Acct 212 week 1 - Study guides, Class notes & Summaries

1. Question: Eagle Corp. operates Magnetic Resonance Imaging (MRI) clinics throughout the Northeast. At the end of the current period, the company reports the following amounts: Assets = $50,000; Liab ilities = $27,000; Dividends = $3,000; Revenues = $14,000; Expenses = $9,000. 2. Question: Below are the account balances for a company at the end of December. 3. Question: At the beginning of the year (January 1), a company has $11,000 of common stock outstanding and retained earnings of $6,300. D...

ACCT 212 WEEK 1 QUIZ 1. (TCO 1) The type of accounting that makes projections to determine if a company should build a new store is (Points : 3) financial accounting. business accounting. manage rial accounting. projection accounting. 0 0 MultipleChoice 3 Question 2. 2. (TCO 1) Which type of business organization transacts the most business and is the largest in terms of assets, income, and number of employees? (Points : 3) Proprietorship Partnership Limited-liability company Corporation 0 1 Mul...

ACCT 212 Week 3 Course Project Milestone Financial Accounting latest 2024Let's start the week by exploring accrual-basis accounting. Why do accountants use the accrual-basis method instead of the cash basis method of accounting? What are some of the benefits of using accrual accounting? While reading the text these questions were reviewed in detail. The Accrual Accounting method due to the following reason 1. Delivers a more accurate representation actual profit compared to cash. 2. Follows ...

ACCT 212 Week 4 Homework Assignment Exam (elaborations) 1. Question: Select the appropriate provisions of the Sarbanes-Oxley Act (SOX) for each of the following descriptions. a. Executives must personally certify the company’s financial statements. b. Audit firm cannot provide a variety of other services to its client, such as investment advising. c. PCAOB establishes standards … to the preparation of audited financial reports. d. Lead audit partners are required to change every five years....

ACCT 212 Week 6 Quiz Question 1.1. (TCO 7) Stockholders of a corporation directly elect the (Points : 3) board of directors. president of the corporation. chief financial officer of the corporation chairperson of the board. Question 2.2. (TCO 7) If a corporation has only one class of stock, it is understood to be (Points : 3) preferred stock. common stock. contributory stock. equity stock. Question 3.3. (TCO 7) The price that the stockholder pays to acquire stock from the corporation is the (Poi...

ACCT 212 Week 6 Quiz Question 1.1. (TCO 7) Stockholders of a corporation directly elect the (Points : 3) board of directors. president of the corporation. chief financial officer of the corporation chairperson of the board. Question 2.2. (TCO 7) If a corporation has only one class of stock, it is understood to be (Points : 3) preferred stock. common stock. contributory stock. equity stock. Question 3.3. (TCO 7) The price that the stockholder pays to acquire stock from the corporation is the (Poi...

ACCT 212 Week 8 Final Exam With Rationale

1. Question: BelvidereSelf Storage purchased land, paying $160,000cash as a down payment and signing a $155,000note payable for the balance. Belviderealso had to pay delinquent property tax of $2,500, title insurance costing $5,500, and $11,000to level the land and remove an unwanted building. The company paid $52,000 to add soil for the foundation and then constructed an office building at a cost of $750,000. It also paid $53,000 for a fence around the property, $21,000 for the company sign nea...

1. Question: BelvidereSelf Storage purchased land, paying $160,000cash as a down payment and signing a $155,000note payable for the balance. Belviderealso had to pay delinquent property tax of $2,500, title insurance costing $5,500, and $11,000to level the land and remove an unwanted building. The company paid $52,000 to add soil for the foundation and then constructed an office building at a cost of $750,000. It also paid $53,000 for a fence around the property, $21,000 for the company sign nea...