ACCT 212 Entire Class /Devry
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ACCT 212 Entire
Class /Devry
ACCT 212 Course
Discussion Questions
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
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
ACCT 212 Devry Course Project
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.
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 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
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(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)
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(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)
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(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)
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(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)
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(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)
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(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)
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(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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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 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.
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 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
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:
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)
