Accounting Final
Ideal Corp. What's the ideal total expense
$105,000
Cody Enterprises purchased..
$11,960
at the end of last year, the company ..
$154,000
4 month , $6500, 9% not , interest is ?
$195
A machine is purchased on Jan.1, using the double declining method what's the total amount of depreciation
$21,600
the dont trend me tire company had retained earnings of
$239,000
National corp , what is the gross profit
$29000
using the weighted average method , what is the value of the ending inventory on Nov.30
$299
A company has $26000 in its land account ..
$30,000
Boron Company has sales of...
$42000
The Ocho Co. What was the amount of purchases i️t made for the year
$500,000
Delta Diamonds ...
$550
gross earnings for the pay period are $10000 ...
$70,000
Acme Inc.'s Books , the company up to date ending cash balance equals
$9910
On October,31 2015
22,097.23
your company buys a computer for 3 million , company should record
3.2 million as equipment
when a company makes a payment for amount owed
A/P ; cash
which amounts would be reported as the COGS and ending inventory
COGS $550; Ending Inv $250
A company began the year with property and equipment ...
DONT KNOW
in a period of falling prices , the inventory costing method
LIFO
because LIFO uses older cost for inventory, in times of rising units costs:
LIFO is lower , lower inventory
this month, a company performed $517 on service , $438 expenses. All paid in cash
Revenue ^ $517 , Expenses ^ 438 , Cash ^ 79
which equation is correct
SE= assets - liabilities
payroll taxes paid by employees include
Social security , federal and state unemployment
Allowance for Doubtful Accounts
accounts receivable
trial balances used as a source for preparing the income statement
adjusted trial balance
not be reported on a balance sheet
advertising expense
permanent account are
all balance sheet accounts
using its aging of accounts receivable ..Age Old Inc.
allowance; 90,000 credit balance
accounting systems
analyze record summarize
an economic resource that is owned ..
asset
when cash is received in advance
asset ; unearned revenue
if the prepaid rent is not adjusted
assets and net income overstated
accrual adjustments involve i️creasing
assets and revenues or increasing liabilities and expenses
internal report prepared to verify the accuracy of bank statement and cash
bank reconciliation
central company sold goods for 5000
cash for $5000
not an asset ?
common stock
which of the following best describes this entry
company buys 10,000/ pays 4000/ signs note 6000
Accumulated Depreciation is classified as
contra asset
a weak system of internal ...
controls; opportunity
the book value of equipment is equal to
cost of equipment less accumulated depre.
if a company gross salaries and wages are $12000
credit to salary payable for 9400
using the allowance method , which is the correct journal
debit bad debt expense ; credit Allowance
difference between accrual and deferral
deferal=expenses, accrual=revenues
temporary account is
depreciation expense
not an expense
dividends
which is true about retained earnings
dividends are subtracted
does not affect the calculation of depreciation
economic benefits
if XYZ Compant had $12 million in revenue
expenses - 9 million
Common stock is reported as an asset
false
Ending Inventory
false
every transaction :
has at least two effects
What is the main goal of GAAP
help ensure that financial decisions
first financial statement prepared after the adjusted trial balance
income statement
when a company earns net income ...
increase
Depreciation methods is NOT correct
net income will always be the same
FIFO uses the ..
oldest; newest
last step in accounting cycle
post closing trial
financial accounting
prepared to provide information for external decision makers
main purposes of internal controls
providing more favorable
Segregation of duties means ..
responsibilities for related activities
which is true about the income statement ?
revenues before expenses
Accounts Receivable should be increased for
revenues earned , but not yet collected
passed by congress in response to fraud
sarbanes oxley act
business organizations that has only one owner
sole propriertorship
A real estate management company buys land that ..
the company will record 5 million
Accounts Payable, N/P , Salaries and Wages are examples of liabilities
true
a debit may increase or decrease an account
true
normal balances of an account is on ...
true
when a company pays rent in advance
true
difference between double declining and straight line
uses book value instead of depreciable cost
creditors are :
whom a business owes money (lenders)
U.S. GAAP are
♀️
what is the per unit value of ending inventory on August 31
♀️