Acc 422 Study guides, Class notes & Summaries

University of Phoenix - ACC 422 Final Exam. ACC 422 FINAL Question 1 Kraft Enterprises owns the following assets at December 31, 2014. Question 2 Restin Co. uses the gross method to record sales made on credit. On June 1, 2014, it made sales of $50,000 with terms 3/15, n/45. On June 12, 2014, Restin received full payment for the June 1 sale. Prepare the required journal entries for Restin Co. (If no entry is required, select

ACC / 422 FINAL EXAM Buffalo Company purchased machinery for $155,400 on January 1, 2017. It is estimated that the machinery will have a useful life of 20 years, salvage value of $14,700, production of 80,900 units, and working hours of 40,300. During 2017, the company uses the machinery for 19,344 hours, and the machinery produces 26,697 units. Compute depreciation under the straight-line, units-of-output, working hours, sum-of-the-years’-digits, and double-declining-balance methods. (R...

ACC 422 Chapter 11 Multiple Choice, questions and answers, latest updated 1. In which phase(s) of the internal audit engagement can data analytics be used? I. Planning the individual engagement. II. Testing effectiveness and efficiency of controls. III. Assessing risk to determine which areas of the organization to audit. a. I only b. II only c. I and III only d. I, II and III d. I, II and III Data analytics can be used in all phases of the audit process, although many times it i...

questions and answers

questions and answers

ACC 422 Final Exam Graded A -1) A cash equivalent is a short-term, highly liquid investment that is readily convertible into known amounts of cash and A. has a current market value that is greater than its original cost. B. bears an interest rate that is at least equal to the prime rate of interest at the date of liquidation. C. is so near its maturity that it presents insignificant risk of changes in interest rates. D. is acceptable as a means to pay current liabilities. ...

ACC/422 FINAL EXAM 1) Which of the following is NOT considered cash for financial reporting purposes? A. Coin, currency,&available funds B. Money orders, certified checks,&personal checks C. Petty cash funds&change funds D. Postdated checks&I.O.U.'s 2) What is the preferable presentation of accounts receivable from officers, employees, or affiliated companies on a balance sheet? A. As assets but separately from other receivables. B. As offsets to capital. C. As trade notes&acc...

ACC 422 COMPLETE SOLUTIONS, All Exercises (Exercise 7-1 to Exercise 21-16) All Answers Correct!

1) Assuming no beginning inventory, what can be said about the trend of inventory prices if cost of goods sold computed when inventory is valued using the FIFO method exceeds cost of goods sold when inventory is valued using the LIFO method? A. Prices remained unchanged. B. Prices decreased. C. Price trend cannot be determined from information given. D. Prices increased. 2) Which method of inventory pricing best approximates specific identification of the actual flow of costs and units in...