ACCT 324 Final Exam Solution
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ACCT 324 Final Exam Solution
Question 1. (TCOs 2 & 3) Evelyn sold her personal residence to Drew on
March 1 for $300,000. Before the sale, Evelyn paid the real estate taxes of
$3,000 for the calendar year. For income tax purposes, the real estate tax
deduction is apportioned as follows: $750 to Evelyn and $2,250 to Drew. Drew’s
basis in the residence is:
Question 2. (TCOs 3, 4, 5, & 7) In the current year, Galaxy Corporation, a
closely held C corporation that is not a personal service corporation, has
$80,000 of passive losses, $60,000 of active business income, and $10,000 of
portfolio income. How much of the passive loss may Galaxy deduct in the current
year?
Question 3. (TCOs 3, 4, 5, & 7) Dorothy holds two jobs. Her main job is
with Eggplant Corporation, and her part-time job is with Carrot Company. On a
typical workday, she drives her car as follows: home to Eggplant, Eggplant to
Carrot, and Carrot to home. Applicable mileage is as follows:
Miles
Home to Eggplant 4
Eggplant to Carrot 10
Carrot to home 14
On a typical day, Dorothy’s deductible mileage is:
Question 4. (TCOs 3, 4, 5, & 7) Carrie owns a mineral property that had a
basis of $15,000 at the beginning of the year. The property qualifies for a 22%
depletion rate. Gross income from the property was $150,000, and net income
before the percentage depletion deduction was $100,000. What is Carrie’s tax
preference for excess depletion?
Question 5. (TCOs 3, 4, 5, & 7) During the past two years, through
extensive advertising and improved customer relations, Beech Corporation
estimated that it had developed customer goodwill worth $100,000. For the
current year, determine the amount of goodwill Beech Corporation may amortize.
Question 6. (TCOs 3, 4, 5, & 7) Damien, not a dealer in real estate, sold
real estate with a basis of $250,000 for $500,000 cash, a note for $250,000,
and the buyer assumed Damien’s mortgage on the property of $125,000. During the
year, the purchaser paid Damien $30,000 principal and $72,000 interest on the
note and paid $6,000 principal and $18,000 interest on the mortgage he assumed.
The contract price for the above transaction is what amount?
Question 7. (TCOs 3, 4, 5, & 7) Which of the following is not an itemized
deduction allowed for AMT purposes?
Question 8. (TCOs 3, 4, 5, & 7) Alex works as an auditor for a major CPA
firm. During the months of August and September of each year, he is permanently
assigned to the team auditing of Hummingbird Corporation. As a result, every
day he drives from his home to Hummingbird and returns home after work. Mileage
is as follows:
Miles
Home to office 15
Home to Hummingbird 22
Office to Hummingbird 6
For the period of August and September, Alex’s deductible mileage for each
workday is:
Question 9. (TCOs 7, 8, & 9) Matt and Shanekwa, ages 45 and 44,
respectively, file a joint tax return for 2012. They provided all of the
support for their 24-year-old son, who had $2,500 of gross income. Their
23-year-old daughter, a full-time student until her graduation on June 14,
2012, earned $6,000, which was 45% of her total support during 2012. Her
parents provided the remaining support. Matt and Shanekwa also provided total
support for Shanekwa’s father who is a citizen and life-long resident of
Portugal. How many personal and dependency exemptions can Matt and Shanekwa
claim on their 2012 income tax return?
Question 10. (TCOs 2, 8, & 9) Shaquille operates a drug-running operation
and incurred the following expenses:
Salaries $200,000
Illegal kickbacks $32,000
Bribes to border guards $24,000
Cost of goods sold $300,000
Rent $12,000
Interest $18,000
Which of the above amounts reduces his taxable income?
Question 11. (TCOs 2, 8, & 9) During 2012, Robin sold the following assets:
business equipment for a $6,000 loss, stock investment for a $15,000 loss, and
her principal residence for a $14,000 loss. Presuming adequate income, how much
of these losses may Robin claim on her 2012 return?
Question 12. (TCOs 2 & 11) Nicholas loaned Lyle (a friend) $30,000 in 2011
with the agreement that the loan would be repaid in two years. In 2012, Lyle
filed for bankruptcy and Nicholas learned that he could expect to receive $0.50
on the dollar. In 2012, final settlement was made and Nicholas received
$16,000. Assuming the loan is a nonbusiness bad debt, how should Nicholas
account for the bad debt?
Question 13. (TCOs 2 & 11) Kelsey, a stock broker, owns a separate business
in which he participates in the current year. He has one employee who works
part-time in the business. Which of the following statements is correct?
Question 14. (TCOs 2 & 11) During the year, Clara took a trip from Chicago
to Rome. She was away from home for 20 days. She spent 6 days vacationing and
14 days on business (including the 3 travel days). Her expenses are as follows:
Airfare $1,600
Lodging (20 days x $70) $1,400
Meals (20 days x $120) $2,400
Valet service (cleaning of laundry) $160
Chris’s deduction is:
Question 15. (TCOs 2 & 11) In January, Charlie sold stock with a cost basis
of $40,000 to his brother Allen for $30,000, the fair market value of the stock
on the date of sale. Five months later, Allen sold the same stock through his
broker for $45,000. What is the tax effect of these transactions?
Question 16. (TCO 1) Which of the following is a judicial source of the tax
law?
Question 17. (TCOs 2, 3, 6, 8, 9, & 10) Which, if any, of the following is
a deduction from AGI?
Question 18. (TCOs 2, 3, 6, 8, 9, & 10) Sergio lives in an apartment
building and has a 2-year lease that began 13 months ago. His landlord is
willing to pay Sergio $2,000 to vacate the apartment immediately. The landlord
wants to sell the building to a buyer who will convert the building into
condominiums. Sergio’s lease on the apartment is a capital asset, but has no
tax basis. The $2,000 Sergio will receive if he accepts the landlord’s offer
will be:
Question 19. (TCOs 2, 3, 6, 8, 9, & 10) Rockwell purchased a tract of land
for $125,000 in 2004 when he heard that a new highway was going to be
constructed through the property and that the land would soon be worth
$300,000. Highway engineers surveyed the property and indicated that he would
probably get $200,000. The highway project was abandoned in 2012, and the value
of the land fell to $80,000. What is the amount of loss Rockwell can claim in
2012?
Question 20. (TCOs 2, 3, 6, 8, 9, & 10) Donald has a $20,000 disallowed
loss from a sale of property to a related taxpayer. The property was sold for
$70,000. Donald uses the $70,000 to purchase different property than the
property that was sold. Which of the statements below is correct concerning the
property Donald purchased?
Question 21. (TCOs 2, 3, 6, 8, 9, & 10) A taxpayer who loses in the U.S.
Court of Federal Claims may appeal directly to the:
Question 22. (TCO 6) Eighteen-year residential real property owned by an
individual has accumulated accelerated depreciation of $275,000 at January 1,
2012. If depreciation had been computed under the straight-line method,
accumulated depreciation would be $200,000. The property is sold on January 1,
2012 with a recognized gain of $300,000. What is the amount of depreciation
recapture?
Question 23. (TCO 6) Opal, Inc. owns a delivery truck that initially cost
$40,000. After a depreciation of $15,000 had been deducted, the truck was
traded-in on a new truck that cost $50,000. Opal was required to pay the car
dealer $10,000 in cash. What is Opal’s basis for the new truck?
Question 24. (TCO 6) Judy exchanges a rental house at the beach with an
adjusted basis of $165,000 and a fair market value of $150,000 for a rental
house at the mountains with a fair market value of $100,000 and cash of
$50,000. What is the recognized gain or loss?
Question 25. (TCO 6) Terron gives her son stock with a basis in her hands of
$225,000 and a fair market value of $180,000. No gift tax is paid. Her son
subsequently sells the stock for $190,000. What is his recognized gain or loss?
Question 26. (TCOs 2, 6, & 11) Juaquin owns five activities. He elects not
to group them together as a single activity under the appropriate economic unit
standard. He participates for 140 hours in Activity A, 165 hours in Activity B,
196 hours in Activity C, 100 hours in Activity D, and 85 hours in Activity E.
Which of the following statements is CORRECT?
Question 27. (TCOs 1, 2, 4, & 7) Dabney and Nancy are married, both
gainfully employed, and have two children who are 3 and 6 years old. Dabney’s
salary is $35,000 while Nancy’s salary is $40,000. During the year, they spend
$7,000 for child care expenses that are required so both of them can work
outside of the home. Calculate the credit for child and dependent care
expenses.
Question 28. (TCOs 1, 3, & 10) In 2012, Walter had the following
transactions:
Salary $80,000
Capital loss from a stock investment ($4,000)
Moving expense to change jobs ($10,000)
Received repayment of $10,000 loan he made to his brother in 2007 (includes
interest of $1,000) $11,000
Property taxes on personal residence $2,000
Based on the information given above, determine Walter’s AGI. Be sure to show
your work.
Question 29. (TCOs 9 & 12) In connection with facilitating the function of
the IRS in the administration of the tax laws, comment on the utility of the
following: I) the power to make adjustments to properly reflect a taxpayer’s
income, and II) the availability of interest and penalties for taxpayer noncompliance.
Question 30. (TCOs 1 & 5) Steve has a tentative general business credit of
$85,000 for the current year. His net regular tax liability before the general
business credit is $95,000, and his tentative minimum tax is $90,000. Compute
Steve’s allowable general business credit for the year.
Question 31. (TCOs 1, 6, 8, & 11) Faith inherited an undivided interest
in a parcel of land from her father on February 15, 2012. Her father had
purchased the land on August 25,1965, and his basis for the land was $325,000.
The fair market value of the land is $1,250,000 on the date of her father’s
death and is $1,100,000 six months later. The executor elects the alternate
valuation date. Faith has nine brothers and sisters and each inherited a
one-tenth interest.
I) What is Faith’s adjusted basis for her one-tenth undivided interest?
II) What is her holding period for the land?
Question 32. (TCOs 2, 3, & 11) Discuss the computation of percentage
depletion.
Question 33. (TCOs 1, 2, 3, & 11) Travel status requires that the
taxpayer be away from home overnight. I) What does away from home overnight
mean? II) What tax advantages result from being in travel status?
Question 34. (TCOs 1, 2, 3, & 11) Rachel owns rental properties. When
Rachel rents to a new tenant, she usually requires the tenant to pay an amount
in addition to the first month’s rent. The additional amount serves as security
for damages to the property and the tenant’s failure to pay future rents. How
should the payments be characterized (e.g., on lease documents) to minimize
Rachel’s current tax liability?
Wednesday, 31 August 2016
ACCT 323 Assignment 1 Tax Research
ACCT
323 Assignment 1 Tax Research
ACCT 323 Assignment 1 Tax Research
The facts for your Tax Research
Assignment 1 are as follows:
Mikki Jag is a self-employed rock
star who hires you as his new CPA to prepare his 2014 federal income tax
returns, which are currently on extension. He explains that in 2014 he spent
$10,000 on special “flashy” clothes and outfits for his rock concerts. Mikki
would like to deduct the cost of these clothes as work-related because the
clothes are not acceptable to his sense of fashion on a daily basis. He would
like to know under what circumstances he can deduct the cost of these work
clothes.
Instructions:
Please research the tax law and
write Mikki a brief memo of no more than two pages, in which you
communicate the results of your research. Use the format for communicating
research findings discussed in the Learning Resources for Week 1: “Tax Research
– Federal,” and “Locating Tax Authority,” as well as under “Syllabus and Course
Schedule: Tax Research Assignment How to Complete” in the Course Content area
of LEO.
Identify relevant statutory,
administrative, and judicial authorities and discuss how these authorities
affect your conclusion concerning the deductibility of Mikki Jag’s clothes.
*Remember: while IRS publications
are useful as secondary sources, they are not primary sources that can be cited
and relied upon in a tax research memorandum.
Your research assignment will be
graded using the following criteria:
- Recognition of the important facts and issues
- Correct conclusion
- Clarity of writing
- Proper use of relevant sources to support your conclusion
and analysis.
- Proper citation of relevant sources
- Proper format, spelling & grammar
ACCT 301 Essentials in Accounting Entire Course
ACCT 301 Essentials in Accounting Entire Course
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ACCT 301 Essentials in Accounting Entire Course
ACCT 301 Week 1 Homework Solutions
ACCT 301 Week 2 Discussion; Internal Controls
ACCT 301 Week 2 Homework Solutions
ACCT 301 Week 2 Quiz Solutions
ACCT 301 Week 3 Discussion; Financial Statement Analysis
ACCT 301 Week 3 Homework Solutions
ACCT 301 Week 4 Discussion; Managerial Accounting
ACCT 301 Week 4 Homework Solutions
ACCT 301 Week 4 Midterm Exam (Three different Sets)
ACCT 301 Week 5 Discussion; Budgets and Productivity
ACCT 301 Week 5 Homework Solutions
ACCT 301 Week 6 Discussion; Pricing
ACCT 301 Week 6 (Homework Solutions)
ACCT 301 Week 6 (Quiz Solutions)
ACCT 301 Week 7 Discussion; Capital investment and Incremental
ACCT 301 Week 7 Homework Solutions
ACCT 301 Week 8 Discussion; Looking Ahead
ACCT 301 Week 8 Final Exam Answers
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ACCT 301 Essentials in Accounting Entire Course
ACCT 301 Week 1 Homework Solutions
ACCT 301 Week 2 Discussion; Internal Controls
ACCT 301 Week 2 Homework Solutions
ACCT 301 Week 2 Quiz Solutions
ACCT 301 Week 3 Discussion; Financial Statement Analysis
ACCT 301 Week 3 Homework Solutions
ACCT 301 Week 4 Discussion; Managerial Accounting
ACCT 301 Week 4 Homework Solutions
ACCT 301 Week 4 Midterm Exam (Three different Sets)
ACCT 301 Week 5 Discussion; Budgets and Productivity
ACCT 301 Week 5 Homework Solutions
ACCT 301 Week 6 Discussion; Pricing
ACCT 301 Week 6 (Homework Solutions)
ACCT 301 Week 6 (Quiz Solutions)
ACCT 301 Week 7 Discussion; Capital investment and Incremental
ACCT 301 Week 7 Homework Solutions
ACCT 301 Week 8 Discussion; Looking Ahead
ACCT 301 Week 8 Final Exam Answers
ACCT 212 Final Exam Solution
ACCT 212 Final Exam Solution
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ACCT 212 Final Exam Solution
1. (TCO 3) At the end of the period it is necessary to close all temporary accounts. (1) Explain why this process is required and (2) provide an example of the closing of an expense account, Salary Expense in the form of a journal entry.
2. (TCO 2) As required to complete Course Project 1, one must follow the cycle that includes 10 steps to complete the accounting cycle. (1) Explain how the debit/credit rules are used when developing journal entries and (2) provide an example of the application of the debit/credit rules in the form of a journal entry.
3. (TCO 5) Internal Control Procedures are required to safeguard company assets and to ensure ethical operation of the business. (1) Explain how limited access can satisfy the purpose of internal control and (2) provide an example of how this control could be implemented.
4. (TCO 4) Inventory valuation methods determine the cost of goods sold and the inventory balance. (1) Explain how the First in First out (FIFO) method is applied and (2) provide an example of the impact that this method of inventory valuation will have on Gross Profit.
5. (TCO 1) To evaluate the financial operation and health of a business ratio analysis is used. (1) Provide the formula for the Current Ratio and explain how it is computed and (2) provide an example of how this ratio can be used in decision-making in business.
1. (TCO 6) BagODonuts Company bought a used delivery truck on January 1, 2010, for $19,200. The van was expected to remain in service 4 years (30,000 miles). BagODonuts’ accountant estimated that the truck’s residual value would be $2,400 at the end of its useful life. The truck traveled 8,000 miles the first year, 8,500 miles the second year, 5,500 miles the third year, and 8,000 miles in the fourth year.
1. Calculate depreciation expense for the truck for each year (2010-2013) using the:
a. Straight-line method.
b. Double-declining balance method.
c. Units of Production method.
(For units-of-production and double-declining balance, round to the nearest two decimals after each step of the calculation.)
2. Which method best tracks the wear and tear on the van?
3. Which method would BagODonuts prefer to use for income tax purposes? Explain in detail why BagODonuts prefers this method.
2. (TCO 7) ABC Inc. was incorporated on 1/15/12. Their corporate charter authorized the following capital stock: Preferred Stock: 7%, par value $100 per share, 100,000 shares. Common Stock: $1 par value, 500,000 shares.
The following transactions occurred during the year:
1/19/12 – Issued 100,000 shares of common stock for $17 cash per share.
1/31/12 – Issued 3,000 shares of preferred stock for $115 cash per share.
11/1/12 – Repurchased 30,000 shares of common stock for $22 cash per share.
12/1/12 – Declared and paid a total dividend of $95,000.
Required:
1. Prepare the journal entry for each transaction listed above.
2. In your own words, explain the main differences between common and preferred stock.
(Points : 25)
3. (TCO 5) Fraud is an intentional misrepresentation of facts, made for the purpose of persuading another party to act in a way that causes injury or damage to that party. In our readings and discussions we have seen several examples of fraud in business. Using that experience (1) provide an example of a common fraudulent practice in business with an explanation of how the practice works and (2) name and describe each of the elements of the Fraud Triangle.
4. (TCO 5) Internal Control Procedures are in place to protect the assets of every business as mentioned in the textbook and our discussions. Of the seven internal control procedures, list five of these controls and describe how each procedure is implemented (Points : 25)
5. (TCO2) Below are the accounts of Super Pool Service, Inc. The accounts have normal balances on June 30, 2012. The accounts are listed in no particular order.
Account Balance
Common stock $5,100
Accounts payable $4,400
Service revenue $17,100
Land $28,800
Note payable $9,500
Cash $5,200
Dividends $6,100
Utilities expense $2,100
Accounts receivable $10,600
Delivery expense $700
Retained earnings $25,600
Salary expense $8,200
Prepare the company’s trial balance as of June 30, 2012, listing accounts in proper sequence, as illustrated in the chapter. For example, Accounts Receivable comes before Land. List the expense with the largest balance first, the expense with the next largest balance second, and so on.
6. (TCO4) Linda’s Lampshades started business on Jan. 1, 2001. They had the following inventory transactions:
Journals – Jan. 2001
Purchases
Supplier Date Received Quantity Unit Cost Amount
Donna 01/10/01 110 12.00 1320.00
Thomas 01/15/01 160 14.00 2240.00
Cindy 01/18/01 150 15.00 2250.00
Sales
Customer Date shipped Quantity Sel. Price Amount
Norilene 01/16/01 200 25.00 5000.00
1. Calculate the ending inventory, using the perpetual inventory method:
A. Using FIFO
B. Using LIFO
C. Using Average Cost
2. Prepare the following statement
Using
FIFO LIFO Average Cost
Sales
Cost of Sales
Gross Profit
Depreciation is a process to allocate the cost of long-life assets to each period’s income statement and adjusts the value of the asset on the balance sheet. (1) Explain how the Units-of-Production method is computed and (2) provide an example of how this method could be used on a new delivery truck purchased for $25,000 to be used for 100,000 miles with a salvage value of $5,000 for year one only (25,000 miles driven in year one)
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ACCT 212 Final Exam Solution
1. (TCO 3) At the end of the period it is necessary to close all temporary accounts. (1) Explain why this process is required and (2) provide an example of the closing of an expense account, Salary Expense in the form of a journal entry.
2. (TCO 2) As required to complete Course Project 1, one must follow the cycle that includes 10 steps to complete the accounting cycle. (1) Explain how the debit/credit rules are used when developing journal entries and (2) provide an example of the application of the debit/credit rules in the form of a journal entry.
3. (TCO 5) Internal Control Procedures are required to safeguard company assets and to ensure ethical operation of the business. (1) Explain how limited access can satisfy the purpose of internal control and (2) provide an example of how this control could be implemented.
4. (TCO 4) Inventory valuation methods determine the cost of goods sold and the inventory balance. (1) Explain how the First in First out (FIFO) method is applied and (2) provide an example of the impact that this method of inventory valuation will have on Gross Profit.
5. (TCO 1) To evaluate the financial operation and health of a business ratio analysis is used. (1) Provide the formula for the Current Ratio and explain how it is computed and (2) provide an example of how this ratio can be used in decision-making in business.
1. (TCO 6) BagODonuts Company bought a used delivery truck on January 1, 2010, for $19,200. The van was expected to remain in service 4 years (30,000 miles). BagODonuts’ accountant estimated that the truck’s residual value would be $2,400 at the end of its useful life. The truck traveled 8,000 miles the first year, 8,500 miles the second year, 5,500 miles the third year, and 8,000 miles in the fourth year.
1. Calculate depreciation expense for the truck for each year (2010-2013) using the:
a. Straight-line method.
b. Double-declining balance method.
c. Units of Production method.
(For units-of-production and double-declining balance, round to the nearest two decimals after each step of the calculation.)
2. Which method best tracks the wear and tear on the van?
3. Which method would BagODonuts prefer to use for income tax purposes? Explain in detail why BagODonuts prefers this method.
2. (TCO 7) ABC Inc. was incorporated on 1/15/12. Their corporate charter authorized the following capital stock: Preferred Stock: 7%, par value $100 per share, 100,000 shares. Common Stock: $1 par value, 500,000 shares.
The following transactions occurred during the year:
1/19/12 – Issued 100,000 shares of common stock for $17 cash per share.
1/31/12 – Issued 3,000 shares of preferred stock for $115 cash per share.
11/1/12 – Repurchased 30,000 shares of common stock for $22 cash per share.
12/1/12 – Declared and paid a total dividend of $95,000.
Required:
1. Prepare the journal entry for each transaction listed above.
2. In your own words, explain the main differences between common and preferred stock.
(Points : 25)
3. (TCO 5) Fraud is an intentional misrepresentation of facts, made for the purpose of persuading another party to act in a way that causes injury or damage to that party. In our readings and discussions we have seen several examples of fraud in business. Using that experience (1) provide an example of a common fraudulent practice in business with an explanation of how the practice works and (2) name and describe each of the elements of the Fraud Triangle.
4. (TCO 5) Internal Control Procedures are in place to protect the assets of every business as mentioned in the textbook and our discussions. Of the seven internal control procedures, list five of these controls and describe how each procedure is implemented (Points : 25)
5. (TCO2) Below are the accounts of Super Pool Service, Inc. The accounts have normal balances on June 30, 2012. The accounts are listed in no particular order.
Account Balance
Common stock $5,100
Accounts payable $4,400
Service revenue $17,100
Land $28,800
Note payable $9,500
Cash $5,200
Dividends $6,100
Utilities expense $2,100
Accounts receivable $10,600
Delivery expense $700
Retained earnings $25,600
Salary expense $8,200
Prepare the company’s trial balance as of June 30, 2012, listing accounts in proper sequence, as illustrated in the chapter. For example, Accounts Receivable comes before Land. List the expense with the largest balance first, the expense with the next largest balance second, and so on.
6. (TCO4) Linda’s Lampshades started business on Jan. 1, 2001. They had the following inventory transactions:
Journals – Jan. 2001
Purchases
Supplier Date Received Quantity Unit Cost Amount
Donna 01/10/01 110 12.00 1320.00
Thomas 01/15/01 160 14.00 2240.00
Cindy 01/18/01 150 15.00 2250.00
Sales
Customer Date shipped Quantity Sel. Price Amount
Norilene 01/16/01 200 25.00 5000.00
1. Calculate the ending inventory, using the perpetual inventory method:
A. Using FIFO
B. Using LIFO
C. Using Average Cost
2. Prepare the following statement
Using
FIFO LIFO Average Cost
Sales
Cost of Sales
Gross Profit
Depreciation is a process to allocate the cost of long-life assets to each period’s income statement and adjusts the value of the asset on the balance sheet. (1) Explain how the Units-of-Production method is computed and (2) provide an example of how this method could be used on a new delivery truck purchased for $25,000 to be used for 100,000 miles with a salvage value of $5,000 for year one only (25,000 miles driven in year one)
ACCT 212 Complete Course Material
ACCT 212 Complete Course Material
ACCT 212 Complete Course Material
ACCT 212 Course Project
ACCT 212 Week 4 Midterm
ACCT 212 Week 1 DQ1 Financial
Statements
ACCT 212 Week 2 DQ1 Prepaid Expenses
vs. Unearned Revenue
ACCT 212 Week 2 DQ2 Accrual vs. Cash
Accounting
ACCT 212 Week 3 DQ1 Ethical Business
Decisions
ACCT 212 Week 3 DQ2 Trade Credit –
Accounts Payable
ACCT 212 Week 4 DQ1 Inventory
Management
ACCT 212 Week 4 DQ2 LIFO
ACCT 212 Week 5 DQ1 Non-current
Assets and Related Liabilities
ACCT 212 Week 5 DQ2 Raising Capital
(Cash)
ACCT 212 Week 6 DQ1 Stockholders
Equity
ACCT 212 Week 6 DQ2 Net Income vs.
Net Operating Cash
ACCT 212 Week 7 DQ1 Financial
Statement Analysis
ACC 564 Week 10 Assignment 4 – Changing the Accounting Information System
ACC
564 Week 10 Assignment 4 – Changing the Accounting Information System
ACC 564 Week 10 Assignment 4 –
Changing the Accounting Information System
Migrating to a new accounting
information system is not an easy task. Many firms have struggled with this
process, even though our textbook makes the process seem quite straightforward.
Recently, IBM recapped some of the lessons learned in migrating to a new
accounting information system within the federal government. These lessons can
be applied to any accounting information system project. Others have developed
their own recommendations for best practices and lessons learned involving
implementing accounting information systems. However, in order to appreciate
what IBM and others are proposing, we need to apply lessons learned to a
real-life situation involving the failure to implement an accounting system
properly.
For this assignment, research the
Internet or Strayer databases for information related to a real-life accounting
information system failure and best practices, as well as lessons learned from
implementing the accounting system. In addition to information that you may
find during your research, please use the following IBM article to complete the
assignment: (http://www.businessofgovernment.org/article/what-we-know-now-lessons-learned-implementing-federal-financial-systems-projects).
Write a ten to twelve (10-12) page paper in which you:
Identify three to five (3-5) factors
that contributed to the accounting information system failure within the
business that you have identified. Indicate the impact to the business. Provide
support for your rationale.
Assess senior management responsibility for the failure in question. Specify what the senior management could have done differently to avoid the failure. Provide support for your rationale.
Evaluate whether the most significant failure occurred within the system design, implementation, or operational phase of the process. Indicate what the company could have done to avoid the failed outcome. Provide support for your rationale.
Evaluate how implementing best practices would have reduced the chances for failure. Provide support for your rationale.
Based on your research, develop a list of between four (4) and six (6) best practices that organizations should use today to reduce the chances for failure. Provide support for your rationale.
Using the information provided by IBM and others, indicate which of the principles designed to provide insight into effective and efficient strategies on how to best deploy financial management systems, which were outlined within the related article, should serve as an example of what not to do when establishing the foundation for a firm to follow. Your proposed foundation should consist of at least two (2) principles, but no more than six (6). Provide support for your rationale.
Use at least three (3) quality resources in this assignment
Assess senior management responsibility for the failure in question. Specify what the senior management could have done differently to avoid the failure. Provide support for your rationale.
Evaluate whether the most significant failure occurred within the system design, implementation, or operational phase of the process. Indicate what the company could have done to avoid the failed outcome. Provide support for your rationale.
Evaluate how implementing best practices would have reduced the chances for failure. Provide support for your rationale.
Based on your research, develop a list of between four (4) and six (6) best practices that organizations should use today to reduce the chances for failure. Provide support for your rationale.
Using the information provided by IBM and others, indicate which of the principles designed to provide insight into effective and efficient strategies on how to best deploy financial management systems, which were outlined within the related article, should serve as an example of what not to do when establishing the foundation for a firm to follow. Your proposed foundation should consist of at least two (2) principles, but no more than six (6). Provide support for your rationale.
Use at least three (3) quality resources in this assignment
ACC 564 Week 7 Assignment 3 – Fraud in the Accounting Information System
ACC
564 Week 7 Assignment 3 – Fraud in the Accounting Information System
For this assignment, research the Internet or Strayer databases to locate a firm that was involved in a fraud and / or embezzlement case.
Explain how the firm’s accounting information system (i.e., components and functions) contributed to the fraud and / or embezzlement. You will need to focus on how each component / function of the accounting information system failed, which resulted in the scandal / case.
Write a ten to twelve (10-12) page paper in which you:
Based on the information you researched, assess the failure of the firm’s accounting information system to prevent the related fraud / embezzlement.
Imagine that the company that you researched uses a third-party accounting system. Evaluate the effectiveness of the firm’s stakeholder in the event that a third-party accounting system suffers a breach. Include an assessment of the level of responsibility of the software provider to the business and its clients. Provide support for your rationale.
Determine what advances in accounting and / or information technology could have prevented the event from occurring. Provide support for your argument.
Evaluate what changes should be made to both the Sarbanes-Oxley Act of 2002 and other current laws in order to make them more effective in deterring companies from committing crimes.
Recommend a strategy that the company you indicated may use to prevent future business information failures. Indicate how the company should approach the implementation of your recommended strategy. Provide support for your recommendation.
Use at least three (3) quality resources in this assignment. Note: Wikipedia and similar Websites do not qualify as quality resources.
ACC 564 Week 4 Assignment 2 – Hacking the AIS
ACC
564 Week 4 Assignment 2 – Hacking the AIS
In today’s technology environment, hackers present a substantial risk to a firm’s accounting or business system. As the result of these attacks, firms suffer huge losses, ranging from financial losses to losses in confidence by consumers, creditors, and suppliers. Firms may have made a significant investment in financial and non-financial resources to secure these systems.
For this assignment, research the Internet or Strayer databases for information related to business systems that have been hacked.
Write a five to seven (5-7) page paper in which you:
Based on the information you researched, evaluate the level of responsibility of the company in terms of the effectiveness of the response to the security breach. Provide support for your rationale.
Imagine that the company that you researched uses a third-party accounting system. Assess the level of responsibility of the software provider to both the business and its clients. Provide support for your rationale.
Create an argument for additional regulation as a preventative measure against businesses being hacked. Provide support for your argument.
Provide at least three (3) recommendations for businesses to secure their systems and assets from hackers. Provide support for your recommendation.
Use at least three (3) quality resources in this assignment. Note: Wikipedia and similar Websites do not qualify as quality resources.
ACC 564 Week 2 Assignment 1 – Information Needs for the AIS
ACC
564 Week 2 Assignment 1 – Information Needs for the AIS
In 1967, Russell Ackoff presented a classical analysis of misinformation in management (Ackoff’s Management Misinformation Systems, Case 1-1, pg. 21 of the text). Now, you need to fast-forward to the present. After reading the case, craft your own version of misinformation in management by developing five (5) key incorrect assumptions that management makes about its accounting information systems.
For this assignment, research the Internet or Strayer databases for information related to improper assumptions concerning accounting information systems.
Write a five to seven (5-7) page paper in which you:
Based on your research, assess how corporate leaders may make improper assumptions related to accounting information systems and the related information. Indicate the most negative potential impacts on business operations related to these assumptions. Provide support for your rationale.
Suggest three to four (3-4) ways in which organizational performance may be improved when information is properly managed within a business system. Provide support for your rationale.
Evaluate the level of system security (i.e., high, medium, low) needed to ensure information integrity within automated business systems. Provide support for your evaluation.
Use at least three (3) quality resources in this assignment. Note: Wikipedia and similar Websites do not qualify as quality resources.
ACC 564 Final Exam Guide
ACC
564 Final Exam Guide
1) 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.
2) Information is
A) basically the same as data.
B) raw facts about transactions.
C) potentially useful facts when processed in a timely manner.
D) data that has been organized and processed so that it’s meaningful.
3) 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.
4) An accounting information system (AIS) processes ________ to provide users with ________.
A) data; information
B) data; transactions
C) information; data
D) data; benefits
5) Information that reduces uncertainty, improves decision makers’ ability to make predictions, or confirms or corrects their prior expectations, is said to be
A) complete.
B) relevant.
C) reliable.
D) timely.
6) Information that is free from error or bias and accurately represents the events or activities of the organization is
A) relevant.
B) reliable.
C) verifiable.
D) timely.
7) Information that does not omit important aspects of the underlying events or activities that it measures is
A) complete.
B) accessible.
C) relevant.
D) timely.
8) When two knowledgeable people acting independently each produce the same information, this information is said to be
A) complete.
B) relevant.
C) reliable.
D) verifiable.
9) Data must be converted into information to be considered useful and meaningful for decision-making. There are six characteristics that make information both useful and meaningful. If information is free from error or bias and accurately represents the events or activities of the organization, it is representative of the characteristic of
A) relevancy.
B) timeliness.
C) understandability.
D) reliability.
10) An accounting information system must be able to perform which of the following tasks?
A) collect transaction data
B) process transaction data
C) provide adequate controls
D) all of the above
11) Which of the following is not an example of a common activity in an AIS?
A) buy and pay for goods and services
B) sell goods and services and collect cash
C) summarize and report results to interested parties
D) recording of sales calls for marketing purposes
12) Which of the following is not one of the components of an AIS?
A) Internal controls and security measures
B) People
C) Procedures and instructions
D) Hardware
13) One group that relies on both the adequate collection and transformation of data for decision-making purposes for an organization is
A) management.
B) interested outsiders.
C) competitors.
D) the government.
14) The primary objective of accounting is to
A) implement strong internal controls.
B) provide useful information to decision makers.
C) prepare financial statements.
D) ensure the profitability of an organization.
15) The American Institute of Certified Public Accountants (AICPA) has recognized the importance of AIS and the major impact information technology has on the area of accounting. To recognize individual CPAs who have met educational and experiential requirements in this area, the group formally created the designation known as
A) the Certified Management Accountant.
B) the Certified Information Technology Professional.
C) the Certified Internal Auditor.
D) the Certified Data Processing Professional.
16) The AIS must include controls to ensure
A) safety and availability of data.
B) marketing initiatives match corporate goals.
C) information produced from data is accurate.
D) both A and C
17) A change in the AIS that makes information more easily accessible and widely available within an organization is most likely to first influence the
A) organizational culture.
B) customer base.
C) external financial statement users.
D) production activity.
18) The process of creating value for customers is the result of nine activities that form a
A) value chain.
B) profitable operation.
C) successful business.
D) support system.
19) The value chain concept is composed of two types of activities known as
A) primary and support.
B) primary and secondary.
C) support and value.
D) technology and support.
20) Which of the following is a primary activity in the value chain?
A) infrastructure
B) technology
C) purchasing
D) marketing and sales
21) In value chain analysis, what is the activity of arranging the delivery of products to customers called?
A) outbound logistics
B) inbound logistics
C) shipping
D) delivery
22) An AIS provides value by
A) improving products or services through information that increases quality and reduces costs.
B) providing timely and reliable information to decision makers.
C) creating new products.
D) both A and B
23) In Chapter 1, Figure 1-4 shows the factors that influence the design of AIS. The diagram shows a bi-directional arrow between the organizational culture and the AIS. The reason for this two-way interchange between organizational culture and AIS is
A) that the AIS should not influence the values of the organizational culture.
B) because the organization’s culture influences the AIS, and likewise the AIS influences the organization’s culture by controlling the flow of information within the organization.
C) due to the transfer of managers between the two corporate elements.
D) the AIS impacts the organization’s key strategies.
24) An example of inbound logistics would consist of
A) the activities that transform inputs into final products or services.
B) the activities that help customers to buy the organization’s products or services.
C) the activities that provide post-sale support to customers.
D) the activities that consist of receiving, storing, and distributing the materials used as inputs by the organization to create goods and/or services it sells.
25) A good example of how an AIS is used to share knowledge within an organization is
A) the use of a corporate database to help staff identify the relevant experts who can help with a particular client.
B) the use of laptop computers to access a network for messaging worldwide.
C) the monitoring of production equipment to watch for defects.
D) the use of point-of-sale data to determine hot-selling items.
ACC 562 Week 10 Assignment 4 – Financial Analysis
ACC
562 Week 10 Assignment 4 – Financial Analysis
Visit the Website of Eastman Kodak at http://www.kodak.com and review the most recent financial report.
Write a six to eight (6-8) page paper in which you:
Evaluate the current financial condition of Eastman Kodak based on its most recent quarterly report, which can be located at http://www.Kodak.com. Based on your evaluation, discuss the most significant “red flags” for its public accounting firm to consider.
Assume that you are the PricewaterhouseCoopers audit engagement partner and have assessed Kodak as a high-risk client. Explain the modification you would make to the audit engagement procedures to minimize any potential liability of the firm.
Create an argument to the Kodak shareholders that, despite the long relationship between Kodak and PricewaterhouseCoopers, the public accounting firm maintains its professional independence.
In audits of high-risk clients, determine which requirements in the AICPA’s Code of Professional conduct are most likely to be breached by the auditors. Provide your rationale.
Analyze the risk of financial fraud at Kodak and how it is most likely to be committed.
Based on your analysis of the financial fraud risk areas, discuss the internal controls that should be implemented.
Given Kodak filing for bankruptcy, discuss the fiduciary responsibility of the audit committee and board of directors.
Use at least four (4) quality resources in this assignment.
ACC 562 Week 7 Assignment 3 – F&C International
ACC
562 Week 7 Assignment 3 – F&C International
ACC 562 Week 7 Assignment 3 – F&C
International
Read the case study titled “F&C
International” prior to doing this assignment.
Write a five to six (5-6) page paper
in which you:
- Over time, there has been significant legislation
passed, such as Sarbanes-Oxley, yet corporate fraud is still pervasive in
today’s business environment. Suggest three (3) new ways that you believe
will eradicate corporate fraud.
- In the F&C case, inventory manipulation was used to
enact the fraud. Discuss the proper internal controls needed over
inventory and how these controls will act as a deterrent to fraudulent
activities.
- For a moment, step into the shoes of Catherine Sprauer
at F&C International. Indicate what you would have done following each
of the confrontations she had with the two employees who insisted that
F&C executives were involved in a fraudulent scheme to misrepresent
the company’s financial statements.
- Discuss how accounting firms should modify their audit
procedures to ensure the risk of financial fraud is minimized.
- Discuss how the Securities and Exchange Commission
(SEC) continues to fail to detect fraudulent activities in publically
traded companies. Suggest a recommendation for improvement.
- Evaluate whether legislation and regulatory agency
oversight will increase or decrease corporate fraud. Explain your
position.
- Use at least three (3) quality resources in this
assignment.
ACC 562 Week 4 Assignment 2 – North Face
ACC
562 Week 4 Assignment 2 – North Face
ACC 562 Week 4 Assignment 2 – North
Face
Read the case study titled “North
Face” prior to doing this assignment.
Write a four to five (4-5) page
paper in which you:
- The SEC sanctioned Richard Fiedelman for failing to
document the changes that his subordinates had made in 1997 North Face
work papers and for failing to exercise due professional care.
Explain the SEC’s rationale in making each of these allegations.
- Take a position on the severity of the SEC’s punishment
of Richard Fiedelman of a three-year suspension on being involved in the
audits of SEC clients. Support your position.
- Assume that you are an audit manager in a public
accounting firm. The engagement partner asks you to modify client work
papers after the financial statements and opinion has been issued.
Determine what you would do in this situation. Provide your rationale.
- Evaluate the practice of “materiality” used by public
accounting firms and how accounting firms should address it with clients.
- North Face’s management teams were criticized for
strategic blunders that they made over the course of the company’s
history. Discuss whether auditors have a responsibility to assess the
quality of the key decisions made by client executives. Defend your
answer.
- Use at least three (3) quality resources in this
assignment.
ACC 562 Week 3 Assignment 1 – Nextcard, Inc
ACC
562 Week 3 Assignment 1 – Nextcard, Inc
ACC 562 Week 3 Assignment 1 –
Nextcard, Inc
Read the case study titled
“Nextcard, Inc.” prior to doing this assignment.
Write a four to five (4-5) page
paper in which you:
- Given PCAOB oversight of accounting firms and the AICPA
Code of Conduct, discuss whether or not you believe that public accounting
firms can successfully manipulate audit work papers and records of clients
engaged in fraudulent activity.
- Analyze the fraud risk factors presented during the
2000 Nextcard audit and how each should have impacted the audit
procedures.
- In the Nextcard case, discuss how Ernst & Young’s
motivation to destroy the audit work papers reconciles with its obligation
to provide assurances to financial investors.
- Assume the role of Oliver Flanagan in the case.
Identify the actions you would have taken when Robert Trauger asked you to
help him alter the 2000 Nextcard audit work papers. In answering this
question, discuss alternative courses of action available to you.
- Search the Internet for a public accounting firm that
recently destroyed audit evidence related to a client. Identify the public
accounting firm and evaluate the punishment that the firm received for the
Professional Code of Conduct violation. Evaluate the severity of the
punishment to determine whether you agree or disagree with the severity.
- Use at least three (3) quality resources in this
assignment.
ACC 560 Wk 10 Hw Ch14 Exercises 1, 3, 9, and 13; Problems 1 and 6
ACC
560 Wk 10 Hw Ch14 Exercises 1, 3, 9, and 13; Problems 1 and 6
ACC 560 WK 9 HW Ch13 – Exercise 1, 3, 5, and 8; Problems 2 and 5
ACC
560 WK 9 HW Ch13 – Exercise 1, 3, 5, and 8; Problems 2 and 5
ACC 560 WK 8 HW Ch12 – Exercises 3, 6, 7, and 11; Problems 1 and 3
ACC
560 WK 8 HW Ch12 – Exercises 3, 6, 7, and 11; Problems 1 and 3
ACC 560 WK 7 Hw Ch11 – Exercises 2, 4, 14, and 16; Problems 1 and 4
ACC
560 WK 7 Hw Ch11 – Exercises 2, 4, 14, and 16; Problems 1 and 4
ACC 560 WK 6 HW Ch10 – Exercise 3, 7, 13, and 19; Problems 1 and 4
ACC
560 WK 6 HW Ch10 – Exercise 3, 7, 13, and 19; Problems 1 and 4
ACC 560 WK 3 Assignment 1 – Activity based Costing (ABC) in Service Industries
ACC
560 WK 3 Assignment 1 – Activity based Costing (ABC) in Service Industries
ACC 560 WK 3 Assignment 1 – Activity
based Costing (ABC) in Service Industries
This document of ACC 560 Week 3
Assignment 1 – Activity-based Costing (ABC) in Service Industries shows the
solutions to the following problems:
Research a U.S. company in the
service industry with e-commerce activities.
Write a five to six (5-6) page paper
in which you:
1.
Describe the company you researched in one to two (1-2) paragraphs.
2.
Discuss how a time driven ABC cost system can be implemented in the company you
researched and the benefits that the use will yield to the business
performance.
3.
Assess how using an ABC system can provide a competitive advantage to the
company in the market space it operates and the resulting impact to the
business performance.
4.
Examine the potential impact of time-driven ABC costing on services provided
online with those provided through traditional channels, considering how this
knowledge will impact decisions made by management about these services.
5.
Use at least three (3) quality academic resources in this assignment. Note:
Wikipedia and other Websites do not quality as academic resources.
ACC 560 Week 9 Assignment 2 Johnson Controls Capital Investments
ACC
560 Week 9 Assignment 2 Johnson Controls Capital Investments
Assignment 2: Johnson Controls Capital Investments
Visit the Website of Johnson Controls Inc., located at http://www.johnsoncontrols.com, and review its 2012 financial forecasts. According to the forecasts, Johnson Controls will increase capital investments to approximately $1.7 billion. More than 70% of the company’s capital expenditures in 2012 are associated with growth and margin expansion opportunities.
Write a five to six (5-6) page paper in which you:
1. Suggest a methodology to supplement the traditional methods for evaluating the capital investments of Johnson Controls in the emerging markets to reduce risk providing a rationale of how risk will be reduced.
2. Assess the potential impact of inflation on planned capital investments in China and examine approaches for an accurate evaluation of the investments. Suggest how this knowledge may impact management’s decisions.
3. Contrast the modifications you would make in evaluating the projects to increase internal capacity in North America to evaluating expansion projects in the global market and how this information will impact the decisions made related to expansion.
4. Examine the benefits of using sensitivity analysis in evaluating the projects for Johnson Controls and how this approach can provide a competitive advantage for the company.
5. Use at least three (3) quality academic resources in this assignment. Note: Wikipedia and other Websites do not quality as academic resources.
Your assignment must follow these formatting requirements:
Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
ACC 560 Week 6 Homework Chapter 9 – Exercises 2, 6, 17, and 19; Problems 2 and 4
ACC
560 Week 6 Homework Chapter 9 – Exercises 2, 6, 17, and 19; Problems 2 and 4
ACC 560 Week 5 Homework Chapter 8 – Exercises 4, 5, 10, and 16; Problems 1 and 6
ACC
560 Week 5 Homework Chapter 8 – Exercises 4, 5, 10, and 16; Problems 1 and 6
ACC 560 Week 5 Homework Chapter 7 – Exercises 2, 5, 9, and 17; Problems 1 and 4
ACC
560 Week 5 Homework Chapter 7 – Exercises 2, 5, 9, and 17; Problems 1 and 4
ACC 560 Week 4 Homework Chapter 6 – Exercises 5, 10, 13, and 14; Problems 1 and 5
ACC
560 Week 4 Homework Chapter 6 – Exercises 5, 10, 13, and 14; Problems 1 and 5
ACC 560 Week 4 Homework Chapter 5 – Exercises 8, 13, 14, and 17; Problems 1 and 5
ACC
560 Week 4 Homework Chapter 5 – Exercises 8, 13, 14, and 17; Problems 1 and 5
ACC 560 Week 3 Homework Chapter 4 – Exercise 2, 3, 9, and 12; Problems 2 and 4
ACC
560 Week 3 Homework Chapter 4 – Exercise 2, 3, 9, and 12; Problems 2 and 4
ACC 560 Week 2 Homework Chapter 3 – Exercises 2, 5, 6, and 13; Problems 1 and 6
ACC
560 Week 2 Homework Chapter 3 – Exercises 2, 5, 6, and 13; Problems 1 and 6
ACC 560 Week 2 Homework Chapter 2 – Exercises 4, 9, 11, and 12; Problems 1 and 5
ACC
560 Week 2 Homework Chapter 2 – Exercises 4, 9, 11, and 12; Problems 1 and 5
ACC 560 Week 1 Homework Chapter 1 – Exercises 5, 8, 12, and 16; Problems 1 and 4
ACC
560 Week 1 Homework Chapter 1 – Exercises 5, 8, 12, and 16; Problems 1 and 4
ACC 557 WK 5 Chapter 5 and 6 Quiz
ACC
557 WK 5 Chapter 5 and 6 Quiz
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