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ACCT 304 DeVry Week 4 Complete Work Latest
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ACCT 304 DeVry Week 4 DQ 1 Revenue Recognition
When a company sells a product for cash, it generally recognizes the revenue. However, there are situations when it is not always clear when a company should recognize the revenue.
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When a company sells a product for cash, it generally recognizes the revenue. However, there are situations when it is not always clear when a company should recognize the revenue. How do you handle a car dealership that sells a warranty contract to its customers for $650 that will cover the next 5 years?
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ACCT 304 DeVry Week 4 DQ 2 Time Value of Money Concepts
You might think of the "time value of money" to be a topic for Finance class, but accountants need an understanding of this topic as well. Let's discuss where/why an accountant may need to use these skills/calculations.
ACCT 304 DeVry Week 4 Quiz
(TCO 5) Bert's Meat Market sells quarters and sides of beef on an installment basis. Losses on receivables are very difficult to predict, and meat products cannot be repossessed. The revenue recognition method used by Bert would be
point of sale.
Both B and C are correct.
Question 2. Question : (TCO 5) On December 15, 2011, Rigsby Sales Co. sold a tract of land that cost $3,600,000 for $4,500,000. Rigsby appropriately uses the installment sale method of accounting for this transaction. Terms called for a down payment of $500,000 with the balance in two equal, annual installments, payable on December 15, 2012 and December 15, 2013. Ignore interest charges. Rigsby has a December 31 year-end. In 2011, Rigsby would recognize the realized gross profit of
Question 3. Question : (TCO 6) Present and future value tables of $1 at 3% are presented below: Today, Thomas deposited $100,000 in a 3-year, 12% CD that compounds quarterly. What is the maturity value of the CD?
Question 4. Question : (TCO 6) Sondra deposits $2,000 in an IRA account on April 15, 2011. Assume the account will earn 3% annually. If she repeats this for the next 9 years, how much will she have on deposit on April 14, 2020?
Question 5. Question : (TCO 6) Jose wants to cash in his winning lottery ticket. He can either receive five, $5,000 annual payments starting today, or he can receive a lump-sum payment now based on a 3% annual interest rate. What is the present value of the installments if he opts for the lump sum payment?
ACCT 304 DeVry Week 4 Midterm Exam
1. (TCO 1) Which of the following has the authority to set accounting standards in the United States?
2. (TCO 2) The conceptual framework's qualitative characteristic of faithful representation includes:
3. (TCO 3) A sale on account would be recorded by:
4. (TCO 3) When a tenant makes an end-of-period adjusting entry credit to the "Prepaid rent" account:
5. (TCO 3) Permanent accounts would not include:
6. (TCO 4) Noncurrent assets include:
7. (TCO 4) The acid-test ratio is also known as the:
8. (TCO 5) Popson Inc. incurred a material loss which was not unusual in character, but was clearly an infrequent occurrence. This loss should be reported as:
9. (TCO 5) On June 1, 2013, Romano Inc. changed the estimated useful life of its office equipment from 20 to 12 years. This change would be accounted for:
10. (TCO 5) In the operating activities section of the statement of cash flows, we start with net income:
11. (TCO 5) The Maytag Corporation's income statement includes income from continuing operations, a loss from discontinued operations, and extraordinary items. Earnings per share information would be provided for:
12. (TCO 5) Expenses in an income statement prepared under International Financial Reporting Standards:
13. (TCO 4) The balance sheet reports:
14. (TCO 4) Which of the following groups is not among the external users for whom financial statements are prepared?
1. (TCO 5) What would be Misty's net income for the current year?
2. (TCO 4) Listed below are account balances (in $millions) taken from the records of Symphony Stores. All of these are permanent accounts, except the last two that have yet to be closed. The installment receivables are current. Symphony uses
1. (TCO 4) Briefly explain the purpose of the disclosure note on significant accounting policies. Provide two examples of what might be found in this note.
2. (TCO 2) What is the SEC and how is it involved with accounting standard setting?
3. (TCO 5) Give an example of a non-cash financing and investing activity and explain when and how it would be reported in the financial statements
4. (TCO 3) Describe what is meant by unearned revenues and give two examples need an understanding of this topic as well. Let's discuss where/why an accountant may need to use these skills/calculations.
12. (TCO 5) Expenses in an income statement prepared under International Financial Reporti