ACCT 212 Financial Accounting

ACCT-212 Week 4 Quiz – 100% Correct Answers – Graded An A+ Flag this Question (TCO 4) The financial statements of a merchandising company will show the same accounts as the financial s tatements of a service company. gross profit after net income on the income statement. inventory as a current asset on the balance sheet. cost of goods sold as an operating expense on the income statement. Flag this Question (TCO 4) Two accounts that would appear on the financial statements of a merchandising ...

ACCT 212 Week 4 Homework – Graded An A+ Select the appropriate provisions of the sarbanes-oxley act (sox) for each of the following descriptions. Executives must personally certify the compa ny's financial statements Corporate Executive Accountability Audit firm cannot provide a variety of other services to its clients, such as investment advising Non-audit Services PCAOB establishes standards related to the preparation of audited financial reports Oversight Board Lead audit partners are requ...

ACCT-212 Week 3 Discussion: Reasons Why Accountants Use The Accrual Method Why do accountants use accrual accounting instead of the cash basis of accounting? The accrual basis of accounting furn ishes an enhanced representation of a company's profits during an accounting period. This is because revenues are reported on the income statement when they are earned, which frequently occurs before the cash is received from the customers. Also, expenses are reported on the income statement when they m...

ACCT212 - Week 3 – Homework – Graded A+ Golden Eagle Company prepares monthly financial statements for its bank. The November 30 adjusted trial balance includes the following account informatio n: Supplies $2,000 Prepaid Insurance 8,000 Salaries Payable $11,000 Deferred Revenue 3,000 The following information is known for the month of December: 1. Purchases of supplies during December total $4,500. Supplies on hand at the end of December equal $3,500. 2. No insurance payments are made in Dec...

ACCT-212 Week 2 Quiz – 100% Correct Answers – Graded An A+ (TCO 2) When a business purchases land on account both assets and stockholders' equity are increased. assets are decreased and stockholder's equity is increased. both assets and liabilities are increased. assets are increased and liabilities are decreased. Flag this Question (TCO 2) Which of the following transactions will increase one asset and decrease another asset? The purchase of office supplies on account. The performance of ...

Grade Details - All Questions ACCOUNT 212 WEEK 2 HOMEWORK – WITH 100% CORRECT ANSWERS - - assets are decreased and net income is decreased. assets are decreased and liabilities are increased. liabilities are decreased and net income is increased. assets are decreased and liabilities are decreased. Question 4. (TCO 2) The left side of a T-account is always the Student Answer: increase side. decrease side. debit side. credit side. Question 5. (TCO 2) An account is increased by a credit and has a...

ACCT-212 Week 1 Quiz – With Answers ( 100% Correct) – Download To Score An A+ Financial Accounting 212 Week 1 Quiz 1. The term GAAP stands for? Answer: Generally Accepted Accounting Principles 2. Financial accounting serves which primary functions? Answer: Measures business activities Communicated business decisions on behalf of interested parties 3. Which of the following represents an obligation to the company? Answer: Liabilities 4. Which body has the primary responsibilities for the esta...

ACCT 212 Week 1 Homework (Collection) – Download For Revision Longhorn Corporation provides low-cost food delivery services to senior citizens. At the end of the year on December 31, 2021, the comp any reports the following amounts: Cash $ 1,400 Service revenue $71,200 Equipment 20,500 Cost of goods sold (food 54,100 expense) Accounts payable 2,700 Buildings 23,000 Delivery expense 3,300 Supplies 1,700 Salaries expense 6,200 Salaries payable 700 In addition, the company had common stock of $23...

ACCT 212-Course_Project. ACCT 212: Course Project 1 Requirement Requirement Description Worksheet Part A 1 Prepare the Journal Entries in the General Journal Journal Entries 2 Post Journal Entries to the General Ledger General Ledger 3 Prepare a Trial Balance Trial Balance Part B 4 Prepare the Adjusting Entries Adjusting Entries 5 Post Adjusting Entries to the General Ledger General Ledger 6 Prepare an Adjusted Trial Balance Adjusted TB 7 Prepare the Financial Statements Fina...

ACCT 212-CourseProject 2 March Transactions Date Transaction Description March 1 Began business by making a deposit in a company bank account of $20,000, in exchange for 2,000 shares of $10 par value common stock. March 1 Paid the premium on a 1-year insurance policy, $2,400. March 1 Paid the current month's store rent expense, $1,900. March 3 Purchased repair equipment from Andrew Company, $5,800. Paid $1,000 down and the balance was placed on account. Payments will be $400.00 per mo...