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Accouting102

Final

QuestionAnswer
What is bad debt expense? Estimate of amount of Accounts Receivable expect not to collect from month's revenue
What is Allowance for Doubtful Accounts? Estimate of total receivables that you do not expect to collect.
What is the purpose of internal control? Safeguard assets, ensure accurate information, ensure compliance with laws and regulations.
What information is found on credit reports? Payment history, outstanding debt, length of credit history, recent inquiries, types of credit in use.
What are the internal control issues for payroll? Employment Eligibility Verification, Form W-4, Form W-2, Determine employee pay, Regulations
How do you calculate Net Pay? Net Pay = Gross Pay - Deductions from pay
How do you compute the amount of interest paid and the principal paid with monthly loan payments? Principal X Interest rate X 1/12 = Amount of interest for month
What is a bond? Borrowing very large sums by dividing load into small amounts
Which organizations can issue bonds? Only corporations and government agencies
How do you record transactions using the accrual basis of accounting? Revenues recorded when earned, expenses recorded when incurred.
What is unearned revenue? Receive cash before providing a service.
What are examples of plant assets? Building, Land, Equipment
What are examples of natural assets? Oil, timber, coal
What are examples of intangible assets? Copyrights, Trademarks, Patents
What is depreciation expense? Pay the same amount over a certain period
What is accumulated depreciation? Total depreciation expense from date of purchase to current date
How do you calculate depreciation expense? The cost of an asset over it's useful life
How do you calculate book value? Cost - Accumulated Depreciation = Book Value
How do you calculate the gain or loss of an asset? Disposal Value - Book Value
How do you calculate Gross Profit? Sales - Cost of Goods Sold = Gross Profit
How do you calculate Gross Profit Ratio? Gross profit / Sales
Which type of business has Cost of Goods Sold? Merchandising
How would you record a sales transaction, including inventory & cost of goods sold? Increase Asset (Cash or A/R). Increase Retained Earnings (Sales Revenue). AND Decrease Asset (Inventory). Decrease Retained Earnings (Cost of Goods Sold)
What agency is responsible for interpreting and enforcing the tax laws? IRS
What is the difference between a Regressing and Progressive tax? REGRESSIVE = everyone pays the same. PROGRESSIVE = tax rate goes up with the more money you make
How do you compute the Adjusted Gross Income? Gross Income - Adjustments = Adjusted Gross Income
How do you compute Taxable Income? Adjusted Gross Income - Exemptions - Deductions = Taxable Income
How do tax credits affect the amount of tax a taxpayer must pay? It's subtracted from your Tax Liability
What are some of the different retirement accounts? 401k, 403b, traditional IRA, Roth IRA
What does tax deferred savings mean? Adjust account for events that have already been recorded
What does GAAP stand for? Generally Accepted Accounting Principles
What is a CPA? Certified Public Accountant
What does The Concept of Adequate Disclosure mean? Notes to financial statement that provide enough information so that an informed reader of financial statements can adequately evaluate the financial situation of an organization
Created by: klein-andrew