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DEVRY ACCT 212 .pdf



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DEVRY ACCT 212 Course Project

Check this A+ tutorial guideline at

http://www.assignmentclick.com/acct212/acct-212-course-project

(TCO 1) The Accounting Equation is used to
develop the organizations financial reports.
(1) Describe what owners' equity values
would be if Assets are $100,000 and
Liabilities are $27,000 by showing the
Accounting Equation (10 points) and (2)
provide an explanation of what accounts
could be found in owners' equity. (10 points)
(TCO 1) The financial statements present a
company to the public in financial terms. (1)
Which financial statement identifies where
cash was generated and where it was spent

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during the year (10 points) and (2) identify
the three major parts of this statement. (10
points)
(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 International
Financial Reporting Standards (IFRS) are (10
points) and (2) provide an example of its
application. (10 points)
(TCO 2) Transaction analysis results in the
development of a journal entry. Supplies are
purchased on account agreeing to pay $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)
(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

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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)
(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)
(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.

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(Use the format shown on page 255 of your
textbook) (25 points)

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