ACCT212 (ACCT212)

Week 1 Checkpoint 1. (TCO 1) The two types of accounting are (Points : 3) profit and nonprofit. financial and managerial. internal and external. bookkeeping and decision-oriented. Question 2. 2. (TCO 1) The _____ is elected by the stockholders and is responsible for setting policy and appointing officers. (Points : 3) board of directors chief executive officer (CEO) chief financial officer (CFO) advisory council Question 3. 3. (TCO ...

A company completed the following transactions during the month of October: Question: A company had credit sales of $ 34,000 and cash sales of $ 20,000 during the month of May. Also during May, the company paid wages of $ 25,000 and utilities of $ 10,000. It also received payments from customers on account totaling $ 5,200. What was the company’s net income for the month? Question: A company received $ 34,000 cash and issued common stock in exchange. How does this transaction affect the accoun...

ACCT 212 Midterm Exam Question: (TCO 1) The Accounting Equation is … to develop the organization’s financial reports. (1) Describe what assets value would be if Liabilities are $12,000 and Owners’ Equity is $50,000 by showing the Accounting Equation, and (2) provide an example of two asset accounts that could contain the value. Question: (TCO 1) The Accounting Equation is … to develop the organization’s financial reports. (1) Describe what liabilities value would be if Assets are $50,...

ACCT 212 Week 4 Midterm Exam (Graded A )

ACCT 212 WEEK 8 Final Exam (Latest Update) Graded A. 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) Expla...

ACCT 212 Midterm Exam 2 (Graded A ). Question: (TCO 1) The Accounting Equation is used to develop the organization’s financial reports. (1) Describe what assets value would be if Liabilities are $12,000 and Owners’ Equity is $50,000 by showing the Accounting Equation (10 points), and (2) provide an example of two asset accounts that could contain the value. (10 points) Question: (TCO 1) The financial statements present a company to the public in financial terms. (1) Which financial statement...