ACCT 212 Week 8 Final Exam

Feb 3rd, 2012
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DeVry University
Course: Accounting
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1. (TCO 3) At the end of the period it is necessary to close all temporary accounts. (1) Explain 2. (TCO 2) As required to complete Course Project 1, one must follow the cycle that includes 3. (TCO 5) Internal Control Procedures are required to safeguard company assets and to 4. (TCO 4) Inventory valuation methods determine the cost of goods sold and the inventory 5. (TCO 1) To evaluate the financial operation and health of a business ratio analysis is used. 6. (TCO 6) BagODonuts Company bought a used delivery truck on January 1, 2010, for 7. (TCO 7) ABC Inc. was incorporated on 1/15/12. Their corporate charter authorized the 8. (TCO 5) Fraud is an intentional misrepresentation of facts, made for the purpose of 9. (TCO 5) Internal Control Procedures are in place to protect the assets of every business as 10. (TCO2) Below are the accounts of Super Pool Service, Inc. The accounts have normal 11. (TCO4) Linda’s Lampshades started business on Jan. 1, 2001. They had the

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