Acct 212 Midterm Exam Solution 100% Correct Answers

In: Other Topics

Submitted By JudithWhite
Words 394
Pages 2
ACCT 212 Midterm Exam Solution 100% Correct Answers
Follow Link Below To Get Tutorial http://homeworklance.com/downloads/acct-212-midterm-exam-solution-100-correct-answers/ Description:

(TCO 1) The Accounting Equation is used to develop the organizations financial reports. (1) Describe what liabilities are (10 points) and (2) provide an example of a liability account. (10 points) (TCO 1) The financial statements present a company to the public in financial terms. (1) Which financial statement identifies how well the company performed during the year (10 points) and (2) explain what information this financial statement provides. (10 points) (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 Entity Assumption is (10 points) and (2) provide an example of its application. (10 points) (TCO 2) Transaction analysis results in the development of a journal entry. A building is purchased for $35,000. (1) Name the accounts impacted and how using the format account name/debit or credit/dollar amount (10 points) and (2) explain how the Accounting Equation is impacted. (10 points) (TCO 3) Adjusting Entries are required at the end of the period to ensure that accrual accounting principles are applied. At the beginning of the month $350 of office supplies were purchased. There was not a beginning balance and the one purchase was the only one for the month. At the end of the month $100 of supplies remained. Develop the adjusting entry. (1) Name the accounts impacted and how using the format account name/debit or credit/dollar amount (10 points) and (2) explain how the Accounting Equation is impacted. (10 points) (TCO 5) Internal Controls are required to safeguard assets and to ensure ethical business practices.…...

Similar Documents

Acct 212 Midterm Exam Solution 100% Correct Answers

...ACCT 212 Midterm Exam Solution 100% Correct Answers Follow Link Below To Get Tutorial http://homeworklance.com/downloads/acct-212-midterm-exam-solution-100-correct-answers/ Description: (TCO 1) The Accounting Equation is used to develop the organizations financial reports. (1) Describe what liabilities are (10 points) and (2) provide an example of a liability account. (10 points) (TCO 1) The financial statements present a company to the public in financial terms. (1) Which financial statement identifies how well the company performed during the year (10 points) and (2) explain what information this financial statement provides. (10 points) (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 Entity Assumption is (10 points) and (2) provide an example of its application. (10 points) (TCO 2) Transaction analysis results in the development of a journal entry. A building is purchased for $35,000. (1) Name the accounts impacted and how using the format account name/debit or credit/dollar amount (10 points) and (2) explain how the Accounting Equation is impacted. (10 points) (TCO 3) Adjusting Entries are required at the end of the period to ensure that accrual accounting principles are applied. At the beginning of the month $350 of office supplies were purchased. There was not a beginning balance and the one......

Words: 1573 - Pages: 7

Acct 346 Midterm Exam Solution 100% Correct Answers

...ACCT 346 Midterm Exam Solution 100% Correct Answers Follow Link Below To Get Tutorial http://homeworklance.com/downloads/acct-346-midterm-exam-solution-100-correct-answers/ Description: (TCO 1) Managerial accounting stresses accounting concepts and procedures that are relevant to preparing reports for (TCO 1) Which of the following costs does not change when the level of business activity changes? (TCO 1) You own a car and are trying to decide whether or not to trade it in and buy a new car. Which of the following costs is an opportunity cost in this situation? (TCO 1) Shula’s 347 Grill has budgeted the following costs for a month in which 1,600 steak dinners will be produced and sold: materials, $4,080; hourly labor (variable), $5,200; rent (fixed), $1,700; depreciation, $800; and other fixed costs, $600. Each steak dinner sells for $14.00 each. What is the budgeted fixed cost per unit? (TCO 1) Which of the following costs is not part of manufacturing overhead? (TCO 1) Product costs (A) are also called manufacturing costs (B) are considered an asset until the finished goods are sold. (c) become an expense when the goods are sold. (d) All of the above answers are correct. (TCO 1) Red Runner’s Work in Process Inventory account has a beginning balance of $50,000 and an ending balance of $40,000. Direct materials used are $70,000 and direct labor used totals $35,000. Cost of goods sold totals $135,000. Manufacturing overhead applied is......

Words: 2816 - Pages: 12

Acct 212 Midterm Exam Solution 100% Correct Answers

...ACCT 212 Midterm Exam Solution 100% Correct Answers Follow Link Below To Get Tutorial http://homeworklance.com/downloads/acct-212-midterm-exam-solution-100-correct-answers/ Description: (TCO 1) The Accounting Equation is used to develop the organizations financial reports. (1) Describe what liabilities are (10 points) and (2) provide an example of a liability account. (10 points) (TCO 1) The financial statements present a company to the public in financial terms. (1) Which financial statement identifies how well the company performed during the year (10 points) and (2) explain what information this financial statement provides. (10 points) (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 Entity Assumption is (10 points) and (2) provide an example of its application. (10 points) (TCO 2) Transaction analysis results in the development of a journal entry. A building is purchased for $35,000. (1) Name the accounts impacted and how using the format account name/debit or credit/dollar amount (10 points) and (2) explain how the Accounting Equation is impacted. (10 points) (TCO 3) Adjusting Entries are required at the end of the period to ensure that accrual accounting principles are applied. At the beginning of the month $350 of office supplies were purchased. There was not a beginning balance and the one......

Words: 2359 - Pages: 10

Acct 346 Midterm Exam Solution 100% Correct Answers

...ACCT 346 Midterm Exam Solution 100% Correct Answers Follow Link Below To Get Tutorial http://homeworklance.com/downloads/acct-346-midterm-exam-solution-100-correct-answers/ Description: (TCO 1) Managerial accounting stresses accounting concepts and procedures that are relevant to preparing reports for (TCO 1) Which of the following costs does not change when the level of business activity changes? (TCO 1) You own a car and are trying to decide whether or not to trade it in and buy a new car. Which of the following costs is an opportunity cost in this situation? (TCO 1) Shula’s 347 Grill has budgeted the following costs for a month in which 1,600 steak dinners will be produced and sold: materials, $4,080; hourly labor (variable), $5,200; rent (fixed), $1,700; depreciation, $800; and other fixed costs, $600. Each steak dinner sells for $14.00 each. What is the budgeted fixed cost per unit? (TCO 1) Which of the following costs is not part of manufacturing overhead? (TCO 1) Product costs (A) are also called manufacturing costs (B) are considered an asset until the finished goods are sold. (c) become an expense when the goods are sold. (d) All of the above answers are correct. (TCO 1) Red Runner’s Work in Process Inventory account has a beginning balance of $50,000 and an ending balance of $40,000. Direct materials used are $70,000 and direct labor used totals $35,000. Cost of goods sold totals $135,000. Manufacturing overhead applied is......

Words: 2816 - Pages: 12

Acct 212 Midterm Exam Solution 100% Correct Answers

...ACCT 212 Midterm Exam Solution 100% Correct Answers Follow Link Below To Get Tutorial http://homeworklance.com/downloads/acct-212-midterm-exam-solution-100-correct-answers/ Description: (TCO 1) The Accounting Equation is used to develop the organizations financial reports. (1) Describe what liabilities are (10 points) and (2) provide an example of a liability account. (10 points) (TCO 1) The financial statements present a company to the public in financial terms. (1) Which financial statement identifies how well the company performed during the year (10 points) and (2) explain what information this financial statement provides. (10 points) (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 Entity Assumption is (10 points) and (2) provide an example of its application. (10 points) (TCO 2) Transaction analysis results in the development of a journal entry. A building is purchased for $35,000. (1) Name the accounts impacted and how using the format account name/debit or credit/dollar amount (10 points) and (2) explain how the Accounting Equation is impacted. (10 points) (TCO 3) Adjusting Entries are required at the end of the period to ensure that accrual accounting principles are applied. At the beginning of the month $350 of office supplies were purchased. There was not a beginning balance and the one......

Words: 3145 - Pages: 13

Acct 346 Midterm Exam Solution 100% Correct Answers

...ACCT 346 Midterm Exam Solution 100% Correct Answers Follow Link Below To Get Tutorial http://homeworklance.com/downloads/acct-346-midterm-exam-solution-100-correct-answers/ Description: (TCO 1) Managerial accounting stresses accounting concepts and procedures that are relevant to preparing reports for (TCO 1) Which of the following costs does not change when the level of business activity changes? (TCO 1) You own a car and are trying to decide whether or not to trade it in and buy a new car. Which of the following costs is an opportunity cost in this situation? (TCO 1) Shula’s 347 Grill has budgeted the following costs for a month in which 1,600 steak dinners will be produced and sold: materials, $4,080; hourly labor (variable), $5,200; rent (fixed), $1,700; depreciation, $800; and other fixed costs, $600. Each steak dinner sells for $14.00 each. What is the budgeted fixed cost per unit? (TCO 1) Which of the following costs is not part of manufacturing overhead? (TCO 1) Product costs (A) are also called manufacturing costs (B) are considered an asset until the finished goods are sold. (c) become an expense when the goods are sold. (d) All of the above answers are correct. (TCO 1) Red Runner’s Work in Process Inventory account has a beginning balance of $50,000 and an ending balance of $40,000. Direct materials used are $70,000 and direct labor used totals $35,000. Cost of goods sold totals $135,000. Manufacturing overhead applied is......

Words: 1690 - Pages: 7

Acct 212 Midterm Exam Solution 100% Correct Answers

...ACCT 212 Midterm Exam Solution 100% Correct Answers Get Tutorial by Clicking on the link below or Copy Paste Link in Your Browser http://hwguiders.com/downloads/acct-212-midterm-exam-solution-100-correct-answers/ 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) The Accounting Equation is used to develop the organizations financial reports. (1) Describe what liabilities are (10 points) and (2) provide an example of a liability account. (10 points) (TCO 1) The financial statements present a company to the public in financial terms. (1) Which financial statement identifies how well the company performed during the year (10 points) and (2) explain what information this financial statement provides. (10 points) (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 Entity Assumption is (10 points) and (2) provide an example of its application. (10 points) (TCO 2) Transaction analysis results in the development of a journal entry. A building is purchased for $35,000. (1) Name the accounts impacted and how using the format account name/debit or credit/dollar amount (10 points) and (2) explain how the Accounting Equation is impacted. (10 points) (TCO 3) Adjusting......

Words: 5617 - Pages: 23

Acct 346 Midterm Exam Solution 100% Correct Answers

...ACCT 346 Midterm Exam Solution 100% Correct Answers http://hwguiders.com/downloads/acct-346-midterm-exam-solution-100-correct-answers/ (TCO 1) Managerial accounting stresses accounting concepts and procedures that are relevant to preparing reports for (TCO 1) Which of the following costs does not change when the level of business activity changes? (TCO 1) You own a car and are trying to decide whether or not to trade it in and buy a new car. Which of the following costs is an opportunity cost in this situation? (TCO 1) Shula’s 347 Grill has budgeted the following costs for a month in which 1,600 steak dinners will be produced and sold: materials, $4,080; hourly labor (variable), $5,200; rent (fixed), $1,700; depreciation, $800; and other fixed costs, $600. Each steak dinner sells for $14.00 each. What is the budgeted fixed cost per unit? (TCO 1) Which of the following costs is not part of manufacturing overhead? (TCO 1) Product costs (A) are also called manufacturing costs (B) are considered an asset until the finished goods are sold. (c) become an expense when the goods are sold. (d) All of the above answers are correct. (TCO 1) Red Runner’s Work in Process Inventory account has a beginning balance of $50,000 and an ending balance of $40,000. Direct materials used are $70,000 and direct labor used totals $35,000. Cost of goods sold totals $135,000. Manufacturing overhead applied is $20,000. How much is cost of goods manufactured? (TCO......

Words: 7785 - Pages: 32

Acct 212 Midterm Exam Solution 100% Correct Answers

...ACCT 212 Midterm Exam Solution 100% Correct Answers Follow Link Below To Get Tutorial http://homeworklance.com/downloads/acct-212-midterm-exam-solution-100-correct-answers/ Description: (TCO 1) The Accounting Equation is used to develop the organizations financial reports. (1) Describe what liabilities are (10 points) and (2) provide an example of a liability account. (10 points) (TCO 1) The financial statements present a company to the public in financial terms. (1) Which financial statement identifies how well the company performed during the year (10 points) and (2) explain what information this financial statement provides. (10 points) (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 Entity Assumption is (10 points) and (2) provide an example of its application. (10 points) (TCO 2) Transaction analysis results in the development of a journal entry. A building is purchased for $35,000. (1) Name the accounts impacted and how using the format account name/debit or credit/dollar amount (10 points) and (2) explain how the Accounting Equation is impacted. (10 points) (TCO 3) Adjusting Entries are required at the end of the period to ensure that accrual accounting principles are applied. At the beginning of the month $350 of office supplies were purchased. There was not a beginning balance and the one......

Words: 2359 - Pages: 10

Acct 346 Midterm Exam Solution 100% Correct Answers

...ACCT 346 Midterm Exam Solution 100% Correct Answers Follow Link Below To Get Tutorial http://homeworklance.com/downloads/acct-346-midterm-exam-solution-100-correct-answers/ Description: (TCO 1) Managerial accounting stresses accounting concepts and procedures that are relevant to preparing reports for (TCO 1) Which of the following costs does not change when the level of business activity changes? (TCO 1) You own a car and are trying to decide whether or not to trade it in and buy a new car. Which of the following costs is an opportunity cost in this situation? (TCO 1) Shula’s 347 Grill has budgeted the following costs for a month in which 1,600 steak dinners will be produced and sold: materials, $4,080; hourly labor (variable), $5,200; rent (fixed), $1,700; depreciation, $800; and other fixed costs, $600. Each steak dinner sells for $14.00 each. What is the budgeted fixed cost per unit? (TCO 1) Which of the following costs is not part of manufacturing overhead? (TCO 1) Product costs (A) are also called manufacturing costs (B) are considered an asset until the finished goods are sold. (c) become an expense when the goods are sold. (d) All of the above answers are correct. (TCO 1) Red Runner’s Work in Process Inventory account has a beginning balance of $50,000 and an ending balance of $40,000. Direct materials used are $70,000 and direct labor used totals $35,000. Cost of goods sold totals $135,000. Manufacturing overhead applied is......

Words: 3379 - Pages: 14

Acct 346 Midterm Exam Solution 100% Correct Answers

...ACCT 346 Midterm Exam Solution 100% Correct Answers http://homeworkyahoo.com/downloads/acct-346-midterm-exam-solution-100-correct-answers/ To Buy this tutorial Copy & paste above link in your Brower ACCT 346 Midterm Exam Solution 100% Correct Answers (TCO 1) Managerial accounting stresses accounting concepts and procedures that are relevant to preparing reports for (TCO 1) Which of the following costs does not change when the level of business activity changes? (TCO 1) You own a car and are trying to decide whether or not to trade it in and buy a new car. Which of the following costs is an opportunity cost in this situation? (TCO 1) Shula’s 347 Grill has budgeted the following costs for a month in which 1,600 steak dinners will be produced and sold: materials, $4,080; hourly labor (variable), $5,200; rent (fixed), $1,700; depreciation, $800; and other fixed costs, $600. Each steak dinner sells for $14.00 each. What is the budgeted fixed cost per unit? (TCO 1) Which of the following costs is not part of manufacturing overhead? (TCO 1) Product costs (A) are also called manufacturing costs (B) are considered an asset until the finished goods are sold. (c) become an expense when the goods are sold. (d) All of the above answers are correct. (TCO 1) Red Runner’s Work in Process Inventory account has a beginning balance of $50,000 and an ending balance of $40,000. Direct materials used are $70,000 and direct labor used totals $35,000. Cost of......

Words: 576 - Pages: 3

Acct 212 Midterm Exam Solution 100% Correct Answers

...ACCT 212 Midterm Exam Solution 100% Correct Answers Follow Link Below To Get Tutorial http://homeworklance.com/downloads/acct-212-midterm-exam-solution-100-correct-answers/ Description: (TCO 1) The Accounting Equation is used to develop the organizations financial reports. (1) Describe what liabilities are (10 points) and (2) provide an example of a liability account. (10 points) (TCO 1) The financial statements present a company to the public in financial terms. (1) Which financial statement identifies how well the company performed during the year (10 points) and (2) explain what information this financial statement provides. (10 points) (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 Entity Assumption is (10 points) and (2) provide an example of its application. (10 points) (TCO 2) Transaction analysis results in the development of a journal entry. A building is purchased for $35,000. (1) Name the accounts impacted and how using the format account name/debit or credit/dollar amount (10 points) and (2) explain how the Accounting Equation is impacted. (10 points) (TCO 3) Adjusting Entries are required at the end of the period to ensure that accrual accounting principles are applied. At the beginning of the month $350 of office supplies were purchased. There was not a beginning balance and the one......

Words: 394 - Pages: 2

Acct 346 Midterm Exam Solution 100% Correct Answers

...ACCT 346 Midterm Exam Solution 100% Correct Answers Follow Link Below To Get Tutorial http://homeworklance.com/downloads/acct-346-midterm-exam-solution-100-correct-answers/ Description: (TCO 1) Managerial accounting stresses accounting concepts and procedures that are relevant to preparing reports for (TCO 1) Which of the following costs does not change when the level of business activity changes? (TCO 1) You own a car and are trying to decide whether or not to trade it in and buy a new car. Which of the following costs is an opportunity cost in this situation? (TCO 1) Shula’s 347 Grill has budgeted the following costs for a month in which 1,600 steak dinners will be produced and sold: materials, $4,080; hourly labor (variable), $5,200; rent (fixed), $1,700; depreciation, $800; and other fixed costs, $600. Each steak dinner sells for $14.00 each. What is the budgeted fixed cost per unit? (TCO 1) Which of the following costs is not part of manufacturing overhead? (TCO 1) Product costs (A) are also called manufacturing costs (B) are considered an asset until the finished goods are sold. (c) become an expense when the goods are sold. (d) All of the above answers are correct. (TCO 1) Red Runner’s Work in Process Inventory account has a beginning balance of $50,000 and an ending balance of $40,000. Direct materials used are $70,000 and direct labor used totals $35,000. Cost of goods sold totals $135,000. Manufacturing overhead applied is......

Words: 564 - Pages: 3

Acct 212 Midterm Exam Solution 100% Correct Answers

...ACCT 212 Midterm Exam Solution 100% Correct Answers Follow Link Below To Get Tutorial http://homeworklance.com/downloads/acct-212-midterm-exam-solution-100-correct-answers/ Description: (TCO 1) The Accounting Equation is used to develop the organizations financial reports. (1) Describe what liabilities are (10 points) and (2) provide an example of a liability account. (10 points) (TCO 1) The financial statements present a company to the public in financial terms. (1) Which financial statement identifies how well the company performed during the year (10 points) and (2) explain what information this financial statement provides. (10 points) (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 Entity Assumption is (10 points) and (2) provide an example of its application. (10 points) (TCO 2) Transaction analysis results in the development of a journal entry. A building is purchased for $35,000. (1) Name the accounts impacted and how using the format account name/debit or credit/dollar amount (10 points) and (2) explain how the Accounting Equation is impacted. (10 points) (TCO 3) Adjusting Entries are required at the end of the period to ensure that accrual accounting principles are applied. At the beginning of the month $350 of office supplies were purchased. There was not a beginning balance and the one......

Words: 394 - Pages: 2

Acct 346 Midterm Exam Solution 100% Correct Answers

...ACCT 346 Midterm Exam Solution 100% Correct Answers Follow Link Below To Get Tutorial http://homeworklance.com/downloads/acct-346-midterm-exam-solution-100-correct-answers/ Description: (TCO 1) Managerial accounting stresses accounting concepts and procedures that are relevant to preparing reports for (TCO 1) Which of the following costs does not change when the level of business activity changes? (TCO 1) You own a car and are trying to decide whether or not to trade it in and buy a new car. Which of the following costs is an opportunity cost in this situation? (TCO 1) Shula’s 347 Grill has budgeted the following costs for a month in which 1,600 steak dinners will be produced and sold: materials, $4,080; hourly labor (variable), $5,200; rent (fixed), $1,700; depreciation, $800; and other fixed costs, $600. Each steak dinner sells for $14.00 each. What is the budgeted fixed cost per unit? (TCO 1) Which of the following costs is not part of manufacturing overhead? (TCO 1) Product costs (A) are also called manufacturing costs (B) are considered an asset until the finished goods are sold. (c) become an expense when the goods are sold. (d) All of the above answers are correct. (TCO 1) Red Runner’s Work in Process Inventory account has a beginning balance of $50,000 and an ending balance of $40,000. Direct materials used are $70,000 and direct labor used totals $35,000. Cost of goods sold totals $135,000. Manufacturing overhead applied is......

Words: 564 - Pages: 3