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ACCT 301 Essential of Accounting

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ACCT 301 (Essential of Accounting)
Week 1 ACCT 301 Week 1 Homework Problems
Week 2
Week 2: Internal Controls - Discussion
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?
Describe one of the three elements that are
present when fraud occurs.
Week 2 Assignments:
ACCT 301 Week 2 Quiz (15 MCQ's)
(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?
Week 2 Homework
1.
In two to three paragraphs, describe the
Sarbanes-Oxley Act and why it is important to the
accounting profession. (15 points)
2.
Name and briefly describe the five
components of COSO’s internal control
framework. (10 points)
3.
Describe the relationship between the
Sarbanes-Oxley Act and COSO. (10 points)
4.
Tom Jackson is a CPA who really likes to go
to Las Vegas, play poker, and bet on football
games. Tom knows that the accounting profession
disapproves of gambling, but because he spends
a lot of time studying sports facts and how to win
at poker, he feels that he is simply making

educated decisions based on facts. He says that
this is no different from using accounting
information to buy stocks. Use the fraud triangle
as a basis to comment on Tom’s gambling
activities. (15 points)
Week 3
Week 3 DQ 1: Financial Statement Analysis
Horizontal and Vertical Analysis (Graded)
Week 3 Assignment:
ACCT 301 Week 3 Homework Problems
Week 4
Week 4 DQ 1: Managerial AccountingManagerial
Accounting (Graded) 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?

CVP Analysis (Graded) What is CVP analysis?
How is i t useful to managers?
Week 4 Assignments:
ACCT 301 Week 4 Homework Problems
ACCT 301 Week 4 Midterm Exam Set 1 (4 MCQ's
and Problem)
(TCO 1) Suppose your company sold $25,000 in
merchandise to a customer for cash. How does
this transaction impact the accounting equation?
(Points : 12)(TCO 2) Suppose your company sold
$50,000 in merchandise to a customer for cash.
How does this transaction impact the accounting
equation? (Points : 12)(TCO 3) Rationalization is
one of the components of the fraud triangle. What
types of rationalization could a person use to
justify misconduct? How can a company protect
itself from rationalization as a part of fraud?
(Points : 12)(TCO 4) What is horizontal analysis of
financial statements? How does horizontal
analysis differ from vertical analysis? (Points : 12)

(TCO 3) Separation of duties is a key feature in an
internal control system. Why is separation of
duties such an important internal control? Give an
example of separation of duties as an internal
control. (Points : 24)(TCO 1) Describe the balance
sheet. Why is this statement important to the
company, creditors, and investors? (Points : 24)
(TCO 4) Name and describe one liquidity ratio.
What does this ratio measure? What is the
formula for this ratio? (Points : 24)
ACCT 301 Week 4 Midterm Exam Set 2 (15
MCQ's)
(TCO 1) The retained earnings statement shows
all of the following except which one?(TCO 1)
Management’s views on the company’s short-term
debt paying ability, expansion financing, and
results of operations are found in which of the
following?(TCO 4) For 2010, Fielder Corporation
reported net income of $30,000; net sales
$400,000; and average share outstanding 6,000.
There were no preferred stock dividends. What

was the 2010 earnings per share?(TCO 4) A
useful measure of solvency is which of the
following?(TCO 2) Which pair of accounts follows
the rules of debit and credit, in relation to
increases and decreases, in the same manner?
(TCO 2) The principle purpose of posting is which
of the following?(TCO 3) Joe is a warehouse
custodian, and also maintains the accounting
record of the inventory held at the warehouse. An
assessment of this situation indicates(TCO 3) The
following information was taken from Hurlbert
Company cash budget for the month of June:
(TCO 11) Managerial accounting information does
which of the following?(TCO 11) Which one of the
following is not a direct material?
ACCT 301 Week 4 Midterm Exam Set 3 (15
MCQ's and Q & A's)
(TCO 5) A company has total fixed costs of
$210,000 and a contribution margin ratio of 30%.
How much sales are necessary to break even?
(TCO 5) How much sales are required to earn a

target income of $70,000, if total fixed costs are
$100,000 and the contribution margin ratio is
40%?(TCO 6) For which one of the following
budgeting aspects does the budget committee
generally have the responsibility?(TCO 6) Under
what situation might a budget be most effective?
(TCO 6) How does long-range planning compare
to a master budget?(TCO 6) Which one of the
following is a source of information used to
prepare the budgeted income statement?(TCO 7)
When is a static budget most appropriate in
evaluating a manager’s performance?(TCO 7)
Which type of center is the housekeeping
department of a manufacturing company?(TCO 7)
For which of the following is an investment center
manager responsible?(TCO 7) Merck
Pharmaceuticals is evaluating its Vioxx division,
an investment center. The division has a $45,000
controllable margin and $300,000 of sales. How
much will Merck’s average operating assets be
when its return on investment is 10%?(TCO 11)

Financial and managerial accounting are both
concerned with the economic events of an
enterprise. Similarities between financial and
managerial accounting do exist, but they have a
different focus. Briefly distinguish between
financial and managerial accounting as they relate
to (1) the primary users, (2) the type and
frequency of reports, (3) the purpose of reports,
and (4) the content of reports.(TCO 4) Are shortterm creditors, long-term creditors, and
stockholders primarily interested in the same
characteristics of a company? Explain.(TCO 5) In
the month of September, Nixon Company sold
800 units of product. The average sales price was
$30. During the month, fixed costs were $7,200
and variable costs were 60% of sales.
Week 5
Week 5: Budgets and Productivity DiscussionIncremental Analysis (Graded)
Relevant Costs (Graded)
Week 5 Assignment:What is incremental

analysis? How is it used by management?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!
ACCT 301 Week 5 Homework Problems
Week 6
Week 6: Pricing Budgeting (Graded)Why is
budgeting important for a company? What are
some reasons that a company would not prepare
a budget?
Responsibility Accounting (Graded)
Week 6 Assignments:Describe responsibility
accounting and its purpose. What conditions are
necessary for responsibility accounting to be used
effectively?
ACCT 301 Week 6 Homework Problems
ACCT 301 Week 6 Quiz (15 MCQ's)
(TCO 9) Which one of the following stages of the
management decision-making process is properly
sequenced?(TCO 9) When is incremental analysis

most useful?(TCO 9) Which of the following will
never be a relevant cost?(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?(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?(TCO
9) Wishnell Toys can make 1,000 toy robots with
the following costs:(TCO 9) All of the following are
relevant to the sell or process-further decision,
except for __________.(TCO 8) Most of the
capital budgeting methods use __________.(TCO
8) The capital budgeting decision depends in part
on the __________.(TCO 8) The cash-payback
technique __________.(TCO 8) All of the
following statements about intangible benefits in

capital budgeting are correct, except that they
__________(TCO 8) The profitability index
__________.(TCO 8) Post audits of capital
projects __________.(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
__________(TCO 8) Disadvantages of the annual
rate of return method include all of the following,
except that____
Week 7
Week 7: Capital investment and
Incremental Capital Budgeting (Graded)Discuss
the capital budgeting process and the inputs that
are used in capital budgeting.
Transfer Pricing (Graded)
What is the transfer price? Why is determining a
fair transfer price important for division
managers?

Week 7 Assignments:
ACCT 301 Week 7 Homework Problems
Week 8
ACCT 301 Week 8 Final Exam
(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)(TCO 2) What are the four basic
financial statements? Describe the balance sheet,
and explain why it is importantWhat is the
Sarbanes-Oxley Act? Do you think this act has
more importance for the accounting profession or
for investors? WhyWhat is horizontal analysis of
financial statements? How does horizontal
analysis differ from vertical analysis?(TCO 8) Why
is capital budgeting important? What is the IRR
method? How is it calculated? (Points : 26)(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)(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)(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)(TCO
5) What is CVP analysis? Why is this an important
analysis for a company to perform? (Points : 26)
(TCO 6) What is an operating budget? What does
it result in? What is the first step in completing an
operating budget? (Points : 26)(TCO 7) What is
responsibility accounting? What is a cost center?
How does a cost center differ from a profit center?
(Points : 26)