ACCT 212 DEVRY WEEK 4 COMPLETE WORK LATEST
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<strong>ACCT</strong> <strong>212</strong> <strong>DEVRY</strong> <strong>WEEK</strong> 4 <strong>COMPLETE</strong> <strong>WORK</strong> <strong>LATEST</strong><br />
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<strong>ACCT</strong> <strong>212</strong> DeVry Week 4 Complete Work Latest<br />
<strong>ACCT</strong> <strong>212</strong> DeVry Week 4 Discussion 1<br />
A review of the balance sheet of a retailer, such as Wal-Mart, will disclose that in current assets the<br />
majority investment is in inventory. With manufacturers, such as Ford, the inventory is spread between<br />
three different categories. Let’s start our discussion with some basic inventory questions. How is inventory<br />
valued? Which inventory valuation method is most popular and why? What impact on the financial reports<br />
can the selection of an inventory valuation method have?<br />
<strong>ACCT</strong> <strong>212</strong> DeVry Week 4 Discussion 2<br />
Go to Course Home and review the Course Project tab. Continue to use the Course Project template from<br />
Doc Sharing. In this graded discussion, we will be examining the operation of the Accounting Information<br />
System (AIS) with the use of problems and exercises from your textbook. The goal is to cover all of the<br />
requirements to ensure an opportunity for your successful completion of the Course Project.<br />
Let’s start with Exercise 3-22A and practice developing journal entries to make adjustments. Select one of<br />
the six transactions and develop the adjusting journal entry. If you are using an example found in the<br />
textbook do mention the page number.<br />
<strong>ACCT</strong> <strong>212</strong> DeVry Week 4 Checkpoint<br />
Question :<br />
(TCO 4) The cost of the inventory that the business has sold to customers is called
inventory.<br />
cost of goods sold.<br />
purchases.<br />
gross profit.<br />
Question 2. Question :<br />
(TCO 4) The cost of inventory that is still on hand and has not been sold to customers is called<br />
cost of goods sold, an expense that appears on the balance sheet.<br />
inventory, a current asset that appears on the income statement.<br />
inventory, a current asset that appears on the balance sheet.<br />
purchases, an expense that appears on the income statement.<br />
Question 3. Question :<br />
(TCO 4) The inventory system that uses computer software to keep a running record of inventory on hand<br />
is the<br />
cost of goods sold inventory system.<br />
periodic inventory system.<br />
perpetual inventory system.<br />
hybrid inventory system.<br />
Question 4. Question :<br />
(TCO 4) The cost of inventory is the<br />
purchase price.<br />
sum of all the costs incurred to bring the inventory to its intended use.<br />
sum of all the costs incurred to bring the inventory to its intended use, plus any discounts and allowances.<br />
sum of all the costs incurred to bring the inventory to its intended use, less any discounts and allowances.<br />
Question 5. Question :
(TCO 4) ABC Auto Sales sells new Lexus vehicles. ABC will most likely use the _____ method to cost its<br />
ending inventory.<br />
first-in, first-out<br />
last-in, first-out<br />
specific-unit-cost<br />
weighted-average<br />
Question 6. Question :<br />
(TCO 4) To determine cost of goods sold under the FIFO method<br />
the first costs into inventory are the first costs assigned to cost of goods sold.<br />
the last costs into inventory are the first costs assigned to cost of goods sold.<br />
the average cost of the inventory must be determined.<br />
the company must first determine the specific units sold.<br />
Question 7. Question :<br />
(TCO 4) Under the _____ method, ending inventory is based on the costs of the most recent purchases.<br />
average-cost<br />
FIFO<br />
LIFO<br />
specific-identification<br />
Question 8. Question :<br />
(TCO 4) The _____ principle states that the financial statements of a business must report enough<br />
information for outsiders to make knowledgeable decisions about the business.<br />
Consistency<br />
historical cost<br />
disclosure<br />
conservatism
Question 9. Question :<br />
(TCO 4) The lower-of-cost-or-market rule requires a company to report inventories at the lower of<br />
historical cost or current sales price.<br />
historical cost or current replacement cost.<br />
current replacement cost or sales invoice price.<br />
FIFO cost or LIFO cost.<br />
Question 10. Question :<br />
(TCO 4) The inventory turnover ratio<br />
is determined by dividing cost of goods sold by net sales.<br />
shows how many times the company sold its average level of inventory.<br />
should be high for a company that sells high-priced inventory items.<br />
will be lower for companies that have many low-priced items in their inventory<br />
<strong>ACCT</strong> <strong>212</strong> DeVry Week 4 Midterm Exam<br />
1. Question : (TCO 1) The Accounting Equation is used to develop the organization’s financial reports. (1)<br />
Describe what owners’ equity values would be if Assets are $100,000 and Liabilities are $27,000 by<br />
showing the Accounting Equation (10 points) and (2) provide an explanation of what accounts could be<br />
found in owners’ equity. (10 points)<br />
Question 2. Question : (TCO 1) The financial statements present a company to the public in financial<br />
terms. (1) Which financial statement identifies where cash was generated and where it was spent during<br />
the year (10 points), and (2) identify the three major parts of this statement. (10 points)<br />
Question 3. Question : (TCO 1) The accounting profession follows a set of guidelines for measurement<br />
and disclosure of financial information called the Generally Accepted Accounting Principles (GAAP). (1)<br />
Explain what the Going-concern Assumption is (10 points) and (2) provide an example of its application.<br />
(10 points)<br />
Question 4. Question : (TCO 2) Transaction analysis results in the development of a journal entry.<br />
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)<br />
explain how the Accounting Equation is impacted. (10 points)<br />
Question 5. Question : (TCO 3) Adjusting Entries are required at the end of the period to ensure that<br />
accrual accounting principles are applied. The building that houses the business is depreciated at an<br />
annual rate of $14,000. Develop the adjusting entry for year end. (1) Name the accounts impacted and<br />
how to use the format account name/debit or credit/dollar amount (10 points), and (2) explain how the<br />
Accounting Equation is impacted. (10 points)<br />
1. Question : (TCO 5) Internal Controls are required to safeguard assets and to ensure ethical business<br />
practices. (1) Identify and explain the reason for any two of the five components of internal control (10<br />
points) and (2) provide examples of how your two selected components of internal control will meet the<br />
goal of safeguarding assets and promoting ethical business practices. (15 points)<br />
Question 2. Question : (TCO 5) The bank account as a control device helps to protect cash. One of the<br />
requirements is to conduct periodic bank statement reconciliations. Using the following data, complete the<br />
bank statement reconciliation. (Use the format shown on page 251 of your textbook.) (25 points)<br />
Use the information below to prepare the bank reconciliation for Collier Cleaners for the month of<br />
September.<br />
•????????The bank statement indicated bank service charges of $63.<br />
•????????Outstanding checks as of September 30 amounted to $1,405.<br />
•????????Deposits in transit as of September 30 amounted to $2,769.<br />
•????????The ending balance per the September bank statement is $40,753.<br />
•????????Collier Cleaners bookkeeper mistakenly recorded a $1,610 cash disbursement as $1,160 for<br />
Office Supplies on check #2402.<br />
•????????The bank mistakenly recorded a deposit of $2,800 as $280 on February 17.<br />
•????????The bank made an EFT payment on behalf of the company for Insurance for $3,200.<br />
•????????Bank collected rent of $3,000 and a note, for $16,450, including interest of $450.<br />
•????????The ending cash balance per the books for September before any adjustments was 28,900.