ACCT212 Week 4 Midterm(Financial Accounting)Three Set - Explanatory & Multiple ChoiceDOWNLOAD1. (TCO 1) The Accounting Equ...
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ACCT212 Week 4 Midterm (Financial Accounting)

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ACCT212 Week 4 Midterm (Financial Accounting)

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ACCT212 Week 4 Midterm (Financial Accounting)

  1. 1. ACCT212 Week 4 Midterm(Financial Accounting)Three Set - Explanatory & Multiple ChoiceDOWNLOAD1. (TCO 1) The Accounting Equation is used to develop the organizations financial reports. (1) Describewhat owners equity is (10 points) and (2) provide an example of an owners equity account. (10points) (Points : 20)2. (TCO 1) The financial statements present a company to the public in financial terms. (1) Which financialstatement identifies how well the company performed during the year (10 points) and (2) explain whatinformation this financial statement provides. (10 points) (Points : 20)3. (TCO 1) The accounting profession follows a set of guidelines for measurement and disclosure offinancial information called the Generally Accepted Accounting Principles (GAAP). (1) Explain what theEntity Assumption is (10 points) and (2) provide an example of its application. (10 points) (Points : 20)4. (TCO 2) Transaction analysis results in the development of a journal entry. Supplies are purchased onaccount agreeing to pay $2,500 within 30 days. (1) Name the accounts impacted and how using theformat account name/debit or credit/dollar amount (10 points) and (2) explain how the AccountingEquation is impacted. (10 points) (Points : 20)5. (TCO 3) Adjusting Entries are required at the end of the period to ensure that accrual accountingprinciples are applied. At the beginning of the month $350 of office supplies were purchased. There wasnot 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 usingthe format account name/debit or credit/dollar amount (10 points) and (2) explain how the AccountingEquation is impacted. (10 points) (Points : 20)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 safeguardingassets and promoting ethical business practices. (15 points) (Points : 25)2. (TCO 5) The bank account as a control device that helps to protect cash. One of the requirements is toconduct periodic bank statement reconciliations. Using the following data, complete the bank statementreconciliation for Acorn Plumbing, Inc. (Use the format shown on page 255 of your textbook) (25 points)DOWNLOAD

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