ACCT 212 Financial Accounting Complete Course
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( ACCT 212 Week 1-7 Complete DQS Included )
ACCT 212 Course Project
ACCT 212 Week 4 Midterm
ACCT 212 Week 1 DQ1 Financial Statements
ACCT 212 Week 2 DQ1 Prepaid Expenses vs. Unearned Revenue
ACCT 212 Week 2 DQ2 Accrual vs. Cash Accounting
ACCT 212 Week 3 DQ1 Ethical Business Decisions
ACCT 212 Week 3 DQ2 Trade Credit â€“ Accounts Payable
ACCT 212 Week 4 DQ1 Inventory Management
ACCT 212 Week 4 DQ2 LIFO
ACCT 212 Week 5 DQ1 Non-current Assets and Related Liabilities
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(1) Explain how limited access can satisfy the purpose of internal control (10 points) and (2) provide an example of how this control could be implemented.
(TCO 4) Inventory valuation methods determine the cost of goods sold and the inventory balance. (1) Explain how the Last in First out (LIFO) method is applied (10 points) and (2) provide an example of the impact that this method of inventory valuation will have on Gross Profit.
. (TCO 6) BagODonuts Company bought a used delivery truck on January 1, 2010, for $19,200. The van was expected to remain in service 4 years (30,000 miles). BagODonutsâ€™ accountant estimated that the truckâ€™s residual value would be $2,400 at the end of its useful life. The truck traveled 8,000 miles the first year, 8,500 miles the second year, 5,500 miles the third year, and 8,000 miles in the fourth year.
1. Calculate depreciation expense for the truck for each year (2010-2013) using the:
a. Straight-line method.
b. Double-declining balance method.
c. Units of Production method.
(For units-of-production and double-declining balance, round to the nearest two decimals after each step of the calculation.)
2. Which method best tracks the wear and tear on the van?
3. Which method would BagODonuts prefer to use for income tax purposes? Explain in detail why BagODonuts prefers this method.
(TCO 7) ABC Inc. was incorporated on 1/15/12. Their corporate charter authorized the following capital stock:
Preferred Stock: 7%, par value $100 per share, 100,000 shares.
Common Stock: $1 par value, 500,000 shares.
The following transactions occurred during the year:
1/19/12 â€“ Issued 100,000 shares of common stock for $17 cash per share.
1/31/12 â€“ Issued 3,000 shares of preferred stock for $115 cash per share.
11/1/12 â€“ Repurchased 30,000 shares of common stock for $22 cash per share.
12/1/12 â€“ Declared and paid a total dividend of $95,000.
1. Prepare the journal entry for each transaction listed above.
2. In your own words, explain the main differences between common and preferred stock.
(Points : 25)
(TCO 5) Fraud is an intentional misrepresentation of facts, made for the purpose of persuading another party to act in a way that causes injury or damage to that party. In our readings and discussions we have seen several examples of fraud in business. Using that experience (1) provide an example of a common fraudulent practice in business with an explanation of how the practice works and (2) name and describe each of the elements of the Fraud Triangle.
(TCO 5) Internal Control Procedures are in place to protect the assets of every business as mentioned in the textbook and our discussions. Of the seven internal control procedures, list five of these controls and describe how each procedure is implemented. (5 points each with 2 points for listing and 3 points for a description)
(TCO 2) Below are the accounts of Super Pool Service, Inc. The accounts have...