists of: Part B (7 Marks) Accounting for income tax Part C (8 Marks) Consolidation This assignment is due on Friday 10 May 2013 by 5:00pm (Week 9). Students are required to submit a hard copy in the assignment box located at Level 3, Building H, Caulfield Campus.

21. Thayer Company purchased a building on January 2 by signing a long-term $2,520,000 mortgage with monthly payments of $23,100. The mortgage carries an interest rate of 10 percent. The amount owed on the mortgage after the first payment will be

Harrison, W. T. (2013). Financial Accounting, VitalSource for DeVry University, (9th ed.). Pearson Learning Solutions.

8. Some of the key study areas are as follows. (While these are key areas, remember that the exam is comprehensive for all the assigned course content, and this study guide may not be all inclusive.)

Read each transaction and record the appropriate journal entry for Morrison Consultants, which has a June 30 year end. Explanations are NOT required. 1. On June 30 2011, Morrison prepares an aging schedule of accounts receivable that shows estimated uncollectible accounts of $5,200. Before journal entries, the Allowance for Doubtful accounts has a debit balance of $300 and Accounts Receivable has a balance of $85,000. 2. On July 5, Morrison was notified that Sperry Ltd has declared bankruptcy and Morrison writes off its A/R

The year-end accrual financial audit files are to be transmitted as soon as the school closes the accrual period in August with a Community College submisstion deadline of September 30 fo the current fiscal year. The security files are to have an effective date of May or June of the fiscal year being processed and in

Answer ALL the questions, as listed below, following the instructions provided in the Course Outline (Assessment #3 - Take Home Examination, pages 9-10).