ACCT 212 Week 8 Final Exam

1 / 2

# ACCT 212 Week 8 Final Exam - PowerPoint PPT Presentation

\nACCT 212 Week 8 Final Exam\n\n\nPurchase here\n\nhttps://sellfy.com/p/c0SI/\nor\nhttp://chosecourses.com/ACCT 212/acct-212-week-8-final-exam\n\n\nProduct Description\n\n\n\n\n(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)\n(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) and (2) provide an example of the application of the debit/credit rules in the form of a journal entry. (10 points)(Points : 20)\n(TCO 5) Internal Control Procedures are required to safeguard company assets and to ensure ethical operation of the business. (1) Explain how limited access can satisfy the purpose of internal control (10 points) and (2) provide an example of how this control could be implemented. (10 points) (Points : 20)\n(TCO 4) Inventory valuation methods determine the cost of goods sold and the inventory balance. (1) Explain how the First in First out (FIFO) method is applied (10 points) and (2) provide an example of the impact that this method of inventory valuation will have on Gross Profit. (10 points) (Points : 20)\n(TCO 1) To evaluate the financial operation and health of a business ratio analysis is used. (1) Provide the formula for the Current Ratio and explain how it is computed (10 points) and (2) provide an example of how this ratio can be used in decision-making in business. (10 points) (Points : 20)\n\n\n

I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.

## PowerPoint Slideshow about 'ACCT 212 Week 8 Final Exam' - marynicholasab

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.

- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript

ACCT 212 Week 8 Final Exam

Purchase here

https://sellfy.com/p/c0SI/

or

http://chosecourses.com/ACCT%20212/acct-212-week-8-final-exam

Product Description

(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) and (2) provide an example of the application of the debit/credit rules in the form of

a journal entry. (10 points)(Points : 20)

(TCO 5) Internal Control Procedures are required to safeguard company assets and to ensure ethical

operation of the business. (1) Explain how limited access can satisfy the purpose of internal control (10

points) and (2) provide an example of how this control could be implemented. (10 points) (Points : 20)

(TCO 4) Inventory valuation methods determine the cost of goods sold and the inventory balance. (1)

Explain how the First in First out (FIFO) method is applied (10 points) and (2) provide an example of the

impact that this method of inventory valuation will have on Gross Profit. (10 points) (Points : 20)

(TCO 1) To evaluate the financial operation and health of a business ratio analysis is used. (1) Provide the

formula for the Current Ratio and explain how it is computed (10 points) and (2) provide an example of

how this ratio can be used in decision-making in business. (10 points) (Points : 20)