ACCT 212 Course Project (Devry) / acct212dotcom
For more course tutorials visit www.acct212.com (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)
For more course tutorials visit
www.acct212.com
(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)
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(TCO 3) Adjusting Entries are required at the end of the period toensure that accrual accounting principles are applied. At thebeginning of the month $1,350 of office supplies were purchased.There was not a beginning balance and the one purchase was the onlyone for the month. At the end of the month $500 of supplies remained.Develop the adjusting entry. (1) Name the accounts impacted and howusing the format account name/debit or credit/dollar amount (10points) and (2) explain how the Accounting Equation is impacted. (10points)(TCO 5) Internal Controls are required to safeguard assets and toensure ethical business practices. (1) Identify and explain the reasonfor any two of the seven internal control procedures (10 points) and (2)provide examples of how your two selected internal controlprocedures will meet the goal of safeguarding assets and promotingethical 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 statementreconciliations. Using the following data, complete the bankstatement reconciliation. (Use the format shown on page 255 of yourtextbook) (25 points)Prepare a bank reconciliation using B & B’s Restaurant Supply Inc.’sinformation for August 31.• A NSF check from Johnny Jones for $3,164.•Two deposits made onAugust 31 were not on the bank statement, totaling $2,897.•The bankcollected an EFT payment for Rent for $2,600.•August 31 balance inCash was $2,005.•The owner had written check # 1598 for $500 andrecorded this check as $5,000.•The balance on the bank statement asof August 31 was $5,316.•Bank service charge of $28 was shown onthe bank statement.•Checks #1572, 1606, 1116, and 1242 for $419,
$126, $650, and $1,105, respectively, were not shown on the bankstatement, even though the company had sent the checks.
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