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ACCT 212 Master peer Educator/acct212masterdotcom

FOR MORE CLASSES VISIT <br>www.acct212master.com <br><br>(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) <br>(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) <br>(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) <br>(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) <br>(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) <br>(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) <br>(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)<br> <br>Prepare a bank reconciliation using B & B’s Restaurant Supply Inc.’s information for August 31.<br>• 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.<br>

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ACCT 212 Master peer Educator/acct212masterdotcom

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  1. ACCT 212 Master peer Educator/acct212masterdotcom For More Classes Visit www.acct212master.com

  2. ACCT 212 Master peer Educator/acct212masterdotcom • ACCT 212 Course Project (Devry) FOR MORE CLASSES VISIT www.acct212master.com (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) FOR MORE CLASSES VISIT www.acct212master.com ACCT 212 Course Project ACCT 212 Week 4 Midterm ACCT 212 Week 1-7 All Discussion Questions ACCT 212 Entire Course (Devry)

  3. ACCT 212 Master peer Educator/acct212masterdotcom • FOR MORE CLASSES VISIT www.acct212master.com • ACCT 212 Final Exam (Devry) FOR MORE CLASSES VISIT www.acct212master.com 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, Supplies Expense in the form of a journal entry FOR MORE CLASSES VISIT www.acct212master.com Week 1 DQ1 Financial Statements Week 2 DQ1 Prepaid Expenses vs. Unearned Revenue Week 2DQ2 Accrual vs. Cash Accounting ACCT 212 Week 1-7 All Discussion Questions (Devry)

  4. ACCT 212 Master peer Educator/acct212masterdotcom • ACCT 212 Week 4 Midterm (Devry) FOR MORE CLASSES VISIT www.acct212master.com 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.

  5. ACCT 212 Master peer Educator/acct212masterdotcom Easy A+ Your Grades No More Headaches For More Course Tutorial Visit • www.acct212master.com

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