ACCT 212 Midterm Exam (Updated)

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ACCT 212 Midterm Exam (Updated)

Question 1.Question :(TCO 1) The Accounting Equation is used to develop the organization’s financial reports. (1) Describe what liabilities value would be if Assets are $50,000 and Owners’ Equity is $25,000 by showing the Accounting Equation (10 points) and (2) provide an example of two liability accounts. (10 points)


Question 2.Question :(TCO 1) The financial statements present a company to the public in financial terms. (1) Which financial statement requires input from the Income Statement and Statement of Retained Earnings (10 points), and (2) explain what information this financial statement provides. (10 points)


Question 3.Question :(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 Stable-Monetary-Unit Assumption is (10 points) and (2) provide an example of its application. (10 points)


Question 4.Question :(TCO 2) Transaction analysis results in the development of a journal entry. In the start-up of a business, the owner contributes $750,000 of cash. (1) Name the accounts impacted and how to use the format account name/debit or credit/dollar amount (10 points), and (2) explain how the Accounting Equation is impacted. (10 points)

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Question 5.Question :(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, $1,350 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, $500 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)



Question 1.Question :(TCO 5) Internal Controls are required to safeguard assets and to ensure ethical business practices. (1) Identify and explain the reason for any two of the five components of internal control (10 points) and (2) provide examples of how your two selected components of internal control will meet the goal of safeguarding assets and promoting ethical business practices. (15 points)


Question 2.Question :(TCO 5) The bank account as a control device helps to protect cash. One of the requirements is to conduct periodic bank statement reconciliations. Using the following data, complete the bank statement reconciliation. (Use the format shown on page 251 of your textbook.) (25 points)

Prepare a bank reconciliation using B & B’s Restaurant Supply Inc.’s information for August 31.

·        A NSF check from Johnny Jones for $3,164.
·        Two deposits made on August 31 were not on the bank statement, totaling $2,897.
·        The bank collected an EFT payment for Rent for $2,600.
·        August 31 balance in Cash was $2,005.
·        The owner had written check #1598 for $500 and recorded this check as $5,000.
·        The balance on the bank statement as of August 31 was $5,316.
·        Bank service charge of $28 was shown on the bank statement.
·        Checks #1572, 1606, 1116, and 1242 for $419, $126, $650, and $1,105, respectively, were not shown on the bank statement, even though the company had sent the checks.


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