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Accounting

QuestionAnswer
What is a long-term asset? An asset that will NOT be consumed or converted to cash within the next year.
What is a short-term asset? An asset that WILL be consumed or converted to cash within the next year.
Examples of long-term or non-current assets: Property, plant, equipment, intangibles
Examples of short-term or current assets: Cash, prepaid expenses, accounts receivable
Property, plant, and equipment are what type of asset? non-current
Cash, prepaid expenses, accounts receivables are what types of assets? current
What is the purpose of depreciation? Cost allocation and how an asset is expensed over a period of time.
Straight-Line Depreciation is calculated by.... Cost (minus) Salvage Value (over) Useful Life
(Cost - Salvage Value)/Useful Life is the calculation for what? Straight-Line Depreciation
How do you calculate the gain/loss on sale of long-term assets? Selling Price (minus) Book Value
What is the (selling price - book value)? Gain/Loss on Sale
How do you calculate the book value of a long-term asset? Historical cost (minus) Accumulated Depreciation
What are examples of intangible assets? Patents, copyrights, trademarks, goodwill
What is the Return on Asset ratio? Net Income (over) Average Total Assets
What is (Net Income/Average Total Assets)? Return on Asset Ratio
What is the Asset Turnover Ratio? Net Sales (over) Average Total Assets
What is (Net Sales/Average Total Assets)? Asset Turnover Ratio
What is a current liability? Liabilities that will come due within the next year
What is a non-current liability? Liabilities that will come due beyond the next year
Debit - Interest Expense Credit - Interest Payable Adjusting Entry to Record Interest on Notes Payable
When the bond coupon rate equals the market rate, the bond will sell at... Face Value
When the bond coupon rate is less than the market rate, the bond will sell at..... A discount
When the bond coupon rate is greater than the market rate, the bond will sell at.... A premium
What happens when a contingent liability is probable and can be reasonably estimated? RECORD
What happens when a contingent liability is probable but cannot be reasonably estimated? DISCLOSE
What happens when a contingent liability is reasonably possible? DISCLOSE
What happens when a contingent liability is remote? NOTHING
What happens under the accounting equation when a company issues stock? Increase Cash and Increase Stockholders' Equity
What happens under the accounting equation when a company purchases Treasury Stock? Decrease Cash and Decrease Equity
Which type of accounting information focuses on the needs of internal users? Managerial
Revenues are shown on which financial statement? Income Statement
What does not appear on the income statement? Unearned revenue
At what amount is Property, Plant and Equipment reported on the Balance Sheet? Book Value
Original Cost $55,000. Accumulated Depreciation $35,000. What is the book value of the asset? $20,000 (historical cost minus accumulated depreciation)
Is a bond payable a current or non-current liability? non-current
How do you report a contingent liability that is remote? Do nothing
How do you report a contingent liability that is probable but you can't estimate the amount? Disclose only
How is treasury stock classified on the balance sheet? As a reduction to owner's equity
How does the payment of a dividend impact the accounting equation? Decrease assets, decrease owners' equity
Created by: jenna.dorr