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ACCT 312 DeVry Entire Course
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ACCT 312 DeVry Week 1 DQ 1
Income Tax Expense and Income Taxes Payable (graded)
What is the difference between a company’s income tax expense as shown on the financial statement and an income tax obligation owed to the federal government? What gives rise to these discr
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What is the difference between a company’s income tax expense as shown on the financial statement and an income tax obligation owed to the federal government? What gives rise to these discrepancies?
ACCT 312 DeVry Week 1 DQ 2
Recognition of Deferred Taxes (graded)
What are temporary differences? What gives rise to temporary differences? Some accountants believe that deferred taxes should be recognized only for some temporary differences. The FASB requirement states that deferred taxes should be recognized for all temporary differences. Who do you agree with, and why?
ACCT 312 DeVry Week 2 DQ 1
Pension Accounting and Politics (graded)
Please select a company that has a pension plan. Describe the reporting requirements of the pension plan of the company you select. What does the pension plan consist of? How are the disclosures made to the plan and the pension costs?
ACCT 312 DeVry Week 2 DQ 2
Retiree Health Benefits (graded)
What are the primary differences in reporting benefits associated with a pension plan and those associated with post-retirement health benefits?
ACCT 312 DeVry Week 3 DQ 1
Stockholders' Equity Section (graded)
Review Illustration 18-1 in the downloadable or hard copy text (Chapter 18). This is a detailed sample stockholders' equity section of the balance sheet for Exposition Corporation. As you can see in the shareholders equity section of the balance sheet, shareholders equity is broken down into paid in capital, retained earnings of accumulated other comprehensive income, and treasury stock. Discuss the items and item descriptions that you find in this section. For example, the first item is preferred stock. What is preferred stock? What makes it different from common stock? How is the dollar amount shown for preferred stock determined? What is par value? Why is the preferred par value set at $10?
ACCT 312 DeVry Week 3 DQ 2
Dividend Payments (graded)
Compare the payment of cash dividends, stock dividends, property dividends, and liquidating dividends. What are the similarities and differences with respect to these types of dividends? Which form of dividend would you recommend if you are the chief financial officer of the company, and why? How does the purchase of treasury stock from existing shareholders affect the shareholders equity section of the balance sheet? Why would a company purchase stock back from existing shareholders?
ACCT 312 DeVry Week 4 DQ 1
EPS Financial Statement Disclosures (graded)
What is basic earnings per share? What is diluted earnings per share? What are the differences between the two? How are basic and diluted earnings per share reported on the income statement and footnotes to the financial statements? Please select a company that is of interest to you and navigate to its website and to its annual report. Please examine the corporations financial statement disclosures of earnings per share (income statement and footnotes). What disclosures do you see based on your examination?
ACCT 312 DeVry Week 4 DQ 2
Effects of Dilutive Items on EPS (graded)
Please list and discuss one item that might cause a company's basic earnings per share to become diluted. Please describe the circumstances under which this item would dilute earnings per share.
ACCT 312 DeVry Week 1 Homework Latest
Please answer the homework questions listed below, and submit them in one file to the Dropbox.
Submit your assignment to the Dropbox, located at the top of this page. For instructions on how to use the Dropbox, read these
ACCT 312 DeVry Week 2 Homework Latest
ACCT 312 DeVry Week 3 Homework Latest
ACCT 312 DeVry Week 4 Homework Latest
ACCT 312 DeVry Week 5 Homework Latest
ACCT 312 DeVry Week 6 Homework Latest
ACCT 312 DeVry Week 7 Homework Latest
ACCT 312 DeVry Week 1 Quiz
1. Question: (TCO 1) which causes a temporary difference between taxable and pretax accounting income?
Investment expenses incurred to generate tax-exempt income
Prepaid rent, tax-deductible when paid
The dividends received deduction
Life insurance proceeds received due to the death of an executive
Question 2. Question : (TCO 1) Which difference between financial accounting and tax accounting ordinarily creates a deferred tax liability?
Interest income on municipal bonds
Proceeds from life insurance received due to the death of an executive
Accelerated depreciation on the tax return in excess of straight-line depreciation in the income statement
None of the above
Question 3. Question : (TCO 1) Which temporary difference ordinarily creates a deferred tax asset?
Completed-contract method for long-term construction contracts for tax reporting
Subscriptions collected in advance
Accelerated depreciation for tax reporting
Installment sales for tax reporting
Question 4. Question : (TCO 1) Under current tax law, a net operating loss may be carried forward up to
Question 5. Question : (TCO 1) In reconciling net income to taxable income, interest earned on municipal bonds is
a temporary difference.
a permanent difference.
a reversing difference.
ACCT 312 DeVry Week 2 Quiz
1. (TCO 2) Which causes a temporary difference between taxable and pretax accounting income? (Points : 4)
Unrealized loss from recording investment available for sale at fair value
Question 2.2. (TCO 2) Which statement typifies defined contribution plans? (Points : 4)
Investment risk is borne by the corporation sponsoring the plan.
The plans are more complex than defined benefit plans.
Present value factors are used to determine the annual contributions to the plan.
The employer's obligation is satisfied by making the periodic contribution to the plan.
Question 3.3. (TCO 2) Which is not a way of measuring the pension obligation? (Points : 4)
Accumulated benefit obligation
Vested benefit obligation
Retiree benefit obligation
Projected benefit obligation
Question 4.4. (TCO 2) The PBO is increased by (Points : 4)
Amortization of prior service cost.
an increase in the actuary's assumed discount rate.
an increase in the average life expectancy of employees.
a return on plan assets that is lower than expected.
Question 5.5. (TCO 3) Our company has a defined benefit pension plan. On December 31 (the end of the fiscal year), the company received the PBO report from the actuary. The following information was included in the report: ending PBO, $220,000; benefits paid to retirees, $20,000; interest cost, $14,400. The discount rate applied by the actuary was 8%. Which was the beginning PBO? (Points : 4)
ACCT 312 DeVry Week 3 Quiz Latest
Question 1.1. (TCO 4) The common stock account in a company's balance sheet is measured as (Points : 4)
the number of common shares outstanding multiplied by the stock's par value per share.
the number of common shares outstanding multiplied by the stock's current market value per share.
the number of common shares issued multiplied by the stock's par value per share.
Question 2.2. (TCO 4) Issued stock refers to the number of shares (Points : 4)
issued for cash.
in the hands of shareholders.
outstanding plus treasury shares.
that may be issued under state law.
Question 3.3. (TCO 4) Our company declared a property dividend to give m
our company would have 100 million shares, $8 par per share.
the market price per share would be about $2.
fractional shares would be issued.
retained earnings would be reduced.
ACCT 312 DeVry Week 5 Quiz Latest
Question 1.1. (TCO 7) An accounting change that is reported by the prospective approach is reflected in the financial statements of (Points : 4)
prior years only.
prior years plus the current year.
the current year only.
current and future years.
Question 2.2. (TCO 7) Which is not an example of a change in accounting principle? (Points : 4)
A change from LIFO to FIFO for inventory costing
A change to the full costing method in the extractive industries
A change in the useful life of a depreciable asset
A change from the cost method to the equity method of accounting for investments
Question 3.3. (TCO 7) Our company switched from double-declining balance depreciation to straight-line depreciation. As a result, (Points : 4)
current income tax payable increases.
the cumulative effect decreases current period earnings.
prior periods' financial statements are restated.
Question 4.4. (TCO 7) A change that uses the prospective approach is accounted for by (Points : 4)
implementing it in the current year.
reporting pro forma data.
retrospective restatement of all prior financial statements in a comparative annual report.
giving current recognition of the past effect of the change.
Question 5.5. (TCO 7) Prior years' financial statements are restated under the (Points : 4)
ACCT 312 DeVry Course Project Latest
To analyze the financial statements of a publicly traded company
Obtain an annual report from a publicly traded corporation that is interesting to you. Be sure the company’s financial statements include deferred taxes, postretirement benefits, dilutive securities, and share-based compensation.
Using techniques you have learned in the previous weeks, respond to the following questions.
What amount of deferred tax assets or deferred tax liabilities are on the two most recent years on the balance sheet? What gives rise to these deferred taxes? What information is disclosed in the footnotes related to deferred taxes? Please define a deferred tax asset and deferred tax liability.
What temporary and permanent differences does the company disclose in their footnotes? What are some other examples of temporary and permanent differences?
What is the amount of income tax provision in the two most recent years on the income statement? What information is disclosed in the footnotes relating to income tax expense? Does the company have a net operating loss carry-forward or carry-back? What are the guidelines for carry-forwards and carry-backs?
Does the company have a defined benefit or defined contribution plan? What are the key elements of the plan discussed in the footnotes? What amounts on the balance sheet relate to this plan? What are the differences between defined benefit and defined contribution plans?
What are the earnings per share amounts disclosed on the income statement for the most recent year? What dilutive securities are discussed in the footnotes? Please identify and describe other examples of dilutive securities. How do these impact earnings per share?
What kind of share-based compensation does the company have? What was compensation expense for the two most recent years? What are the key elements of this plan discussed in the footnotes? Please identify and describe other types of share-based compensation.
Does the company use the direct or indirect cash flow presentation method? What is the difference between these two methods? How does the cash flow statement agree to the other financial statements?
What investing and financing activities does the company have? What are some other examples of investing and financing activities?
What noncash transactions does the company have on its cash flow statement? What are some other examples of noncash transactions?
Papers must be at least 1,800 words, 7–10 pages in length, double-spaced, in a 12-point font. Include a cover page, table of contents, introduction, report body, summary or conclusion, and works cited.
Even though this is not a scientific-type writing assignment, references are still very important. At least three authoritative, outside references are required (anonymous authors or web pages are not acceptable). These should be listed on the last page titled works cited.
APA citations are required.
All DeVry University policies are in effect, including the plagiarism policy.
The paper is due during Week 6 of this course.
Any questions about this paper may be discussed in the weekly Q & A Forum.
The paper is worth 125 total points and will be graded on quality of research topic, quality of paper information, use of citations, grammar, and sentence structure.
Documentation and Formatting
Organization and Cohesiveness
A quality paper will meet or exceed all of the above requirements.
The following are the best practices in preparing this paper.
Cover page—Include who you prepared the paper for, who prepared it, and the date.
Table of contents—List the main ideas and section of your paper and the pages in which they are located. The illustrations should be included separately.
Introduction—Use a header on your paper. This will indicate you are introducing your paper.
The purpose of an introduction or opening is to
introduce the subject and why the subject is important;
preview the main ideas and the order in which they will be covered; and
establish a tone of the document.
In the introduction, include a reason for the audience to read the paper. Also, include an overview of what you are going to cover in your paper and the importance of the material. (This should include or introduce the questions you are asked to answer on each assignment.)
Body of Your Report—Use a header titled with the name of your project (e.g., An Analysis of the Financial Statements of Nike). Then proceed to break out the main ideas. State the main ideas, state major points in each idea, and provide evidence. Break out each main idea you will use in the body of your paper. Show some type of division, such as separate sections that are labeled, separate group of paragraphs, or headers. You would include the information you found during your research and investigation.
Summary and Conclusion—Summarizing is similar to paraphrasing but presents the gist of the material in fewer words than the original. An effective summary identifies the main ideas and major support points from the body of your report. Minor details are left out. Summarize the benefits of the ideas and how they affect the tourism industry.
Work Cited—APA citations are required.
Below are additional hints on preparing the best possible project.
Apply a three-step process of writing: plan, write, and complete.
Prepare an outline of your research paper before you go forward.
Complete a first draft and then go back to edit, evaluate, and make any changes required.
Use visual communication to further clarify and support the written part of your report. You could use example graphs, diagrams, photographs, flowcharts, maps, drawings, animation, video clips, pictograms, and tables.
ACCT 312 DeVry Week 4 Midterm Exam Latest
1. Question : (TCO 1) Which creates a deferred tax liability?
An unrealized loss from recording inventory at lower cost than market.
Estimated warranty expense
Accelerated depreciation in the tax return
Question 2. Question : (TCO 1) Of the following temporary differences, which one ordinarily creates a deferred tax asset?
Intangible drilling costs
Rent received in advance
Question 3. Question : (TCO 2) Interest cost is calculated by multiplying the
ABO by the expected return on the plan assets.
ABO by the discount rate.
PBO by the expected return on plan assets.
PBO by the discount rate.
Question 4. Question : (TCO 2) Which of the following constitutes the accumulated benefit obligation?
Present value of vested benefits at present pay levels
Present value of nonvested benefits at present pay levels
Present value of additional benefits related to projected pay increases
Present value of both vested and nonvested benefits at present pay levels
Question 5. Question : (TCO 3) According to GAAP, accounting for postretirement benefits other than pensions must adhere to the
cash basis of accounting.
accrual basis of accounting.
modified accrual basis.
modified cash basis.
Question 6. Question : (TCO 4) Retained earnings represents
Question 7. Question : (TCO 4) Any dividend that is considered to be a liquidating dividend will
reduce retained earnings.
reduce paid-in capital.
increase paid-in capital.
reduce the common stock account.
Question 8. Question : (TCO 5) The most important accounting objective for executive stock options is
measuring their fair value for balance sheet purposes.
measuring and reporting the amount of compensation expense during the service period.
to disclose increases or decreases in the stock options held at the end of each accounting period.
Question 9. Question : (TCO 5) Our company granted options for 2 million shares of its $1 par common stock at the beginning of the current year. The exercise price is $35 per share, which was also the market value of the stock on the grant date. The fair value of the options was estimated at $9 per option. If the options have a vesting period of 5 years, which would be the balance in paid-in-capital stock options three years after the grant date?
A credit of $10.8 million
A credit of $18 million
A debit of $70 million
A debit of $3.6 million
Question 10. Question : (TCO 6) Which of the following is not a potential common stock?
Convertible preferred stock
Participating preferred stock
Question 11. Question : (TCO 6) Which of the following results in increasing basic earnings per share?
Paying more than carrying value to retire outstanding bonds
Issuing cumulative preferred stock
Purchasing treasury stock
All of the above
Question 12. Question : (TCO 1) Please describe a deferred tax liability. Also, please provide three examples of timing differences that result in a deferred tax liability.
Question 13. Question : (TCO 2) Please describe defined-benefit plans. Who bears this risk? What factors contribute to the amount that the employee receives upon retirement? What are the key elements of a defined-benefit plan?
Question 14. Question : (TCO 4) Differentiate the rights of common shareholders with the rights of preferred shareholders. Please list at least three rights of each type of stock.
Question 15. Question : (TCO 5) Please describe a stock option plan. What are the key dates? What are some different ways that these plans can vest?
ACCT 312 DeVry Final Exam Latest
Question 1. 1. (TCO 1) Using straight-line depreciation for financial reporting purposes and MACRS for tax purposes in the first year of an asset's life creates a (Points : 6)
future deductible amount.
permanent difference not requiring interperiod tax allocation.
deferred tax asset.
deferred tax liability.
Question 2. 2. (TCO 2) Eligibility requirements and the nature of benefits for postretirement healthcare plans usually are specified in the (Points : 6)
Question 3. 3. (TCO 3) Which of the following is not included among the assumptions needed to estimate postretirement healthcare benefits? (Points : 6)
Expected retirement age of plan participants
Life expectancy of plan participants
Return on plan assets
Question 4. 4. (TCO 4) A small stock dividend is defined as one that is (Points : 6)
less than or equal to 10%.
less than 25%.
less than or equal to 40%.
less than 40%.
Question 5. 5. (TCO 5) Stock options do not affect the calculation of (Points : 6)
weighted-average common shares.
the denominator in the diluted EPS fraction.
Question 6. 6. (TCO 7) Which of the following changes should be accounted for using the retrospective approach? (Points : 6)
A change in the estimated life of a depreciable asset
A change from straight-line to declining balance depreciation
A change from the completed-contract method of accounting for long-term construction contracts
A change to the LIFO method of costing inventories
Question 7. 7. (TCO 7) A change in depreciation method is accounted for (Points : 6)
as a cumulative adjustment to income in the year of change.
prospectively, like changes in accounting estimates.
Question 8. 8. (TCO 8) How is the amortization of patents reported in a statement of cash flows that is prepared using the indirect method? (Points : 6)
A decrease in cash flows from investing activities
An increase in cash flows from investing activities
A deduction from net income in arriving at cash flows from operations
An addition to net income in arriving at cash flows from operations
Question 9. 9. (TCO 5) Which of the following is reported as an operating activity in the statement of cash flows? (Points : 6)
The repayment of bonds payable
The sale of a building
The payment of interest on long-term notes
The issuance of a preferred stock
Question 10. 10. (TCO 6) Which of the following is not a potential common stock? (Points : 6)
Question 11. 11. (TCO 1) Please describe the differences of how IFRS differs from U.S. GAAP in respect to deferred taxes. (Points : 30)
Question 12. 12. (TCO 2) IAS 19 covers accounting for compensation plans. What are some examples of how they differ from U.S. GAAP? (Points : 30) employee services are rendered.
Question 13. 13. (TCO 4) What is a stock split? How does a stock split impact outstanding shares and the per-share market price? How do stock splits impact the financial statements? (Points : 30)
Question 14. 14. (TCO 5) Please describe three examples of dilutive securities in a complex capital structure, and discuss why they are dilutive. (Points : 30)
Question 15. 15. (TCO 7) Please describe the retrospective approach and an example of when it should be used. (Points : 35)
Question 16. 16. (TCO 8) Drexon Corp., which follows U.S. GAAP, uses the direct method to report its cash flows. The CFO is assessing the impact on cash flows of four events during the fiscal year. Specify which category each event falls under (under the direct method), and note whether it increases cash, decreases cash, or has no impact on cash.
(1) 40,000 new shares of stock are issued near the close of the fiscal year.
(2). Drexon purchases 60% of a subsidiary company.
(3). Accounts receivable decreases from $620,000 to $610,000.
(4). Dividends of $12,000 are paid on Drexon company stock. (Points : 35) Using straight-line depreciation for financial reporting purposes and MACRS for tax purposes in the first year of an asset's life creates a (Points : 6)
Question 15. 15. (TCO 7) Please describe the retrospective approach and an example of when it should be used. (Points :