ACCT 212 FINAL EXAM WEEK 8

ACCT 212 FINAL EXAM WEEK 8

To buy this click here

http://www.coursehomework.com/product/acct-212-final-exam-week-8/

ACCT 212 FINAL EXAM WEEK 8
SCORED 240/250 POINTS
(TCO 3) At the end of the period it is necessary to close all temporary accounts. (1) Explain why this process is required (15 points) and (2) provide an example of the closing of an expense account, Supplies Expense in the form of a journal entry. (10 points) (Points : 25)

(TCO 3) At the end of the period it is necessary to close all temporary accounts. (1) Explain why this process is required (15 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: 25)

(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 (15 points) and (2) provide an example of the application of the debit/credit rules in the development of the trial balance. (10 points) (Points : 25)

(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 (15 points) and (2) provide an example of the application of the debit/credit rules in the form of a journal entry. (10 points)(Points : 25)

(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 (15 points) and (2) provide an example of how this control could be implemented. (10 points) (Points : 25)

(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. (5 points each with 2 points for listing and 3 points for a description) (Points : 25)

(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.

(TCO 4) Inventory valuation methods determine the cost of goods sold and the inventory balance. (1) Explain how the Average Cost method is applied (15 points) and (2) provide an example of the application of this method. (10 points) (Points : 25)

(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. (15 points) (Points : 25)

(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 ……..

Thomas 01/15/01 160 14.00 ………

Cindy 01/18/01 150 15.00 ………..

Sales

Customer Date shipped Quantity Sel. Price Amount

Norilene 01/16/01 200 25.00 ………

1. Calculate the ending inventory, using the perpetual inventory method:
A. Using FIFO
B. Using LIFO

C. Using Average Cost

2. Prepare the following statement
Using FIFO LIFO Average Cost

Sales

Cost of Sales
Gross Profit (Points : 25)

(TCO 2) 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 ……..
Utilities expense ……..
Accounts receivable ……..
Delivery expense ……..
Retained earnings ……..
Salary expense ……..

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)