Acct 212 Final Exam Week 8 - Latest 2014

758 Words Nov 1st, 2014 4 Pages
ACCT 212 Final Exam Week 8 - Latest 2014

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(TCO 3) At the end of the period it is necessary to close all temporary accounts. (1) Explain why this process is required (15 points) and (2) provide an example of the closing of an expense account, Supplies Expense in the form of a journal entry. (10 points) (Points : 25)

(TCO 3) At the end of the period it is necessary to close all temporary accounts. (1) Explain why this process is required (15 points) and (2) provide an example of the closing of an
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(5 points each with 2 points for listing and 3 points for a description) (Points : 25)

(TCO 5) Fraud is an intentional misrepresentation of facts, made for the purpose of persuading another party to act in a way that causes injury or damage to that party. In our readings and discussions we have seen several examples of fraud in business. Using that experience (1) provide an example of a common fraudulent practice in business with an explanation of how the practice works and (2) name and describe each of the elements of the Fraud Triangle.

(TCO 4) Inventory valuation methods determine the cost of goods sold and the inventory balance. (1) Explain how the Average Cost method is applied (15 points) and (2) provide an example of the application of this method. (10 points) (Points : 25)

(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 (10 points) and (2) provide an example of the impact that this method of inventory valuation will have on Gross Profit. (15 points) (Points : 25)

(TCO4) Linda’s Lampshades started business on Jan. 1, 2001. They had the following inventory transactions:
Journals - Jan. 2001
Purchases
Supplier Date Received Quantity Unit Cost Amount
Donna 01/10/01…

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