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Published by cleokennedyab, 2017-03-09 01:53:58

ACCT 212 Week 4 Midterm

ACCT 212 Week 4 Midterm

ACCT 212 Week 4 Midterm

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ACCT 212 Week 4 Midterm
(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)

(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)

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.


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