This practice exam has been compiled to increase confidence, reduce exam anxiety and improve exam performance of accounting students who are required to take Final Exam in Week 8 for "ACCT 212 Financial Accounting" class. This Final Exam practice test for Week 8 has total 10(ten) solved questions covering all course TCOs and material from Weeks 1-7. All the questions in this practice test are distributed amongst the TCOs. You 'll find answer to the questions highlighted below::
1. (TCO 3) At the end of the period it is necessary to close all temporary accounts. (1) Explain why this process is required and (2) provide an example of the closing of an expense account, Salary Expense in the form of a journal entry.
2. (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 and (2) provide an example of the application of the debit/credit rules in the form of a journal entry.
3. (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 and (2) provide an example of how this control could be implemented.
4. (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 and (2) provide an example of the impact that this method of inventory valuation will have on Gross Profit.
5. (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 and (2) provide an example of how this ratio can be used in decision-making in business.
6. (TCO 6) BagODonuts Company bought a used delivery truck on January 1, 2010, for $19,200. The van was expected to remain in service 4 years (30,000 miles). BagODonuts’ accountant estimated that the truck’s residual value would be $2,400 at the end of its useful life. The truck traveled 8,000 miles the first year, 8,500 miles the second year, 5,500 miles the third year, and 8,000 miles in the fourth...
7. (TCO 7) ABC Inc. was incorporated on 1/15/12. Their corporate charter authorized the following capital stock: Preferred Stock: 7%, par value $100 per share, 100,000 shares. Common Stock: $1 par value, 500,000 shares….
8. (TCO 5) Internal Control Procedures are in place to protect the assets of every business as mentioned in the textbook and our discussions. Of the seven internal control procedures, list five of these controls and describe how each procedure is implemented
9. (TCO 2) Below are the accounts of Super Pool Service, Inc. The accounts have normal balances on June 30, 2012. The accounts are listed in no particular order…
10. (TCO 4) Linda’s Lampshades started business on Jan. 1, 2001. They had the following inventory transactions :….
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