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e0b502d6_Flashcards_about_phy__ch__17__Question
|
[Answer] gases [Question]
|
atoms move the fastest in...
|
[] |
Flashcards about phy. ch. 17
|
Question
|
http://www.studystack.com/flashcard-456143
|
12/1438042990114.79_20150728002310-00045-ip-10-236-191-2_733908042_3.json
|
e0b502d6_Flashcards_about_phy__ch__17__Question
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[Answer] liquids [Question]
|
atoms move faster in...
|
[] |
Flashcards about phy. ch. 17
|
Question
|
http://www.studystack.com/flashcard-456143
|
12/1438042990114.79_20150728002310-00045-ip-10-236-191-2_733908042_3.json
|
e0b502d6_Flashcards_about_phy__ch__17__Question
|
[Answer] solids [Question]
|
atoms move slowest in...
|
[] |
Flashcards about phy. ch. 17
|
Question
|
http://www.studystack.com/flashcard-456143
|
12/1438042990114.79_20150728002310-00045-ip-10-236-191-2_733908042_3.json
|
e0b502d6_Flashcards_about_phy__ch__17__Question
|
[Answer] matter was made of atoms [Question]
|
John Dalton studied chemical reactions ans said that...
|
[] |
Flashcards about phy. ch. 17
|
Question
|
http://www.studystack.com/flashcard-456143
|
12/1438042990114.79_20150728002310-00045-ip-10-236-191-2_733908042_3.json
|
e0b502d6_Flashcards_about_phy__ch__17__Question
|
[Answer] the number of outer electrons [Question]
|
in the periodic table, groups (columns) show...
|
[] |
Flashcards about phy. ch. 17
|
Question
|
http://www.studystack.com/flashcard-456143
|
12/1438042990114.79_20150728002310-00045-ip-10-236-191-2_733908042_3.json
|
e0b502d6_Flashcards_about_phy__ch__17__Question
|
[Answer] the number of electron shells [Question]
|
in the periodic table, periods (rows) show...
|
[] |
Flashcards about phy. ch. 17
|
Question
|
http://www.studystack.com/flashcard-456143
|
12/1438042990114.79_20150728002310-00045-ip-10-236-191-2_733908042_3.json
|
d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] is the debit side. [Question]
|
The left side of an account
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
|
d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] Generally Accepted Accounting Principles. [Question]
|
GAAP stands for
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
|
d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] Assets = Liabilities + Owner's Equity. [Question]
|
The basic accounting equation may be expressed as
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
|
d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] analyzing transactions. [Question]
|
The first step required in the accounting cycle is
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
|
d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] assets, liabilities, and owner's equity. [Question]
|
A balance sheet shows
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
|
d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] an understatement of assets and an understatement of revenues. [Question]
|
Failure to prepare an adjusting entry at the end of a period to record an accrued revenue would cause
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
|
d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] ending inventory. [Question]
|
The Merchandise Inventory account balance appearing in an adjusted trial balance represents the
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
|
d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] asset's cost less accumulated depreciation. [Question]
|
The book value of an asset is equal to the
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
|
d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] investors and creditors. [Question]
|
An objective of financial reporting is to provide information that is mainly useful to
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
|
d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] presents the revenues and expenses for a specific period of time. [Question]
|
An income statement
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
|
d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] assets to be understated. [Question]
|
If prepaid expenses are initially recorded in expense accounts and have not all been used at the end of the accounting period, then failure to make an adjusting entry will cause
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
|
d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] the seller has legal title to the goods until they are delivered. (FOB shipping point - title transfers when given from seller to shipper) [Question]
|
If goods in transit are shipped FOB destination
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
|
d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] assets will increase. [Question]
|
If expenses are paid in cash, then
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
|
d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] transactions in a journal. [Question]
|
A trial balance is a listing of
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
|
d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] expenses with revenues. [Question]
|
The matching principle matches
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
|
d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] consigned goods are included in the inventory of the consignee (aka the original owner). [Question]
|
Under a consignment arrangement, the
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
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d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] cash. [Question]
|
From an internal control standpoint, the asset most susceptible to improper diversion and misuse is
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
|
d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] Merchandise Inventory account. [Question]
|
Under a perpetual inventory system, acquisition of merchandise for resale is debited to the
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
|
d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] matching principle. [Question]
|
Recording depreciation each period is necessary in accordance with the
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
|
d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] expenses are understated. [Question]
|
If a company fails to record estimated bad debts expense,
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
|
d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] at net realizable value. [Question]
|
Trade accounts receivable are valued and reported on the balance sheet
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
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d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] buyer. [Question]
|
Bryan Company purchased merchandise from Cates Company with freight terms of FOB shipping point. The freight costs will be paid by the
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
|
d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] Allowance for Doubtful Accounts should be debited and Accounts Receivable should be credited. [Question]
|
When an account becomes uncollectible and must be written off,
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
|
d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] it doesn't have to be cash, it could be another asset. - Sole proprietorship [Question]
|
When an owner makes a withdrawl
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
|
d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] events that change a company's financial statements are recognized in the period they occur rather than in the period in which cash is paid or received. [Question]
|
Under the accrual basis of accounting
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
|
d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] segregation of duties is violated. [Question]
|
Joe is warehouse custodian and also maintains the accounting record of the inventory held at the warehouse. An assessment of this situation indicates
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
|
d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] Building (as opposed to inventory, land, or patents) [Question]
|
Which of the following assets would be depreciated?
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
|
d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] A credit balance in an expense account. [Question]
|
An awareness of the normal balances of accounts would help you spot which of the following as an error in recording?
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
|
d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] a necessary risk of doing business on a credit basis. [Question]
|
Bad Debts Expense is considered
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
|
d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] journalized in the general journal. [Question]
|
Closing entries are
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
|
d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] the general journal. [Question]
|
Correcting entries are journalized in
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
|
d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] can be identified with a particular unit of accountability. [Question]
|
The economic entity assumption states that economic events
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
|
d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] received and recorded as liabilities before they're earned. [Question]
|
Unearned revenues are
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
|
d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] a current liability. [Question]
|
Advances from customers are classified as
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
|
d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] pay relatively small expenditures. [Question]
|
A petty cash fund is generally established in order to
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
|
d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] change the balance in Cash. [Question]
|
When adjusting entries to accrue expenses at the end of the accounting period NEVER
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
|
d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] $30,270. [Question]
|
The maturity value of a $30,000, 9%, 36-day note receivable dated July 3 is
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
|
d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] $294. [Question]
|
Company A sells $300 of merchandise on account to Company B with credit terms of 2/10, n/30. If Company B remits a check taking advantage of the discount offered, what is the amount of Company B's check?
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
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d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] 25%. [Question]
|
A company shows the following balances: Sales - $1,000,000 Sales Returns and Allowances - $175,000 Sales Discounts - $25,000 Costs of Goods Sold - $600,000 What is the gross profit percentage?
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
|
d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] $72,000 [Question]
|
A company purchased land for $60,000 cash. Real estate brokers' commission was $5,000 and $7,000 was spent for demolishing an old building on the land before construction of a new building could start. Cost of land recorded by cost principle method?
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
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d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] May 12. [Question]
|
A 60-day note receivable dated March 13 has a maturity date of
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
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d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] $35 [Question]
|
A company just starting business purchased 3 merchandise inventory items at the following prices. 1st $80, 2nd $95, & 3rd $85. If the company sold two units for a total of $210 and used FIFO costing, the gross profit for the period would be
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
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d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] $2.50. [Question]
|
For the year just ended, a company reports net income of $2,500,000. There are 1,800,00 shares authorized, 1,200,000 shares issued, and 1,000,000 outstanding. What is the earnings per share?
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
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d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] $600 gain. [Question]
|
An investor purchased 400 shares of common stock, $25 par, for $17,400. Subsequently, 100 shares were sold for $49.50 per share. What is the amount of gain or loss on the sale?
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
|
d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] Statement of Retained Earnings (Statement of Financial Position, Profit and Loss Statement, Statement of Cash Flows) [Question]
|
Which of the following is NOT one of the Primary Financial Statements?
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
|
d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] non sufficient funds. [Question]
|
A check returned by the bank marked "NSF" means
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
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d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] December 26th. [Question]
|
The African celebration of Kwanzaa starts this year on
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
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d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] the cash payment (interest). [Question]
|
The coupon rate determines
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
|
d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] the discount/premium of the payment (value). [Question]
|
The market rate determines
|
[] |
Flashcards about AC101 Prof Magnall
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Question
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http://www.studystack.com/flashcard-791961
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12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
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d089b503_cards_about_AC101_Prof_Magnall__Question
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[Answer] you purchase the bond at PAR. [Question]
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When the coupon rate equals the market rate,
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Flashcards about AC101 Prof Magnall
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Question
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http://www.studystack.com/flashcard-791961
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12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
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d089b503_cards_about_AC101_Prof_Magnall__Question
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[Answer] you purchase the bond at Discount. [Question]
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When the coupon rate is less than the market rate,
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Flashcards about AC101 Prof Magnall
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Question
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http://www.studystack.com/flashcard-791961
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12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
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d089b503_cards_about_AC101_Prof_Magnall__Question
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[Answer] you purchase the bond at Premium. [Question]
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When the coupon rate is greater than the market rate,
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Flashcards about AC101 Prof Magnall
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Question
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http://www.studystack.com/flashcard-791961
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12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
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d089b503_cards_about_AC101_Prof_Magnall__Question
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[Answer] An information and measurement system that identifies, records, and communicates relevant, reliable, and comparable info about an organization's business activities. [Question]
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What is accounting?
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[] |
Flashcards about AC101 Prof Magnall
|
Question
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http://www.studystack.com/flashcard-791961
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12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
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d089b503_cards_about_AC101_Prof_Magnall__Question
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[Answer] Financial Accounting - serves external users by providing general-purpose financial statements. [Question]
|
What type of accounting are we studying this semester? Describe it.
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Flashcards about AC101 Prof Magnall
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Question
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http://www.studystack.com/flashcard-791961
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12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
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d089b503_cards_about_AC101_Prof_Magnall__Question
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[Answer] Assets = Liabilities + Common Stock - Dividends + Revenues - Expenses. [Question]
|
What is the extended accounting question?
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
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http://www.studystack.com/flashcard-791961
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12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
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d089b503_cards_about_AC101_Prof_Magnall__Question
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[Answer] distribution of assets to stockholders - reduces retained earnings. [Question]
|
What is a dividend? How does it affect the accounting equation?
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[] |
Flashcards about AC101 Prof Magnall
|
Question
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http://www.studystack.com/flashcard-791961
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12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
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d089b503_cards_about_AC101_Prof_Magnall__Question
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[Answer] Generally Accepted Accounting Principles. - keeps things comparable and consistant [Question]
|
Company accountants must follow GAAP. What is this and what does it do?
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Flashcards about AC101 Prof Magnall
|
Question
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http://www.studystack.com/flashcard-791961
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12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
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d089b503_cards_about_AC101_Prof_Magnall__Question
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[Answer] Debit - cash, equipment, Accounts Receivable, Expenses. Credit - Accounts Payable, Notes Payable, Revenues. [Question]
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Name two accounts that would increase with a debit. Name two increased with a credit.
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Flashcards about AC101 Prof Magnall
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Question
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http://www.studystack.com/flashcard-791961
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12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
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d089b503_cards_about_AC101_Prof_Magnall__Question
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[Answer] increase - common stock, revenues. decrease - pay equity in dividends, expenses. [Question]
|
What type of transactions would increase equity? Decrease Equity?
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[] |
Flashcards about AC101 Prof Magnall
|
Question
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http://www.studystack.com/flashcard-791961
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12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
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d089b503_cards_about_AC101_Prof_Magnall__Question
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[Answer] Accrual Basis - adjusting process to recognize revenues and expenses when they happen rather than when cash is received. [Question]
|
Do we use cash basis accounting or accrual basis accounting? What does this mean?
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Flashcards about AC101 Prof Magnall
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Question
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http://www.studystack.com/flashcard-791961
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12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
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d089b503_cards_about_AC101_Prof_Magnall__Question
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[Answer] True [Question]
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True or False? Adjusting entries never include cash.
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[] |
Flashcards about AC101 Prof Magnall
|
Question
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http://www.studystack.com/flashcard-791961
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12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
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d089b503_cards_about_AC101_Prof_Magnall__Question
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[Answer] Balance Sheet - Income Statement [Question]
|
What two types of accounts do we use most in adjusting entries (where do they come from?)
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Flashcards about AC101 Prof Magnall
|
Question
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http://www.studystack.com/flashcard-791961
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12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
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d089b503_cards_about_AC101_Prof_Magnall__Question
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[Answer] net income divided by net sales. Sales - Sales Returns and Allowances - Sales Discounts = Net Sales [Question]
|
How do you find the profit margin?
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[] |
Flashcards about AC101 Prof Magnall
|
Question
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http://www.studystack.com/flashcard-791961
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12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
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d089b503_cards_about_AC101_Prof_Magnall__Question
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[Answer] Cost of Goods Sold [Question]
|
What is the expense of buying and preparing merchandise to be sold?
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[] |
Flashcards about AC101 Prof Magnall
|
Question
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http://www.studystack.com/flashcard-791961
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12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
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d089b503_cards_about_AC101_Prof_Magnall__Question
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[Answer] 2% Discount within 15 days, net amount due in 65 days (if not paid in time, take out note payable if not paid in time) [Question]
|
When looking at a purchase made on credit, what do the terms [2/15, n/65] mean?
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Flashcards about AC101 Prof Magnall
|
Question
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http://www.studystack.com/flashcard-791961
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12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
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d089b503_cards_about_AC101_Prof_Magnall__Question
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[Answer] FOB Shipping Point - Buyer pays shipping. FOB Destination - Seller is in charge of shipping [Question]
|
What do 'FOB shipping point' and 'FOB destination' mean?
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[] |
Flashcards about AC101 Prof Magnall
|
Question
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http://www.studystack.com/flashcard-791961
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12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
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d089b503_cards_about_AC101_Prof_Magnall__Question
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[Answer] perpetual - continually updated. periodic -updated @ end of the period [Question]
|
What's the difference between a periodic and perpetual system?
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[] |
Flashcards about AC101 Prof Magnall
|
Question
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http://www.studystack.com/flashcard-791961
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12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
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d089b503_cards_about_AC101_Prof_Magnall__Question
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[Answer] FIFO, LIFO, Weighted Average, Moving Average, Specific Identification [Question]
|
Name the four inventory costing methods we learned this term.
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
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http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
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d089b503_cards_about_AC101_Prof_Magnall__Question
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[Answer] FIFO - recognizes cost of goods sold for cheaper price, less expense, higher net income [Question]
|
When prices regularly rise, which costing method results in the highest income?
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
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d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] $124 [Question]
|
A company has inventory of 10 units at a cost of $10 each on April 1. On April 3, it purchases 20 units at $12 each. 12 units are then sold on April 5. Using FIFO, what is the cost of the 12 units sold?
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
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http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
|
d089b503_cards_about_AC101_Prof_Magnall__Question
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[Answer] To protect assets and ensure reliable accounting, promote efficient operations, urge adherence to company policies. [maintaining adequate records, separation of responsibilities.] [Question]
|
Why are there principles of internal control? Name one.
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
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d089b503_cards_about_AC101_Prof_Magnall__Question
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[Answer] Petty Cash Fund [Question]
|
What do we call a fund that is set up to make small payments, such as postage or minor repairs?
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[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
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12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
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d089b503_cards_about_AC101_Prof_Magnall__Question
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[Answer] to see the differences between the two balances and compare [Question]
|
What is the purpose of a bank reconciliation?
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
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http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
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d089b503_cards_about_AC101_Prof_Magnall__Question
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[Answer] Accounts receivable [Question]
|
In what account are sales on credit recorded in?
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[] |
Flashcards about AC101 Prof Magnall
|
Question
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http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
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d089b503_cards_about_AC101_Prof_Magnall__Question
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[Answer] Bad Debts [Question]
|
What do we call uncollectable accounts?
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
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http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
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d089b503_cards_about_AC101_Prof_Magnall__Question
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[Answer] Principle x Interest Rate x [Time in days / Time in 365 days] = Interest [Question]
|
How do you calculate interest on a note?
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[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
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d089b503_cards_about_AC101_Prof_Magnall__Question
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[Answer] Dec16- D-Notes Receivable 7,000 C-Sales 7,000 ---7,000 x 12 x 15/365 = 34.52--- Dec31- D-Interest Revenue 34.52 C-Interest Revenue 34.52 --- B)March 16 [Question]
|
Ivy purchases $7,000 of merchandise from McGregor's on Dec 16, 2009. McGregor's accepts a $7,000 90-day, 12% note as payment. A)Prepare the entries McGregor's must make on the date of sale and at the end of the period -Dec31,09 B)On what day will Ivy pay
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
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http://www.studystack.com/flashcard-791961
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12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
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d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] Machinery, equipment, buildings, land / patent, copyright, trademark / cutting wood, mining diamonds, coal, minerals [Question]
|
Name a plant asset, an intangible asset, and natural resource.
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
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d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] Double Declining Balance, Sum of the Year's Digits, Cost of Production [MACRS for the IRS] [Question]
|
What are the depreciation methods we learned other than straight-line?
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
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d089b503_cards_about_AC101_Prof_Magnall__Question
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[Answer] Current = within a year. Long-term = over a year [Question]
|
What's the difference between current and long-term liabilities?
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
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d089b503_cards_about_AC101_Prof_Magnall__Question
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[Answer] False. - amount is reasonably estimable. -if not, report in footnotes. [Question]
|
True or False? A liability can be recorded if payment is probable and the amount is unknown.
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
|
d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] Warranty, health & pension, benefits (vacation etc) [Question]
|
Give an example of an estimated liability.
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
|
d089b503_cards_about_AC101_Prof_Magnall__Question
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[Answer] Coupon rate (current rate) > current market rate [Question]
|
What does it mean to purchase a bond at a premium?
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
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d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] 750,000 x 9% x 1/2 = $33,750 [Question]
|
A company issues 9%, 20-year bonds with par value of $750,000. The current market rate is 9%. The amount of interest owed to the bondholders for each semiannual interest payment is...?
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
|
d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] Basic earnings per share [Question]
|
The amount of income earned per share after deducting preferred dividends is a company's...?
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
|
d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] cumulative preferred stock [Question]
|
Preferred stock that requires payment of dividends in arrears before paying dividends to common stockholders is called...?
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
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d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] retained earnings [Question]
|
Prior period adjustments (corrections of material errors) are recorded in which financial statement?
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
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d089b503_cards_about_AC101_Prof_Magnall__Question
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[Answer] D- Cash 210,000 C- Paid in Capital in Excess of Par 150,000 Common Stock 60,000. [Question]
|
A company issues 30,000 shares of $2 par value common stock for $7 per share. Record this journal entry.
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
|
d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] declaration, record, payment [Question]
|
What are the three dates, in order, that are important in the process of paying dividends?
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
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d089b503_cards_about_AC101_Prof_Magnall__Question
|
[Answer] May1 D- Treasury Stock 36,000 C- 36,000 --- Dec 15 D- Cash 10,500 C- Treasury Stock 9,000 Paid in Capital in Excess of Treasury Stock 1,500 [Question]
|
On May 1, Coco Corp purchased 6,000 shares of it's own stock from $36,000 cash. On Dec 15, Coco reissued 1,500 shared of this treasury stock from $10,500. Prepare the May 1 and Dec 15 journal entries.
|
[] |
Flashcards about AC101 Prof Magnall
|
Question
|
http://www.studystack.com/flashcard-791961
|
12/1438042981460.12_20150728002301-00038-ip-10-236-191-2_734278730_3.json
|
f2fa879b_Flashcards_about_Jackson_Ch1__Question
|
[Answer] Biology [Question]
|
The Study Of Life.
|
[] |
Flashcards about Jackson Ch1
|
Question
|
http://www.studystack.com/flashcard-671497
|
12/1438042989891.18_20150728002309-00177-ip-10-236-191-2_720741011_3.json
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f2fa879b_Flashcards_about_Jackson_Ch1__Question
|
[Answer] Cell [Question]
|
Are Highly Organized, Tiny Structures With Thin Coverings Called Membranes.
|
[] |
Flashcards about Jackson Ch1
|
Question
|
http://www.studystack.com/flashcard-671497
|
12/1438042989891.18_20150728002309-00177-ip-10-236-191-2_720741011_3.json
|
f2fa879b_Flashcards_about_Jackson_Ch1__Question
|
[Answer] Reproduction [Question]
|
Is The Process By Which Organisms Make More Of Their Own Kind from One Generation To The Next.
|
[] |
Flashcards about Jackson Ch1
|
Question
|
http://www.studystack.com/flashcard-671497
|
12/1438042989891.18_20150728002309-00177-ip-10-236-191-2_720741011_3.json
|
f2fa879b_Flashcards_about_Jackson_Ch1__Question
|
[Answer] Metabolism [Question]
|
Is The Sum Of All Of The Chemical Reactions Carried Out In An Organism
|
[] |
Flashcards about Jackson Ch1
|
Question
|
http://www.studystack.com/flashcard-671497
|
12/1438042989891.18_20150728002309-00177-ip-10-236-191-2_720741011_3.json
|
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