ACC 290 Final Exam Study Guide

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ACC 290 Final Exam Study GuideLet’s get started…Q 8–Under IFRSComparative prior-period information must be presented and financial statementsmust be provided annually.Explanation: See IFRS financial reporting requirement here:http://www.iasplus.com/en/standards/ias/ias1Q 10-Similarities between InternationalFinancial Reporting Standards (IFRS) and U.S.GAAP include all of the following except:Both IFRS and U.S. GAAP allow revaluation of items such as land and buildings to fairvalue.Explanation: Both IFRS and GAAP have different requirements about themeasurement and process for revaluating fixed assets to fair value.Q 40-Which of the following is not one of the main factors that contribute tofraudulent activity?Incompatible duties.Explanation: While incompatible duties may effect business performance, they do notcontribute to fraudulent activity.Q 60-At December 31, 2014 Mohling Company's inventory records indicated a balanceof $602,000. Upon further investigation it was determined that this amount includedthe following:▪$112,000 in inventory purchases made by Mohling shipped from the seller 12/27/14terms FOB destination, but not due to be received until January 2nd▪$74,000 in goods sold by Mohling with terms FOB destination on December 27th. Thegoods are not expected to reach their destination until January 6th▪$6,000 of goods received on consignment from Dollywood CompanyWhat is Mohling's correct ending inventory balance at December 31, 2014?$484,000

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Explanation: Subtract 112,000 forFOBgoods received after 12/31 and subtract 6,000for goods on consignment.Q 75–Olympus Climbers Company has the following inventory data:July 1722Beginning inventoryPurchasesPurchases20 units at $1970 units at $2010 units at $22$3801,400220$2,000Aphysical count of merchandise inventory on July 30 reveals that there are 32 units onhand. Using the FIFO inventory method, the amount allocated tocost of goods sold for July is$1,340Q 78-The following is selected information from L Corporation for the fiscal year endingOctober 31, 2014Based on the accrual basis of accounting, what is L Corporation's net income for the yearending October 31, 2014$174,000Q 78-What is the rationale for the internal control principle, segregation of duties?The work of one employee should, without duplication of effort, provide a reliablebasis for evaluating the work of another employee.Q 81-La More Company had the Following transactions during 2013.• Sa les of $4,500 on account• Collected$2,000 For services to be performed in 2014• Paid $1,325 cash in salaries• Purchased ai rline tickets For $250 in December For a trip to take place in 2014What is La More's 2013 net income using cash basis accounting?

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