Acct212 week - Study guides, Class notes & Summaries

After transactions are recorded in the journal, they are posted to the: A list of all account names used to record transactions of a company is referred to as a: Which step in the process of measuring external transactions involves assessing the equality of total debits and total credits?

Golden Eagle Company prepares monthly financial statements for its bank. The November 30 adjusted trial balance includes the following account information: November 30 Debit Credit Supplies $2,000 Prepaid Insurance 8,000 Salaries Payable $11,000 Deferred Revenue 3,000 The following information is known for the month of December: 1. Purchases of supplies during December total $4,500. Supplies on hand at the end of December equal $3,500. 2. No insurance payments are made in December. In...

1. Select the best term for each definition below. 2. Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 100,000 shares of common stock outstanding as of the beginning of 2021. Power Drive has the following transactions affecting stockholders' equity in 2021. March 1 Issues 47,000 additional shares of $1 par value common stock for $44 per share. May 10 Purchases 4,200 shares of treasury stock for $47 per share. June 1 Declares a cash dividend...

ACCT212 - Week 2 - Homework(100% CORRECT SOLUTIONS)

1. Select the best term for each definition below. 2. Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 100,000 shares of common stock outstanding as of the beginning of 2021. Power Drive has the following transactions affecting stockholders' equity in 2021. March 1 Issues 47,000 additional shares of $1 par value common stock for $44 per share. May 10 Purchases 4,200 shares of treasury stock for $47 per share. June 1 Declares a cash...

1. Question: The term GAAP stands for: 2. Question: Financial accounting serves which primary function(s)? a. Measures business activities. b. Communicates business activities to interested parties. c. Makes business decisions on behalf of interested parties. 3. Question: Which of the following represents an obligation of the company? 4. Question: Which body has the primary responsibility for the establishment of Generally Accepted Accounting Principles? 5. Question: At the end of the cur...

ACCT 212 WEEK 8 FINAL EXAM

1. Question: Eagle Corp. operates Magnetic Resonance Imaging (MRI) clinics throughouttheNortheast.Attheendofthecurrentperiod,thecompany reports the following amounts: Assets = $50,000; Liabilities = $27,000; Dividends = $3,000; Revenues = $14,000; Expenses =$9,000. 2. Question: Below are the account balances for a company at the end ofDecember. 3. Question: At the beginning of the year (January 1), a company has $11,000 of common stock outstanding and retained earnings of $6,300. Duringthe yea...