Devry ACCT 251 Entire Course
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Question
week 1
Underestimating/Overestimating Peachtree (graded)
Automated accounting information systems, such as Peachtree Complete Accounting 2010, are powerful business
tools. Identify and discuss how we may overestimate or underestimate the power of accounting information systems
such as Peachtree Complete Accounting 2010.
This section lists options that can be used to view responses.
Accounting Knowledge (graded)
Many of you have taken at least one accounting class prior to taking this class. Explain how a person's understanding
of accounting may help or hurt him or her in his or her use of automated accounting information systems like
Peachtree Complete Accounting 2010.
week2
Maintaining Vendor Relationships (graded)
As you know, maintaining a strong & dependable relationship with your vendors is crucial to your business. How can
systems like Peachtree Complete Accounting 2010 help you to maintain this relationship?
Payment Options (graded)
Most businesses allow their customers to use a variety of options (credit cards, store credit, check, cash, or e-cash
like PayPal) when making payments. What are some of the challenges in offering a wide variety of payment options
for firms that use systems like Peachtree Complete Accounting 2010?
week 3
Employee Data (graded)
Assume that you have employees who live in one state and work in another. How does this affect your set up and use
of an automated accounting system such as Peachtree Complete Accounting 2010 for payroll processing?
Chart of Accounts (graded)
Most automated accounting systems provide you with a chart of account (general ledger) that is already established.
What are the challenges in relying on a pre-established chart of account?
week 4
Job Costing Challenges (graded)
What are some of the challenges a bookkeeper will face when trying to utilize job costing in using Peachtree
Complete Accounting 2010?
Financial Statements (graded)
You have created financial statements from your other accounting classes. These financial statements were created
manually. How similar and/or different are these statements from the ones generated in an automated accounting
system like Peachtree Complete Accounting 2010?
week 5
Journals & Ledgers (graded)
What are the similarities and differences between manual-based journals/ledgers and automated accounting system
journals/ledgers?
Closing the Books (graded)
As you close your books, what source document(s) are needed to help your close your books in an automated
accounting systems?
week 6
Data Needed for Purchasing Activities (graded)
In order topurchase goods & services via an automated accounting system, we know that vendor data must be
created correctly in Peachtree. Identify and discuss what is needed to be set-up correctly in Peachtree Complete
Accounting 2010.
Data Needed for Sales Activities (graded)
In order to sell goods & services via an automated accounting system, we know that customer data must be created
correctly in Peachtree. Identify and discuss what additional is needed to be set-up correctly in Peachtree Complete
Accounting 2010.
week 7
Selection of an Inventory Method (graded)
There are several inventory methods that a firm can choose to use. How does a firm's business type affects its selection of an inventory method in automated systems like Peachtree Complete Accounting 2010?
Payroll Reference Data (graded)
In order to process payroll correctly in an computerized accounting system, there are some important reference
tables that must be updated on a periodic basis. Identify at least two key tables and explain their importance.
quizes
Question 2. Question : (TCO 1) The file extension for Peachtree backup files is:
Question 3. Question : (TCO 1) Commands that Peachtree automatically selects are called:
Question 4. Question : (TCO 2) In the computer accounting cycle, the following report is not included:
Question 5. Question : (TCO 6) The customer ID for Teesdale Real Estate is:
Question 6. Question : (TCO 6) On the Navigation Bar, make the following selections to enter a customer receipt:
Question 7. Question : (TCO 6) Peachtree's Accounts Receivable system includes:
Question 8. Question : (TCO 7) On the Navigation Bar, make the following selections to make a general journal
entry:
Question 9. Question : (TCO 7) To transfer money to the money market fund, make the following type of entry:
Question 10. Question : (TCO 7) If your GL Account columns and A/P Account field are not displayed on the
Question 11. Question : (TCO 9) Alphabetic characters in Peachtree are:
Question 12. Question : (TCO 9) The purchase account for Anderson's Landscaping is:
Question 13. Question : (TCO 9) The following accounts are debited and credited when you purchase inventory on
account:
Question 14. Question : (TCO 10) To set up specific guidelines for individual employees, make these selections:
Question 15. Question : (TCO 10) On the Navigation Bar, make the following selections to enter paychecks for an
employee:
Question 16. Question : (TCO 10) To backup your work in Chapter 4, before completing the end-of-chapter
exercises, the following file name is suggested:
(TCO 1) The balance sheet lists:
Question 2. Question :
(TCO 1) The Income Statement's net income or (net loss) is also shown on the:
Question 3. Question :
(TCO 1) To use Peachtree's masking feature, do the following to an account number.
Question 4. Question :
(TCO 2) The sample company chart of accounts that you use as the model for Chapter 9's business is:
Question 5. Question :
(TCO 2) The chart of accounts is:
Question 6. Question :
(TCO 2) The account type for Account No. 3920 (Vernon Firestone) [or your name] capital is:
Question 7. Question :
(TCO 3) In Chapter 11, the ______________________________ is completed before recording and posting the end-
of-quarter adjusting entries.
Question 8. Question :
(TCO 3) To print a post-closing trial balance, you need to:
Question 9. Question :
(TCO 4) If your journals do not agree with the textbook illustrations, use the following Peachtree feature:
Question 10. Question :
(TCO 4) The December 31 balance in Mr. Firestone's retained earnings account (Account No. 3910) is:
Question 11. Question :
(TCO 5) To change an entry on the Write Checks window or Receipts window, do this:
Question 12. Question :
(TCO 5) The Write Checks window automatically debits the following account:
Question 13. Question :
(TCO 5) In Chapter 10, you do the following:
Question 14. Question :
(TCO 6) On the Navigation Bar, make the following selections to apply the sale of an irrigation system to the Franklin
Botanical Gardens job:
Question 15. Question :
(TCO 6) The start date for the Franklin Botanical Gardens job is:
Question 16. Question :
(TCO 6) After completing the exercises in Chapter 5, restore the following backup to start Chapter 6:
course proj
Course Project: Peachtree ProjectNote!
Submit your assignment to the Dropbox located on the silver tab at the top of this page.
(See the Syllabus section "Due Dates for Assignments & Exams" for due dates.)
Your Assignment| Grading Rubrics
Checklist of Printouts, Project 1: Mesa Computer Club
1 Chart of Accounts
2 Account Reconciliation
3 Account Register
4 General Ledger Trial Balance (unadjusted)
5 December 31, 2010 General Journal
6 Cash Disbursement Journal
7 General Ledger Trial Balance (adjusted)
8 General Ledger
9 Balance Sheet
10 Income Statement
Checklist of Printouts, Project 1: Mesa Computer Club
11 Statement of Retained Earnings
12 Statement of Cash Flow
13 Statement of Changes in Financial Position
14 Postclosing Trial Balance
Once you have completed this assignment, you will post your assignment to the Course Projectdrop box. If you post
it to the wrong drop box, your assignment will not be graded. In addition, once the project has been submitted and
graded, you cannot resubmit to include missing documents. See Syllabus/"Due Dates for Assignments & Exams" for
due dates.
Grading Rubrics
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week 1
peachtree Assignmentweek 2
Peachtree Assignment
week 3
Peachtree Assignment
week 4
Peachtree Assignment
week 5
Peachtree Assignment
week 6
Peachtree Assignment
week 7
Peachtree Assignment
final
ACCT251 Final Exam - Page 1
The Final Exam has 3 pages and is worth 270 points total. This first page has all Multiple Choicequestions.
Question 1.1. (TCO 1) To display the size of your backup file, you can use the Windows programcalled: (Points : 5)
Question 2.2. (TCO 1) The Edit menu allows you to do the following: (Points : 5)
Question 3.3. (TCO 1) The balance sheet lists: (Points : 5)
Question 4.4. (TCO 1) Business managers and owners depend on financial statements because: (Points : 5)
Question 5.5. (TCO 2) The sample company, Bellwether Garden Supply, uses which method of posting? (Points : 5)
Question 6.6. (TCO 2) The posting method used by the business in Chapter 9 is: (Points : 5)
Question 7.7. (TCO 2) The account type specified on the chart of accounts is also the account classification for the: (Points : 5)
Question 8.8. (TCO 3) In Chapter 11, the ______________________________is completed before recording and posting the end-of-quarter adjusting entries. (Points : 5)
Question 9.9. (TCO 3) The best time to record adjusting entries is: (Points : 5)
Question 10.10. (TCO 4) To change accounting periods, you need to make the following menu bar selections: (Points : 5)
Question 11.11. (TCO 4) If your journals do not agree with the textbook illustrations, use the following Peachtree feature: (Points : 5)
Question 12.12. (TCO 5) The account credited on the Receipts window is: (Points : 5)
Question 13.13. (TCO 5) In Chapter 10, you do the following: (Points : 5)
Question 14.14. (TCO 6) On the Navigation Bar, make the following selections to enter a sales invoice: (Points : 5)
Question 15.15. (TCO 6) The standard sales discount, in terms of number of days, for BellwetherGarden Supply is: (Points : 5)
Question 16.16. (TCO 6) You need to set up a Job ID for Franklin Botanical Gardens in Chapter 6, so that you can track: (Points : 5)
Question 17.17. (TCO 6) The Sales/Invoicing window is also known as the: (Points : 5)
Question 18.18. (TCO 6) On the Navigation Bar, make the following selections to record a sales return: (Points : 5)
Question 19.19. (TCO 6) On the Navigation Bar, make the following selections to record a cash sale: (Points : 5)
Question 20.20. (TCO 6) The Franklin Botanical Gardens job has the following special circumstance: (Points : 5)
Question 1.1. (TCO 7) On the Navigation Bar, make the following selections to enter inventory item maintenance information: (Points : 5)
Question 2.2. (TCO 7) The LIFO (last in, first out) method of inventory assumes: (Points : 5)
Question 3.3. (TCO 7) On the Navigation Bar, make the following selections to make a general journal entry: (Points : 5)
Question 4.4. (TCO 7) If your GL Account columns and A/P Account field are not displayed on the
Question 5.5. (TCO 9) An organized body of related information is called a/an: (Points : 5)
Question 6.6. (TCO 9) The Payments window is also known as the: (Points : 5)
Question 7.7. (TCO 9) The following accounts are debited and credited when you purchase inventory on account: (Points : 5)
Question 8.8. (TCO 9) Sharon's Service Merchandise is a partnership owned by: (Points : 5)
Question 9.9. (TCO 9) The Purchases/Receive Inventory window is also called the: (Points : 5)
Question 10.10. (TCO 9) Sharon's Service Merchandise accounting records are set up to begin on: (Points : 5)
Question 11.11. (TCO 10) Processing payroll is automatic once _____________________ are set up correctly. (Points : 5)
Question 12.12. (TCO 10) The employee deductions display as negative amounts on the PayrollEntry window because: (Points : 5)
Question 13.13. (TCO 10) The account number used to record employees' regular pay is: (Points : 5)
Question 14.14. (TCO 10) On the Navigation Bar, make the following selections to enter employee maintenance information: (Points : 5)
Employees & Payroll page; click on the Employees icon and select Write Letters to Employees
Employees & Payroll page; click on the Employees icon and select New Employee
Employees & Payroll page; click on the Pay Employees icon and select Set Up Payroll Service
Tasks; Payroll Entry
Tasks; Payroll Entry, View and Edit Employee Payments
ACCT251 Final Exam - Page 3
On the third page are 4 essay questions at 25 points each for a total of 100 points.
Question 1. 1. (TCO 2, 3, & 4) The following selected accounts with normal balances appeared in the unadjusted trial balance of Bellwether Garden Industries:
Accounts receivable $176,000
Prepaid rent 69,000
Prepaid insurance 36,000
Equipment 280,000
Accumulated depreciation-equipment 30,000
Unearned service revenue 24,000
Salary expense 130,000
REQUIRED: Prepare the necessary year-end adjusting entries as of December 31, 2011 for each part. Be sure to note which account is debited and credited.
- Part A: One-half of the revenue received in advance has been earned by December 31, 2011.
- Part B: The prepaid insurance represents three years' premium on a policy providing coverage starting September 1, 2011.
- Part C: Since the last payday, employees have earned an additional $2,500 which has not yet been paid or recorded.
- Part D: The equipment has an estimated life of 10 years and no expected value at the end of its life.
- Part E: Services performed but unbilled and uncollected at year-end amount to $6,500.
- Part F: The prepaid rent relates to one-half of a year beginning on October 1, 2011.
(Points : 25)
Question 2. 2. (TCO 2, 4, & 5) Prepare any journal entries based on the following data regarding the bank reconciliation prepared by Titon Com for the month of April 20XX:
Part A. The unadjusted balance in the cash account on Titon's books was $8,715.71.
Part B. The April 30 balance shown on Titon's bank statement was $8,472.36.
Part C. A customer that owed Titon $700 on a note paid the $700, and $35 for interest directly to Titon's bank. Titon did not know about this payment prior to receiving its bank statement.
Part D. Titon had made a deposit of $1,635.25 near the end of April that had not cleared the bankwhen it prepared Titon's bank statement.
Part E. Titon discovered that a check it had written for $153.15 had been erroneously recorded inits books as $135.15. This check had been written to pay an account payable.
Part F Three checks that Titon had written during April had not cleared the bank by April 30. Theamounts of these checks were $147.90, $372.15, and $209.45.
Part G. Titon has a checking account that earns interest on the minimum monthly balance. The bank statement showed that $35.12 of interest was earned during April.
Part H The bank statement showed that a check written by one of Titon's customers was returned for NSF. The check was for $79.72. Titon did not know about the NSF check before receiving its bank statement.
Part I. The bank charged Titon a $10.00 service charge for the month of April.
REQUIRED: Prepare the necessary reconciliation entries for each part. Be sure to note which account is debited and credited. (Points : 25)
Question 3. 3. (TCO 2, 4, & 7) Inventory data for Midwest Logistics Company for June 20XX are as follows:
June 1 balance 80 units at $25
June 10 purchase 100 units at $28
June 15 sale 120 units
June 21 purchase 90 units at $32
June 30 sale 130 units
REQUIRED: Using the FIFO cost method, compute ending inventory as of June 30, 20XX and determine cost of goods sold for June. Be sure to show your calculations. (Points : 25)
Question 4. 4. (TCO 2, 4, & 8) On January 2, 20XX, Bellwether Garden Supply purchased a delivery truck for $34,000. The estimated useful life of the truck is 5 years, with an estimated salvage value of $4,000. The truck is expected to be driven 200,000 miles during its useful life.
Part A. Compute the amount of depreciation expense that the company will recognize in a year inwhich the truck is driven 47,000 miles, assuming the company uses the units-of-production method.
Part B. Compute the book value of the asset at the end of the Third year, assuming the company uses the straight-line method.
Part C. Determine the balance in the Accumulated Depreciation account at the end of the Second year that it owns the asset, assuming the company uses the double-declining-balance method.
REQUIRED: For each part, compute the results. Be sure to show your calculations. (Points : 25)