Exam 1 Review
... 17. In June, Florida Flippers paid $4,000 in wages to employees who worked in June. What amount of expense should be recognized at the end of June? a. $2000 b. $4000 c. $0 d. $1000 18. Which of the following accounts is least likely to be debited when revenue is recorded? a. Revenue b. Accounts Rece ...
... 17. In June, Florida Flippers paid $4,000 in wages to employees who worked in June. What amount of expense should be recognized at the end of June? a. $2000 b. $4000 c. $0 d. $1000 18. Which of the following accounts is least likely to be debited when revenue is recorded? a. Revenue b. Accounts Rece ...
Wynalda Litho, a leading folding carton manufacturer located in
... * Invoice customers upon shipment verifying accuracy of price, freight and additional charges * Enter estimated and actual mark-ups into computer system upon completion of jobs * Review lists of open jobs on a regular basis to ensure all shipped jobs have been invoiced * Send invoices to customers v ...
... * Invoice customers upon shipment verifying accuracy of price, freight and additional charges * Enter estimated and actual mark-ups into computer system upon completion of jobs * Review lists of open jobs on a regular basis to ensure all shipped jobs have been invoiced * Send invoices to customers v ...
PART A - Chabot College
... Analyze each transaction. Use T accounts to record these transactions. Transactions are unrelated to each other!!!! Be sure to put the name of account on the top of each account. Label each T account with debit/credit and plus/minus signs (2 pts each transaction): ...
... Analyze each transaction. Use T accounts to record these transactions. Transactions are unrelated to each other!!!! Be sure to put the name of account on the top of each account. Label each T account with debit/credit and plus/minus signs (2 pts each transaction): ...
2001 accounting i
... but the credit side is, assets will be understated. 8) A change in the balance of a customer’s account also changes the balance of the controlling account, Accounts Receivable. 9) Each amount in the General Debit column of the combination journal is posted separately to an account in the general led ...
... but the credit side is, assets will be understated. 8) A change in the balance of a customer’s account also changes the balance of the controlling account, Accounts Receivable. 9) Each amount in the General Debit column of the combination journal is posted separately to an account in the general led ...
Keeping The Books With
... Equity is defined by Assets and Liabilities. Net worth (equity) is calculated by subtracting your liabilities from your assets: Equity = Assets - Liabilities You increase equity through income, and decrease equity through expenses The Accounting Equation: Assets - Liabilities = Equity + (Income – Ex ...
... Equity is defined by Assets and Liabilities. Net worth (equity) is calculated by subtracting your liabilities from your assets: Equity = Assets - Liabilities You increase equity through income, and decrease equity through expenses The Accounting Equation: Assets - Liabilities = Equity + (Income – Ex ...
Book Keeping
... period are to be taken into consideration. If expenses have been incurred but not paid during that period ,liabilities for unpaid amount should be created before the accounts can be said to show the actual profit and loss. All expenses and income should properly be adjusted through accounting entrie ...
... period are to be taken into consideration. If expenses have been incurred but not paid during that period ,liabilities for unpaid amount should be created before the accounts can be said to show the actual profit and loss. All expenses and income should properly be adjusted through accounting entrie ...
Basics of bookkeeping
... • method of recording transactions in the accounting records • two columns needed for dollar amounts ...
... • method of recording transactions in the accounting records • two columns needed for dollar amounts ...
UNIVERSITY OF CAMBRIDGE INTERNATIONAL EXAMINATIONS General Certificate of Education Ordinary Level 7110/13
... Write in soft pencil. Do not use staples, paper clips, highlighters, glue or correction fluid. Write your name, Centre number and candidate number on the Answer Sheet in the spaces provided unless this has been done for you. There are thirty questions on this paper. Answer all questions. For each qu ...
... Write in soft pencil. Do not use staples, paper clips, highlighters, glue or correction fluid. Write your name, Centre number and candidate number on the Answer Sheet in the spaces provided unless this has been done for you. There are thirty questions on this paper. Answer all questions. For each qu ...
Presentation Title - Financial Management Services
... • General auxiliary organization/account structure • Operating 60* and/or 66* accounts • R&R 92* account • Plant 95* account ...
... • General auxiliary organization/account structure • Operating 60* and/or 66* accounts • R&R 92* account • Plant 95* account ...
ADVANCED ACCOUNTING (02)
... A. total merchandise available for sale B. cost of goods sold C. gross profit on sales D. net income 13. The total of the balances in the creditor’s accounts should agree with the balance of _______. A. purchase account in general ledger B. accounts Receivable account in general ledger C. accounts P ...
... A. total merchandise available for sale B. cost of goods sold C. gross profit on sales D. net income 13. The total of the balances in the creditor’s accounts should agree with the balance of _______. A. purchase account in general ledger B. accounts Receivable account in general ledger C. accounts P ...
Case Development (Action) Slides
... Chart of Accounts • Assign appropriate account numbers to each identified account – Assets (100), Liabilities (200), Owners Equity ...
... Chart of Accounts • Assign appropriate account numbers to each identified account – Assets (100), Liabilities (200), Owners Equity ...
Test 1, Spring 1997 - College of Business Administration
... the amount of dividends that will be paid each year to the stockholder an arbitrary value assigned to the stock at the inception of the corporation a value assigned to the stock to facilitate its recording in the accounting books ...
... the amount of dividends that will be paid each year to the stockholder an arbitrary value assigned to the stock at the inception of the corporation a value assigned to the stock to facilitate its recording in the accounting books ...
1. Accountants refer to an economic event as a a. purchase. b. sale
... an error. a credit was made to a liability account. a decrease in the asset. an increase in the asset. ...
... an error. a credit was made to a liability account. a decrease in the asset. an increase in the asset. ...
Basics Of Accounting
... increasing our knowledge & getting deeper in our study, to know all about this powerful 8letter word ‘A C C O U N T S’ There are 3 RULES OF ACCOUNTING on which entire accounts depends upon. Understanding the rules of Accounting is making your foundation in Accounts strong, whereby any transaction ca ...
... increasing our knowledge & getting deeper in our study, to know all about this powerful 8letter word ‘A C C O U N T S’ There are 3 RULES OF ACCOUNTING on which entire accounts depends upon. Understanding the rules of Accounting is making your foundation in Accounts strong, whereby any transaction ca ...
Adjusting Entries
... The purchaser may make back-up copies for his or her own use only and not for distribution or resale. The author and the publisher assume no responsibility for errors, omissions, or damages caused by the use of these programs or from the use of the information contained ...
... The purchaser may make back-up copies for his or her own use only and not for distribution or resale. The author and the publisher assume no responsibility for errors, omissions, or damages caused by the use of these programs or from the use of the information contained ...
Chapter 9 Notes
... Accts used to accumulate information until it is transferred to the owner’s capital account. (Also referred to as nominal accounts) They include: – Revenue – Expenses – Owner’s drawing account – Income summary account Balances must be reduced to zero at the end of each fiscal period. ...
... Accts used to accumulate information until it is transferred to the owner’s capital account. (Also referred to as nominal accounts) They include: – Revenue – Expenses – Owner’s drawing account – Income summary account Balances must be reduced to zero at the end of each fiscal period. ...
BUSA 101 – MR
... 23. A report of revenues and expenses for a specific period of time is a(n) ....................................................................................................................... 23. ____________________________ ______ 24. A report of assets, liabilities, and owner’s equity as of a ...
... 23. A report of revenues and expenses for a specific period of time is a(n) ....................................................................................................................... 23. ____________________________ ______ 24. A report of assets, liabilities, and owner’s equity as of a ...
Section - I — Multiple Choice (20 points)
... is large enough to likely influence the decision of an investor or creditor. ...
... is large enough to likely influence the decision of an investor or creditor. ...
Accounting Principles, Concepts and Conventions
... financial results with the help of Trial Balance. 3. To know the progress of the business at the end of each accounting period. 4. To check and control misappropriation and defalcation by employees. 5. To have proper and systematic record of business for future reference. ...
... financial results with the help of Trial Balance. 3. To know the progress of the business at the end of each accounting period. 4. To check and control misappropriation and defalcation by employees. 5. To have proper and systematic record of business for future reference. ...
Financial Accounting
... A sole proprietor’s owner’s equity balance was $10,000 at the beginning of the year and was $22,000 at the end of the year. During the year the owner invested $5,000 in the business and had withdrawn $24,000 for personal use. The sole proprietorship’s net income for the year was $ ...
... A sole proprietor’s owner’s equity balance was $10,000 at the beginning of the year and was $22,000 at the end of the year. During the year the owner invested $5,000 in the business and had withdrawn $24,000 for personal use. The sole proprietorship’s net income for the year was $ ...
AT1- 1 Achievement Test 1 Achievement Test 1: Chapters 1 and 2
... b. Selecting the economic activities relevant to a particular organization. c. Preparing accounting reports, including financial statements. d. Quantifying events in dollars and cents. ____ 9. The current source of "GAAP" in the private sector is the a. Accounting Principles Board. b. Internal Reven ...
... b. Selecting the economic activities relevant to a particular organization. c. Preparing accounting reports, including financial statements. d. Quantifying events in dollars and cents. ____ 9. The current source of "GAAP" in the private sector is the a. Accounting Principles Board. b. Internal Reven ...
The Accounting Equation
... with a debit balance (expenses) Entry to record net income or net loss to owner’s capital Entry to close owner’s drawing account to owner’s capital account ...
... with a debit balance (expenses) Entry to record net income or net loss to owner’s capital Entry to close owner’s drawing account to owner’s capital account ...
Accounting Basics - FSU Controller`s Office
... These are the backbone of any accounting system. Understand how debits and credits work and you'll understand the whole system. Every accounting entry in the general ledger contains both a debit and a credit. Further, all debits must equal all credits. If they don't, the entry is out of balance. Tha ...
... These are the backbone of any accounting system. Understand how debits and credits work and you'll understand the whole system. Every accounting entry in the general ledger contains both a debit and a credit. Further, all debits must equal all credits. If they don't, the entry is out of balance. Tha ...