This document outlines the entire ACCT 212 course, including discussion questions, course projects, and midterm and final examination guidelines. It details assignments, due dates, and the specific topics covered in each week, such as financial statements, inventory management, and internal controls. Instructions for using course materials, including templates for projects and assessments, are included for students to complete their coursework efficiently.

1. ACCT 212 Entire Course With Final
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ACCT 212
ACCT 212 Week 1 DQ 1 Financial Statements
ACCT 212 Week 1 DQ 2 Prepaid Expenses vs. Unearned
Revenue
ACCT 212 Week 2 DQ 1 Accrual vs. Cash Accounting
ACCT 212 Week 2 DQ 2
ACCT 212 Week 3 DQ 1 Ethical Business Decisions
ACCT 212 Week 3 DQ 2 Trade Credit – Accounts Payable
ACCT 212 Week 4 DQ 1 Inventory Management
ACCT 212 Week 4 DQ 2 LIFO

2. ACCT 212 Week 5 DQ 1 Non-current Assets and Related
Liabilities
ACCT 212 Week 5 DQ 2 Raising Capital (Cash)
ACCT 212 Week 6 DQ 1 Stockholders Equity
ACCT 212 Week 6 DQ 2 Net Income vs. Net Operating
Cash
ACCT 212 Week 7 DQ 1 Financial Statement Analysis
ACCT 212 Week 7 DQ 2
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.

3. 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.
3. 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

4. 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 Week 4 Midterm

5. (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)

6. (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)

7. 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.
ACCT 212 Final Exam
1. (TCO 3) At the end of the period it is necessary to close
all temporary accounts. (1) Explain why this process is
required (10 points) and (2) provide an example of the
closing of an expense account, Salary Expense in the form
of a journal entry. (10 points) (Points : 20)
2. (TCO 2) As required to complete Course Project 1, one
must follow the cycle that includes 10 steps to complete
the accounting cycle. (1) Explain how the debit/credit

8. rules are used when developing journal entries (10
points) and (2) provide an example of the application of
the debit/credit rules in the form of a journal entry. (10
points)(Points : 20)
3. (TCO 5) Internal Control Procedures are required to
safeguard company assets and to ensure ethical operation
of the business. (1) Explain how limited access can satisfy
the purpose of internal control (10 points) and (2)
provide an example of how this control could be
implemented. (10 points) (Points : 20)
4. (TCO 4) Inventory valuation methods determine the
cost of goods sold and the inventory balance. (1) Explain
how the First in First out (FIFO) method is applied (10
points) and (2) provide an example of the impact that this
method of inventory valuation will have on Gross Profit.
(10 points) (Points : 20)
5. (TCO 1) To evaluate the financial operation and health
of a business ratio analysis is used. (1) Provide the
formula for the Current Ratio and explain how it is
computed (10 points) and (2) provide an example of how
this ratio can be used in decision-making in business. (10
points) (Points : 20)
6. (TCO 6) BagODonuts Company bought a used delivery
truck on January 1, 2010, for $19,200. The van was
expected to remain in service 4 years (30,000 miles).
BagODonuts’ accountant estimated that the truck’s
residual value would be $2,400 at the end of its useful life.
The truck traveled 8,000 miles the first year, 8,500 miles
the second year, 5,500 miles the third year, and 8,000
miles in the fourth year.

9. 1. Calculate depreciation expense for the truck for each
year (2010-2013) using the:
a. Straight-line method.
b. Double-declining balance method.
c. Units of Production method.
(For units-of-production and double-declining balance,
round to the nearest two decimals after each step of the
calculation.)
2. Which method best tracks the wear and tear on the van?
3. Which method would BagODonuts prefer to use for
income tax purposes? Explain in detail why BagODonuts
prefers this method. (Points : 25)
7. (TCO 7) ABC Inc. was incorporated on 1/15/12. Their
corporate charter authorized the following capital stock:
Preferred Stock: 7%, par value $100 per share, 100,000
shares. Common Stock: $1 par value, 500,000 shares.
The following transactions occurred during the year:
1/19/12 – Issued 100,000 shares of common stock for
$17 cash per share.
1/31/12 – Issued 3,000 shares of preferred stock for $115
cash per share.
11/1/12 – Repurchased 30,000 shares of common stock
for $22 cash per share.
12/1/12 – Declared and paid a total dividend of $95,000.
Required:
1. Prepare the journal entry for each transaction listed
above.
2. In your own words, explain the main differences

10. between common and preferred stock.
(Points : 25)
8. (TCO 5) Fraud is an intentional misrepresentation of
facts, made for the purpose of persuading another party to
act in a way that causes injury or damage to that party. In
our readings and discussions we have seen several
examples of fraud in business. Using that experience (1)
provide an example of a common fraudulent practice in
business with an explanation of how the practice works
and (2) name and describe each of the elements of the
Fraud Triangle.
9. (TCO 5) Internal Control Procedures are in place to
protect the assets of every business as mentioned in the
textbook and our discussions. Of the seven internal
control procedures, list five of these controls and describe
how each procedure is implemented (Points : 25)
10. (TCO2) Below are the accounts of Super Pool Service,
Inc. The accounts have normal balances on June 30, 2012.
The accounts are listed in no particular order.
Account Balance
Common stock $5,100
Accounts payable $4,400
Service revenue $17,100
Land $28,800
Note payable $9,500
Cash $5,200
Dividends $6,100
Utilities expense $2,100
Accounts receivable $10,600
Delivery expense $700

11. Retained earnings $25,600
Salary expense $8,200
Prepare the company’s trial balance as of June 30, 2012,
listing accounts in proper sequence, as illustrated in the
chapter. For example, Accounts Receivable comes before
Land. List the expense with the largest balance first, the
expense with the next largest balance second, and so on.
(Points : 25)
6.
(TCO4) Linda’s Lampshades started business on Jan. 1, 2001.
They had the following inventory transactions:
Journals – Jan. 2001
Purchases
Supplier Date Received Quantity Unit Cost Amount
Donna 01/10/01 110 12.00 1320.00
Thomas 01/15/01 160 14.00 2240.00
Cindy 01/18/01 150 15.00 2250.00
Sales
Customer Date shipped Quantity Sel. Price Amount
Norilene 01/16/01 200 25.00 5000.00
1. Calculate the ending inventory, using the perpetual
inventory method:

12. A. Using FIFO
B. Using LIFO
1. Using Average Cost
2. Prepare the following statement
Using
FIFO LIFO Average Cost
Sales
Cost of Sales
Gross Profit
(Points : 25)
1. Depreciation is a process to allocate the cost of long-life
assets to each period’s income statement and adjusts the
value of the asset on the balance sheet. (1) Explain how
the Units-of-Production method is computed (10 points)
and (2) provide an example of how this method could be
used on a new delivery truck purchased for $25,000 to be
used for 100,000 miles with a salvage value of $5,000 for
year one only (25,000 miles driven in year one)