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devry acct 212 mid term




Question;Page;1 2;Question 1.;Question;(TCO;1) The Accounting Equation is used to develop the organization's;financial reports. (1) Describe what liabilities value would be if Assets;are $50,000 and Owners' Equity is $25,000 by showing the Accounting;Equation (10 points) and (2) provide an example of two liability;accounts. (10 points);Comments;Question 2.;Question;(TCO;1) The financial statements present a company to the public in financial;terms. (1) Which financial statement requires input from the Income;Statement and Statement of Retained Earnings (10 points), and (2) explain;what information this financial statement provides. (10 points);Comments;Question 3.;Question;(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 Going-concern;Assumption is (10 points) and (2) provide an example of its application.;(10 points);Comments;Question 4.;Question;(TCO;2) Transaction analysis results in the development of a journal entry. In;the start-up of a business, the owner contributes $750,000 of cash. (1);Name the accounts impacted and how to use the format account name/debit;or credit/dollar amount (10 points), and (2) explain how the Accounting;Equation is impacted. (10 points);Comments;Question 5.;Question;(TCO;3) Adjusting Entries are required at the end of the period to ensure that;accrual accounting principles are applied. The building that houses the;business is depreciated at an annual rate of $14,000. Develop the;adjusting entry for year end. (1) Name the accounts impacted and how to;use the format account name/debit or credit/dollar amount (10 points);and (2) explain how the Accounting Equation is impacted. (10 points);* Times are displayed in (GMT-07:00) Mountain Time (US;Canada);(TCO;5) E-commerce creates its own risks, and therefore special internal;controls. (1) Identify and explain one pitfall and one security measure;for an online business (10 points) and (2) provide examples of how your;selected security measure will strengthen internal control. (15 points);Comments;Question 2.;Question;(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 for J;J Flooring, Inc. (Use the format shown on page 251 of your;textbook.) (25 points);? The bank statement;indicated a service charge of $56.;? J & J made a deposit on;May 31, but this deposit did not appear on the bank statement, $1,451.;? A credit memo in the bank;statement indicated a bank collection of a note for $1,300 with interest;received of $16. This item was dated May 18.;? Also included in the bank;statement was a debit memo for a NSF check for $314 from Barney Smythe.;? Checks #1406 for $1,342;#1610 for $1,609, and #1825 for $857 were written by J & J and sent;to the respective companies, but these checks do not appear on the bank;statement.;? The balance on the bank;statement as of May 31 was $13,019.;? The Cash account on Janus?;books showed an amount of $9,716.;Comments;Page;1 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.;Use the information below to prepare the bank;reconciliation for EEE Electric for the month of September.;? The bank statement indicated bank service;charges of $63.;? Outstanding checks as of September 30 amounted;to $1,405.;? Deposits in transit as of September 30 amounted;to $2,769.;? The ending balance per the September bank;statement is $40,653.;? EEE?s bookkeeper mistakenly recorded a $1,610;cash disbursement as $1,160 for Office Supplies on check #2402.;? The bank mistakenly recorded a deposit of $2,800;as $280 on February 17.;? The bank made an EFT payment on behalf of the;company for Insurance for $3,200.;? Bank collected rent of $3,000 and a note, for;$16,450, including interest of $450.;? The ending cash balance per the books for;September before any adjustments was 28,800Question 7;Internal Controls are;required to safeguard assets and to ensure ethical business practices. (1);Identify and explain the reason for any two of the five components of internal;control (10 points) and (2) provide examples of how your two selected;components of internal control will meet the goal of safeguarding assets and;promoting ethical business practices. (15 points)


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