Acct212 Financial Accounting Final Exam Answers

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ACCT 212 Final Exam Ratings: (0)|Views: 472 |Likes: 0 Published by ssdasdasdas See more ACCT 212 Final Exam / FinancialAccounting Click this link to get the tutorial: 6. (TCO 6) Depreciation is a process to allocate the cost of long-life assets to each period'sincome statement and adjusts the value of the asset on the balance sheet. (1) Explain how thestraight-line method is computed (10 points) and (2) provide an example of how this methodcould be used on a new delivery truck purchased for $25,000 to be used for 4 years with asalvage value of $0 for year one only. (15 points) (Points : 25) 7. (TCO 6) To raise capital, companies might sell…show more content…
Of the seven internal control procedures, list fiveof these controls and describe how each procedure is implemented (Points : 25)AuthorizationThe objective is to ensure that all transactions are approved by responsible personnel inaccordance with specific or general authority before the transaction is recorded.CompletenessThe objective is to ensure that no valid transactions have been omitted from the accountingrecords.AccuracyThe objective is to ensure that all valid transactions are accurate, consistent with the originatingtransaction data and information is recorded in a timely manner.ValidityThe objective is to ensure that all recorded transactions fairly represent the economic events thatactually occurred, are lawful in nature, and have been executed in accordance with management'sgeneral authorization.Physical Safeguards & SecurityThe objective is to ensure that access to physical assets and information systems are controlledand properly restricted to authorized personnel5. (TCO2) 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.Account BalanceCommon stock $5,100Accounts payable $4,400Service revenue $17,10 Common Stock: $1 par value, 500,000 shares.The

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