# ACC 300 Week 3 Individual Assignment Part IV

Topics: Generally Accepted Accounting Principles, Accrual, English-language films Pages: 4 (664 words) Published: November 3, 2014

In the work ACC 300 Week 3 Individual Assignment Part IV you will find overview of the following tasks:

1. Assignments from the Readings. Prepare responses to the following assignments from the e-text, Fundamentals of Financial Accounting 1st ed., by Phillips, Libby, and Libby

a.Chapter 3: Questions 3 and 4

b.Chapter 3: Mini-exercise M3-2

Prepare responses to the following assignments from the e-text, Fundamentals Financial Accounting Concepts 5th ed., by Edmonds, Edmonds, McNair, and Olds
Chapter 1: Problem 1-30A (Part A only)

2. Define accrual accounting and contrast it with cash basis accounting.

3. What four conditions must normally be met for revenue to be recognized under accrual basis accounting?

4. M3-2. M3-2 Reporting Cash Basis versus Accrual Basis Income: LO1, LO2

5. 1-30A. L.O.3,5,8 PROBLEM 1-30A Interrelationships among Financial Statements
ACC 422 All Week 3 Assignments - Individual WileyPlus assignment

Includes:

Week 3 summary

Week 3 Discussion questions 1, 2, 3, 4

Week 3 Learning team assignment

Week 3 Individual WileyPlus assignment as described below:

E9-1 (Lower-of-Cost-or-Market) The inventory of Oheto Company on December 31, 2011, consistsofthe following items. Part No. Quantity Cost per Unit Cost to Replace per Unit
110 600 \$95 \$100
111 1,000 60 52
112 500 80 76
113 200 170 180
120 400 205 208
121a 1,600 16 14
122 300 240 235
aPart No. 121 is obsolete and has a realizable value of \$0.50 each as scrap. Instructions
(a) Determine the inventory as of December 31, 2011, by the lower-of-cost-or-market method, applying this method directly to each item.
(b) Determine the inventory by the lower-of-cost-or-market method, applying the method to the total of the inventory.
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