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About this document
- Pages
- 4 pages
- Price
- $4 one-time, yours to keep
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- Format
- Subject
- Accounting, Business
- Module
- Week Five · Week 5
This document contains exercises for ACC 290 Week Five. It covers various accounting topics including sales, cost of goods sold, inventory methods, internal controls, and the Sarbanes-Oxley Act. It is useful for practicing accounting principles and preparing for exams.
What's inside
- Sales and cost of goods sold calculations
- Inventory methods (LIFO and FIFO)
- Internal controls and their types
- Sarbanes-Oxley Act and its role
- Cash and sales revenue documentation
Who it is for: Students taking ACC 290 at the University of Phoenix. (Undergraduate)
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Summary
Accounting exercises show how to calculate profit and inventory. Students get practice with methods and internal controls.
Calculating profit
Profit is worked out from sales, cost of goods sold, and operating expenses. Examples show how to do this for different companies.
Inventory methods
Two methods for calculating inventory are shown. LIFO and FIFO are explained. The difference between them is shown.
Internal controls
Controls to protect a company's assets are listed. Examples show how they are used. The Sarbanes-Oxley Act is described.
Cash handling
Students are asked to work out cash totals. They have to check for any shortfall or surplus.
Key terms
- Cost of goods sold
- The direct costs of producing goods sold by a company.
- Gross profit
- The difference between revenue and cost of goods sold.
- LIFO
- Last in, first out. A method of inventory calculation.
- FIFO
- First in, first out. A method of inventory calculation.
- Internal controls
- Procedures to protect a company's assets and ensure accurate records.
- Sarbanes-Oxley Act
- A law to protect investors from fraudulent accounting activities.
Questions this document helps with
- What is the difference between LIFO and FIFO?
- How do you calculate gross profit?
- What are the main types of internal controls?
Summary written with AI from the document's text.
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