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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.
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Question
Answer
What are current Liabilities?   show
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What is FICA?   show
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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  
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What is SUTA?   show
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What is an EMPLOYEE?   show
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What is an Independant Contractor?   show
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show Employee  
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WHo fills out the W-9 form?   show
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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  
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What are bonds?   show
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What are the bonds issuing procedures?   show
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What are the bonds issuing procedures? (Part 2)   show
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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  
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What is Number of periods?   show
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What is Interest rate ?   show
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show amount of the investment or borrowing  
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Present value   show
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show is the value now of a series of future receipts or payments, discounted assuming compound interest.  
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show an entity is a person, unit, organization or group  
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Proprietorship   show
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Partnership   show
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own shares of stock   show
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show the corporate earnings through receipt of dividends  
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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.  
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show are the number of shares of a class of stock that have been issued (usually sold) to stockholders  
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Treasury stock   show
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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)  
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show in this text is the difference between Issued and Outstanding shares. Dividends are not paid on Treasury Stock.  
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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.  
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Par value   show
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No-par value stock   show
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Stated value   show
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show the amount stockholders have paid to the corporation in exchange for shares of ownership. Divided into Legal capital and Additional paid-in capital.  
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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.  
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Additional paid-in capital   show
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show a distribution made by a corporation to its stockholders on a pro rata (proportional) basis  
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Cash dividend   show
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show is a pro rata distribution of the corporation’s own stock to stockholders  
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Cumulative dividend   show
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show are preferred dividends that were supposed to be declared but were not declared during a given period  
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Companies favor the indirect method for two reasons:   show
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show Operating activities. Investing activities. Financing activities.  
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show Operating activities section  
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Issued common stock in exchange for equipment.   show
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show Financing activities section  
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show Investing activities section  
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show Investing activity  
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Operating – transactions that affect:   show
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show Long-term assets  
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show Long-term liabilities Stockholders equity  
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show The first item listed on the SCF statement under the Cash flows from operating activities section is usually “net income”  
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show Depreciation expense reduces net income, it does not reduce cash. Must be added back to NI to determine cash provided by operating activities  
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show equipment sold for more than its net book value (cost less accumulated depreciation) Gains are deducted from NI (added to NI originally)  
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Loss on the sale   show
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Gains/losses included in NI but don’t affect cash   show
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show Increases in current asset accounts are subtracted (-) from net income Decreases in current asset accounts are added (+) to net income  
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Changes in current liability accounts   show
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Which of the following statements is true regarding a statement of cash flows?   show
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