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devry acct 212 mid term

Question # 00008054
Subject: Business / Accounting
Due on: 02/28/2014
Posted On: 02/07/2014 07:25 PM
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Question 1.

Question :

(TCO 1) The Accounting Equation is used to develop the organization's financial reports. (1) Describe what liabilities value would be if Assets are $50,000 and Owners' Equity is $25,000 by showing the Accounting Equation (10 points) and (2) provide an example of two liability accounts. (10 points)

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Question 2.

Question :

(TCO 1) The financial statements present a company to the public in financial terms. (1) Which financial statement requires input from the Income Statement and Statement of Retained Earnings (10 points), and (2) explain what information this financial statement provides. (10 points)

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Question 3.

Question :

(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 Going-concern Assumption is (10 points) and (2) provide an example of its application. (10 points)

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Question 4.

Question :

(TCO 2) Transaction analysis results in the development of a journal entry. In the start-up of a business, the owner contributes $750,000 of cash. (1) Name the accounts impacted and how to use 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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Question 5.

Question :

(TCO 3) Adjusting Entries are required at the end of the period to ensure that accrual accounting principles are applied. The building that houses the business is depreciated at an annual rate of $14,000. Develop the adjusting entry for year end. (1) Name the accounts impacted and how to use the format account name/debit or credit/dollar amount (10 points), and (2) explain how the Accounting Equation is impacted. (10 points)

* Times are displayed in (GMT-07:00) Mountain Time (US & Canada)

(TCO 5) E-commerce creates its own risks, and therefore special internal controls. (1) Identify and explain one pitfall and one security measure for an online business (10 points) and (2) provide examples of how your selected security measure will strengthen internal control. (15 points)

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Question 2.

Question :

(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 for J & J Flooring, Inc. (Use the format shown on page 251 of your textbook.) (25 points)

· The bank statement indicated a service charge of $56.
· J & J made a deposit on May 31, but this deposit did not appear on the bank statement, $1,451.
· A credit memo in the bank statement indicated a bank collection of a note for $1,300 with interest received of $16. This item was dated May 18.
· Also included in the bank statement was a debit memo for a NSF check for $314 from Barney Smythe.
· Checks #1406 for $1,342, #1610 for $1,609, and #1825 for $857 were written by J & J and sent to the respective companies, but these checks do not appear on the bank statement.
· The balance on the bank statement as of May 31 was $13,019.
· The Cash account on Janus’ books showed an amount of $9,716.

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(TCO 5) The bank account as a control device that 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 information below to prepare the bank reconciliation for EEE Electric for the month of September.

· The bank statement indicated bank service charges of $63.
· Outstanding checks as of September 30 amounted to $1,405.
· Deposits in transit as of September 30 amounted to $2,769.
· The ending balance per the September bank statement is $40,653.
· EEE’s bookkeeper mistakenly recorded a $1,610 cash disbursement as $1,160 for Office Supplies on check #2402.
· The bank mistakenly recorded a deposit of $2,800 as $280 on February 17.
· The bank made an EFT payment on behalf of the company for Insurance for $3,200.
· Bank collected rent of $3,000 and a note, for $16,450, including interest of $450.
· The ending cash balance per the books for September before any adjustments was 28,800

Question 7

Internal Controls are required to safeguard assets and to ensure ethical business practices. (1) Identify and explain the reason for any two of the five components of internal control (10 points) and (2) provide examples of how your two selected components of internal control will meet the goal of safeguarding assets and promoting ethical business practices. (15 points)

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devry acct 212 mid term

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Tutorial Preview …and xxxxxxx Equity xxxxxxxx and the xxxxxxxxxx Equation is xx balance xxxxxxxxx xxxxx 1 x * Times xxx displayed in xxxxxxxxxxx Mountain xxxx xxx & xxxxxxx (TCO 5) xxxxxxxxxx creates its xxx risks, xxx xxxxxxxxx special xxxxxxxx controls (1) xxxxxxxx and explain xxx pitfall xxx xxx security xxxxxxx for an xxxxxx business (10 xxxxxxx and xxx xxxxxxx examples xx how your xxxxxxxx security measure xxxx strengthen xxxxxxxx xxxxxxx (15 xxxxxxx Student Answer: xxx of the xxxxxxx pitfalls xxxx xx online xxxxxxxx has it xxxx of security xxxxxxx and xxx xxxxxxxx concern xxxxxxx more severe xx it involves xxx type xx xxxxxxxxx transaction xx an online xxxxxxxxx the data, xxxxxxxxxx information, xxxxxxxxx xxxxxxxx database, xxxxxxxxx operating rules xxx regulations are xxxxxx on xxx xxxxxxxx or xxxxx security of xxx secured socket xxxxx services xxxxxxxx xx the xxxx security service xxxxxxxxx The data xxxxx be xxxxxxxxxxx xxx to xxxxx attacks, hacking xxxxxxxxx etc One xxxxxxxx measure xxx xx online xxxxxxxx is that xxx organization should xxxxxxx all xxx xxxx so xxxx even if xxx data has xxxx compromised xx xxxxxxx attempts, xxx information is xxx convertible without xxx decoding xxxxxxxxx xxxx a xxxxxxxx measure will xxxx strengthen the xxxxxxxx control xx xxxx high xxxxx officials will xx able to xxxxxx the xxxxxxxxx xxxxxxxxxxx and xxxxx the employees xxxx not be xxxx to xxx xxx data xxx illicit means xx it is xxxxxx for xxxxxx xxxxxxxx that xxxxxxxx sell sensitive xxxxxxxxxxx for money xxxxx internal xxxxxxx xxxx become xxxxxx at every xxxxx of organizational xxxxxxxxx Strengthening xxxxxxxx xxxxxxxx is xxxxxx accomplished by xxxxxxxxx one process; xxxxxx it xxxxxxxx x comprehensive xxxxxx of the xxxxx faced, the xxxxxxxx internal xxxxxxxx xxxxxxx in xxxxx and their xxxxxxxx in preventing xxxxx from…
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week_5_midterm.docx (21.13 KB)
Preview: information xxxx financial xxxxxxxxx provides (10 xxxxxxxxxxxxxxxx Answer: Balance Sheet xx the xxxxxxxxx xxxxxxxxx that xxxxxxxx input from xxx Income Statement xxx Statement xx xxxxxxxx Earnings x balance sheet xxxxxxx the dollar xxxxxxx of x xxxxxxxxx assets, xxxxxxxxxxxx and owner's xxxxxx at a xxxxxxxxxx point xx xxxx It xxxxxxxx snapshot of xx organizations liquidity xxx solvency xx x particular xxxxx in time xxxxxxxxxxxx Explanation:Textbook pages xxxxx Balance xxxxx xxxxxxxx the xxxxxxxx of the xxxxxxxxxx equation accounts xxxxxxxxxxxxxxxxxxxxxxxxxx Question xxxxx xx The xxxxxxxxxx profession follows x set of xxxxxxxxxx for xxxxxxxxxxx xxx disclosure xx financial information xxxxxx the Generally xxxxxxxx Accounting xxxxxxxxxx xxxxxx (1) xxxxxxx what the xxxxxxxxxxxxx Assumption is xxx points) xxx xxx provide xx example of xxx application (10 xxxxxxxxxxxxxxxx Answer: Going xxxxxxx xx one xxx fundamental assumptions xx accounting on xxx basis xx xxxxx financial xxxxxxxxxx are prepared xxxxxxxxx statements are xxxxxxxx assuming xxxx x business xxxxxx will continue xx operate in xxx foreseeable xxxxxx xxxxxxx the xxxx or intention xx the part xx management xx xxxxxxxxx the xxxxxx or to xxxxxxxxxxxxx curtail its xxxxxxxxxxx activities xxxx xxxxx that xxxxxxxxxxx are not xxxxxxxxxx assessing the xxxxxxxxxxx value xx x company xx determining what xx report, unless xx course xxxxxxxxxxx xxxxx like x possibility This xxxxxx for allocation xx long-term xxxxx xxx revenues xxxxx on a xxxxxxxxxxx that the xxxxxxxx will xxxxxxxx xx operate xxxx the future xxx example, If xx organization xxxxxxxxx xx equipment xxx $50,000 recently, xxx believes it xx have xx xxxxx of xxxxxx life Under xxx going concern xxxxxxxxxx the xxxxxxxxxx xxxx only xxxxx off $5,000 xxx Year 1 xxxxxxx of xxxxxxx
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