ACCT 304 DeVry Week 1 Complete Work Latest
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<strong>ACCT</strong> <strong>304</strong> <strong>DeVry</strong> <strong>Week</strong> 1 <strong>Complete</strong> <strong>Work</strong> <strong>Latest</strong><br />
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<strong>ACCT</strong> <strong>304</strong> <strong>DeVry</strong> <strong>Week</strong> 1 <strong>Complete</strong> <strong>Work</strong> <strong>Latest</strong><br />
<strong>ACCT</strong> <strong>304</strong> <strong>DeVry</strong> <strong>Week</strong> 1 DQ 1 Development of Accounting Standards<br />
Generally Accepted Accounting Principles (GAAP) are guidelines for companies to follow as they prepare and issue<br />
financial statements. Let’s start by getting an understanding of why the guidelines were developed in the first place?<br />
Who relies on the financial statements (external users)? What happens if an External User relies on financial statements<br />
that are inaccurate? What negative consequences can arise from relying on inaccurate financial statements?<br />
This section lists options that can be used to view responses.<br />
<strong>ACCT</strong> <strong>304</strong> <strong>DeVry</strong> <strong>Week</strong> 1 DQ 2 Accounting Conceptual Framework<br />
A sound foundation is necessary for success in any task from building a house to putting on make-up. In terms of U.S.<br />
Accounting Standards, it is also necessary to have a sound foundation, referred to as the conceptual framework. Let’s<br />
discuss it step by step starting with the objective. What is the objective of accounting standards?<br />
<strong>ACCT</strong> <strong>304</strong> <strong>DeVry</strong> <strong>Week</strong> 1 Quiz<br />
(TCO 1) The SEC issues accounting standards in the form of<br />
accounting research bulletins.<br />
financial reporting releases.<br />
financial accounting standards.<br />
financial technical bulletins.<br />
Question 2. Question : (TCO 2) The conceptual framework's qualitative characteristic of relevance includes<br />
predictive value.<br />
verifiability.<br />
completeness.
neutrality.<br />
Question 3. Question : (TCO 3) Hughes Aircraft sold a four-passenger airplane for $380,000, receiving a $50,000 down<br />
payment and a 12% note for the balance. The journal entry to record this sale would include a<br />
credit to cash.<br />
debit to cash discount.<br />
debit to note receivable.<br />
credit to note receivable.<br />
Question 4. Question : (TCO 3) Cal Farms reported a supplies expense of $2,000,000 this year. The supplies account<br />
decreased by $200,000 during the year to an ending balance of $400,000. What was the cost of supplies Cal Farms<br />
purchased during the year?<br />
$1,600,000<br />
$1,800,000<br />
$2,200,000<br />
$2,400,000<br />
Question 5. Question : (TCO 3) The purpose of closing entries is to transfer<br />
accounts receivable to retained earnings when an account is fully paid.<br />
balances in temporary accounts to a permanent account.<br />
inventory to cost of goods sold when merchandise is sold.<br />
assets and liabilities when operations are discontinued.
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