Accounting Study guides, Class notes & Summaries

ACCT 212 Week 5 Homework – 100% Correct ( Graded An A+) Accounting records for Allegheny Corporation yield the following data for the year ended June 30, 2018 (assume sales returns arenon-existen t): Exhibit 1 Question 1a. Journalize Allegheny's inventory transactions for the year under the perpetual system. The first transaction is the purchase of inventory. Record the entry. Answer 1a: Explanation 1a: This exercise is not concerned with the costing method of inventory; the amounts are given...

Question: Accounting records for Allegheny Corporation yield the following data for the year ended June 30, 2018(assume sales returns arenon-existent): Journalize Allegheny’s inventory transactions for the year under the perpetual system.The first transaction is the purchase of inventory. Record the entry. The next transaction is the sale of inventory. Do not yet record the cost related to the sale. We do this in the next journal entry. The last entry is recording the cost of inventory. Record...

ACCT-212 Week 3 Discussion: Reasons Why Accountants Use The Accrual Method Why do accountants use accrual accounting instead of the cash basis of accounting? The accrual basis of accounting furn ishes an enhanced representation of a company's profits during an accounting period. This is because revenues are reported on the income statement when they are earned, which frequently occurs before the cash is received from the customers. Also, expenses are reported on the income statement when they m...

ACCT-212 Week 1 Quiz – With Answers ( 100% Correct) – Download To Score An A+ Financial Accounting 212 Week 1 Quiz 1. The term GAAP stands for? Answer: Generally Accepted Accounting Principles 2. Financial accounting serves which primary functions? Answer: Measures business activities Communicated business decisions on behalf of interested parties 3. Which of the following represents an obligation to the company? Answer: Liabilities 4. Which body has the primary responsibilities for the esta...

HSM 543 Health Services Finance Week 1 Quizzes July 2022 . Week 1 Quiz 1. Question : (TCO A) The purpose of financial accounting is to provide information to _____. Student Answer: external users lenders suppliers the government All of the above Instructor Explanation: See Chapter 1, page 5. Points Received: 5 of 5 Comments: Question 2. Question : (TCO A) The most important objective of healthcare financial management is to _____. Student Answer: determine the tax status of the org...

ACCT 212 Week 5 Discussion: Inventory Management Discuss with examples the two methods of inventory control. Which method do you think is better for a retail store with several items of small value? Inventory accounting consist of two main systems: periodic, and perpetual. Periodic means that items are accounted for by hand, then priced at different intervals. I believe this method would be better for a retail store with several items of small value. This is because the store can count and price...

MIS589_Week_1_quiz (TCO A) Which of the following is not true about a server? Stores data and software that can be accessed by the client May be a personal computer or a mainframe on the network In client or server computing, they work together over the network with client computers to support the business application. Stores documents and graphics that can be accessed from any web browser Can only perform one function on a network (TCO A) A backbone network is a high spe...

HSM 340 Week 8 Final Exam 1. (TCO 4) When would it make sense to use a flexible budget as compared to a forecast budget? Flexible budgets are used by business to compare the actual figures with t he budgeted numbers. This budget uses real numbers to calculate the difference between how much has been budgeted & how much has actually been spent or earned in a specific category. A business whose main operations are based on the production of goods or services, a flexible budget makes the most sense...

Grade Details - All Questions ACCOUNT 212 WEEK 2 HOMEWORK – WITH 100% CORRECT ANSWERS - - assets are decreased and net income is decreased. assets are decreased and liabilities are increased. liabilities are decreased and net income is increased. assets are decreased and liabilities are decreased. Question 4. (TCO 2) The left side of a T-account is always the Student Answer: increase side. decrease side. debit side. credit side. Question 5. (TCO 2) An account is increased by a credit and has a...