ACCT 212 DeVry Week 5 Complete Work Latest



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ACCT 212 DeVry Week 5 Complete Work Latest

ACCT 212 DeVry Week 5 Discussion 1

In the spotlight about FedEx Corporation, you get a feel for the amount of investment in assets and the resulting liabilities that are required to operate a competitive corporation. Even small businesses require plant, property, and equipment to compete and normally rely on some form of debt to finance themselves. Let’s start up a company that sells auto parts, like Napa or Auto Zone. What assets would we require? How might we finance them?

ACCT 212 DeVry Week 5 Discussion 2

Go to Course Home and review the Course Project tab. Continue to use the Course Project template from Doc Sharing. 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 the Course Project. Let’s start with Exercise 3-30A. For the Anderson Production Company, select one adjusting and one closing entry requirement. Develop the journal entry for review by your peers. Make sure to reference any page numbers of examples you are using. Hint: Revisit the Week 2 Lecture.

ACCT 212 DeVry Week 5 Course Project 1 Part B Rawls Repair Corporation

ACCT 212 DeVry Week 5 Checkpoint

Question :

(TCO 6) An asset with no physical form, but that has special rights to current and expected future benefits is a(n)

intangible asset.

natural resource.

plant asset.

fixed asset.

Question 2. Question :

(TCO 6) The process of depreciating an asset over its useful life is an application of the _____ principle.

full disclosure

revenue recognition

historical cost


Question 3. Question :

(TCO 6) All of the following are classified as natural resources and are depleted except for





Question 4. Question :

(TCO 6) When an investor owns between 20% and 50% of the outstanding stock of another company, the _____ method is used to account for stock investments.

market value



historical cost.

Question 5. Question :

(TCO 6) Which of the following is not necessary to know in computing the future value of an annuity?

Amount of the initial payment

Interest rate

Length of time between investment and payment

Year the payments begin

Question 6. Question :

(TCO 6) All of the following are reported as current liabilities except

bonds payable.

sales tax payable.

accounts payable.

unearned revenues.

Question 7. Question :

(TCO 6) Failure to record an accrued liability causes a company to

overstate income.

overstate assets.

understate liabilities.

understate owners’ equity.

Question 8. Question :

(TCO 6) If the market interest rate is greater than the stated interest rate, bonds will sell

at face value.

at a discount. at a premium.

at market value.

Question 9. Question :

(TCO 6) Bonds that mature at a single specified future date are called

term bonds.

coupon bonds.

serial bonds.


Question 10. Question :

(TCO 6) The financing option that has the lowest risk to a company is financing by

retained earnings.

issuing stock.

issuing bonds payable.

issuing notes payable.