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OMM 622 Week 5 Discussion Ashford University

OMM 622 Week 5 Discussion Ashford

University

The Quality of Financial Information

Referencing this week’s readings and lecture, describe the quality issues related to

reporting revenue. What is the importance of understanding various inventory valuation

methods in determining the quality of reported profits?

Just as quality in products can influence a company’s reputation, so too can the quality of its

financial reports. Investors, s...
OMM 622 Week 5 Discussion 1 2024-2025 Ashford University
Last document update:
ago
OMM 622 Week 5 Discussion Ashford University

OMM 622 Week 5 Discussion Ashford

University

The Quality of Financial Information

Referencing this week’s readings and lecture, describe the quality issues related to

reporting revenue. What is the importance of understanding various inventory valuation

methods in determining the quality of reported profits?

Just as quality in products can influence a company’s reputation, so too can the quality of its

financial reports. Investors, s...
ASSISTED LIVING FACILITY MANAGER STUDY GUIDE / 300 QUESTIONS AND ANSWERS ALL CORRECT/ GRADED A + 2023/2024.
Exam (elaborations) • 17
pages
• 2023
ASSISTED LIVING FACILITY

MANAGER STUDY GUIDE /

300 QUESTIONS AND

ANSWERS

ALL CORRECT/ GRADED A +

2023/2024.

Assisted Living Facility Manager

2023

1. HVAC: heating, ventilation, and air conditioning

2. abuse: use (something) to bad effect or for a bad purpose; misuse.

3. accessibility: handiness: the quality of being at hand when needed

4. accident reporting: In a health care facility, such as a hospital, nursing home, or

assisted living, an incident report or accident report is a for...
ASSISTED LIVING FACILITY MANAGER STUDY GUIDE / 300 QUESTIONS AND ANSWERS ALL CORRECT/ GRADED A + 2023/2024.
Last document update:
ago
ASSISTED LIVING FACILITY

MANAGER STUDY GUIDE /

300 QUESTIONS AND

ANSWERS

ALL CORRECT/ GRADED A +

2023/2024.

Assisted Living Facility Manager

2023

1. HVAC: heating, ventilation, and air conditioning

2. abuse: use (something) to bad effect or for a bad purpose; misuse.

3. accessibility: handiness: the quality of being at hand when needed

4. accident reporting: In a health care facility, such as a hospital, nursing home, or

assisted living, an incident report or accident report is a for...
1

Which of the following is a major advantage to forming a corporation?

•	

Lenders of a corporation do not have the right to claim the corporation's assets to pay its debts.

•	

The income from a corporation is not taxed.

•	

Stockholders have limited liability for the debts of the corporation.

•	

A corporation is usually managed by its owners.

CONCEPT

Businesses and Organizations

2

Which of the principles below does Val follow when she reviews her records to make sure th...
Sophia Pathways Accounting - Final Milestone
Last document update:
ago
1

Which of the following is a major advantage to forming a corporation?

•	

Lenders of a corporation do not have the right to claim the corporation's assets to pay its debts.

•	

The income from a corporation is not taxed.

•	

Stockholders have limited liability for the debts of the corporation.

•	

A corporation is usually managed by its owners.

CONCEPT

Businesses and Organizations

2

Which of the principles below does Val follow when she reviews her records to make sure th...
ACC 561 FINAL EXAM 3 QUESTIONS AND ANSWERS LATEST 2023/2024 GRADED A+
Exam (elaborations) • 3
pages
• 2023
ACC 561 FINAL EXAM 3



1.	At September 1, 2017, Baxter Inc. reported Retained Earnings of $423,000. During the month, Baxter generated revenues of $60,000, incurred expenses of $36,000, purchased equipment for $15,000 and paid dividends of $6,000. What is the balance in Retained Earnings at September 30, 2017

$441,000 credit

2.	The investigation of materials price variance usually begins in the

Purchasing department

3.	Scorpion Production Company planned to use 1 yard of plastic per unit b...
ACC 561 FINAL EXAM 3 QUESTIONS AND ANSWERS LATEST 2023/2024 GRADED A+
Last document update:
ago
ACC 561 FINAL EXAM 3



1.	At September 1, 2017, Baxter Inc. reported Retained Earnings of $423,000. During the month, Baxter generated revenues of $60,000, incurred expenses of $36,000, purchased equipment for $15,000 and paid dividends of $6,000. What is the balance in Retained Earnings at September 30, 2017

$441,000 credit

2.	The investigation of materials price variance usually begins in the

Purchasing department

3.	Scorpion Production Company planned to use 1 yard of plastic per unit b...
ACC 561 FINAL EXAM 2



1.	Danner Corporation reported net sales of $650,000, $720,000, and $780,000 in the years 2016, 2017, and 2018, respectively. If 2016 is the base year, what percentage do 2018 sales represent of the base?

a. 2018 net sales / base year 2016 net sales = 780,000 / 650,000 = 1.2

1.2 x 100% = 120%

The answer is 120%



2.	Ben Gordon, Inc. manufactures 2 products, wheels and seats. The company has estimated its overhead in the assembling department to be $660,000. The compan...
ACC 561 FINAL EXAM 2 QUESTIONS AND ANSWERS ALREADY GRADED A
Last document update:
ago
ACC 561 FINAL EXAM 2



1.	Danner Corporation reported net sales of $650,000, $720,000, and $780,000 in the years 2016, 2017, and 2018, respectively. If 2016 is the base year, what percentage do 2018 sales represent of the base?

a. 2018 net sales / base year 2016 net sales = 780,000 / 650,000 = 1.2

1.2 x 100% = 120%

The answer is 120%



2.	Ben Gordon, Inc. manufactures 2 products, wheels and seats. The company has estimated its overhead in the assembling department to be $660,000. The compan...
ACC 561 FINAL EXAM 4



1.	Question 1

The entry to record the acquisition of raw materials on account is:

Correct

(B) Raw Materials Inventory&...

2.	Question 2

Which of the following statements concerning users of accounting information is incorrect?

Correct

(D) Regulatory authorities ...

3.	Question 3

The Mac Company has four plants nationwide that cost $350 million. The current fair value of the plants is $300 million. The plants will be reported as assets at:

Correct

(A) $350 milli...
ACC 561 FINAL EXAM 4 Questions and Answers Verified and Rated A+
Last document update:
ago
ACC 561 FINAL EXAM 4



1.	Question 1

The entry to record the acquisition of raw materials on account is:

Correct

(B) Raw Materials Inventory&...

2.	Question 2

Which of the following statements concerning users of accounting information is incorrect?

Correct

(D) Regulatory authorities ...

3.	Question 3

The Mac Company has four plants nationwide that cost $350 million. The current fair value of the plants is $300 million. The plants will be reported as assets at:

Correct

(A) $350 milli...
ACC 561 FINAL EXAM 1



1.	Question 1

The entry to record the acquisition of raw materials on account is:

Correct

(B) Raw Materials Inventory&...

2.	Question 2

Which of the following statements concerning users of accounting information is incorrect?

Correct

(D) Regulatory authorities ...

3.	Question 3

The Mac Company has four plants nationwide that cost $350 million. The current fair value of the plants is $300 million. The plants will be reported as assets at:

Correct

(A) $350 milli...
ACC 561 FINAL EXAM 1 QUESTIONS AND ANSWERS LATEST 2023/2024 RATED A+
Last document update:
ago
ACC 561 FINAL EXAM 1



1.	Question 1

The entry to record the acquisition of raw materials on account is:

Correct

(B) Raw Materials Inventory&...

2.	Question 2

Which of the following statements concerning users of accounting information is incorrect?

Correct

(D) Regulatory authorities ...

3.	Question 3

The Mac Company has four plants nationwide that cost $350 million. The current fair value of the plants is $300 million. The plants will be reported as assets at:

Correct

(A) $350 milli...
Test Bank For Advanced Accounting 12th Edition Beams et al.
Exam (elaborations) • 30
pages
• 2023
Test Bank For Advanced Accounting 12th Edition Beams et al. Which of the following is correct?

A) No consolidation working paper entry is required for this transaction in 2014.

B) A consolidation working paper entry is required only if the subsidiary was less than 100% owned

in 2014.

C) A consolidation working paper entry is required each year that Sidd has the land.

D) A consolidated working paper entry was required only if the land was held for resale in 2014.

Answer: C

Objective: LO1

...
Test Bank For Advanced Accounting 12th Edition Beams et al.
Last document update:
ago
Test Bank For Advanced Accounting 12th Edition Beams et al. Which of the following is correct?

A) No consolidation working paper entry is required for this transaction in 2014.

B) A consolidation working paper entry is required only if the subsidiary was less than 100% owned

in 2014.

C) A consolidation working paper entry is required each year that Sidd has the land.

D) A consolidated working paper entry was required only if the land was held for resale in 2014.

Answer: C

Objective: LO1

...
Sophia Pathways Accounting - Final Milestone (100% CORRECT)
Exam (elaborations) • 15
pages
• 2023
1

Which of the following is a major advantage to forming a corporation?

•	

Lenders of a corporation do not have the right to claim the corporation's assets to pay its debts.

•	

The income from a corporation is not taxed.

•	

Stockholders have limited liability for the debts of the corporation.

•	

A corporation is usually managed by its owners.

CONCEPT

Businesses and Organizations

2

Which of the principles below does Val follow when she reviews her records to make sure th...
Sophia Pathways Accounting - Final Milestone (100% CORRECT)
Last document update:
ago
1

Which of the following is a major advantage to forming a corporation?

•	

Lenders of a corporation do not have the right to claim the corporation's assets to pay its debts.

•	

The income from a corporation is not taxed.

•	

Stockholders have limited liability for the debts of the corporation.

•	

A corporation is usually managed by its owners.

CONCEPT

Businesses and Organizations

2

Which of the principles below does Val follow when she reviews her records to make sure th...
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