ACC/561: Accounting Entire Course
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ACC/561: Accounting Entire Course
ACC 561 Wk 1 Individual: Financial Statements
Purpose of Assignment
This activity helps students recognize the significant role
accounting plays in providing financial information to management for decision
making through the evaluation of financial statements. This experiential
assignment requires students to use ratios to evaluate and analyze a company’s
liquidity, solvency, and profitability.
Assignment Steps
Resources: Generally Accepted Accounting
Principles (GAAP), U.S. Securities and Exchange Commission (SEC), University
Library, Library resources: Company Directories and Financials Tutorial help on
Excel and Word functions can be found on the Microsoft Office website. There
are also additional tutorials via the web offering support for Office products.
Select a publicly traded, U.S. corporation
with which you are familiar or one where you currently work or have worked in
the past.
Research the company on the Internet
and download the Income Statement, Statement of Shareholders’ Equity, Balance
Sheet, and Statement of Cash Flows.
Develop a minimum 700-word examination of the
financial statements and include the following:
·
Determine the net income for the current fiscal year (FY). Is
this income up or down from the prior year?
·
Explain the relevance of changes in net income to investors.
·
Determine the ending balance in shareholders’ equity. Why would
organizations such as labor unions be interested in this?
·
Determine the total value of assets.
·
Discuss the relevance of the total value of assets to potential
creditors and why this is important.
·
Compute the return on assets. Discuss the relative profitability
of the company based on your results.
·
Compute the working capital and current ratio. Evaluate the
relative liquidity of the company based on your results.
·
Compute the debt to assets ratio and the free cash flow for your
company. Analyze the results and comment on the relative solvency of the
company.
·
Discuss how the financial statements are used in your current
role or a position you would like to hold. How might these aid you in
managerial decision making?
Show your work in Microsoft Word or
Excel.
Complete calculations/computations using
Microsoft Word or Excel.
Include the four financial statements along with
your assignment.
Format your assignment consistent with APA
guidelines.
Submit your assignment.
Resources:
ACC 561 Wk 2 Individual Accounting Methods
Purpose of Assignment
This week’s activity illustrates the role a company’s accounting
method plays in financial statement reporting. In this assignment, students
evaluate the events occuring in a business setting and determine how to
properly analyze those events to identify the impact on both cash and accrual
accounting methods.
Resources: Generally Accepted Accounting
Principles (GAAP), U.S. Securities and Exchange Commission (SEC)
Tutorial help on Excel and Word functions can be found on the
Microsoft Office website. There are also additional tutorials via the web
offering support for Office products.
Student Materials
Scenario: BizCon, a consulting firm, has just
completed its first year of operations. The company’s sales growth was
explosive. To encourage clients to hire its services, BizCon offered 180-day
financing – meaning its largest customers do not pay for nearly 6 months.
Because BizCon is a new company, its equipment suppliers insist on being paid
cash on delivery. Also, it had to pay up front for 2 years of insurance. At the
end of the year, BizCon owed employees for one full month of salaries, but due
to a cash shortfall, it promised to pay them the first week of next year.
As the senior accountant, the Chief Financial Officer has asked
you to prepare a memo to be sent to management notifying them of the delayed
wage payments.
Prepare the memo in a maximum 700 words including
the following information to better outline the situation:
·
Explain how cash and accrual accounting differs for each of the
events listed in the above scenario and describe the proper accrual accounting.
·
Assess how at the end of the year, BizCon reported a favorable
net income, yet the company’s management is concerned because the company is
very short of cash. Explain to management how BizCon could have positive net
income and yet run out of cash.
Format your assignment consistent with APA
guidelines.
Submit your assignment.
Resources:
ACC 561 Wk 2 Team Assignment: Learning Team Charter
Overview
In this course, your team will work together to complete a few
assignments. This chartering assignment is designed to help you apply your
project management skills to understand the scope of your project, then break
the project into goals, tasks, responsibilities, resources, and milestones. The
assignment also asks you to discuss and answer some questions that will lay the
foundation for developing your project.
Beyond the Standard Charter
You will notice that this chartering process goes beyond your
standard University of Phoenix Charter by helping your team create a project
plan for team success by providing you with opportunities to define your
deliverables, recognize the connections between the deliverables and other
classroom activities, determine your timelines and milestones, identify each
team member’s expected contribution, and answer questions that lay the
foundation for building your projects.
Putting “I” in “Team”
Important to note is the section for defining learning team
expectations related to participation, collaboration, communication, team
contributions, assignment deadlines, and other considerations. Please take the
time to discuss and document how your team will address each area and any challenges
that may arise. It is important to understand that we are “Putting ‘I’ in
‘Team’”. In short, we will recognize and reward individuals according to their
contributions to team output, not according to their team membership. This
means that individual grades may be different from the team grade depending on
each individual’s contribution to each team deliverable.
Completing this Assignment
Do the following to complete this
assignment:
·
Review the
Charter and Project plan.
·
Review the weekly Learning Team deliverables.
·
Complete the provided Learning Team Charter and Project Plan, including
the following: team member contact information, project by week, learning team
expectations, team discussion questions.
Submit your assignment.
Resources:
ACC 561 Wk 3 Individual Ratio Analysis
Purpose of Assignment
This week’s focus is on the preparation of financial reports for
internal users, such as managers. This case study applies the concepts of
managerial accounting, through comparative and ratio analysis, and requires
students to identify financial data needed by managers for decision making.
About Your Signature Assignment
This signature assignment is designed to align with specific
program student learning outcome(s) in your program. Program Student Learning
Outcomes are broad statements that describe what students should know and be
able to do upon completion of their degree. The signature assignments may be
graded with an automated rubric that allows the University to collect data that
can be aggregated across a location or college/school and used for program
improvements.
Materials
Resources: Generally Accepted Accounting
Principles (GAAP), U.S. Securities and Exchange Committee (SEC), Scenario
Worksheet Tutorial help on Excel® and
Word functions can be found on the Microsoft Office website. There are also
additional tutorials via the web offering support for Office products.
Scenario: You are a loan officer for White
Sands Bank of Taos. Paul Jason, president of P. Jason Corporation, has just
left your office. He is interested in an 8-year loan to expand the company’s
operations. The borrowed funds would be used to purchase new equipment. As
evidence of the company’s debt-worthiness, Jason provided you with facts
(available in the attached Scenario Worksheet). Jason is a very insistent (some
would say pushy) man. When you told him you would need additional information
before making your decision, he acted offended and said, “What more could you possibly
want to know?” You responded you would , at minimum, need complete, audited
financial statements.
Develop a minimum 700-word examination of the
financial statements and include the following:
·
Explain why you would want the financial statements to be
audited.
·
Discuss the implications of the ratios provided for the lending
decision you are to make. That is, does the information paint a favorable
picture? Are these ratios relevant to the decision? State why or why not.
·
Evaluate trends in the performance of P. Jason Corporation.
Identify each performance measure as favorable or unfavorable and explain the
significance of each.
·
List three other ratios you would want to calculate for P. Jason
Corporation, and in your own words explain in detail why you would use each.
·
As the loan officer, what else would you do to gain a better
understanding of Paul Jason’s, and the Corporation’s financial picture and why?
·
Based on your analysis of P. Jason Corporation, will you
recommend approval for the requested loan? Provide specific details to support
your decision.
Format the assignment consistent with APA
guidelines.
Submit your assignment.
Resources:
ACC 561 Wk 3
Team Assignment: Financial Statement Analysis and Decision Making Activity
ACC 561 Wk 3 Team Assignment: Financial Statement Analysis and
Decision Making Activity
Purpose of Assignment
The activity requires students to perform research and analysis
on competing companies and the potential implications of international
standards. This real-world analysis is key to understanding how a company’s
profitability, liquidity, and solvency can be useful for all users. Students
also learn to analyze financial statements and use managerial tools to make
decisions from an investor’s and creditor’s standpoint.
Resources: U.S. Securities and Exchange
Commission (SEC), websites such as Annual Reports
(AnnualReports.com) Tutorial help on Excel and Word functions can be
found on the Microsoft Office website. There are also additional tutorials
via the web offering support for Office products.
Select two competing companies, one of which
must be an international company, and locate annual reports for these two
companies on the Internet.
Research the two companies on the Internet
and download the Income Statement, Statement of Shareholders’ Equity, Balance
Sheet, and Statement of Cash Flows.
Develop a minimum 525-word examination of the
financial statements and include the following:
·
Make a 5-year trend analysis for each company, using 2011 as the
base year, of:
·
Net sales.
·
Net income. Discuss the significance of the trend results.
·
Compute for 2015 and 2014 the:
·
Debt to assets ratio.
·
Times interest earned. How would you evaluate each company’s
solvency?
·
Compute for 2015 and 2014 the:
·
Profit margin.
·
Asset turnover.
·
Return on assets.
·
Return on common stockholders’ equity. How would you evaluate
each company’s profitability?
·
Evaluate the financial opportunity presented by the companies.
If you were a creditor, which company would you be more likely to lend money
to? Defend your decision.
·
Which company would you recommend as an investment? Discuss
the items that were considered in your decision.
·
Research global implications for the international company
selected. How might changing environmental factors affect organizational
choices?
·
Consider the ethical climate (internal or external) of your
chosen companies. Describe the ethical issues and impact on the stakeholders.
What has been/is being done to resolve these issues? Do you agree with these
methods for resolution? If not, what might you do differently?.
Show your work in Microsoft Word or
Excel.
Complete calculations/computations using
Microsoft Word or Excel.
Include the four financial statements along
with your assignment.
Format your assignment consistent with APA
guidelines.
Submit your assignment.
Note: Grades are awarded based upon individual
contributions to the Learning Team assignment. Each Learning Team member
receives a grade based upon his/her contributions to the team assignment. Not
all students may receive the same grade for the team assignment.
Student Materials
Resources:
ACC 561 Wk 4 Individual Production Costs
Purpose of Assignment
The materials covered this week distinguish between the different
costing methods and provides needed tools for decision making. This case study
focuses on determining equivalent units in a production business setting.
Resources: Generally Accepted Accounting
Principles (GAAP), U.S. Securities and Exchange Committee (SEC)
Tutorial help on Excel® and
Word functions can be found on the Microsoft® Office
website. There are also additional tutorials via the web offering support for
Office products.
Scenario: Davis Skaros has recently been
promoted to production manager. He has just started to receive various
managerial reports, including the production cost report you prepared. It
showed his department had 2,000 equivalent units in ending inventory. His
department has had a history of not keeping enough inventory on hand to meet
demand. He has come to you, very angry, and wants to know why you credited him
with only 2,000 units when he knows he had at least twice that many on hand.
Prepare a maximum 700-word informal memo and
explain to Mr. Skaros why his production cost report showed only 2,000
equivalent units in ending inventory. Using a professional tone, explain to him
clearly why your report is accurate.
Format the assignment consistent with APA
guidelines.
Submit your assignment.
Resources:
ACC 561 Wk 5 Individual Cost-Volume-Profit Analysis
Purpose of Assignment
The Case Study focuses on CVP (Cost-Volume-Profit), break-even,
and margin of safety analyses which allows students to experience working
through a business scenario and applying these tools in managerial decision
making.
Materials
Resources: Generally Accepted Accounting
Principles (GAAP), U.S. Securities and Exchange Commission (SEC)
Tutorial help on Excel® and
Word functions can be found on the Microsoft® Office
website. There are also additional tutorials via the web offering support for
Office products.
Scenario: Mary Willis is the advertising
manager for Bargain Shoe Store. She is currently working on a major promotional
campaign. Her ideas include the installation of a new lighting system and
increased display space that will add $24,000 in fixed costs to the $270,000 in
fixed costs currently spent. In addition, Mary is proposing a 5% price decrease
($40 to $38) will produce a 20% increase in sales volume (20,000 to 24,000).
Variable costs will remain at $24 per pair of shoes. Management is impressed
with Mary’s ideas but concerned about the effects these changes will have on
the break-even point and the margin of safety.
Complete the following:
·
Compute the current break-even point in units, and compare it to
the break-even point in units if Mary’s ideas are used.
·
Compute the margin of safety ratio for current operations and
after Mary’s changes are introduced (Round to nearest full percent).
·
Prepare a CVP (Cost-Volume-Profit) income statement for current
operations and after Mary’s changes are introduced.
Prepare a maximum 700-word informal memo to
management addressing Mary’s suggested changes.
·
Explain whether Mary’s changes should be adopted. Why or why
not? Analyze the above information (three bullet points above) and use this information
to support your suggestion.
Show your work in Microsoft Word or
Excel.
Complete calculations/computations using
Microsoft Word or Excel.
Format your assignment consistent with APA
guidelines.
Resources:
ACC 561 Wk 6 Individual: Managerial Analysis
Purpose of Assignment
This comprehensive case requires students to evaluate a static
budget and prepare flexible budgets to meet managerial needs. Students are
required to calculate and analyze variances and discuss how variances are
critical to managerial decision making.
Resources: Generally Accepted Accounting
Principles (GAAP), U.S. Securities and Exchange Committee (SEC), Green Pastures
Static Budget Income Statement Tutorial help on Excel® and
Word functions can be found on the Microsoft Office website. There are also
additional tutorials via the web offering support for Office products.
Scenario: Green Pastures is a 400-acre farm
on the outskirts of the Kentucky Bluegrass, specializing in the boarding of
broodmares and their foals. A recent economic downturn in the thoroughbred
industry has led to a decline in breeding activities, and it has made the
boarding business extremely competitive. To meet the competition, Green Pastures
planned in 2017 to entertain clients, advertise more extensively, and absorb
expenses formerly paid by clients such as veterinary and blacksmith fees.
The budget report for 2017 is presented as an attachment. As
shown, the static income statement budget for the year is based on an expected
21,900 boarding days at $25 per mare. The variable expenses per mare per day
were budgeted: feed $5, veterinary fees $3, blacksmith fees $0.25, and supplies
$0.55. All other budgeted expenses were either semifixed or fixed.
During the year, management decided not to replace a worker who
quit in March, but it did issue a new advertising brochure and did more
entertaining of clients.
Develop a minimum 700-word examination of the
financial statements and include the following:
Based on the static budget report:
·
What was the primary cause(s) of the loss in net income?
·
Did management do a good, average, or poor job of controlling
expenses?
·
Were management’s decisions to stay competitive sound?
·
Prepare a flexible budget report for the year.
·
Based on the flexible budget report:
·
What was the primary cause(s) of the loss in net income?
·
Did management do a good, average, or poor job of controlling
expenses?
·
Were management’s decisions to stay competitive sound?
·
What course of action do you recommend for the management of
Green Pastures?
Show your work in Microsoft Word or
Excel.
Complete calculations/computations using
Microsoft®Word or Excel.
Format the assignment consistent with APA
guidelines.
Submit your assignment.
Resources:
ACC 561 Wk 6 Individual: Final Exam
Question 1
Differences between a job order cost system and a process cost
system include all of the following except the:
Question 2
Henson Company began the year with retained earnings of
$380,000. During the year, the company recorded revenues of $500,000, expenses
of $380,000, and paid dividends of $40,000. What was Henson’s retained earnings
at the end of the year?
Question 3
Kimble Company applies overhead on the basis of machine hours.
Given the following data, compute overhead applied and the under- or
over-application of overhead for the period:
Estimated annual overhead cost $1,600,000
Actual annual overhead
cost $1,575,000
Estimated machine
hours 400,000
Actual machine
hours 390,000
Question 4
Which one of the following is an example of a period cost?
Question 5
What is the primary difference between a static budget and a
flexible budget?
Question 6
Which of the following will not result in an unfavorable
controllable margin difference?
Question 7
At September 1, 2017, Baxter Inc. reported Retained Earnings of
$423,000. During the month, Baxter generated revenues of $60,000, incurred
expenses of $36,000, purchased equipment for $15,000 and paid dividends of
$6,000. What is the balance in Retained Earnings at September 30, 2017?
Question 8
Hollis Industries produces flash drives for computers, which it
sells for $20 each. Each flash drive costs $13 of variable costs to make.
During April, 1,000 drives were sold. Fixed costs for March were $2 per unit
for a total of $1,000 for the month. How much is the contribution margin
ratio?
Question 9
Which is the last step in developing the master budget?
Question 10
Based on the following data, what is the amount of working
capital?
Accounts payable………………………………………………………..$64,000
Accounts receivable……………………………………………………..114,000
Cash………………………………………………………………………. 70,000
Intangible assets…………………………………………………………100,000
Inventory…………………………………………………………………. 138,000
Long-term investments…………………………………………………..160,000
Long-term liabilities……………………………… ………………………200,000
Short-term investments……………………………………………………80,000
Notes payable (short-term)………………………………………………..56,000
Property, plant, and equipment………………………………………..1,340,000
Prepaid insurance…………………………………………………………….2,000
Question 11
Are advanced receipts from customers treated as revenue at the
time of receipt? Why or why not?
Question 12
The Mac Company has four plants nationwide that cost $350
million. The current fair value of the plants is $300 million. The plants will
be reported as assets at:
Question 13
In performing a vertical analysis, the base for sales revenues
on the income statement is:
Question 14
La More Company had the following transactions during 2016:
·
Sales of $9,000 on account
·
Collected $4,000 for services to be performed in 2017
·
Paid $3,750 cash in salaries for 2016
·
Purchased airline tickets for $500 in December for a trip to
take place in 2017
What is La More’s 2016 net income using accrual accounting?
Question 15
Which statement is correct?
Question 16
Which of the following is not an underlying assumption of CVP
analysis?
Question 17
If a plant is operating at full capacity and receives a one-time
opportunity to accept an order at a special price below its usual price, then:
Question 18
Ben Gordon, Inc. manufactures 2 products, wheels and seats. The
company has estimated its overhead in the assembling department to be $660,000.
The company produces 300,000 wheels and 600,000 seats each year. Each wheel
uses 2 parts, and each seat uses 3 parts. How much of the assembly overhead
should be allocated to wheels?
Question 19
Scorpion Production Company planned to use 1 yard of plastic per
unit budgeted at $81 a yard. However, the plastic actually cost $80 per yard.
The company actually made 3,900 units, although it had planned to make only
3,300 units. Total yards used for production were 3,960. How much is the total
materials variance?
Question 20
The entry to record the acquisition of raw materials on account
is:
Question 21
It costs Garner Company $12 of variable and $5 of fixed costs to
produce one bathroom scale which normally sells for $35. A foreign wholesaler
offers to purchase 3,000 scales at $15 each. Garner would incur special
shipping costs of $1 per scale if the order were accepted. Garner has
sufficient unused capacity to produce the 3,000 scales. If the special order is
accepted, what will be the effect on net income?
Question 22
Miller Manufacturing’s degree of operating leverage is 1.5.
Warren Corporation’s degree of operating leverage is 3. Warren’s earnings would
go up (or down) by ________ as much as Miller’s with an equal increase (or
decrease) in sales.
Question 23
Which of the following statements concerning users of accounting
information is incorrect?
Question 24
An activity-based overhead rate is computed as follows:
Question 25
Top management notices a variation from budget and an
investigation of the difference reveals that the department manager could not
be expected to have controlled the variation. Which of the following statements
is applicable?
Question 26
Danner Corporation reported net sales of $650,000, $720,000, and
$780,000 in the years 2016, 2017, and 2018, respectively. If 2016 is the base
year, what percentage do 2018 sales represent of the base?
Question 27
The investigation of materials price variance usually begins in
the:
Question 28
Which of the following statements is not true?
Question 29
Financial and managerial accounting are similar in that both:
Question 30
If there are no units
in process at the beginning of the period, then:
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