Cis 511 final exam 100 correct

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Cis 511 final exam 100 correct

TCO 3 At the end of the period it is necessary to close all temporary accounts. TCO 5 Internal Control Procedures are required to safeguard company assets and to ensure ethical operation of the business.

TCO 4 Inventory valuation methods determine the cost of goods sold and the inventory balance.


The van was expected to remain in service 4 years 30, miles. The truck traveled 8, miles the first year, 8, miles the second year, 5, miles the third year, and 8, miles in the fourth year.

Cis 511 final exam 100 correct

Calculate depreciation expense for the truck for each year using the: Units of Production method. For units-of-production and double-declining balance, round to the nearest two decimals after each step of the calculation.

Which method best tracks the wear and tear on the van? Which method would BagODonuts prefer to use for income tax purposes?

Cis 511 final exam 100 correct

Explain in detail why BagODonuts prefers this method. Their corporate charter authorized the following capital stock: The following transactions occurred during the year: Prepare the journal entry for each transaction listed above.

In your own words, explain the main differences between common and preferred stock. In our readings and discussions we have seen several examples of fraud in business. Using that experience 1 provide an example of a common fraudulent practice in business with an explanation of how the practice works and 2 name and describe each of the elements of the Fraud Triangle.

TCO 5 Internal Control Procedures are in place to protect the assets of every business as mentioned in the textbook and our discussions. Of the seven internal control procedures, list five of these controls and describe how each procedure is implemented. The accounts have normal balances on June 30, The accounts are listed in no particular order.Koofers is for students, by students.

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