1.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, Utilities Expense in the form of a journal entry. 2.As required to complete Course Project 1, one must follow the cycle that includes 10 steps to complete the accounting cycle. (1) Explain which financial reports can be generated (10 points) and (2) provide an example of information that those financial reports would provide. 3.Internal Control Procedures are required to safeguard company assets and to ensure ethical operation of the business. (1) Explain how proper approvals can satisfy the purpose of internal control (10 points) and (2) provide an example of how this control could be implemented.4.Inventory valuation methods determine the cost of goods sold and the inventory balance. (1) Explain how the Average Cost method is applied (10 points) and (2) provide an example of the application of this method.5.To evaluate the financial operation and health of a business, ratio analysis is used. (1) Provide the formula for Accounts Receivable Turnover 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.6.Depreciation is a process to allocate the cost of long-life assets to each period’s income statement and adjusts the value of the asset on the balance sheet. (1) Explain how the Double-declining balance method is computed (10 points) and (2) provide an example of how this method could be used on a new delivery truck purchased for $25,000 to be used for 4 years with a salvage value of $0 for year one only.7.To raise capital, companies might sell bonds. This allows them to bypass lenders such as banks and go directly to the investing public. Your company is planning to sell bonds with a face amount of $10,000 and paying 5% annual interest. (1) The day the bonds hit the market, the bond price is quoted at 100. What is the bond’s selling price? (10 points) and (2) how does the company record this sale in its accounting information system? Use journal entries to support your answer.8.There are three different forms of business; sole-proprietor, partnership, and corporation. (1) Explain why a corporation’s separation of ownership and management may be a benefit (10 points) and (2) as a stockholder explain why pre-emption may be a benefit.9.Inventory valuation methods allow management to select a method that best fits their business model. Given the following data, what is the value of the cost of goods sold as determined by the First in First out (FIFO) method? Show all computations.Sales revenue 300 units at $15 per unitPurchases 240 units at $10 per unitBeginning inventory 120 units at $8 per unit~~~For this or similar assignment papers~~~
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