ACC 290 (ACC290)

Wk 2 Discussion – Financial Statement Accounts As the bookkeeper of a new start-up company, you are responsible for keeping the chart of accounts up to date. At the end of each year, you analyze the accounts to verify that each one should be active for the accumulation of costs, revenues, and expenses. In July, the accounts payable (A/P) clerk asked you to open an account named New Expenses. You know an account name should be specific and well defined, and you're afraid the A/P clerk might...

Wk 1 Discussion – Past Business Transactions You are employed as an accountant for Innovative Computing. Your company is in the process of signing a large contract with an electronics components supplier. You have a friend who works for the electronics components supplier, and you are aware of the company having trouble paying bills. Respond to the following in a minimum of 175 words: • Explain why you should or should not report this to your employer before the purchase.

15. The revenue recognition principle dictates that revenue should be recognized in the accounting records: a. when the performance obligation is satisfied. 16. Merchandising companies that sell to retailers are known as a. wholesalers. 17. Gross profit equals the difference between a. sales revenue and cost of goods sold. 18. Net income will result if gross profit exceeds a. operating expenses. 19. Under the perpetual system, cash freight costs incurred by the buyer for the tran...

EXAM REVIEW

ACC 290 - Week 4: Broadening Your Perspective 5-1 Quiz. Questions and Answers. Broadening Your Perspective 5-1 The financial statements of Tootsie Roll are presented below. TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data) For the year ended December 31, 2011 2010 2009 Net product sales $528,369 $517,149 $495,592 Rental and royalty revenue 4,136 4,299 3,739 Total ...