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ACCT 212 Midterm Exam

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Question;ACCT 212 Midterm Exam;1. TCO 1) The Accounting Equation is;used to develop the organizations financial reports. (1) Describe what owners;equity is (10 points) and (2) provide an example of an owners' equity account.;(10 points).;2. (TCO 1) The financial statements;present a company to the public in financial terms. (1) Which financial;statement identifies how well the company performed during the year (10 points);and (2) explain what information this financial statement provides. (10 points);3. (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 Entity Assumption is (10 points) and (2) provide an example of;its application. (10 points);4. (TCO 2) Transaction analysis;results in the development of a journal entry. Supplies are purchased on;account agreeing to pay $2,500 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);5. (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 $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 $100 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);1. (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);2. (TCO 5) The bank account as a;control device that helps to protect cash. One of the requirements is to;conduct periodic bank statement reconciliations. Using the following data;complete the bank statement reconciliation for Acorn Plumbing, Inc. (Use the;format shown on page 255 of your textbook) (25 points)

 

Paper#37992 | Written in 18-Jul-2015

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