CramX
RegisterLog in

ACC 290 Final Exam Study Guide

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

Michael Davis
Contributor
4.5
41
7 months ago
Preview (3 of 7 Pages)
100%
Purchase to unlock

Page 1

ACC 290 Final Exam Study Guide - Page 1 preview image

Loading page ...

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

Page 2

Page 3

Preview Mode

This document has 7 pages. Sign in to access the full document!

Study Now!

XY-Copilot AI
Unlimited Access
Secure Payment
Instant Access
24/7 Support
Document Chat

Document Details

University
University of Phoenix
Course
ACC 290
Subject
Accounting

Related Documents

View all
Solved Assignments

ACC/290 Financial Reporting Problem, Part I University of Phoenix

Analysis of financial reporting principles and problem-solving in corporate accounting.

Solved Assignments

ACC 290 Financial Reporting Problem, Part II

Part II of a financial reporting problem.

Solved Assignments

ACC/290 Financial Reporting Problem, Part II University of Phoenix

Continuation of financial reporting analysis, focusing on advanced accounting challenges.

Solved Assignments

ACC/290 Reflection Summary Week Four University of Phoenix

This reflection summarizes the content covered in Week 4, with a focus on understanding internal controls and their role in accounting.

Solved Assignments

ACC/290 Reflection Summary Week Two University of Phoenix

This reflection summarizes the key learnings from Week 2 of the ACC 290 course, focusing on accounting concepts and practical applications.

Solved Assignments

ACC/290 Financial Statement Report - University of Phoenix

This assignment involves preparing a financial statement report, analyzing financial data and key business metrics.

Solved Assignments

ACC/290 Reflection Summary Week Five University of Phoenix

This reflection summarizes Week 5�s lessons on financial reporting and analysis, focusing on key accounting principles.

Solved Assignments

ACC/290 Financial Statement Report- University of Phoenix

This report analyzes the financial statements of a company, discussing key financial indicators and their implications for business decisions.

Class Notes

Accounting

what really is accounting?

5.0
Class Notes

Master Managerial Accounting Techniques

Honors Managerial Accounting course led by Dr. Michael Newman, focusing on cost analysis, ethics, communication, and real-world application through interactive discussions, case studies, and presentations.