Acct 212 final exam Study guides, Class notes & Summaries

ACCT 212 WEEK 8 FINAL EXAM.

ACCT 212 WEEK 8 FINAL EXAM

ACCT 212 Midterm & Final Exam

Question: (TCO 3) Closing temporary accounts is necessary at the end of the accounting period. (1) Explain the closing process, include each set of entries required (15 points) and (2) provide an example of closing the Dividend account in the form of a journal entry. (10 points). (Points : 25) Question: (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 information from the journal entries get into...

Question: (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 traveled 8,000 miles the first year, 8,500 miles the second year, 5,500 miles the third year, and 8,000 miles in the fourth year…………. (Points : 25) Question: (TCO 7) ABC Inc. was incorporated on 1/1...

Exam |Elaborated| ACCT 212 Financial Accounting - Auditing and Business Concepts-Final Exam for 2021. ACCT 212-Financial Accounting - Auditing and Business Concepts-Final Exam for 2021Explain why auditors’ reports are important to users of financial statements and why it is desirable to have standard wordingList the seven parts of a standard unqualified audit report and explain the meaning of each part. How do the parts compare with those found in qualified report?What are the purposes of...

Exam |Elaborated| ACCT 212 Financial Accounting - Auditing and Business Concepts-Final Exam for 2021. ACCT 212-Financial Accounting - Auditing and Business Concepts-Final Exam for 2021Explain why auditors’ reports are important to users of financial statements and why it is desirable to have standard wordingList the seven parts of a standard unqualified audit report and explain the meaning of each part. How do the parts compare with those found in qualified report?What are the purposes of...

(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) (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 points) a...

ACCT 212 Final Exam (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 clo sing of an expense account, Salary Expense in the form of a journal entry. (10 points) (Points : 20) (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 e...