ACCT 212 DEVRY ENTIRE COURSE LATEST

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)
Question 4. Question : (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 to use the format account name/debit or credit/dollar amount (10 points), and (2)
explain how the Accounting Equation is impacted. (10 points)
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)
1. Question : (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 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)
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. (Use the format shown on page 251 of your textbook.) (25 points)
Use the information below to prepare the bank reconciliation for Collier Cleaners 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 $40,753.
•????????Collier Cleaners 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.