Chapter 8, 9, and 10 matching
Match with the following: Direct write-off method Aging of receivables method Percent of sales method Allowance method This method focuses on the balance sheet.
Aging of receivables method
Match the account name with Income Statement, Statement of Owners Equity, or Balance Sheet Salaries Payable
Balance Sheet
Match the account name with Income Statement, Statement of Owners Equity, or Balance Sheet Sales Taxes Payable
Balance Sheet
Match the account name with the NORMAL Balance, Debit or Credit: Freight Out
Debit
Match the account name with the NORMAL Balance, Debit or Credit: Marketable Securities
Debit
Match the account name with the NORMAL Balance, Debit or Credit: State unemployment taxes Paid
Debit
Match the account name with the NORMAL Balance- Credit or Debit: Fees Paid
Debit
Match the account name with the NORMAL Balance- Credit or Debit: Property Plant and Equipment
Debit
Match the account name with the NORMAL Balance: Debit or Credit Contracts Receivable
Debit
Match the account name with the NORMAL Balance: Debit or Credit Expense
Debit
Match the account name with the NORMAL Balance: Debit or Credit Accounts Receivable
Debit
Match the account name with the NORMAL Balance: Debit or Credit Interest Receivable
Debit
Match the account name with the NORMAL Balance: Debit or Credit Notes Receivable
Debit
Match the account name with the NORMAL Balance: Debit or Credit Rent Receivable
Debit
Match with the following: Direct write-off method Aging of receivables method Percent of sales method Allowance method With this method, there is no allowance account.
Direct write-off method
Match the account name with the type of account: Asset, Liability, Equity, Revenue or Expense Expense
Expense
Match the account name with the type of account: Asset, Liability, Equity, Revenue or Expense Freight Out
Expense
Match with the following: Face amount Term Interest Maturity value Dishonored note Maker Notes receivable Interest rate A formal, written instrument of credit that represents amounts due from customers
Notes receivable
Match the following: Patent Copyright Trademark Goodwill A new kitchen gadget that can be produced by only one company
Patent
Match with the following: Face amount Term Interest Maturity value Dishonored note Maker Notes receivable Interest rate The time between the date a note is issued and the due date of the note
Term
Match the following: Patent Copyright Trademark Goodwill McDonald's golden arches
Trademark
if Allowance for Doubtful Accounts has a debit balance
add
Match each item to a bank statement adjustment, a company books adjustment, or either. Note collected by the bank
company books adjustment
Match with the following: Accounts receivable turnover Net realizable value Accounts receivable Aging report Receivables Direct write-off method Allowance for doubtful accounts Bad debt expense Factoring A receivable created from selling merchandise or services on account
Accounts receivable
Match with the following: Direct write-off method Aging of receivables method Percent of sales method Allowance method This method is based on the theory that older accounts are less likely to be collected.
Aging of receivables method
Match with the following: Accounts receivable turnover Net realizable value Accounts receivable Aging report Receivables Direct write-off method Allowance for doubtful accounts Bad debt expense Factoring A list of customer accounts sorted by age classes
Aging report
Match with the following: Accounts receivable turnover Net realizable value Accounts receivable Aging report Receivables Direct write-off method Allowance for doubtful accounts Bad debt expense Factoring A contra asset that represents the amount of estimated uncollectible receivables
Allowance for doubtful accounts
Match with the following: Direct write-off method Aging of receivables method Percent of sales method Allowance method Offers two methods of estimating uncollectible accounts.
Allowance method
Match the account name with the type of account: Asset, Liability, Equity, Revenue or Expense Marketable Securities
Asset
Match the following: 1.)Ordinary maintenance and repairs 2.) Asset improvements/ Extraordinary Repair Installing a new air conditioning system in an old building
Asset improvements/Extraordinary Repair
Match the following: 1.)Ordinary maintenance and repairs 2.) Asset improvements/ Extraordinary Repair New landscaping
Asset improvements/Extraordinary Repair
Match the following: 1.)Ordinary maintenance and repairs 2.) Asset improvements/ Extraordinary Repair Overhauling an engine in a large truck
Asset improvements/Extraordinary Repair
Match the following: 1.)Ordinary maintenance and repairs 2.) Asset improvements/ Extraordinary Repair Paving a new parking lot
Asset improvements/Extraordinary Repair
Match the following: 1.)Ordinary maintenance and repairs 2.) Asset improvements/ Extraordinary Repair Resurfacing a pool in an apartment building
Asset improvements/Extraordinary Repair
Match the account name with the type of account: Asset, Liability, Equity, Revenue or Expense Allowance for Doubtful Accounts
Assets
Match the account name with the type of account: Asset, Liability, Equity, Revenue or Expense Fees paid in advance by the company
Assets
Match the account name with the type of account: Asset, Liability, Equity, Revenue or Expense Property Plant and Equipment
Assets
Match the account name with the type of account: Asset, Liability, Equity, Revenue or Expense Receivable
Assets
Match with the following: Accounts receivable turnover Net realizable value Accounts receivable Aging report Receivables Direct write-off method Allowance for doubtful accounts Bad debt expense Factoring Operating expense recorded as a result of receivables becoming uncollectible
Bad debt expense
Match the account name with Income Statement, Statement of Owners Equity, or Balance Sheet Dividends Payable
Balance Sheet
Match the account name with Income Statement, Statement of Owners Equity, or Balance Sheet Federal Unemployment Taxes Payable
Balance Sheet
Match the account name with Income Statement, Statement of Owners Equity, or Balance Sheet Vacation Payable
Balance Sheet
Match the account name with Income Statement, Statement of Owners Equity, or Balance Sheet Accounts Receivable
Balance Sheet
Match the account name with Income Statement, Statement of Owners Equity, or Balance Sheet Contracts Receviable
Balance Sheet
Match the account name with Income Statement, Statement of Owners Equity, or Balance Sheet Deferred Income Taxes Payable
Balance Sheet
Match the account name with Income Statement, Statement of Owners Equity, or Balance Sheet Interest Receivable
Balance Sheet
Match the account name with Income Statement, Statement of Owners Equity, or Balance Sheet Marketable Securities
Balance Sheet
Match the account name with Income Statement, Statement of Owners Equity, or Balance Sheet Notes Receivable
Balance Sheet
Match the account name with Income Statement, Statement of Owners Equity, or Balance Sheet Rent Receivable
Balance Sheet
Match the account name with the Financial Statement where it is found. Income statement, Statement of owners equity, or Balance sheet: Allowance for Doubtful Accounts
Balance sheet
Match the account name with the Financial Statement where it is found. Income statement, Statement of owners equity, or Balance sheet: Fees paid in advance by the company
Balance sheet
Match the account name with the Financial Statement where it is found. Income statement, Statement of owners equity, or Balance sheet: Property Plant and Equipment
Balance sheet
Match the account name with the Financial Statement where it is found. Income statement, Statement of owners equity, or Balance sheet: Notes Payble
Balance sheet
Match the following: Land improvements Buildings Land Machinery and equipment Modifying a building purchased for new business location
Buildings
Match the following: Buildings Machinery and equipment Land Land improvements Cost of insurance during the construction of new office building
Buildings
Match the following: Buildings Machinery and equipment Land Land improvements Fees paid to architect to design new office building
Buildings
Match the following: Buildings Machinery and equipment Land Land improvements Interest on money borrowed to finance construction of new office building
Buildings
Match the following: Patent Copyright Trademark Goodwill I-Tunes music
Copyright
Match the following: Patent Copyright Trademark Goodwill Rights to sell a book and make a profit
Copyright
Match the account name with the NORMAL Balance, Debit or Credit: Gain of Sale of an Asset
Credit
Match the account name with the NORMAL Balance, Debit or Credit: Sales Taxes Payable
Credit
Match the account name with the NORMAL Balance- Credit or Debit: Allowance for Doubtful Accounts
Credit
Match the account name with the NORMAL Balance- Credit or Debit: Fees paid in advance
Credit
Match the account name with the NORMAL Balance- Credit or Debit: Notes Payble
Credit
Match the account name with the NORMAL Balance: Debit or Credit Payable
Credit
Match with the following: Accounts receivable turnover Net realizable value Accounts receivable Aging report Receivables Direct write-off method Allowance for doubtful accounts Bad debt expense Factoring Records bad debt expense only when a specific customer's account is deemed worthless
Direct write-off method
Match with the following: Direct write-off method Aging of receivables method Percent of sales method Allowance method This method is most often used by small companies with few receivables.
Direct write-off method
Match with the following: Direct write-off method Aging of receivables method Percent of sales method Allowance method This method records bad debts when specific accounts are deemed uncollectible.
Direct write-off method
Match the account name with the type of account: Asset, Liability, Equity, Revenue or Expense State unemployment taxes Paid
Expense
Match the account name with the type of account: Asset, Liability, Equity, Revenue or Expense Fees Paid by the company
Expenses
Match with the following: Face amount Term Interest Maturity value Dishonored note Maker Notes receivable Interest rate The dollar amount stated on a promissory note
Face amount
Match with the following: Accounts receivable turnover Net realizable value Accounts receivable Aging report Receivables Direct write-off method Allowance for doubtful accounts Bad debt expense Factoring Term for selling receivables
Factoring
Match with the following: Current Assets Fixed Assets Intangible Assets Current Liability Long-Term Liability Owners' Equity Revenues Operating Expenses Other Income/Expense Accumulated Depreciation—Buildings
Fixed Assets
Match with the following: Current Assets Fixed Assets Intangible Assets Current Liability Long-Term Liability Owners' Equity Revenues Operating Expenses Other Income/Expense Buildings
Fixed Assets
Match with the following: Current Assets Fixed Assets Intangible Assets Current Liability Long-Term Liability Owners' Equity Revenues Operating Expenses Other Income/Expense Land Improvements
Fixed Assets
Match the following: Patent Copyright Trademark Goodwill Location of a company
Goodwill
Match the following: Patent Copyright Trademark Goodwill Reputation of a company
Goodwill
Match the account name with Income Statement, Statement of Owners Equity, or Balance Sheet Accounting Expense
Income Statement
Match the account name with Income Statement, Statement of Owners Equity, or Balance Sheet Freight Out
Income Statement
Match the account name with Income Statement, Statement of Owners Equity, or Balance Sheet Gain of Sale of an Asset
Income Statement
Match the account name with Income Statement, Statement of Owners Equity, or Balance Sheet Interest Expense
Income Statement
Match the account name with Income Statement, Statement of Owners Equity, or Balance Sheet Investment Expense
Income Statement
Match the account name with Income Statement, Statement of Owners Equity, or Balance Sheet Rent Expense
Income Statement
Match the account name with Income Statement, Statement of Owners Equity, or Balance Sheet State unemployment taxes Paid
Income Statement
Match the account name with Income Statement, Statement of Owners Equity, or Balance Sheet Supply Expense
Income Statement
Match with the following: Current Assets Fixed Assets Intangible Assets Current Liability Long-Term Liability Owners' Equity Revenues Operating Expenses Other Income/Expense Trademarks
Intangible Assets
Match with the following: Face amount Term Interest Maturity value Dishonored note Maker Notes receivable Interest rate The amount charged for using the money of another party
Interest
Match with the following: Face amount Term Interest Maturity value Dishonored note Maker Notes receivable Interest rate The stated rate charged for using the money of another party
Interest rate
Match the following: Land improvements Buildings Land Machinery and equipment Cost assessed by city for paving a public street that borders land on which a new business location will be constructed
Land
Match the following: Land improvements Buildings Land Machinery and equipment Cost of grading and leveling land to be used for a new business site
Land
Match the following: Land improvements Buildings Land Machinery and equipment Cost of removing an existing building to ready land for use as a new business site
Land
Match the following: Buildings Machinery and equipment Land Land improvements Costs of government permits required to develop land for a new business location
Land
Match the following: Buildings Machinery and equipment Land Land improvements Costs to survey a new piece of land for a new business location
Land
Match the following: Buildings Machinery and equipment Land Land improvements Purchase price of land purchased for new business site
Land
Match the following: Land improvements Buildings Land Machinery and equipment Fences around land at new business location
Land improvements
Match the following: Land improvements Buildings Land Machinery and equipment Outdoor lighting at new business location
Land improvements
Match the following: Land improvements Buildings Land Machinery and equipment Paved parking areas at new business location
Land improvements
Match the following: Land improvements Buildings Land Machinery and equipment Walkways to surround new business location
Land improvements
Match the following: Buildings Machinery and equipment Land Land improvements Landscaping at new business location
Land improvements
Match the account name with the type of account: Asset, Liability, Equity, Revenue or Expense Deferred Income Taxes Payable
Liabilities
Match the account name with the type of account: Asset, Liability, Equity, Revenue or Expense Dividends Payable
Liabilities
Match the account name with the type of account: Asset, Liability, Equity, Revenue or Expense Federal Unemployment Taxes Payable
Liabilities
Match the account name with the type of account: Asset, Liability, Equity, Revenue or Expense Notes Payble
Liabilities
Match the account name with the type of account: Asset, Liability, Equity, Revenue or Expense Salaries Payable
Liabilities
Match the account name with the type of account: Asset, Liability, Equity, Revenue or Expense Vacation Payable
Liabilities
Match the account name with the type of account: Asset, Liability, Equity, Revenue or Expense Sales Taxes Payable
Liability
Match the following: Land improvements Buildings Land Machinery and equipment Cost of installing new equipment
Machinery and equipment
Match the following: Land improvements Buildings Land Machinery and equipment Supplies (materials) used to test new equipment
Machinery and equipment
Match the following: Buildings Machinery and equipment Land Land improvements Freight costs paid on purchase of new equipment
Machinery and equipment
Match the following: Buildings Machinery and equipment Land Land improvements Repairs made to used office equipment
Machinery and equipment
Match the following: Buildings Machinery and equipment Land Land improvements Sales taxes paid on new factory equipment
Machinery and equipment
Match with the following: Face amount Term Interest Maturity value Dishonored note Maker Notes receivable Interest rate The party promising to pay a note
Maker
Match with the following: Face amount Term Interest Maturity value Dishonored note Maker Notes receivable Interest rate The amount due that must be paid at the due date of a note receivable
Maturity value
Match with the following: Accounts receivable turnover Net realizable value Accounts receivable Aging report Receivables Direct write-off method Allowance for doubtful accounts Bad debt expense Factoring The difference between accounts receivable and allowance for doubtful accounts
Net realizable value
Match with the following: Current Assets Fixed Assets Intangible Assets Current Liability Long-Term Liability Owners' Equity Revenues Operating Expenses Other Income/Expense Amortization Expense
Operating Expenses
Match with the following: Current Assets Fixed Assets Intangible Assets Current Liability Long-Term Liability Owners' Equity Revenues Operating Expenses Other Income/Expense Depreciation Expense
Operating Expenses
Match with the following: Current Assets Fixed Assets Intangible Assets Current Liability Long-Term Liability Owners' Equity Revenues Operating Expenses Other Income/Expense Repairs Expense
Operating Expenses
Match with the following: Current Assets Fixed Assets Intangible Assets Current Liability Long-Term Liability Owners' Equity Revenues Operating Expenses Other Income/Expense Research and Development Costs
Operating Expenses
Match the following: 1.)Ordinary maintenance and repairs 2.) Asset improvements/ Extraordinary Repair Adding refrigerant to an air conditioning system
Ordinary maintenance and repairs
Match the following: 1.)Ordinary maintenance and repairs 2.) Asset improvements/ Extraordinary Repair Exterior and interior painting
Ordinary maintenance and repairs
Match the following: 1.)Ordinary maintenance and repairs 2.) Asset improvements/ Extraordinary Repair Fixing damage due to a car accident
Ordinary maintenance and repairs
Match with the following: Current Assets Fixed Assets Intangible Assets Current Liability Long-Term Liability Owners' Equity Revenues Operating Expenses Other Income/Expense Gain on Sale of Equipment
Other Income/Expense
Match with the following: Current Assets Fixed Assets Intangible Assets Current Liability Long-Term Liability Owners' Equity Revenues Operating Expenses Other Income/Expense Loss from Impaired Goodwill
Other Income/Expense
Match with the following: Current Assets Fixed Assets Intangible Assets Current Liability Long-Term Liability Owners' Equity Revenues Operating Expenses Other Income/Expense Loss on Disposal of Asset
Other Income/Expense
Match with the following: Direct write-off method Aging of receivables method Percent of sales method Allowance method This method focuses on the income statement.
Percent of sales method
Match with the following: Direct write-off method Aging of receivables method Percent of sales method Allowance method When using this method, estimated bad debts are added to the existing allowance balance.
Percent of sales method
Match with the following: Accounts receivable turnover Net realizable value Accounts receivable Aging report Receivables Direct write-off method Allowance for doubtful accounts Bad debt expense Factoring All money claims against other entities
Receivables
Match the account name with the type of account: Asset, Liability, Equity, Revenue or Expense Gain of Sale of an Asset
Revenue
Match the account name with the Financial Statement where it is found. Income statement, Statement of owners equity, or Balance sheet: Fees Paid by a company
Statement of owners equity
Match the following: Patent Copyright Trademark Goodwill Mickey Mouse
Trademark
Match the following: Patent Copyright Trademark Goodwill Nike swoosh
Trademark
Match with the following: added to the company's books, subtracted from the company's books, added to the bank statement balance, or subtracted from the bank statement balance- charges for some other company's safe deposit box were posted to your account
added to the bank statement balance
Match with the following: added to the company's books, subtracted from the company's books, added to the bank statement balance, or subtracted from the bank statement balance- deposit in transit
added to the bank statement balance
Match with the following: added to the company's books, subtracted from the company's books, added to the bank statement balance, or subtracted from the bank statement balance- EFT deposit from a customer
added to the company's books
Match with the following: added to the company's books, subtracted from the company's books, added to the bank statement balance, or subtracted from the bank statement balance- a $1,000 note from one of your customers was collected by the bank
added to the company's books
Match with the following: added to the company's books, subtracted from the company's books, added to the bank statement balance, or subtracted from the bank statement balance- interest revenue earned by the note above
added to the company's books
Match each item to a bank statement adjustment, a company books adjustment, or either. Deposit in transit
bank statement adjustment
Match each item to a bank statement adjustment, a company books adjustment, or either. Outstanding checks
bank statement adjustment
Match each item to a bank statement adjustment, a company books adjustment, or either. Bank charges
company books adjustment
Match each item to a bank statement adjustment, a company books adjustment, or either. Error in recording a check
company books adjustment
Match each item to a bank statement adjustment, a company books adjustment, or either. Interest revenue
company books adjustment
Match each item to a bank statement adjustment, a company books adjustment, or either. NSF check
company books adjustment
Match the following elements of internal control: monitoring, control environment, risk assessment, control procedures, information and communication overall attitude of management and employees
control environment
Match the following elements of internal control: monitoring, control environment, risk assessment, control procedures, information and communication provides reasonable assurance that business goals will be achieved
control procedures
Match the following elements of internal control: monitoring, control environment, risk assessment, control procedures, information and communication used by management for guiding operations and ensuring compliance with requirements
information and communication
Match the following elements of internal control: monitoring, control environment, risk assessment, control procedures, information and communication used to locate weaknesses and improve controls
monitoring
Match the following elements of internal control: monitoring, control environment, risk assessment, control procedures, information and communication identify, analyze and assess likeliness of vulnerabilities
risk assessment
Allowance for Doubtful Accounts has a credit balance
subtract
Match with the following: added to the company's books, subtracted from the company's books, added to the bank statement balance, or subtracted from the bank statement balance- outstanding checks
subtracted from the bank statement balance
Match with the following: added to the company's books, subtracted from the company's books, added to the bank statement balance, or subtracted from the bank statement balance- NSF check
subtracted from the company's books
Match with the following: added to the company's books, subtracted from the company's books, added to the bank statement balance, or subtracted from the bank statement balance- bank service charge
subtracted from the company's books