Acct 212 Final Exam 100% Correct Answer

In: Other Topics

Submitted By JudithWhite
Words 918
Pages 4
ACCT 212 Final Exam 100% Correct Answer
Follow Link Below To Get Tutorial http://homeworklance.com/downloads/acct-212-final-exam-100-correct-answer/ Description: (TCO 1) To evaluate the financial operation and health of a business ratio analysis is used. (1) Provide the formula for the Acid-test (or Quick) Ratio and explain how it is computed (10 points) and (2) provide an example of how this ratio can be used in decision-making in business.

(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, Supplies Expense in the form of a journal entry

(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 to construct an Unadjusted Trial Balance (10 points) and (2) provide an example of the application of the debit/credit rules in the development of the trial balance.

(TCO 5) Internal Control Procedures are required to safeguard company assets and to ensure ethical operation of the business. (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). BagODonuts’ accountant estimated that the truck’s residual value would be $2,400 at the end of its useful life. The truck…...

Similar Documents

Acct 429 Final Exam 100% Correct Answers

...ACCT 429 Final Exam 100% Correct Answers To Buy this Class Copy & paste below link in your Brower http://homeworklance.com/downloads/acct-429-final-exam-100-correct-answers/ Or Visit Our Website Visit : http://homeworklance.com Email Us : lancehomework@gmail.com ACCT 429 Final Exam 100% Correct Answers 1. (TCOs 2, 3, and 5) As we know, Congress devised a very broad definition of income and codified this definition in Section 61 of the Internal Revenue Code. Explain the Code’s definition of income and how it is generally applied to taxpayers. In particular, explain how the Code’s definition of income is different than other potential definitions of income, such as the economic concept of income, and use an example to illustrate the difference between the two systems. Explain how the Code approaches whether or not particular items should be included in income and how a taxpayer’s taxable income is generally determined under the Code. (Points : 25) 2. (TCOs 2, 4, and 5) We spent quite a bit of time this term learning about deductions. One of the important distinctions between various types of deductions that we examined was the distinction between “for AGI” and “from AGI” deductions. Explain how the names for these two types of deductions developed, as well as the fundamental differences between the two types of deductions and the general types of deductions that fall within each category. In particular, focus on the different tax consequences that each might......

Words: 1096 - Pages: 5

Acct 429 Final Exam 100% Correct Answers

...ACCT 429 Final Exam 100% Correct Answers To Buy this Class Copy & paste below link in your Brower http://homeworklance.com/downloads/acct-429-final-exam-100-correct-answers/ Or Visit Our Website Visit : http://homeworklance.com Email Us : lancehomework@gmail.com ACCT 429 Final Exam 100% Correct Answers 1. (TCOs 2, 3, and 5) As we know, Congress devised a very broad definition of income and codified this definition in Section 61 of the Internal Revenue Code. Explain the Code’s definition of income and how it is generally applied to taxpayers. In particular, explain how the Code’s definition of income is different than other potential definitions of income, such as the economic concept of income, and use an example to illustrate the difference between the two systems. Explain how the Code approaches whether or not particular items should be included in income and how a taxpayer’s taxable income is generally determined under the Code. (Points : 25) 2. (TCOs 2, 4, and 5) We spent quite a bit of time this term learning about deductions. One of the important distinctions between various types of deductions that we examined was the distinction between “for AGI” and “from AGI” deductions. Explain how the names for these two types of deductions developed, as well as the fundamental differences between the two types of deductions and the general types of deductions that fall within each category. In particular, focus on the different tax consequences that each might......

Words: 5476 - Pages: 22

Acct 429 Final Exam 100% Correct Answers

...ACCT 429 Final Exam 100% Correct Answers To Buy this Class Copy & paste below link in your Brower http://homeworklance.com/downloads/acct-429-final-exam-100-correct-answers/ Or Visit Our Website Visit : http://homeworklance.com Email Us : lancehomework@gmail.com ACCT 429 Final Exam 100% Correct Answers 1. (TCOs 2, 3, and 5) As we know, Congress devised a very broad definition of income and codified this definition in Section 61 of the Internal Revenue Code. Explain the Code’s definition of income and how it is generally applied to taxpayers. In particular, explain how the Code’s definition of income is different than other potential definitions of income, such as the economic concept of income, and use an example to illustrate the difference between the two systems. Explain how the Code approaches whether or not particular items should be included in income and how a taxpayer’s taxable income is generally determined under the Code. (Points : 25) 2. (TCOs 2, 4, and 5) We spent quite a bit of time this term learning about deductions. One of the important distinctions between various types of deductions that we examined was the distinction between “for AGI” and “from AGI” deductions. Explain how the names for these two types of deductions developed, as well as the fundamental differences between the two types of deductions and the general types of deductions that fall within each category. In particular, focus on the different tax consequences that each might...

Words: 9856 - Pages: 40

Acct 212 Final Exam 100% Correct Answer

...ACCT 212 Final Exam 100% Correct Answer Follow Link Below To Get Tutorial http://homeworklance.com/downloads/acct-212-final-exam-100-correct-answer/ Description: (TCO 1) To evaluate the financial operation and health of a business ratio analysis is used. (1) Provide the formula for the Acid-test (or Quick) Ratio and explain how it is computed (10 points) and (2) provide an example of how this ratio can be used in decision-making in business. (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, Supplies Expense in the form of a journal entry (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 to construct an Unadjusted Trial Balance (10 points) and (2) provide an example of the application of the debit/credit rules in the development of the trial balance. (TCO 5) Internal Control Procedures are required to safeguard company assets and to ensure ethical operation of the business. (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)...

Words: 2752 - Pages: 12

Acct 505 Final Exam 100% Correct Answers

...ACCT 505 Final Exam 100% Correct Answers Follow Link Below To Get Tutorial http://homeworklance.com/downloads/acct-505-final-exam-100-correct-answers/ Description: 1. (TCO C) Silver City, Inc., has collected the following operating information below for its current month’s activity. Using this information, prepare a flexible budget analysis to determine how well Silver City performed in terms of cost control. Actual Costs Incurred Static Budget Activity level (in units) 5,250 5,178 Variable Costs: Indirect materials $24,182 $23,476 Utilities $22,356 $22,674 Fixed Costs: Administration $63,450 $65,500 Rent $65,317 $63,904 2. (TCO D) Globe Co. manufactures automatic door openers. The company uses 15,000 electronic hinges per year as a component in the assembly of the openers. You have been engaged by Globe to assist with an evaluation of whether the company should continue producing the hinges or purchase them from an outside vendor. The Accounting Department provided the following detail regarding the annual cost to produce electronic hinges: Direct materials $54,000 Direct labor 60,000 Variable manufacturing overhead 36,000 Fixed manufacturing overhead 90,000 Total costs $240,000 The Procurement Department provided the following supplier pricing: Supplier A price per hinge $11.00 Supplier B price per hinge $10.75 Supplier C price per hinge $10.50 The supplier pricing was obtained in response to a formal request for proposal......

Words: 4321 - Pages: 18

Acct 212 Final Exam 100% Correct Answer

...ACCT 212 Final Exam 100% Correct Answer Follow Link Below To Get Tutorial http://homeworklance.com/downloads/acct-212-final-exam-100-correct-answer/ Description: (TCO 1) To evaluate the financial operation and health of a business ratio analysis is used. (1) Provide the formula for the Acid-test (or Quick) Ratio and explain how it is computed (10 points) and (2) provide an example of how this ratio can be used in decision-making in business. (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, Supplies Expense in the form of a journal entry (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 to construct an Unadjusted Trial Balance (10 points) and (2) provide an example of the application of the debit/credit rules in the development of the trial balance. (TCO 5) Internal Control Procedures are required to safeguard company assets and to ensure ethical operation of the business. (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)...

Words: 3669 - Pages: 15

Acct 212 Final Exam 100% Correct Answer

...ACCT 212 Final Exam 100% Correct Answer Follow Link Below To Get Tutorial http://homeworklance.com/downloads/acct-212-final-exam-100-correct-answer/ Description: (TCO 1) To evaluate the financial operation and health of a business ratio analysis is used. (1) Provide the formula for the Acid-test (or Quick) Ratio and explain how it is computed (10 points) and (2) provide an example of how this ratio can be used in decision-making in business. (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, Supplies Expense in the form of a journal entry (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 to construct an Unadjusted Trial Balance (10 points) and (2) provide an example of the application of the debit/credit rules in the development of the trial balance. (TCO 5) Internal Control Procedures are required to safeguard company assets and to ensure ethical operation of the business. (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)...

Words: 5503 - Pages: 23

Acct 505 Final Exam 100% Correct Answers

...ACCT 505 Final Exam 100% Correct Answers Follow Link Below To Get Tutorial http://homeworklance.com/downloads/acct-505-final-exam-100-correct-answers/ Description: 1. (TCO C) Silver City, Inc., has collected the following operating information below for its current month’s activity. Using this information, prepare a flexible budget analysis to determine how well Silver City performed in terms of cost control. Actual Costs Incurred Static Budget Activity level (in units) 5,250 5,178 Variable Costs: Indirect materials $24,182 $23,476 Utilities $22,356 $22,674 Fixed Costs: Administration $63,450 $65,500 Rent $65,317 $63,904 2. (TCO D) Globe Co. manufactures automatic door openers. The company uses 15,000 electronic hinges per year as a component in the assembly of the openers. You have been engaged by Globe to assist with an evaluation of whether the company should continue producing the hinges or purchase them from an outside vendor. The Accounting Department provided the following detail regarding the annual cost to produce electronic hinges: Direct materials $54,000 Direct labor 60,000 Variable manufacturing overhead 36,000 Fixed manufacturing overhead 90,000 Total costs $240,000 The Procurement Department provided the following supplier pricing: Supplier A price per hinge $11.00 Supplier B price per hinge $10.75 Supplier C price per hinge $10.50 The supplier pricing was obtained in response to a formal request for proposal......

Words: 8641 - Pages: 35

Acct 212 Final Exam 100% Correct Answer

...ACCT 212 Final Exam 100% Correct Answer Get Tutorial by Clicking on the link below or Copy Paste Link in Your Browser http://hwguiders.com/downloads/acct-212-final-exam-100-correct-answer/ For More Courses and Exams use this form ( http://hwguiders.com/contact-us/ ) Feel Free to Search your Class through Our Product Categories or From Our Search Bar (http://hwguiders.com/ ) (TCO 1) To evaluate the financial operation and health of a business ratio analysis is used. (1) Provide the formula for the Acid-test (or Quick) Ratio and explain how it is computed (10 points) and (2) provide an example of how this ratio can be used in decision-making in business. (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, Supplies Expense in the form of a journal entry (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 to construct an Unadjusted Trial Balance (10 points) and (2) provide an example of the application of the debit/credit rules in the development of the trial balance. (TCO 5) Internal Control Procedures are required to safeguard company assets and to ensure ethical operation of the business. (1) Explain how limited access can satisfy the purpose of internal control (10 points) and (2) provide an example...

Words: 16253 - Pages: 66

Acct 212 Final Exam 100% Correct Answer

...ACCT 212 Final Exam 100% Correct Answer Follow Link Below To Get Tutorial http://homeworklance.com/downloads/acct-212-final-exam-100-correct-answer/ Description: (TCO 1) To evaluate the financial operation and health of a business ratio analysis is used. (1) Provide the formula for the Acid-test (or Quick) Ratio and explain how it is computed (10 points) and (2) provide an example of how this ratio can be used in decision-making in business. (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, Supplies Expense in the form of a journal entry (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 to construct an Unadjusted Trial Balance (10 points) and (2) provide an example of the application of the debit/credit rules in the development of the trial balance. (TCO 5) Internal Control Procedures are required to safeguard company assets and to ensure ethical operation of the business. (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)...

Words: 5503 - Pages: 23

Acct 304 Final Exam 100% Correct Answers

...ACCT 304 Final Exam 100% Correct Answers Purchase here http://devrycourse.com/acct-304-final-exam-100-correct-answers Product Description ACCT 304 Final Exam 100% Correct Answers ACCT 304 Final Exam 100% Correct Answers Purchase here http://devrycourse.com/acct-304-final-exam-100-correct-answers Product Description ACCT 304 Final Exam 100% Correct Answers ACCT 304 Final Exam 100% Correct Answers Purchase here http://devrycourse.com/acct-304-final-exam-100-correct-answers Product Description ACCT 304 Final Exam 100% Correct Answers ACCT 304 Final Exam 100% Correct Answers Purchase here http://devrycourse.com/acct-304-final-exam-100-correct-answers Product Description ACCT 304 Final Exam 100% Correct Answers ACCT 304 Final Exam 100% Correct Answers Purchase here http://devrycourse.com/acct-304-final-exam-100-correct-answers Product Description ACCT 304 Final Exam 100% Correct Answers ACCT 304 Final Exam 100% Correct Answers Purchase here http://devrycourse.com/acct-304-final-exam-100-correct-answers Product Description ACCT 304 Final Exam 100% Correct Answers ACCT 304 Final Exam 100% Correct Answers Purchase here http://devrycourse.com/acct-304-final-exam-100-correct-answers Product Description ACCT 304 Final Exam 100% Correct Answers ACCT 304 Final Exam 100% Correct Answers Purchase......

Words: 420 - Pages: 2

Acct 212 Final Exam 100% Correct Answer

...ACCT 212 Final Exam 100% Correct Answer http://homeworkyahoo.com/downloads/acct-212-final-exam-100-correct-answer/ To Buy this tutorial Copy & paste above link in your Brower ACCT 212 Final Exam 100% Correct Answer (TCO 1) To evaluate the financial operation and health of a business ratio analysis is used. (1) Provide the formula for the Acid-test (or Quick) Ratio and explain how it is computed (10 points) and (2) provide an example of how this ratio can be used in decision-making in business. (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, Supplies Expense in the form of a journal entry (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 to construct an Unadjusted Trial Balance (10 points) and (2) provide an example of the application of the debit/credit rules in the development of the trial balance. (TCO 5) Internal Control Procedures are required to safeguard company assets and to ensure ethical operation of the business. (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......

Words: 929 - Pages: 4

Acct 212 Final Exam 100% Correct Answer

...ACCT 212 Final Exam 100% Correct Answer Follow Link Below To Get Tutorial http://homeworklance.com/downloads/acct-212-final-exam-100-correct-answer/ Description: (TCO 1) To evaluate the financial operation and health of a business ratio analysis is used. (1) Provide the formula for the Acid-test (or Quick) Ratio and explain how it is computed (10 points) and (2) provide an example of how this ratio can be used in decision-making in business. (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, Supplies Expense in the form of a journal entry (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 to construct an Unadjusted Trial Balance (10 points) and (2) provide an example of the application of the debit/credit rules in the development of the trial balance. (TCO 5) Internal Control Procedures are required to safeguard company assets and to ensure ethical operation of the business. (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)...

Words: 918 - Pages: 4

Acct 304 Final Exam 100% Correct Answers

...ACCT 304 FINAL EXAM 100% CORRECT ANSWERS To purchase this visit following link: http://www.activitymode.com/product/acct-304-final-exam-100-correct-answers/ Contact us at: SUPPORT@ACTIVITYMODE.COM ACCT 304 FINAL EXAM 100% CORRECT ANSWERS ACCT 304 Final Exam 100% Correct Answers ACCT 304 Final Exam 100% Correct Answers Activity mode aims to provide quality study notes and tutorials to the students of ACCT 304 Final Exam 100% Correct Answers in order to ace their studies. ACCT 304 FINAL EXAM 100% CORRECT ANSWERS To purchase this visit following link: http://www.activitymode.com/product/acct-304-final-exam-100-correct-answers/ Contact us at: SUPPORT@ACTIVITYMODE.COM ACCT 304 FINAL EXAM 100% CORRECT ANSWERS ACCT 304 Final Exam 100% Correct Answers ACCT 304 Final Exam 100% Correct Answers Activity mode aims to provide quality study notes and tutorials to the students of ACCT 304 Final Exam 100% Correct Answers in order to ace their studies. ACCT 304 FINAL EXAM 100% CORRECT ANSWERS To purchase this visit following link: http://www.activitymode.com/product/acct-304-final-exam-100-correct-answers/ Contact us at: SUPPORT@ACTIVITYMODE.COM ACCT 304 FINAL EXAM 100% CORRECT ANSWERS ACCT 304 Final Exam 100% Correct Answers ACCT 304 Final Exam 100% Correct Answers Activity mode aims to provide quality study notes and tutorials to the students of ACCT 304 Final Exam 100% Correct Answers in order to ace their studies. ACCT 304 FINAL EXAM 100% CORRECT......

Words: 554 - Pages: 3

Acct 212 Final Exam 100% Correct Answer

...ACCT 212 Final Exam 100% Correct Answer Follow Link Below To Get Tutorial http://homeworklance.com/downloads/acct-212-final-exam-100-correct-answer/ Description: (TCO 1) To evaluate the financial operation and health of a business ratio analysis is used. (1) Provide the formula for the Acid-test (or Quick) Ratio and explain how it is computed (10 points) and (2) provide an example of how this ratio can be used in decision-making in business. (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, Supplies Expense in the form of a journal entry (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 to construct an Unadjusted Trial Balance (10 points) and (2) provide an example of the application of the debit/credit rules in the development of the trial balance. (TCO 5) Internal Control Procedures are required to safeguard company assets and to ensure ethical operation of the business. (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)...

Words: 918 - Pages: 4