ACCT 505 DEVRY Courses / Uoptutorial

ACCT 504 Entire CourseFor more course tutorials visit
www.devrycart.comACCT 504 Week 1-7 All Discussion Questions
ACCT 504 Week 3 Case Study 1 Flower Landscaping Corporation
ACCT 504 Week 4 Midterm Exam Set 1
ACCT 504 Week 4 Midterm Set 2
ACCT 504 Week 4 Midterm Set 3
ACCT 504 Week 5 Case Study 2 Internal Control – LJB Company
ACCT 504 Week 5 Course Project Draft Spreadsheet
ACCT 504 Week 6 Case Study 3 – Cash Budgeting – LBJ Company
ACCT 504 Week 7 Course Project JCP Kohls
ACCT 504 Final Exam

—————————————————————–ACCT 504 Final Exam (3 different finals)For more course tutorials visit
www.devrycart.com1. (TCO A) Which one of the following is an advantage of corporations relative to partnerships and sole proprietorships? (Points : 5)Reduced legal liability for investors
Harder to transfer ownership
Lower taxes
Most common form of organization
2. (TCO A) When a corporation distributes a dividend, _____. (Points : 5)the most common form of distribution is a cash dividend
the Dividends account will be increased with a credit
the Retained Earnings account will be directly increased with a debit
the Dividends account will be decreased with a debit
3. (TCOs A, B) Below is a partial list of account balances for Cerner Company:Cash $5,000
Prepaid insurance 500
Accounts receivable 2,500
Accounts payable 2,000
Notes payable 3,000
Common stock 1,000
Dividends 500
Revenues 15,000
Expenses 12,500What did Cerner Company show as total credits? (Points : 5)$21,500
4. (TCOs B, E) A small and private company may be able to justify using a cash basis of accounting if it has _____. (Points : 5)sales under $1,000,000
no accountants on staff
insignificant receivables and payables
all sales and purchases on account
5. (TCO D) Three companies report the same cost of goods available for sale, but each employs a different inventory costing…

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ACCT 505 Devry Courses / Uoptutorial

ACCT 505 Entire CourseFor more course tutorials visit
ACCT 505 Week 1-7 All Discussion QuestionsACCT 505 Week 1 Case StudyACCT 505 Week 2 Quiz Job Order and Process Costing SystemsACCT 505 Week 3 Case Study IIACCT 505 Week 4 Midterm ExamACCT 505 Week 5 Measuring Performance – Course Project AACCT 505 Week 6 Quiz Segment Reporting and Relevant Costs for DecisionsACCT 505 Week 7 Capital Budgeting Course Project
———————————————————————————————————————————————–ACCT 505 Week 1 Case Study
For more course tutorials visit
Top Switch Inc. designs and manufactures switches used in telecommunications. Serious flooding throughout the state of Tennessee affected Top Switch’s facilities. Inventory was completely ruined, and the company’s computer system, including all accounting records, was destroyed. Before the unfortunate incident, recovery specialists cleaned the buildings. The company controller is very nervous and anxious to recover whatever records he can to support the insurance claim for the destroyed inventory. After consulting with the cost accountant, they decide to retrieve the previous year’s annual report for the beginning inventory numbers. In addition, they also agreed that they need first quarter cost data.The cost accountant was working on the first quarter results before the storm hit, and to his surprise, the report was still in his desk drawer. After reviewing the data , the information shows the following information: Material purchases were $ 325,000; Direct Labor was $ 220,000. Further discussions between the controller and the cost accountant revealed that sales were $ 1,350,000 and the gross margin was 30% of sales. The cost accountant also discovered, while sifting through the information, that cost of goods available for sale was $ 1,020,000 at cost….

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