ACCT 212 Week 4 Midterm Exam

ACCT 212 Week 4 Midterm Exam

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(TCO 1) The Accounting Equation is used to develop the organizations financial reports. (1) Describe what owners’ equity values would be if Assets are $100,000 and Liabilities are $27,000 by showing the Accounting Equation (10 points) and (2) provide an explanation of what accounts could be found in owners’ equity. (10 points)
(TCO 1) The financial statements present a company to the public in financial terms. (1) Which financial statement identifies where cash was generated and where it was spent during the year (10 points) and (2) identify the three major parts of this statement. (10 points)

(TCO 1) The accounting profession follows a set of guidelines for measurement and disclosure of financial information called the Generally Accepted Accounting Principles (GAAP). (1) Explain what the International Financial Reporting Standards (IFRS) are (10 points) and (2) provide an example of its application. (10 points)
(TCO 2) Transaction analysis results in the development of a journal entry. Supplies are purchased on account agreeing to pay $500 within 30 days. (1) Name the accounts impacted and how using the format account name/debit or credit/dollar amount (10 points) and (2) explain how the Accounting Equation is impacted. (10 points)

(TCO 3) Adjusting Entries are required at the end of the period to ensure that accrual accounting principles are applied. At the beginning of the month $1,350 of office supplies were purchased. There was not a beginning balance and the one purchase was the only one for the month. At the end of the month $500 of supplies remained. Develop the adjusting entry. (1) Name the accounts impacted and how using the format account name/debit or credit/dollar amount (10 points) and (2) explain how the Accounting Equation is impacted. (10 points)
(TCO 5) Internal Controls are required to safeguard assets and to ensure ethical business practices. (1) Identify and explain the reason for any two of the seven internal control procedures (10 points) and (2) provide examples of how your two selected internal control procedures will meet the goal of safeguarding assets and promoting ethical business practices. (15 points)

(TCO 5) The bank account as a control device helps to protect cash. One of the requirements is to conduct periodic bank statement reconciliations. Using the following data, complete the bank statement reconciliation. (Use the format shown on page 255 of your textbook) (25 points)

Prepare a bank reconciliation using B & B’s Restaurant Supply Inc.’s information for August 31.

· A NSF check from Johnny Jones for $3,164.
·Two deposits made on August 31 were not on the bank statement, totaling $2,897.
·The bank collected an EFT payment for Rent for $2,600.
·August 31 balance in Cash was $2,005.
·The owner had written check # 1598 for $500 and recorded this check as $5,000.
·The balance on the bank statement as of August 31 was $5,316.
·Bank service charge of $28 was shown on the bank statement.
·Checks #1572, 1606, 1116, and 1242 for $419, $126, $650, and $1,105, respectively, were not shown on the bank statement, even though the company had sent the checks.

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ACCT 212 Week 1-7 Discussion Question

ACCT 212 Week 1-7 Discussion Question

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Financial Statements

Prepaid Expenses vs. Unearned Revenue

Accrual vs. Cash Accounting

Ethical Business Decisions

Trade Credit – Accounts Payable

Inventory Management

LIFO

Non-current Assets and Related Liabilities

Raising Capital (Cash)

Stockholders Equity

Net Income vs. Net Operating Cash

Financial Statement Analysis

ACCT 212 Course Project

ACCT 212 Course Project

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This course has two course projects due. The first, Course Project 1, reinforces the basic principles of accounting and application of the accounting information system. It is completed in two parts. The second, Course Project 2, is an opportunity to show the ability to analyze financial statements to arrive at conclusions based upon the analysis.

Course Project 1 – Overview and Guidelines | Course Project 2 – Overview and Guidelines

Course Project 1 – Overview and Guidelines

Course Project 1 consists of two parts, A and B, respectively. There are 10 requirements for you to complete in this exercise, Part A has 1-3 and Part B has 4-10. Part A is due at the end of Week 3. Part B is due at the end of Week 5. See Syllabus/”Due Dates for Assignments & Exams” for due date information.

The Course Project 1 template has all of the information you will need to complete Parts A & B of the project. The template also includes:

Detailed Project Instructions (with requirements) A reference list of October transactions A Chart of Accounts reference sheet A Grading Rubric to help explain what is expected. Each worksheet has the Check Figures embedded as a comment.

  1. Download the Excel template named ACCT212_CourseProject1 located on the Doc Sharing tab in the course shell.
  2. To complete Part A (due at the end of Week 3):

Complete Requirements 1-3 on the Journal Entries, General Ledger, and Trial Balance worksheets. Type your work directly into the worksheets. Save your workbook as “CourseProject1A_ ACCT212_YourLastName”. Submit your workbook to the Dropbox under “Course Project 1-Part A” by the end of Week 3. Submit your assignment to the Dropbox located on the silver tab at the top of this page. For instructions on how to use theDropbox, read these Step-by-Step Instructions or watch this  Dropbox Tutorial.

  1. To complete Part B (due at the end of Week 5):

Using feedback from your instructor and the worksheets from Part A, complete requirements 4-10. Type your work directly into the worksheets. Save your workbook as “CourseProject1B_ACCT212_YourLastName”. Submit the workbook to the Dropbox under “Course Project 1-Part B” by the end of Week 5. Submit your assignment to the Dropbox located on the silver tab at the top of this page. For instructions on how to use theDropbox, read these Step-by-Step Instructions or watch this  Dropbox Tutorial.

Course Project 2 – Overview and Guidelines

Course Project 2 consists of Problem 13-52A from your textbook. At the end of Course Project 2, you will be able to prepare common-size statements, analyze profitability; and make comparisons with the industry. Course Project 2 is due at the end of Week 7.

The Course Project 2 template has all of the information you will need to complete the project including:

Detailed requirements A worksheet to enter your solutions A Grading Rubric to help explain what is expected.

  1. Download the Excel template named ACCT212_CourseProject2 located on the Doc Sharing tab in the course shell.
  2. To complete Course Project 2 (due at the end of Week 7):

Using the requirements worksheet for reference, complete requirements 1-3 on the Your Solution worksheet. Type your work directly into the worksheet. Save your workbook as “CourseProject2_ACCT212_YourLastName”. Submit your workbook to the Dropbox under “Course Project 2” by the end of Week 7. Submit your assignment to the Dropbox located on the silver tab at the top of this page. For instructions on how to use theDropbox, read these Step-by-Step Instructions or watch this  Dropbox Tutorial.

ACCT 212 Course (Discussion Questions + Midterm Exam)

ACCT 212 Course (Discussion Questions + Midterm Exam)

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ACCT212 Course Project

ACCT212 Week 4 Midterm Exam

+ Discussions:

Financial Statements

Prepaid Expenses vs. Unearned Revenue

Accrual vs. Cash Accounting

Ethical Business Decisions

Trade Credit – Accounts Payable

Inventory Management

LIFO

Non-current Assets and Related Liabilities

Raising Capital (Cash)

Stockholders Equity

Net Income vs. Net Operating Cash

Financial Statement Analysis