ACCT 212 Devry Course Tutorial (Tutorialoutlet)
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ACCT 212 Week 4 Midterm (Devry)

ACCT 212 Week 4 Midterm (Devry) | ACCT 212 Devry Course Tutorial (Tutorialoutlet) | Scoop.it

 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. 

 

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ACCT 212 Final Exam (Devry)

ACCT 212 Final Exam (Devry) | ACCT 212 Devry Course Tutorial (Tutorialoutlet) | Scoop.it

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

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 to construct an Unadjusted Trial Balance (10 points) and (2) provide an example of the application of the debit/credit rules in the development of the trial balance

(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

4. (TCO 4) Inventory valuation methods determine the cost of goods sold and the inventory balance. (1) Explain how the Last in First out (LIFO) method is applied (10 points) and (2) provide an example of the impact that this method of inventory valuation will have on Gross Profit

5. (TCO 1) To evaluate the financial operation and health of a business ratio analysis is used. (1) Provide the formula for the Acid-test (or Quick) 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.

1. (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

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.

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

) 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. (5 points each with 2 points for listing and 3 points for a description) 

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.

Linda’s Lampshades started business on Jan. 1, 2001. They had the following inventory transactions:

 

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ACCT 212 Course Project (Devry)

ACCT 212 Course Project (Devry) | ACCT 212 Devry Course Tutorial (Tutorialoutlet) | Scoop.it

(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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ACCT 212 Week 1-7 All Discussion Questions (Devry)

ACCT 212 Week 1-7 All Discussion Questions (Devry) | ACCT 212 Devry Course Tutorial (Tutorialoutlet) | Scoop.it

 Week 1 DQ1 Financial Statements

Week 2 DQ1 Prepaid Expenses vs. Unearned Revenue

Week 2DQ2 Accrual vs. Cash Accounting

Week 3DQ1 Ethical Business Decisions

Week 3DQ2 Trade Credit - Accounts Payable

Week 4DQ1 Inventory Management

Week 4DQ2 LIFO

Week 5DQ1 Non-current Assets and Related Liabilities

Week 5DQ2 Raising Capital (Cash)

Week 6DQ1 Stockholders Equity

Week 6DQ2 Net Income vs. Net Operating Cash

Week 7DQ1 Financial Statement Analysis 

 

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ACCT 212 Entire Course (Devry)

ACCT 212 Entire Course (Devry) | ACCT 212 Devry Course Tutorial (Tutorialoutlet) | Scoop.it

ACCT 212 Course Project

ACCT 212 Week 4 Midterm

ACCT 212 Week 1-7 All Discussion Questions

Week 1 DQ1 Financial Statements

Week 2 DQ1 Prepaid Expenses vs. Unearned Revenue

Week 2DQ2 Accrual vs. Cash Accounting

Week 3DQ1 Ethical Business Decisions

Week 3DQ2 Trade Credit - Accounts Payable

Week 4DQ1 Inventory Management

Week 4DQ2 LIFO

Week 5DQ1 Non-current Assets and Related Liabilities

Week 5DQ2 Raising Capital (Cash)

Week 6DQ1 Stockholders Equity

Week 6DQ2 Net Income vs. Net Operating Cash

Week 7DQ1 Financial Statement Analysis

 

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