Accounting Exam 4
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
|
|
||||
---|---|---|---|---|---|
What are current Liabilities? | show 🗑
|
||||
What is FICA? | show 🗑
|
||||
show | Federal Unemployment Tax (Act)
Paid entirely by employer
FUTA and SUTA for most companies totals 6.2% of the first $7,000 paid to each employee
🗑
|
||||
What is SUTA? | show 🗑
|
||||
What is an EMPLOYEE? | show 🗑
|
||||
What is an Independant Contractor? | show 🗑
|
||||
show | Employee
🗑
|
||||
WHo fills out the W-9 form? | show 🗑
|
||||
show | Obligations that a company expects to pay more than one year in the future
Examples include:
Notes payable
Mortgage notes payable (Mortgage payable)
Bonds payable
🗑
|
||||
What are bonds? | show 🗑
|
||||
What are the bonds issuing procedures? | show 🗑
|
||||
What are the bonds issuing procedures? (Part 2) | show 🗑
|
||||
show | the dollar amounts to be received,
the length of time until the amounts are received, and
the market rate of interest
Bond: Long-Term Liabilities
🗑
|
||||
What is Number of periods? | show 🗑
|
||||
What is Interest rate ? | show 🗑
|
||||
show | amount of the investment or borrowing
🗑
|
||||
Present value | show 🗑
|
||||
show | is the value now of a series of future receipts or payments, discounted assuming compound interest.
🗑
|
||||
show | an entity is a person, unit, organization or group
🗑
|
||||
Proprietorship | show 🗑
|
||||
Partnership | show 🗑
|
||||
own shares of stock | show 🗑
|
||||
show | the corporate earnings through receipt of dividends
🗑
|
||||
show | are the number of shares of a class of stock authorized by the corporation’s charter. The maximum number of shares the corporation can legally issue.
🗑
|
||||
show | are the number of shares of a class of stock that have been issued (usually sold) to stockholders
🗑
|
||||
Treasury stock | show 🗑
|
||||
show | are the number of shares of a class of stock held by stockholders. The number of shares used in calculating dividends payable. (Issued minus Treasury)
🗑
|
||||
show | in this text is the difference between Issued and Outstanding shares. Dividends are not paid on Treasury Stock.
🗑
|
||||
show | Generally accounted for by the cost method.
Debit Treasury Stock for the price paid.
Treasury stock is a contra stockholders’ equity account, not an asset.
Treasury Stock decreases by the same amount when the company later sells the shares.
🗑
|
||||
Par value | show 🗑
|
||||
No-par value stock | show 🗑
|
||||
Stated value | show 🗑
|
||||
show | the amount stockholders have paid to the corporation in exchange for shares of ownership. Divided into Legal capital and Additional paid-in capital.
🗑
|
||||
show | the amount associated with capital stock that has been issued by a corporation. Legal capital is generally the par value or stated value of the shares issued and must be retained in the business for the protection of corporate creditors.
🗑
|
||||
Additional paid-in capital | show 🗑
|
||||
show | a distribution made by a corporation to its stockholders on a pro rata (proportional) basis
🗑
|
||||
Cash dividend | show 🗑
|
||||
show | is a pro rata distribution of the corporation’s own stock to stockholders
🗑
|
||||
Cumulative dividend | show 🗑
|
||||
show | are preferred dividends that were supposed to be declared but were not declared during a given period
🗑
|
||||
Companies favor the indirect method for two reasons: | show 🗑
|
||||
show | Operating activities.
Investing activities.
Financing activities.
🗑
|
||||
show | Operating activities section
🗑
|
||||
Issued common stock in exchange for equipment. | show 🗑
|
||||
show | Financing activities section
🗑
|
||||
show | Investing activities section
🗑
|
||||
show | Investing activity
🗑
|
||||
Operating – transactions that affect: | show 🗑
|
||||
show | Long-term assets
🗑
|
||||
show | Long-term liabilities
Stockholders equity
🗑
|
||||
show | The first item listed on the SCF statement under the Cash flows from operating activities section is usually “net income”
🗑
|
||||
show | Depreciation expense reduces net income, it does not reduce cash.
Must be added back to NI to determine cash provided by operating activities
🗑
|
||||
show | equipment sold for more than its net book value (cost less accumulated depreciation)
Gains are deducted from NI (added to NI originally)
🗑
|
||||
Loss on the sale | show 🗑
|
||||
Gains/losses included in NI but don’t affect cash | show 🗑
|
||||
show | Increases in current asset accounts are subtracted (-) from net income
Decreases in current asset accounts are added (+) to net income
🗑
|
||||
Changes in current liability accounts | show 🗑
|
||||
Which of the following statements is true regarding a statement of cash flows? | show 🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
alishabenefield
Popular Accounting sets