Financial ACCT Final
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| Generally excepted accounting principals (GAAP) are formulated by the... | show 🗑
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| Which type of business organization is owned by its stockholders? | show 🗑
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| show | Reliability principle
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| Fossil is famous for fashion wristwatches and leather goods. At the end of a recent year, Fossil's total assets added up to $336 million, and stockholders' equity was $259 million. How much were Fossils's liabilities? | show 🗑
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| show | Increase both assets and stockholder's equity by $43,000
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| Which part of the accounting equation does a sale on account affect? | show 🗑
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| Assume that Fossil paid expenses totaling $40,000. How does this transaction affect Fossil's accounting equation? | show 🗑
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| Consider the overall effects on Fossil of selling watches on account for $59,000 and paying expenses totaling $28,000. What is Fossil's net income or net loss? | show 🗑
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| show | Financial position on a specific date
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| The income statement reports... | show 🗑
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| show | Journalize transactions, post to the accounts, prepare a trail balance
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| show | Debits
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| show | $130,000 (314,000:assets-184:liabilities)
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| show | Supplies Accounts payable
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| show | Accounts payable Cash
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| You paid $500 for supplies and purchased additional supplies on account for $800. Later you paid $400 of the accounts payable. What is the balance in your Supplies account? | show 🗑
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| Quick Copes, Inc., recorded a cash collection on account by debiting Cash and crediting Accounts payable. What will the trail balance show for this error? | show 🗑
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| show | $52,000
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| What are the distinctive feature of accrual accounting and cash-basis accounting? | show 🗑
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| The revenue principle says... | show 🗑
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| show | Updating the accounts at the end of the period
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| show | Prepaids and accruals
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| show | Service Revenue of $160 ($480/6=80....80*2=$160)
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| show | prepaid expense
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| Unearned Revenue is always a.. | show 🗑
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| The adjusted trail balance shows... | show 🗑
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| Accounting data flow from the... | show 🗑
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| show | Financial Statements
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| Which columns of the accounting work sheet show unadjusted amounts? | show 🗑
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| Which columns of the work sheet show net income | show 🗑
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| show | Total debits exceed total credits
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| Supplies has a $7,000 unadjusted balance on your trail balance. At year-end you count supplies of $3,000. What adjustment will appear on your worksheet? | show 🗑
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| show | Accumulated depreciation
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| show | 1. Transfer revenues,expenses, dividends to Retained earnings 2. Bring the Retained earnings account to its correct ending balance 3. Zero out the revenues, expenses, and dividends
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| Is this a closing entry? Salary payable XXX Income summary XXX | show 🗑
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| Is this a closing entry? Retained earnings XXX Dividends XXX | show 🗑
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| show | Liquidity
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| show | 6.00 (add up assets: 600+800+400=1800......then add up liabilities: 100+200=300) 1800/300=6.00
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| show | Gross profit/ Net sales
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| show | Net Sales-Cost of goods sold
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| Which account does a merchandizer, but not a service company, use? | show 🗑
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| The two main inventory accounting systems are the.... | show 🗑
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| show | Inventory XXX Accounts Payable XXX
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| The Market purchases inventory for $5,000 and also paid a $330 freight bill. The Market returned 35% of the goods to the seller and later took a @% purchase discount. What is the Market's cost of the inventory that it kept? | show 🗑
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| Suposse Natural Dyes had sales of $330,000 and sales returns of $41,000. Cost of goods sold was $163,000. How much gross profit did Natural Dyes report? | show 🗑
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| show | Cost of goods sold 300 Inventory 300
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| Which of the following accounts would Greg close at the end of the year? | show 🗑
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| The final closing entry for a corporation is... | show 🗑
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| Which subtotals appear on a multi-step income statement, but not a single-step income statement? | show 🗑
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| show | 55% (88,000-40,000=48,000......48,000/88,000=0.545)
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| show | $500 (9600-7000-2100=$500)
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| show | FIFO-First-in, First-Out
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| show | LIFO- Last-in, First-Out
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| show | Lower-of-cost-or-market rule
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| show | understates cost of goods sold and overstates net income
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| show | Separation of duties
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| Internal auditors focus on ________: External auditors are more concerned with _________. | show 🗑
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| show | Separation of duties
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| Rearranges messages by a special process | show 🗑
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| show | Bank reconciliation
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| show | Outstanding checks Deposits in transit
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| After performing a bank reconciliation, we need to journalize.... | show 🗑
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| Separation of duties is important for internal control of... | show 🗑
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| "Bad Debts" are the same as... | show 🗑
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| Which method of estimating uncollectible receivables focuses on Uncollectible-account expense for the income statement? | show 🗑
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| show | Beginning balance+Uncollectible account expense-Receivables written off= Ending balance
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| show | 1. doesnt match expenses against revenue very well 2. doesnt set up an allowance for uncollectibles 3. overstates assets on the balance sheet
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| Which cost is not recorded as part of the cost of a building? | show 🗑
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| How should you record a capital expenditure? | show 🗑
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| Which method almost always produces the most depreciation in the first year? | show 🗑
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| Which depreciation method would you generally prefer to use for income tax purposes? Why? | show 🗑
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| Which method is used to compute depletion? | show 🗑
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| Which intangible asset is recorded only as part of the acquisition of another company? | show 🗑
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| show | reported on the balance sheet
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| On Jan. 1,2011, you borrowed $12,000 on a five-year, 9% note payable. At Dec, 31, 2012, you should record... | show 🗑
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| show | Sales tax payable of $6,400
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| Bond Price= | show 🗑
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| show | $414,000
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| show | Stated rate
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| Lafferty Corp.'s bonds payable carry a stated interest rate of 7%, and the market rate of intrest is 8%. The price of Lafferty bonds will be at.... | show 🗑
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| Which characteristic of a corporation is most attractive? | show 🗑
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| show | double taxation
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| show | Paid-in capital and Retained Earnings
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| Which class of stockholders take the greater investment risk? | show 🗑
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| Suppose Sweets Bakery issues common stock to purchase a building. Sweets Bakery should record the building at... | show 🗑
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| A corporation's income tax payable is computed as... | show 🗑
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| show | has no effect on total equity
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| show | Retained earnings is debited for the market value of the shared issued
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| Stock splits.... | show 🗑
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| A company's own stock that is has issued and repurchased is called.... | show 🗑
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| show | a restriction to Retained Earnings
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| Examples of Extraordinary loss... | show 🗑
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| What is the most widely followed statistic in business? | show 🗑
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| Earnings per share is NOT computed for.... | show 🗑
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Created by:
kindra.hebert