M1 oaes assigned questions | Accounting homework help
Read the Success on the OAES document for full instructions about how to use this system. Assigned questions for Module 1 are below.
Success on the OAES Online Assignment Entry System Table of Contents The OAES: What to Expect 2 OAES Process Overview 2 OAES Question Identification Key 2 Procedure for Completing OAES Assignments 3 Procedure for Submitting Corrections 5 Sample Correction Paper 6 The OAES: What to Expect The Online Assignment Entry System (OAES) was developed to facilitate an improved check- your-knowledge environment which substantially increases student comprehension. The OAES allows you to validate your learned knowledge by recording your answers and providing the opportunity to make any corrections. The purpose of this paper is to instruct you on how to use this method of knowledge review. For success on the OAES, please review the detailed instructions that follow to prepare for each of the graded OAES Entry Quiz assessments. • OAES Process Overview • Question Identification Key • Procedure for Completing OAES checks OAES Process Overview The following process overview explains the basic flow of activity. Stage Description 1 Read the required material for the assigned module. 2 Work the examples and sample problems included with the reading. Complete work on the OAES Assigned Questions. Make sure you have the correct answers. 3 Take the timed OAES Entry quiz assessment check. 4 Review results by clicking on the OAES Entry Quiz item, clicking on the selection arrow to the right of the name, and selecting Submissions. There you will find a copy of the OAES questions you missed on your initial OAES entry attempt. 5 Make corrections in Microsoft Word using the format shown at the end of this document and submit to the designated Dropbox by the end of the module. 6 Your instructor will send notification when s/he completes grading. 7 Review your corrections and any solutions provided by the instructor. OAES Question Identification Key Each question is related to a specific activity from the textbook. All textbook problems are marked with symbols in front of each question to let you know where they can be found. For example, P# – #@. This symbol Indicates this…. P, Q, C The first letter indicates if the question is a (P)roblem, (Q)uestion, or (C)ase type question. # – # • The 1st # represents the chapter number where the assigned problem can be found • The 2nd # represents the problem number assigned. @ The @ represents sub items identified within each problem as designated with a, b, c, and so on. For example: P1-29a is the 29th problem of Chapter 1; sub question a. For this course, all of your OAES Entry quiz questions are presented to you in the OAES Assigned Questions link in each module. Procedure for Completing OAES Checks Follow the steps below to complete the OAES. Step Action 1 Answer each question found on the module’s OAES Assigned Questions page for the module as you would in all classes by preparing a Microsoft Word document. Some students use the Excel templates provided by the publisher for select exercises or problems. If… Then… If you use Excel You must transfer your work to Microsoft Word before sending to your instructor when submitting for corrections. 2 Check that you have completed all of your work and when you are comfortable with your answers and believe they are correct, proceed to the next step. Do not open the OAES before you are finished with this step! • Students who open the OEAS for any reason and do not hit the submit button will receive a zero for that module’s OAES homework. 3 Open your textbook or question list under the OAES to refer to each assigned question as you take the quiz to make sure you have a complete understanding of the OAES question. The questions are listed in each module’s OAES Assigned Questions. The OAES does not list the complete question as presented in the textbook or on the OAES tab. Therefore, having your material available will help you follow along. 4 Go to the OAES Entry page for the Module you are in. Follow the instructions and take the OAES Entry quiz assessment for that module. The OAES checks follow the assignments and ask questions directly relating to the assigned work. If you read the assigned material and work the provided examples as requested, you will have no problem answering these questions. The assessment will time-out after one hour so plan your time accordingly. Use this procedure until you answer each question. Note that various points are assigned based on the problem content. If… Then… The question is an essay type You must make a valid attempt on any essay question within the OAES. Copy and paste something from the work you did. This is an audit feature of the OAES and failure to respond to these essay questions is grounds to reduce any earned grade to a zero. 5 Print or copy the original OAES before completing the entry. This printed or pasted copy becomes very useful when submitting corrections (see Procedure for Submitting Corrections below). 6 Be sure to select SUBMIT when you have finished the quiz. Do not close out of the OAES assessment without selecting Submit as this will cause your OAES submission to fail and you may possibly lose all points. 7 Go into the OAES Entry quiz (click on submissions) to see your initial OAES grade for the module and to see what questions you missed. If… Then… You complete your OAES You have the option (not required) to submit • By day 6 of the module corrections to the questions missed on the original you are in and earn at OAES. least 50%… According to the syllabus, students have until the end of class day 7 of the assignment module to submit corrections to the problems missed. Procedure for Submitting Corrections Once the OAES is graded, research the questions you missed and find the correct answer in the readings. Contact you instructor if you encounter any roadblocks. It is your responsibility to correct your work in order to receive the additional points. In order to receive up to 100% of each homework question, you must do the following. Step Action 1 Complete the OAES by Day 6. 2 Check the OAES Entry quiz (click on submissions) for any questions missed. 3 Use the printed result from the initial OEAS effort for a reference to find the correct answers. 4 Submit corrections in Microsoft Word or in an RTF format showing both the • Original answer and the correction. You must show your work and identify the correct answer. If the instructor cannot easily find the correct answer, no credit will be given. If… Then… The question is a True/False question You must show where the answer is located or show exactly how they arrived at the answer. Just providing the opposing answer is not acceptable. 5 Save the file with your last name appearing first in the file name. 6 Submit corrections to the appropriate OAES Corrections (optional) Dropbox by the last day of the module. Late corrections will not be accepted for any reason. Absolutely no points will be awarded for any reason on late corrections. 7 Your Instructor will grade the corrections within a few days of the close of the module and make comments on the submitted corrections. The solution to any problem still found incorrect will be provided. Note: this is the only way solutions will be provided to you. 8 In addition, instructors will indicate if you got the answer correct and show the credit awarded. The additional points received for these corrections will appear in the Gradebook under the OAES Corrections column for the module. Sample correction on next page! Sample Correction Paper Module 3 OAES Corrections Joe Schmoe (file name is: Schmoe_J_M3 Corrections.doc) Notice: The file name begins with the student’s last name. Question 7 (P1-3)Revised Answer: “C” EXPLANATION: Interest expense is calculated by multiplying $100,000 by 15%. Question 11 (P2-6a) revised answer: “B” EXPLANATION: Operating Activities Net Income………………………….. $120,000 Depreciation expense………………… 45,000 Increase in Accounts Receivable…<15,000> Decrease in Accounts Payable….. 7,000 ……………………………………………….. $ 157,000 Question 19 revised answer: “True” EXPLANATION: Yes, Depreciation expense is added back to Net Income because Net Income had been reduced by that that amount to get to get down to the present Net Income amount. Since Depreciation Expense is a non-cash expense, we need to add it back to properly determine “Net Cash Flow from Operating Activities” (page XXX of our textbook). DO NOT just provide the opposite answer for T/F questions without referencing where you found the correct answer.
The following will be 2 points each:
1-1: Explain why stewardship is an important concept.
1-2: What three traditional functions does accounting fulfill?
1-3: What types of groups regulate financial accounting statements?
1-4: What is managerial accounting and how is it different from financial accounting?
2-1: Explain value based management and shareholder value.
2-2: What are some of the rights of shareholders in companies today?
2-3: What is a financial audit?
3-1: What elements or categories are on each of the financial statements? The OAES has two questions for this item, part a and part b.
3-2: Which general ledger accounts would be affected by the purchase of goods on credit for later resale?
3-3: Which general ledger accounts would be affected by the purchase of a computer for business on credit?
Use the following information to answer Questions 3-4 to 3-8 (6 points each)
Kochyo purchases an inventory of spare parts on credit from its suppliers for $15,000. During the month Kochyo pays its suppliers $10,000 and sells spare parts (which cost the business $8,000) to its customers on credit for $20,000. Customers pay Kochyo $12,000 during the month.
3-4: How much does inventory change?
3-5: How much does payables change?
3-6: What is the change in receivables?
3-7: What is the change in net profit?
3-8: How much does the bank account change?
New Assignment Revision Information:
Procedure for Submitting Corrections Once the OAES is graded,
research the questions you missed and find the correct answer in the readings. It is your responsibility to correct your work in order to receive the additional points. In order to receive up to 100% of each homework question, you must do the following.
2 Check the OAES Entry quiz (click on submissions) for any questions missed.
3 Use the printed result from the initial OEAS effort for a reference to find the correct answers.
4 Submit corrections in Microsoft Word or in an RTF format showing both the
• Original answer and the correction. You must show your work and identify the correct answer. If the instructor cannot easily find the correct answer, no credit will be given.
6 Submit corrections to the appropriate OAES Corrections (optional) Dropbox by the last day of the module. Late corrections will not be accepted for any reason. Absolutely no points will be awarded for any reason on late corrections.
7 Your Instructor will grade the corrections within a few days of the close of the module and make comments on the submitted corrections. The solution to any problem still found incorrect will be provided.
Note: this is the only way solutions will be provided to you. 8 In addition, instructors will indicate if you got the answer correct and show the credit awarded. The additional points received for these corrections will appear in the Gradebook under the OAES Corrections column for the module.
If… Then… The question is a True/False question You must show where the answer is located or show exactly how they arrived at the answer. Just providing the opposing answer is not acceptable.
Sample Correction Paper Module OAES Corrections
Joe Schmoe (file name is: Schmoe_J_M3 Corrections.doc)
Notice: The file name begins with the student’s last name.
Question 7 (P1-3)Revised Answer: “C” EXPLANATION: Interest expense is calculated by multiplying $100,000 by 15%.
Question 11 (P2-6a) revised answer: “B” EXPLANATION:
Operating Activities Net Income………………………….. $120,000
Depreciation expense………………… 45,000
Increase in Accounts Receivable…<15,000>
Decrease in Accounts Payable….. 7,000 ……………………………………………….. $ 157,000
Question 19 revised answer:
“True” EXPLANATION: Yes, Depreciation expense is added back to Net Income because Net Income had been reduced by that that amount to get to get down to the present Net Income amount.
Since Depreciation Expense is a non-cash expense, we need to add it back to properly determine “Net Cash Flow from Operating Activities” (page XXX of our textbook). DO NOT just provide the opposite answer for T/F questions without referencing where you found the correct answer.
I will supply the actual assignment to finalize this information to hope this makes since..
The part that needs the revision: Please use the information supplied to address this part
Question 1 0 / 2 points
Q1-1: Stewardship is an important concept because of: Question options:
The need to increase shareholder wealth
The importance of the quality of decisions by small business owners
The separation of ownership from management
The need to recognize the importance of all stakeholders
Question 2 0 / 2 points
Q1-2: Accounting is traditionally seen as fulfilling three functions: Question options:
Scorekeeping, attention-directing and problem-solving
Income Statement, Balance Sheet and Statement of Cash Flows
Planning, decision-making and control
Financial accounting, management accounting and corporate finance
Question 6 0 / 2 points
Q2-2: Shareholders in a company have the right to: Question options:
Receive an Annual Report and attend an Annual General Meeting
Visit the company to observe its practices
Obtain additional information to that shown in the annual financial statements Participate in the management of the company
Question 11 0 / 2 points
Q3-3: Paying cash for a computer system for business use would affect the following types of account:
Question options:
Both assets and expenses
Assets only
Liabilities only
Both assets and liabilities
Question 15 0 / 6 points
Q3-4 to Q3-8: Use the following information to answer
Questions 3-4 to 3-8 (12-16). Kochyo purchases an inventory of spare parts on credit from its suppliers for $15,000. During the month Kochyo pays its suppliers $10,000 and sells spare parts (which cost the business $8,000) to its customers on credit for $20,000. Customers pay Kochyo $12,000 during the month.
Q3-7: Profit increases by: Question options:
$8,000
$5,000
$7,000
$2,000
Attempt Score: 36 / 50 Overall Grade (highest attempt): 36 / 50
