ACCT 212 Financial Accounting Week 4 and Midterm Exam Devry

Devry ACCT 212 (Financial Accounting)

Week 4

Week 4: Inventory Management – Discussion 1

Inventory Management (graded)

A review of the balance sheet of a
retailer, such as Wal-Mart, will disclose that in current assets the
majority investment is in inventory. With manufacturers, such as Ford,
the inventory is spread between three different categories. Let’s start
our discussion with some basic inventory questions. How is inventory
valued? Which inventory valuation method is most popular and why? What
impact on the financial reports can the selection of an inventory
valuation method have?

Week 4: Inventory Management – Discussion 2

LIFO (graded)

Under US GAAP, management has choices
about how to value current inventory and also the cost of goods sold.
For example, they can choose LIFO or FIFO to value their inventory.)
However, under International Financial Reporting Standards (IFRS), LIFO
is not an option. To be in compliance with IFRS, international companies
cannot use LIFO. Therefore, the majority of companies use FIFO to value
their inventory and thus calculate cost of goods.
Explain what LIFO means. Then, state whether you believe that IFRS is
correct in disallowing LIFO to value inventory and provide your
reasoning.

ACCT 212 Week 4 Midterm 1 (Explanatory)
ACCT 212 Week 4 Midterm 2 (Graded)
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) (Points : 20)
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) (Points : 20)
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) (Points : 20)
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) (Points : 20)
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) (Points : 20)
6. (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)(Points : 25)
7. (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)

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more