Category Archives: ACC 541 (updated)

UOP ACC 541 Final Exam updated

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Question 95   Application of the full disclosure principle

Question 54   The omission of the adjusting entry to record depreciation expense will result in an

Question 84   What should be the balance of retained earnings at December 31, 2017?

Question 98    In Reese’s December 31, 2017 balance sheet,The current assets total is

Question 44   Which of the following statements is true?

Question 63    Antique Company has notes receivable that have a fair value of $920,000 and a carrying amount of $710,000. Antique decides on December 31, 2017, to use the fair value option for these recently-acquired receivables. The adjusting entry to record this change will include a:

Question 46   What is the effect of a $50,000 overstatement of last year’s inventory on current years ending retained earning balance?

Question 104   Based on the above information, the inventory account at December 31, 2017, should be reduced by

Question 87   On January 2, 2018, Gold Star Leasing Company leases equipment to Brick Co. with 5 equal annual payments of $160,000 each, payable beginning January 2, 2018. Brick Co. agrees to guarantee the $100,000 residual value of the asset at the end of the lease term. Brick’s incremental borrowing rate is 10%, however it knows that Gold Star’s implicit interest rate is 8%. What journal entry would Brick Co. make at January 1, 2019 to record the second lease payment?

Question 95  What amount of cash was paid on accounts payable to suppliers during 2019?

 

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UOP ACC 541 Midterm Exam updated

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Question 21 Generally accepted accounting principles
Question 47 Which of the following does not relate to relevance?
Question 34 The difference between the accounting process and the accounting cycle is
Question 28 Which of the following tables would show the smallest value for an interest rate of 5% for six periods?
Question 43 In 2017, Orear Manufacturing signed a contract with a supplier to purchase raw materials in 2018 for $700,000. Before the December 31, 2017 balance sheet date, the market price for these materials dropped to $510,000. The journal entry to record this situation at December 31, 2017 will result in a credit that should be reported
Question 30 Historical cost is the basis advocated for recording the acquisition of property, plant, and equipment for all of the following reasons except
Question 39 Broadway Corporation was granted a patent on a product on January 1, 2007. To protect its patent, the corporation purchased on January 1, 2018 a patent on a competing product which was originally issued on January 10, 2014. Because of its unique plant, Broadway Corporation does not feel the competing patent can be used in producing the product. The cost of the competing patent should be
Question 32 An account which would be classified as a current liability is
Question 68 A company issues $15,000,000, 7.8%, 20-year bonds to yield 8% on January 1, 2017. Interest is paid on June 30 and December 31. The proceeds from the bonds are $14,703,108. Using effective-interest amortization, what will the carrying value of the bonds be on the December 31, 2017 balance sheet?
Question 41 A company that uses the last-in, first-out (LIFO) method of inventory pricing finds at an interim reporting date that there has been a partial liquidation of the base period inventory layer. The decline is considered temporary and the partial liquidation is expected to be recovered prior to year-end. The amount shown as inventory at the interim reporting date should

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UOP ACC 541 Week 1 Recommendation for Accounting Rules and Standard updated

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ACC 541 Week 1 Recommendation for Accounting Rules and Standard updated

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UOP ACC 541 Week 2 Team IFRS or GAAP Recommendation updated

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Client X operates in the US currently and is planning to expand operations globally next year. As a result, management is considering preparing financial statements in accordance with IFRS rather than with US GAAP.
Client X contacted you for clarification and recommendations regarding the following issues:
• How the use of the LIFO method to value its inventories will be impacted if a switch to financial statements prepared in compliance with IFRS will be made.
• Whether interest cost on construction of a updated warehouse may be included in the cost of the updated warehouse.
• In what instances should goodwill be adjusted for impairment?
Discuss the above with your team and come to a consensus.
Write a 350-to 525-word paper. Provide a brief overview of each issue, followed by solid responses supported by research and proper citing.

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UOP ACC 541 Week 4 Assignment Codification Research Case updated

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(a) What is the authoritative literature addressing revenue recognition when right of return exists?
(b) What is meant by “right of return”? “Bill and hold”?
(c) Describe the accounting when there is a right of return.
(d) When goods are sold on a bill-and-hold basis, what conditions must be met to recognize revenue upon receipt of the order?

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UOP ACC 541 Week 4 Team Memo to Client updated

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XDebate with your team the Codification Research Case. Have half the team support the sales manager’s position and another part of the team support the CFOs position.
Present both sides and come to a consensus as a team. Additionally, the CFO at this company has asked for your guidance in evaluating leases.
Write a 350- to 525-word memo on this topic, specifically on how to determine whether substantially all of the risks and rewards of ownership are transferred in the lease. Address how “substantially all” is defined in the authoritative literature.

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UOP ACC 541 Week 5 Team Memo Fair Value Reporting and Pension Plan 2 Papers updated

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Discuss the research results with your team, and come to a consensus.
Additionally, the client is considering offering a pension plan to its employees next year.
Discuss reporting requirements for defined contribution and defined benefit.
Write a 350-to 525-memo to the client explaining the essence of fair value reporting and identifying primary concerns associated with it. Make a recommendation to the client as to which type of pension plan they should

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