ACCT 212 DEVRY WEEK 4 COMPLETE WORK LATEST

By | July 7, 2017

ACCT 212 DEVRY WEEK 4 COMPLETE WORK LATEST

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ACCT 212 DeVry Week 4 Complete Work Latest

ACCT 212 DeVry Week 4 Discussion 1

A review of the balance sheet of a retailer, such as Wal-Mart, will disclose that in current assets the majority investment is in inventory. With manufacturers, such as Ford, the inventory is spread between three different categories. Let’s start our discussion with some basic inventory questions. How is inventory valued? Which inventory valuation method is most popular and why? What impact on the financial reports can the selection of an inventory valuation method have?

ACCT 212 DeVry Week 4 Discussion 2

Go to Course Home and review the Course Project tab. Continue to use the Course Project template from Doc Sharing. In this graded discussion, we will be examining the operation of the Accounting Information System (AIS) with the use of problems and exercises from your textbook. The goal is to cover all of the requirements to ensure an opportunity for your successful completion of the Course Project.

Let’s start with Exercise 3-22A and practice developing journal entries to make adjustments. Select one of the six transactions and develop the adjusting journal entry. If you are using an example found in the textbook do mention the page number.

ACCT 212 DeVry Week 4 Checkpoint

Question :

(TCO 4) The cost of the inventory that the business has sold to customers is called

inventory.

cost of goods sold.

purchases.

gross profit.

Question 2. Question :

(TCO 4) The cost of inventory that is still on hand and has not been sold to customers is called

cost of goods sold, an expense that appears on the balance sheet.

inventory, a current asset that appears on the income statement.

inventory, a current asset that appears on the balance sheet.

purchases, an expense that appears on the income statement.

Question 3. Question :

(TCO 4) The inventory system that uses computer software to keep a running record of inventory on hand is the

cost of goods sold inventory system.

periodic inventory system.

perpetual inventory system.

hybrid inventory system.

Question 4. Question :

(TCO 4) The cost of inventory is the

purchase price.

sum of all the costs incurred to bring the inventory to its intended use.

sum of all the costs incurred to bring the inventory to its intended use, plus any discounts and allowances.

sum of all the costs incurred to bring the inventory to its intended use, less any discounts and allowances.

Question 5. Question :

(TCO 4) ABC Auto Sales sells new Lexus vehicles. ABC will most likely use the _____ method to cost its ending inventory.

first-in, first-out

last-in, first-out

specific-unit-cost

weighted-average

Question 6. Question :

(TCO 4) To determine cost of goods sold under the FIFO method

the first costs into inventory are the first costs assigned to cost of goods sold.

the last costs into inventory are the first costs assigned to cost of goods sold.

the average cost of the inventory must be determined.

the company must first determine the specific units sold.

Question 7. Question :

(TCO 4) Under the _____ method, ending inventory is based on the costs of the most recent purchases.

average-cost

FIFO

LIFO

specific-identification

Question 8. Question :

(TCO 4) The _____ principle states that the financial statements of a business must report enough information for outsiders to make knowledgeable decisions about the business.

Consistency

historical cost

disclosure

conservatism

Question 9. Question :

(TCO 4) The lower-of-cost-or-market rule requires a company to report inventories at the lower of

historical cost or current sales price.

historical cost or current replacement cost.

current replacement cost or sales invoice price.

FIFO cost or LIFO cost.

Question 10. Question :

(TCO 4) The inventory turnover ratio

is determined by dividing cost of goods sold by net sales.

shows how many times the company sold its average level of inventory.

should be high for a company that sells high-priced inventory items.

will be lower for companies that have many low-priced items in their inventory

ACCT 212 DeVry Week 4 Midterm Exam

  1. Question : (TCO 1) The Accounting Equation is used to develop the organization’s 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)

Question 2. Question : (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)

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.
  • ????????The bank made an EFT payment on behalf of the company for Insurance for $3,200.
  • ????????Bank collected rent of $3,000 and a note, for $16,450, including interest of $450.
  • ????????The ending cash balance per the books for September before any adjustments was 28,900.