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ACCT 557 Final Exam

Apr 15, 2017

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ACCT 557 Final Exam

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ACCT 557 Final Exam -Purchase here http://www.devrytutorial.com/product-category/acct-557/ Product Description ACCT 557 Final Exam

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ACCT 212 Week 8 Final Exam Purchase here http://devrycourse.com/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)

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ACCT 212 Week 8 Final Exam Purchase here https://sellfy.com/p/c0SI/ or http://chosecourses.com/ACCT 212/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)

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ACCT 557 Quiz 1 Purchase here http://chosecourses.com/ACCT 557/acct-557-quiz-1 Product Description 1. (TCO A) Platypus Building Inc. won a bid for a new office building contract. Below is info from the project accountant: Total Construction Fixed Price $9,000,000 Construction Start Date March 3, 2012 Construction Complete Date December 4, 2013 As of Dec 31… 2012 2013 Actual cost incurred $3,300,000 $3,560,000 Estimated remaining costs $3,300,000 $- Billed to customer $2,800,000 $6,200,000 Received from customer $2,500,000 $6,200,000 Assuming Platypus Building Inc. uses the completed contract method, what amount of gross profit would be recognized in 2013? 2. (TCO A) Kerry Corp purchased a used bottling machine from Bob's Bottling Inc. on Jan 1, 2012 for $450000. Bob accounted for the sale correctly under the installment sales method. It had a book value of $225000. Kerry paid with $75000 cash and a note for $375000 with an annual interest of 10%. Kerry agreed to make equal annual payments of $125000. Kerry Corp made their first payment on Jan 1, 2013 of $162500 which included interest of $37500 to date of payment. As of Dec 31, 2013 Bob has deferred gross profit of? 3. (TCO A) Blue Suede Construction Corp used the percentage-of-completion method of revenue recognition. They were contracted to build the new amphitheater for $4500000. Additional information was provided: As of Dec 31…. 2012 2013 Percentage of completion 35% 60% Estimated total expected costs $3,750,000 $3,900,000 Gross profit recognized (Cumulative) $225,000 $300,000 Contracted costs incurred during 2013 were… 4. (TCO A) Revenue is NOT recognized at the time of sale when…

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