ACCT 212 DeVry Week 1 Complete Work Latest



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ACCT 212 DeVry Week 1 Complete Work Latest

ACCT 212 DeVry Week 1 Discussion 1

I suspect that most of us can view and appreciate most sports such as baseball, football, and basketball. What if you were to view a Cricket World Cup game? If you didn’t know the rules you probably would not have much fun. The same happens in business if you don’t understand its language – Accounting. What rules impact a business’ Accounting Information System? What types of compliance is required?

ACCT 212 DeVry Week 1 Discussion 2

In this graded discussion, we will be examining the operation of the Accounting Information System (AIS) with the use of problems and exercises from your textbook. The goal is to cover all of the requirements to ensure an opportunity for your successful completion of Course Project. Let’s start with Exercise 1-17A. Read about CoffeeShop Doughnuts and select one of the four requirements to answer.

ACCT 212 DeVry Week 1 Check Point

Question 1

(TCO 1) The type of accounting that makes projections to determine if a company should build a new store is

financial accounting.

business accounting.

managerial accounting.

projection accounting.

Question 2.

(TCO 1) The _____ is elected by the stockholders and is responsible for setting policy and appointing officers.

board of directors

chief executive officer (CEO)

chief financial officer (CFO)

advisory council

Question 3.

(TCO 1) The acronym GAAP stands for

generally acceptable authorized pronouncements.

government authorized accountant principles.

generally accepted accounting principles.

government audited accounting pronouncements.

Question 4.

(TCO 1) The accounting assumption that states that the business, rather than its owners, is the reporting unit is the

entity assumption.

going concern assumption.

stable-monetary-unit assumption.

historical cost assumption.

Question 5.

(TCO 1) Another way to state the accounting equation is

Assets = Liabilities + Paid-in Capital – Common Stock

Assets = Liabilities + Retained Earnings

Assets = Liabilities + Paid-in Capital + Retained Earnings

Assets = Liabilities – Paid-in Capital – Dividends

Question 6.

(TCO 1) The assets of a company

must equal the liabilities of the company.

include property, plant, and equipment and common stock.

represent economic resources that are expected to produce a future benefit.

include merchandise inventory and accounts payable.

Question 7.

(TCO 1) Net income is computed as

revenues – expenses – dividends.

revenues + expenses.

revenues – expenses.

revenues – expenses + dividends.

Question 8.

(TCO 1) A company’s gross profit for the period is reported on the

balance sheet.

income Statement.

statement of cash flows.

statement of retained earnings.

Question 9.

(TCO 1) An investor wishing to assess a company’s overall financial position at the end of the period would probably examine the

statement of cash flows and the income statement.

income Statement only

balance sheet.

statement of retained earnings.

Question 10.

(TCO 1) What is the proper order for the categories of the statement of cash flows?

Financing activities, investing activities, and operating activities

Operating activities, investing activities, and financing activities

Operating activities, financing activities, and investing activities

investing activities, financing activities, and operating activities