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ACCT 304 DeVry Week 1 Complete Work Latest

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ACCT 304 DeVry Week 1 Complete Work Latest

ACCT 304 DeVry Week 1 DQ 1 Development of Accounting Standards

Generally Accepted Accounting Principles (GAAP) are guidelines for companies to follow as they prepare and issue financial statements. Let’s start by getting an understanding of why the guidelines were developed in the first place? Who relies on the financial statements (external users)? What happens if an External User relies on financial statements that are inaccurate? What negative consequences can arise from relying on inaccurate financial statements?

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ACCT 304 DeVry Week 1 DQ 2 Accounting Conceptual Framework

A sound foundation is necessary for success in any task from building a house to putting on make-up. In terms of U.S. Accounting Standards, it is also necessary to have a sound foundation, referred to as the conceptual framework. Let’s discuss it step by step starting with the objective. What is the objective of accounting standards?

ACCT 304 DeVry Week 1 Quiz

(TCO 1) The SEC issues accounting standards in the form of

accounting research bulletins.

financial reporting releases.

financial accounting standards.

financial technical bulletins.

Question 2. Question : (TCO 2) The conceptual framework’s qualitative characteristic of relevance includes

predictive value.

verifiability.

completeness.

neutrality.

Question 3. Question : (TCO 3) Hughes Aircraft sold a four-passenger airplane for $380,000, receiving a $50,000 down payment and a 12% note for the balance. The journal entry to record this sale would include a

credit to cash.

debit to cash discount.

debit to note receivable.

credit to note receivable.

Question 4. Question : (TCO 3) Cal Farms reported a supplies expense of $2,000,000 this year. The supplies account decreased by $200,000 during the year to an ending balance of $400,000. What was the cost of supplies Cal Farms purchased during the year?

$1,600,000

$1,800,000

$2,200,000

$2,400,000

Question 5. Question : (TCO 3) The purpose of closing entries is to transfer

accounts receivable to retained earnings when an account is fully paid.

balances in temporary accounts to a permanent account.

inventory to cost of goods sold when merchandise is sold.

assets and liabilities when operations are discontinued.