Financial Accounting > EXAM > ACCT 212 Week 4 Midterm Exam Version 3 (All)

ACCT 212 Week 4 Midterm Exam Version 3

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Question: The Accounting Equation is … 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) Question: The financial statements present a company to the public in financial terms. (1) Which financial statement should … prepared first and why (10 points), and (2) explain what information this financial statement provides. (10 points) Question: 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) Question: 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 … and how to use the format account name/debit or credit/dollar amount (10 points), and (2) explain how the Accounting Equation is … (10 points) Question: Adjusting Entries are … 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 … and how … the format account name/debit or credit/dollar amount (10 points), and (2) explain how the Accounting Equation is … (10 points) Question: Internal Controls are … 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) Question: 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 251 of your textbook.) (25 points

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