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ACC 290 Final Exam Study Guide

A study guide to help students prepare for the final exam, covering key accounting concepts.

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    ACC 290 Final Exam Study Guide Let’s get started… Q 8 – Under IFRS Comparative prior - period information must be presented and financial statements must be provided annually. Explanation: See IFRS financial reporting requirement here: http://www.iasplus.com/en/standards/ias/ias1 Q 10 - Similarities between International Financial Reporting Standards (IFRS) and U.S. GAAP include all of the fo llowing except : Both IFRS and U.S. GAAP allow revaluation of items such as land and buildings to fair value. Explanation: Both IFRS and GAAP have different requirements about the measurement and process for revaluating fixed assets to fair value. Q 40 - Which of the following is not one of the main factors that contribute to fraudulent activity? Incompatible duties. Explanation: While incompatible duties may effect business performance, they do not contribute to fraudulent activity. Q 60 - At December 31, 2014 Mohling Company's inventory records indicated a balance of $602,000. Upon further investigation it was determined that this amount included the following: ▪ $112,000 in inventory purchases made by Mohling shipped from the seller 12/27/14 terms 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. The goods are not expected to reach their destination until January 6th ▪ $6,000 of goods received on consignment from Dollywood Company What is Mohling's correct ending inventory balance at December 31, 2014? $484,000

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    Explanation: Subtract 112,000 for FOB goods received after 12/31 and subtract 6,000 for goods on consignment. Q 75 – Olympus Climbers Company has the following inventory data: July 1 7 22 Beginning inventory Purchases Purchases 20 units at $19 70 units at $20 10 units at $22 $380 1,400 220 $2,000 A physical count of merchandise inventory on July 30 reveals that there are 32 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is $1,340 Q 78 - The following is selected information from L Corporation for the fiscal year ending October 31, 2014 Based on the accrual basis of accounting, what is L Corporation's net income for the year ending October 31, 2014 $174,000 Q 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 reliable basis 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 2014 What is La More's 2013 net income using cash basis accounting?

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