ACC 491 Week 4 Day 7 Results of Analytic Procedures

 This document of ACC 491 Week 4 Day 7 Results of Analytic Procedures consists of:


 8-15 (Analytical procedures)

 8-16 (Analytical procedures)

 10-32 (Components of internal control) Internal controls can be categorized using the following framework)

Deadline: ( ), Business - Accounting
 1. (TCO 3) At the end of the period it is necessary to close all temporary accounts. (1) Explain why this process is required (10 points) and (2) provide an example of the closing of an expense account, Income Tax Expense in the form of a journal entry (10 points). (Points : 20)

 2. (TCO 2) As required to complete Course Project 1, one must follow the cycle that includes 10 steps to complete the accounting cycle. (1) Explain which financial reports can be generated (10 points) and (2) provide an example of information that those financial reports would provide. (10 points) (Points : 20)

 3. (TCO 5) Internal Control Procedures are required to safeguard company assets and to ensure ethical operation of the business. (1) Explain how comparisons and compliance monitoring can satisfy the purpose of internal control (10 points) and (2) provide an example of how this control could be implemented (10 points). (Points : 20)


 4. (TCO 4) Inventory valuation methods determine the cost of goods sold and the inventory balance. (1) Explain how the Last in First out (LIFO) method is applied (10 points) and (2) provide an example of the impact that this method of inventory valuation will have on Cost of Goods Sold (COGS). (10 points) (Points : 20)



 5. (TCO 1) To evaluate the financial operation and health of a business, ratio analysis is used. (1) Provide the formula for Accounts Receivable Turnover and explain how it is computed (10 points) and (2) provide an example of how this ratio can be used in decision-making in business. (10 points) (Points : 20)

 6. (TCO 6) Depreciation is a process to allocate the cost of long-life assets to each period's income statement and adjusts the value of the asset on the balance sheet. (1) Explain how the straight-line method is computed (10 points) and (2) provide an example of how this method could be used on a new delivery truck purchased for $25,000 to be used for 4 years with a salvage value of $0 for year one only. (15 points) (Points : 25) 2-

 7. (TCO 6) To raise capital, companies might sell bonds. This allows them to bypass lenders such as banks and go directly to the investing public. Your company is planning to sell bonds with a face amount of $10,000 and paying 5% annual interest. (1) The day the bonds hit the market, the bond price is quoted at 101.5. What is the bond's selling price? (10 points) and (2) how does the company record this sale in its accounting information system? Use journal entries to support your answer. (15 points) (Points : 25) 3-

 8. (TCO 1) Financial statement analysis is used by investors, creditors, and managers of business to evaluate the operation and health of the business. This information is in part the basis for decision-making. (1) Identify ratios used to evaluate the profitability of a company (10 points) and (2) provide an example of how the results of this analysis could be used to make business decisions. (15 points) (Points : 25) 1-

 9. (TCO 7) There are three different forms of business; sole-proprietor, partnership, and corporation. (1) Explain why a corporation's government regulations may be a disadvantage (10 poin

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Where you study is as important as the actual activity of studying. A dorm room is probably not the greatest study environment. Find a quiet area, like the library, to do your work. Libraries are a great choice. If you have to study in your dorm, put in ear plugs or headphones.