ACCT 312 DeVry Entire Course

ACCT 312 DeVry Entire Course 

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ACCT 312 DeVry Entire Course 

ACCT 312 DeVry Week 1 DQ 1 

Income Tax Expense and Income Taxes Payable (graded) 

What is the difference between a company’s income tax expense as shown on the financial statement and an income 

tax obligation owed to the federal government? What gives rise to these discrepancies? 


Recognition of Deferred Taxes (graded) 

What are temporary differences? What gives rise to temporary differences? Some accountants believe that deferred 

taxes should be recognized only for some temporary differences. The FASB requirement states that deferred taxes 

should be recognized for all temporary differences. Who do you agree with, and why? 


Pension Accounting and Politics (graded) 

Please select a company that has a pension plan. Describe the reporting requirements of the pension plan of the 

company you select. What does the pension plan consist of? How are the disclosures made to the plan and the pension 

costs? 


Retiree Health Benefits (graded) 

What are the primary differences in reporting benefits associated with a pension plan and those associated with postretirement 

health benefits? 


Stockholders' Equity Section (graded)

Review Illustration 18-1 in the downloadable or hard copy text (Chapter 18). This is a detailed sample stockholders' 

equity section of the balance sheet for Exposition Corporation. As you can see in the shareholders equity section of 

the balance sheet, shareholders equity is broken down into paid in capital, retained earnings of accumulated other 

comprehensive income, and treasury stock. Discuss the items and item descriptions that you find in this section. For 

example, the first item is preferred stock. What is preferred stock? What makes it different from common stock? How 

is the dollar amount shown for preferred stock determined? What is par value? Why is the preferred par value set at 

$10? 


Dividend Payments (graded) 

Compare the payment of cash dividends, stock dividends, property dividends, and liquidating dividends. What are the 

similarities and differences with respect to these types of dividends? Which form of dividend would you recommend if 

you are the chief financial officer of the company, and why? How does the purchase of treasury stock from existing 

shareholders affect the shareholders equity section of the balance sheet? Why would a company purchase stock back 

from existing shareholders? 


EPS Financial Statement Disclosures (graded) 

What is basic earnings per share? What is diluted earnings per share? What are the differences between the two? How 

are basic and diluted earnings per share reported on the income statement and footnotes to the financial statements? 

Please select a company that is of interest to you and navigate to its website and to its annual report. Please examine 

the corporations financial statement disclosures of earnings per share (income statement and footnotes). What 

disclosures do you see based on your examination? 


Effects of Dilutive Items on EPS (graded) 

Please list and discuss one item that might cause a company's basic earnings per share to become diluted. Please 

describe the circumstances under which this item would dilute earnings per share. 

ACCT 312 DeVry Week 1 Homework Latest 

Please answer the homework questions listed below, and submit them in one file to the Dropbox. 

Exercise 16-3 

Exercise 16-5 

Exercise 16-10 


Submit your assignment to the Dropbox, located at the top of this page. For instructions on how to use the Dropbox, 

read these 



Exercise 17-5 

Exercise 17-7 

Exercise 17-10




read these 



Exercise 18-5 





read these 



Exercise 19-2 

Exercise 19-5 




read these 



Exercise 20-1 





read these 





P21-4


read these 



P 21-5 

P 21-6 


read these 

ACCT 312 DeVry Week 1 Quiz 

1. Question: (TCO 1) which causes a temporary difference between taxable and pretax accounting income? 

Investment expenses incurred to generate tax-exempt income 

Prepaid rent, tax-deductible when paid 

The dividends received deduction 

Life insurance proceeds received due to the death of an executive 

Question 2. Question : (TCO 1) Which difference between financial accounting and tax accounting ordinarily creates a 

deferred tax liability? 

Interest income on municipal bonds 

Proceeds from life insurance received due to the death of an executive 

Accelerated depreciation on the tax return in excess of straight-line depreciation in the income statement 

None of the above 

Question 3. Question : (TCO 1) Which temporary difference ordinarily creates a deferred tax asset? 

Completed-contract method for long-term construction contracts for tax reporting 

Subscriptions collected in advance 

Accelerated depreciation for tax reporting 

Installment sales for tax reporting 

Question 4. Question : (TCO 1) Under current tax law, a net operating loss may be carried forward up to 

5 years. 

10 years. 

15 years. 

20 years. 

Question 5. Question : (TCO 1) In reconciling net income to taxable income, interest earned on municipal bonds is

ignored. 

a temporary difference. 

a permanent difference. 

a reversing difference. 

ACCT 312 DeVry Week 2 Quiz 

1. (TCO 2) Which causes a temporary difference between taxable and pretax accounting income? (Points : 4) 

Unrealized loss from recording investment available for sale at fair value 

Investment expenses incurred to generate tax-exempt income 

The dividends received deduction 

Life insurance proceeds received due to the death of an executive 

Question 2.2. (TCO 2) Which statement typifies defined contribution plans? (Points : 4) 

Investment risk is borne by the corporation sponsoring the plan. 

The plans are more complex than defined benefit plans. 

Present value factors are used to determine the annual contributions to the plan. 

The employer's obligation is satisfied by making the periodic contribution to the plan. 

Question 3.3. (TCO 2) Which is not a way of measuring the pension obligation? (Points : 4) 

Accumulated benefit obligation 

Vested benefit obligation 

Retiree benefit obligation 

Projected benefit obligation 

Question 4.4. (TCO 2) The PBO is increased by (Points : 4) 

Amortization of prior service cost. 

an increase in the actuary's assumed discount rate. 

an increase in the average life expectancy of employees. 

a return on plan assets that is lower than expected. 

Question 5.5. (TCO 3) Our company has a defined benefit pension plan. On December 31 (the end of the fiscal year), 

the company received the PBO report from the actuary. The following information was included in the report: ending 

PBO, $220,000; benefits paid to retirees, $20,000; interest cost, $14,400. The discount rate applied by the actuary was 

8%. Which was the beginning PBO? (Points : 4) 

$180,000 

$200,000 

$214,400

$224,000 

ACCT 312 DeVry Week 3 Quiz Latest 

Question 1.1. (TCO 4) The common stock account in a company's balance sheet is measured as (Points : 4) 

the number of common shares outstanding multiplied by the stock's par value per share. 

the number of common shares outstanding multiplied by the stock's current market value per share. 

the number of common shares issued multiplied by the stock's par value per share. 


Question 2.2. (TCO 4) Issued stock refers to the number of shares (Points : 4) 

issued for cash. 

in the hands of shareholders. 

outstanding plus treasury shares. 

that may be issued under state law. 

Question 3.3. (TCO 4) Our company declared a property dividend to give m 

our company would have 100 million shares, $8 par per share. 

the market price per share would be about $2. 

fractional shares would be issued. 

retained earnings would be reduced. 

ACCT 312 DeVry Week 5 Quiz Latest 

Question 1.1. (TCO 7) An accounting change that is reported by the prospective approach is reflected in the financial 

statements of (Points : 4) 

prior years only. 

prior years plus the current year. 

the current year only. 

current and future years. 

Question 2.2. (TCO 7) Which is not an example of a change in accounting principle? (Points : 4) 

A change from LIFO to FIFO for inventory costing 

A change to the full costing method in the extractive industries 

A change in the useful life of a depreciable asset 

A change from the cost method to the equity method of accounting for investments

Question 3.3. (TCO 7) Our company switched from double-declining balance depreciation to straight-line depreciation. 

As a result, (Points : 4) 

current income tax payable increases. 

the cumulative effect decreases current period earnings. 

prior periods' financial statements are restated. 


Question 4.4. (TCO 7) A change that uses the prospective approach is accounted for by (Points : 4) 

implementing it in the current year. 

reporting pro forma data. 

retrospective restatement of all prior financial statements in a comparative annual report. 

giving current recognition of the past effect of the change. 

Question 5.5. (TCO 7) Prior years' financial statements are restated under the (Points : 4) 

current approach. 

prospective approach. 

retrospective approach. 


ACCT 312 DeVry Course Project Latest 

Objective: 

To analyze the financial statements of a publicly traded company 

Obtain an annual report from a publicly traded corporation that is interesting to you. Be sure the company’s financial 

statements include deferred taxes, postretirement benefits, dilutive securities, and share-based compensation. 

Using techniques you have learned in the previous weeks, respond to the following questions. 

1. What amount of deferred tax assets or deferred tax liabilities are on the two most recent years on the balance 

sheet? What gives rise to these deferred taxes? What information is disclosed in the footnotes related to 

deferred taxes? Please define a deferred tax asset and deferred tax liability. 

2. What temporary and permanent differences does the company disclose in their footnotes? What are some 

other examples of temporary and permanent differences? 

3. What is the amount of income tax provision in the two most recent years on the income statement? What 

information is disclosed in the footnotes relating to income tax expense? Does the company have a net 

operating loss carry-forward or carry-back? What are the guidelines for carry-forwards and carry-backs? 

4. Does the company have a defined benefit or defined contribution plan? What are the key elements of the plan 

discussed in the footnotes? What amounts on the balance sheet relate to this plan? What are the differences 

between defined benefit and defined contribution plans? 

5. What are the earnings per share amounts disclosed on the income statement for the most recent year? What 

dilutive securities are discussed in the footnotes? Please identify and describe other examples of dilutive 

securities. How do these impact earnings per share? 

6. What kind of share-based compensation does the company have? What was compensation expense for the 

two most recent years? What are the key elements of this plan discussed in the footnotes? Please identify 

and describe other types of share-based compensation. 

7. Does the company use the direct or indirect cash flow presentation method? What is the difference between 

these two methods? How does the cash flow statement agree to the other financial statements?

8. What investing and financing activities does the company have? What are some other examples of investing 

and financing activities? 

9. What noncash transactions does the company have on its cash flow statement? What are some other 

examples of noncash transactions? 

Guidelines 

 

 

 

 

 

 

 

Papers must be at least 1,800 words, 7–10 pages in length, double-spaced, in a 12-point font. Include a cover 

page, table of contents, introduction, report body, summary or conclusion, and works cited. 

Even though this is not a scientific-type writing assignment, references are still very important. At least three 

authoritative, outside references are required (anonymous authors or web pages are not acceptable). These 

should be listed on the last page titled works cited. 

APA citations are required. 

All DeVry University policies are in effect, including the plagiarism policy. 

The paper is due during Week 6 of this course. 

Any questions about this paper may be discussed in the weekly Q & A Forum. 

The paper is worth 125 total points and will be graded on quality of research topic, quality of paper information, 

use of citations, grammar, and sentence structure. 

Grading Rubrics 

Category Points % Description 

Documentation and Formatting 12.5 10 

Organization and Cohesiveness 12.5 10 

Editing 12.5 10 

Content 87.5 70 

Total 125 100 

A quality paper will meet or exceed all of the above 

requirements. 

Best Practices 

The following are the best practices in preparing this paper. 

 

 

 

Cover page—Include who you prepared the paper for, who prepared it, and the date. 

Table of contents—List the main ideas and section of your paper and the pages in which they are located. 

The illustrations should be included separately. 

Introduction—Use a header on your paper. This will indicate you are introducing your paper. 

The purpose of an introduction or opening is to 

1. introduce the subject and why the subject is important; 

2. preview the main ideas and the order in which they will be covered; and 

3. establish a tone of the document. 

In the introduction, include a reason for the audience to read the paper. Also, include an overview of what you are going 

to cover in your paper and the importance of the material. (This should include or introduce the questions you are asked 

to answer on each assignment.) 

 

Body of Your Report—Use a header titled with the name of your project (e.g., An Analysis of the Financial 

Statements of Nike). Then proceed to break out the main ideas. State the main ideas, state major points in 

each idea, and provide evidence. Break out each main idea you will use in the body of your paper. Show some

type of division, such as separate sections that are labeled, separate group of paragraphs, or headers. You 

would include the information you found during your research and investigation. 

Summary and Conclusion—Summarizing is similar to paraphrasing but presents the gist of the material 

in fewer words than the original. An effective summary identifies the main ideas and major support points from 

the body of your report. Minor details are left out. Summarize the benefits of the ideas and how they affect the 

tourism industry. 

Work Cited—APA citations are required. 

Below are additional hints on preparing the best possible project. 

 

 

 

 

Apply a three-step process of writing: plan, write, and complete. 

Prepare an outline of your research paper before you go forward. 

Complete a first draft and then go back to edit, evaluate, and make any changes required. 

Use visual communication to further clarify and support the written part of your report. You could use example 

graphs, diagrams, photographs, flowcharts, maps, drawings, animation, video clips, pictograms, and tables. 

ACCT 312 DeVry Week 4 Midterm Exam Latest 

1. Question : (TCO 1) Which creates a deferred tax liability? 

An unrealized loss from recording inventory at lower cost than market. 

Estimated warranty expense 

Subscriptions collected in advance 

Accelerated depreciation in the tax return 

Question 2. Question : (TCO 1) Of the following temporary differences, which one ordinarily creates a deferred tax 

asset? 

Intangible drilling costs 

MACRS depreciation 

Installment sales 

Rent received in advance 

Question 3. Question : (TCO 2) Interest cost is calculated by multiplying the 

ABO by the expected return on the plan assets. 

ABO by the discount rate. 

PBO by the expected return on plan assets. 

PBO by the discount rate. 

Question 4. Question : (TCO 2) Which of the following constitutes the accumulated benefit obligation? 

Present value of vested benefits at present pay levels 

Present value of nonvested benefits at present pay levels 

Present value of additional benefits related to projected pay increases 

Present value of both vested and nonvested benefits at present pay levels

Question 5. Question : (TCO 3) According to GAAP, accounting for postretirement benefits other than pensions must 

adhere to the 

cash basis of accounting. 

accrual basis of accounting. 

modified accrual basis. 

modified cash basis. 

Question 6. Question : (TCO 4) Retained earnings represents 

earned capital. 

cash. 

assets. 

net assets. 

Question 7. Question : (TCO 4) Any dividend that is considered to be a liquidating dividend will 

reduce retained earnings. 

reduce paid-in capital. 

increase paid-in capital. 

reduce the common stock account. 

Question 8. Question : (TCO 5) The most important accounting objective for executive stock options is 

measuring their fair value for balance sheet purposes. 

measuring and reporting the amount of compensation expense during the service period. 

to disclose increases or decreases in the stock options held at the end of each accounting period. 


Question 9. Question : (TCO 5) Our company granted options for 2 million shares of its $1 par common stock at the 

beginning of the current year. The exercise price is $35 per share, which was also the market value of the stock on the 

grant date. The fair value of the options was estimated at $9 per option. If the options have a vesting period of 5 years, 

which would be the balance in paid-in-capital stock options three years after the grant date? 

A credit of $10.8 million 

A credit of $18 million 

A debit of $70 million 

A debit of $3.6 million 

Question 10. Question : (TCO 6) Which of the following is not a potential common stock? 

Convertible preferred stock 

Convertible bonds

Stock rights 

Participating preferred stock 

Question 11. Question : (TCO 6) Which of the following results in increasing basic earnings per share? 

Paying more than carrying value to retire outstanding bonds 

Issuing cumulative preferred stock 

Purchasing treasury stock 

All of the above 

Question 12. Question : (TCO 1) Please describe a deferred tax liability. Also, please provide three examples of timing 

differences that result in a deferred tax liability. 

Question 13. Question : (TCO 2) Please describe defined-benefit plans. Who bears this risk? What factors contribute 

to the amount that the employee receives upon retirement? What are the key elements of a defined-benefit plan? 

Question 14. Question : (TCO 4) Differentiate the rights of common shareholders with the rights of preferred 

shareholders. Please list at least three rights of each type of stock. 

Question 15. Question : (TCO 5) Please describe a stock option plan. What are the key dates? What are some different 

ways that these plans can vest? 

ACCT 312 DeVry Final Exam Latest 

Question 1. 1. (TCO 1) Using straight-line depreciation for financial reporting purposes and MACRS for tax purposes 

in the first year of an asset's life creates a (Points : 6) 

future deductible amount. 

permanent difference not requiring interperiod tax allocation. 

deferred tax asset. 

deferred tax liability. 

Question 2. 2. (TCO 2) Eligibility requirements and the nature of benefits for postretirement healthcare plans usually 

are specified in the (Points : 6) 

written plan. 

informal plan. 

substantive plan. 

severance plan. 

Question 3. 3. (TCO 3) Which of the following is not included among the assumptions needed to estimate postretirement 

healthcare benefits? (Points : 6) 

Employee turnover

Expected retirement age of plan participants 

Life expectancy of plan participants 

Return on plan assets 

Question 4. 4. (TCO 4) A small stock dividend is defined as one that is (Points : 6) 

less than or equal to 10%. 

less than 25%. 

less than or equal to 40%. 

less than 40%. 

Question 5. 5. (TCO 5) Stock options do not affect the calculation of (Points : 6) 

basic EPS. 

weighted-average common shares. 

the denominator in the diluted EPS fraction. 

diluted EPS. 

Question 6. 6. (TCO 7) Which of the following changes should be accounted for using the retrospective approach? 

(Points : 6) 

A change in the estimated life of a depreciable asset 

A change from straight-line to declining balance depreciation 

A change from the completed-contract method of accounting for long-term construction contracts 

A change to the LIFO method of costing inventories 

Question 7. 7. (TCO 7) A change in depreciation method is accounted for (Points : 6) 

retrospectively. 

as a cumulative adjustment to income in the year of change. 

prospectively, like changes in accounting estimates. 


Question 8. 8. (TCO 8) How is the amortization of patents reported in a statement of cash flows that is prepared using 

the indirect method? (Points : 6) 

A decrease in cash flows from investing activities 

An increase in cash flows from investing activities 

A deduction from net income in arriving at cash flows from operations 

An addition to net income in arriving at cash flows from operations

Question 9. 9. (TCO 5) Which of the following is reported as an operating activity in the statement of cash flows? (Points 

: 6) 

The repayment of bonds payable 

The sale of a building 

The payment of interest on long-term notes 

The issuance of a preferred stock 

Question 10. 10. (TCO 6) Which of the following is not a potential common stock? (Points : 6) 

Convertible preferred stock 

Convertible bonds 

Stock rights 

Participating preferred stock 

Question 11. 11. (TCO 1) Please describe the differences of how IFRS differs from U.S. GAAP in respect to deferred 

taxes. (Points : 30) 

Question 12. 12. (TCO 2) IAS 19 covers accounting for compensation plans. What are some examples of how they 

differ from U.S. GAAP? (Points : 30) employee services are rendered. 

Question 13. 13. (TCO 4) What is a stock split? How does a stock split impact outstanding shares and the per-share 

market price? How do stock splits impact the financial statements? (Points : 30) 

Question 14. 14. (TCO 5) Please describe three examples of dilutive securities in a complex capital structure, and 

discuss why they are dilutive. (Points : 30) 

Question 15. 15. (TCO 7) Please describe the retrospective approach and an example of when it should be used. 

(Points : 35) 

Question 16. 16. (TCO 8) Drexon Corp., which follows U.S. GAAP, uses the direct method to report its cash flows. The 

CFO is assessing the impact on cash flows of four events during the fiscal year. Specify which category each event 

falls under (under the direct method), and note whether it increases cash, decreases cash, or has no impact on cash. 

(1) 40,000 new shares of stock are issued near the close of the fiscal year. 

(2). Drexon purchases 60% of a subsidiary company. 

(3). Accounts receivable decreases from $620,000 to $610,000. 

(4). Dividends of $12,000 are paid on Drexon company stock. (Points : 35)

ACCT 312 DeVry Entire Course

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