Ashford University Accounting Assignment help

Week 1 Quiz 1

Question 1

The accounting equation will appear on every published financial statement.

o   True

o   False

Question 2

Accounting has its own language.

o   True

o   False

Question 3

Assets identify what a firm owes.

o   True

o   False

Question 4

Liabilities identify what a firm owns.

o   True

o   False

Question 5

All accounting must be done using an Excel spreadsheet.

o   True

o   False

Week 1 Quiz 2

Question 1

A balance sheet reveals the assets, liabilities and equity of a particular business over a designated period of time.

o   True

o   False

Question 2

An Income Statement reveals a firms assets, liabilities and equity at a particular moment in time.

o   True

o   False

Question 3

The Statement of Retained Earnings builds a bridge between the retained earnings that existed at the beginning and the end of the accounting period.

o   True

o   False

Question 4

A Cash Flow Statement is identical to the firm’s bank account and is used to reconcile the checking account each month.

o   True

o   False

Question 5

GAAP is the organization that makes the rules for accounting that all firms follow.

o   True

o   False

Week 1 Quiz 3

Question 1

Journal entries must be prepared before financial statements can be created for a firm.

o   True

o   False

Question 2

T-accounts are part of the published financial reporting package of statements each month.

o   True

o   False

Question 3

An Income Statement will explain the value of current assets a firm has acquired.

o   True

o   False

Question 4

Liabilities will be listed on a firm’s balance sheet.

o   True

o   False

Question 5

Dividends are part of current assets for a firm since they will be paid with cash.

o   True

o   False

Week 1 Quiz 4

Question 1

In accounting a debit indicates an increase in an account.

o   True

o   False

Question 2

In accounting a credit increases a liability account.

o   True

o   False

Question 3

In accounting a credit increases an asset account.

o   True

o   False

Question 4

In accounting there are no debits or credits entered in the equity accounts.

o   True

o   False

Question 5

A trial balance is a listing of all accounts and their balances at a given moment in time.

o   True

o   False

Week 1 Quiz 5

Question 1

In accounting the concept of materiality refers to ________________.

o  Keeping the business running

o  How to account for matters that would bear on a decision-making process about the entity

o  How much money the firm is making

o  Materiality is not a concept in terms of accounting

Question 2

Typically accounting transactions are recorded and reported at _______________.

o   Depreciated value

o   Expected sales value

o   Discounted value

o   Historical cost

Question 3

The accounting equation is ____________________________.

o   Liabilities + Equity = Assets

o   Assets + Liabilities = Equity

o   Assets + Equity = Liabilities

o   Not listed here

Question 4

An accountant should be able to work in the profession in the ___________________.

o   Private sector

o   Public Sector

o   Government sector

o   All of these listed

Question 5

In accounting, a debit means ________________________.

o   A negative number

o   A positive number

o   The left side of an account

o   Nothing that is relevant

Accounting Cycle

Financial statements are a product of the accounting cycle.  Think about two different companies: a manufacturing company, and a retail company.  Why would different companies have different accounting cycles?

Would you expect the steps of the accounting cycle to be the same for each company?  Why, or why not?

https://youtu.be/TqrPKyg45Q0

For a written transcript, please click here.

Guided Response:

Review several of your peers’ posts and identify what steps of the accounting cycle that you feel are the most critical.  Respond to at least two of your peers and provide recommendations to extend their thinking.

Challenge your peers by asking a question that may cause them to reevaluate their positions on the accounting cycle.

Bank Reconciliation

https://youtu.be/9LfnlMz2Aic

For a written transcript, please click here.

Guided Response:

A bank reconciliation reconciles the bank account balance per the books to the actual bank balance.  Outstanding checks, deposits in transit, and bank errors are reasons there are differences between the cash reported in the accounting records and the cash balance in the bank statements.

Week 2 Quiz 1

Question 1

Cash received from a customer in advance of an order being shipped is considered revenue by the firm.

o   True

o   False

Question 2

If no cash is received then revenue cannot be recognized based on the matching principle.

o   True

o   False

Question 3

The cash account will never have an adjusting entry when closing the books.

o   True

o   False

Question 4

Expenses must be paid for before they can be recognized.

o   True

o   False

Question 5

The accounting cycle for a firm is considered to be one year.

o   True

o   False

Week 2 Quiz 2

Question 1

Postage stamps would be considered a cash equivalent.

o   True

o   False

Question 2

A note receivable due in 16 months would be considered a cash equivalent.

o   True

o   False

Question 3

A good cash control is to take cash register receipts and hide them in the back room until later in the week when a bank deposit can be made.

o   True

o   False

Question 4

An accounts receivable is an amount due from a customer.

o   True

o   False

Question 5

A note receivable and an account receivable are the same thing, just with a different name.

o   True

o   False

Week 2 Quiz 3

Question 1

Cash control refers to insuring everyone has access to the petty cash drawer so they can make change when needed.

o   True

o   False

Question 2

A bank reconciliation by someone external to the cash process is considered an internal control.

o   True

o   False

Question 3

Petty cash is the primary account for a firm to pay bills out of.

o   True

o   False

Question 4

The Direct Write-off method of bad debt recognition is not recognized by GAAP as acceptable.

o   True

o   False

Question 5

The Allowance Method of recognizing bad debt expense is not recognized as GAAP acceptable.

o   True

o   False

Week 2 Quiz 4

Question 1

The accrual basis of accounting means_______________________.

o   Sales are recorded as cash is received

o   To accumulate over time, based on a natural observable increase

o   None of the answers listed defines the meaning of accrual accounting

o  Gather together like transactions for more efficient entry to the accounting system

Question 2

Under accrual basis accounting revenue is not recognized until _________________.

o   The product is sold and delivered to the end customer.

o   A customer agrees to a price and they shake hands with the sales person

o   A customer purchase order is received

o   Cash is received

Question 3

The matching principle states ______________________________.

o   All of these answers are correct relating to the matching principle

o   Expenses that have not related to any future period should be expensed in the current period

o   Expenses that recur should be recorded in a systematic manner

o  Expenses associated with revenue creation should be recorded in the same period as the revenue

Question 4

Adjusting entries apply to ___________________________

o   All of these entries

o   Prepaid

o   Depreciation

o   Unearned revenue

Question 5

Depreciation is _________________________________________.

o   The valuation of assets of a business

o   A method to increase an assets book value

o   The transfer of an asset’s cost to expense over the expected useful life of the asset

o   The opposite of residual value

LIFO vs. FIFO

The controller of Sage hen Enterprises believes that the company should switch from the LIFO method to the FIFO method.  The controller’s bonus is based on the next income.  It is the controller’s belief that the switch in inventory methods would increase the net income of the company.  What are the differences between the LIFO and FIFO methods?

https://youtu.be/decXrI4at9E

For a written transcript, please click here

Guided Response:

Analyze several of your peers’ posts.  Let at least two of your peers know if a company is better off if it switches from a LIFO method to a FIFO method.  Explain your reasoning.

Depreciation

A variety of depreciation methods are used to allocate the cost of an asset to all of the accounting periods benefited by the use of the asset.  Your client has just purchased a piece of equipment for $100,000.   Explain the concept of depreciation.

Which of the following depreciation methods would you recommend: straight-line depreciation, double declining balance method, or an alternative method?

https://youtu.be/6MwZhDTlu2Y

For a written transcript, please click here.

Guided Response:

Let at least two of your peers know if a company would use an accelerated depreciation method for their financial statements or their tax returns.  Why do you believe this would be the case?

Week 3 – Assignment

  1. Listen to the video below for the exercise/problem. The video completes the problems using the book numbers.
  1. Open the Guidance Report and rework the problem with the changed numbers and place your answers on the guidance report. Do not alter the guidance report.
  1. Submit the guidance report using the Assignment Submission tab below.