Adjusting entries > You are the accountant for ACCt212 Company. ACCT212 engaged in the
following transactions. ACCT1212 fiscal year ends December 31. Journalize each transaction on
the dates indicated.
January 1, 2012, ACCT1212 Paid 2 years rent to the la
(TCO 1) The Accounting Equation is used to develop the
organization's financial reports. (1) Describe what owners'
equity values would be if Assets are $100,000 and Liabilities
are $27,000 by showing the Accounting Equation (10 p
(TCO 4) The cost of the inventory that the business has sold to
customers is called
cost of goods sold.
See Chapter 6.
3 of 3
Question 2 Q
(TCO 5) The three main components of the fraud triangle are
rationalization, opportunity, and greed.
opportunity, motive, and lack of ethics.
motive, opportunity, and rationalization.
None of the above
Professor I will take the opportunity to try at question E1-24A to prepare an income statement and a statement o
Dogan Copy Center, Inc.
Month Ended July 31, 2012
Rules of debit and credit
A debit is not always an increase or a decrease.
A credit is not always an increase or a decrease.
It depends on the accountNormal Balances and Transaction Analysis
An account is a record of increases or decreases in assets, liab
Mary Burke Banking Company
Income Statement (Amounts in millions)
Year Ended August 31, 2012
Salary and other employee expenses.
Mary Burke Banking Company
Balance Sheet (Amounts in millions)
August 31, 2012
Control environmentThe control environment refers to 1. Expectations communicated from the top. A company's mission statement and objectives as well as
the model set by management have an influence on the attitudes and behavior of workers.
2 Risk Assessme
ACCT 212 Check Point 1
(TCO 1) Accounting
measures business activities.
processes data into reports and communicates the data to
is often called the language of business.
All of the above
(TCO 1) The type of accounting that makes projections to determine if a company should build a new
Devry Acct212 Week 4 Discussion 1
Inventory Management (graded)
A review of the balance sheet of a retailer, such as Wal-Mart, will disclose that in current assets the
majority investment is in inventory. With manufacturers, such as Ford, the inventory is
Question 1.1. (TCO 3) At the end of the period it is necessary to close all temporary
accounts. (1) Explain why this process is required (15 points) and (2) provide an
example of the closing of an expense account, Rent Expense in the form of a
DEvry ACCT212 Week 7 Checkpoint Latest2015 October
(TCO 1) The primary focus of horizontal analysis is
percentage changes in comparative financial statements.
the balance sheet only.
the changes in individual financial statement