ACCT 212 (ACCT212)

ACCT 212 Week 4 Midterm Exam LATEST EXAM 2023 VERIFIED EXAM 100%

ACCT 212 Final Exam / Financial Accounting 1. (TCO 3) At the end of the period it is necessary to close all temporary accounts. (1) Explain why this process is required (10 points) and (2) provide an example of the closing of an expense account, Salary Expense in the form of a journal entry. (10 points) (Points : 20) 2. (TCO 2) As required to complete Course Project 1, one must follow the cycle that includes 10 steps to complete the accounting cycle. (1) Explain how the debit/credit rules ...

1. Select the best term for each definition below. 2. Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 100,000 shares of common stock outstanding as of the beginning of 2021. Power Drive has the following transactions affecting stockholders' equity in 2021. March 1 Issues 47,000 additional shares of $1 par value common stock for $44 per share. May 10 Purchases 4,200 shares of treasury stock for $47 per share. June 1 Declares a cash dividend...

ACCT212 WEEK 1 HOMEWORK Grade Details - All Questions Question 1. (TCO 1) Accounting Student Answer: measure business activities. processes date into reports and communicates the data to decision makers. is often called the language of business. All the above Question 2. (TCO 1) Decision makers who use accounting include Student Answer: the SEC. investors. managers.

olden Eagle Company prepares monthly financial statements for its bank. The November 30 adjusted trial balance includes the following account information: November 30 Debit Credit 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.

1. Select the best term for each definition below. 2. Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 100,000 shares of common stock outstanding as of the beginning of 2021. Power Drive has the following transactions affecting stockholders' equity in 2021. March 1 Issues 47,000 additional shares of $1 par value common stock for $44 per share. May 10 Purchases 4,200 shares of treasury stock for $47 per share. June 1 Declares a cash dividend...

ACCT212 WEEK 1 HOMEWORK Grade Details - All Questions Question 1. (TCO 1) Accounting Student Answer: measure business activities. processes date into reports and communicates the data to decision makers. is often called the language of business. All the above Question 2. (TCO 1) Decision makers who use accounting include Student Answer: the SEC. investors. managers.

1. (TCO 3) At the end of the period it is necessary to close all temporary accounts. (1) Explain why this process is required (10 points) and (2) provide an example of the closing of an expense account, Salary Expense in the form of a journal entry. (10 points) (Points : 20) 2. (TCO 2) As required to complete Course Project 1, one must follow the cycle that includes 10 steps to complete the accounting cycle. (1) Explain how the debit/credit rules are used when developing journal entries (10 poin...

ACCT212 WEEK 1 HOMEWORK Grade Details - All Questions Question 1. (TCO 1) Accounting Student Answer: measure business activities. processes date into reports and communicates the data to decision makers. is often called the language of business. All the above Question 2. (TCO 1) Decision makers who use accounting include Student Answer: the SEC. investors. managers. All the above

Select the best term for each definition below. 2. Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 100,000 shares of common stock outstanding as of the beginning of 2021. Power Drive has the following transactions affecting stockholders' equity in 2021. March 1 Issues 47,000 additional shares of $1 par value common stock for $44 per share. May 10 Purchases 4,200 shares of treasury stock for $47 per share. June 1 Declares a cash di...