Accounting Final

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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

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