ACCT 212 Midterm Exam
1. TCO 1) The Accounting Equation is
used to develop the organizations financial reports. (1) Describe what owners’
equity is (10 points) and (2) provide an example of an owners’ equity account.
(10 points).
2. (TCO 1) The financial statements
present a company to the public in financial terms. (1) Which financial
statement identifies how well the company performed during the year (10 points)
and (2) explain what information this financial statement provides. (10 points)
3. (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 Entity Assumption is (10 points) and (2) provide an example of
its application. (10 points)
4. (TCO 2) Transaction analysis
results in the development of a journal entry. Supplies are purchased on
account agreeing to pay $2,500 within 30 days. (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)
5. (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 $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 $100 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)
1. (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 seven internal control
procedures (10 points) and (2) provide examples of how your two selected
internal control procedures will meet the goal of safeguarding assets and
promoting ethical business practices. (15 points)
2. (TCO 5) The bank account as a
control device that helps to protect cash. One of the requirements is to
conduct periodic bank statement reconciliations. Using the following data,
complete the bank statement reconciliation for Acorn Plumbing, Inc. (Use the
format shown on page 255 of your textbook) (25 points)
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