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Clemson ACCT 2010 -Chapters 10-13 Review Questions and Correct Answers

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Accrued Liabilities liabilities for expenses that have been incurred but not paid at the end of the accounting period Amortization Schedule a table showing the gradual reduction in a balance over its life; in the context of loans and notes, an amortization schedule shows the payment of interest and...

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ACCT 2010 - Chapter 4 Review Questions and Correct Answers

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A primary benefit of performing a bank reconciliation is: accuracy of cash reported in the balance sheet. accuracy of liabilities reported in the balance sheet. accuracy of revenues reported in the income statement. accuracy of cash reported in the balance sheet. A bank reconciliation reconciles t...

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ACCT 2010 Exam 4 Questions and Solutions

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The date when a cash dividend becomes a legal obligation is on the a. payable date b. declaration date c. date of record d. last day of the corporate year The journal entry on the date of record is a. To debit retained earnings and credit dividends payable b. non existent. no journal entry is requi...

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Accounting 2010 Practice Exam Questions with Correct Answers and Explanations

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On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $31,000 and $500, respectively. During the year Kincaid reported $72,500 of credit sales. Kincaid wrote off $550 of receivables as uncollectible in Year 2. Cash collections of rec...

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ACCT 2010 Exam 3 – CLEMSON Questions and Correct Answers

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On-a-Roll, Inc. amortizes its copyright of $20,000 over 20 years. Miss Hap, the bookkeeper, forgot to record the amortization in the current year. The effect of this mistake causes ______. assets to be overstated net income to be overstated Which of the following is contra-asset account? Allowance ...

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ACCT 2010 Chapter 6 Review Questions and Correct Answers

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What is the operating cycle? series of activities that a company undertakes to generate revenues and ultimately cash Service company -Sells services rather than physical goods -No inventory Merchandising company -Sells goods that have been obtained from a supplier -Purchase a finished good and re-...

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ACCT 2010 Chapter 9 Test Questions and Correct Answers

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Long-lived assets -Resources owned by a business that enable it to produce the goods or services that are sold to customers -Will not be used up within the next year -Divided into tangible and intangible Tangible assets -AKA fixed assets -Long-lived assets that have physical substance -Ex. Land, bu...

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ACCT 2010 Exam 3 Questions and Complete Solutions

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Costs that aren't capitalized examples insurance, small dollar amounts, interest on loans, ordinary repairs/maintenance Depreciation on income statement is called depreciation expense Depreciation on balance sheet is called accumulated depreciation Depreciation effects on the acct equation Asset...

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Accounting 2010 Final Exam Questions and Correct Answers

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When are liabilities created? When a company: -buys goods and services on credit -obtains short-term loans -Issued long-term debt what are current liabilities? short-term obligations that will be paid with current assets within the company's current operating cycle or within one year of the balanc...

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Accounting 2010 Exam 3 Study Questions and Correct Answers

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basket purchase the total cost of a combined purchase of land and building, allocated in proportion to their relative market value depreciation a cost allocation process that matches costs of operational assets with periods benefited by their use depreciation expense depreciation for the current y...

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ACCT 2010 - Chapter 13 Test Questions and Correct Answers

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What does positive cash flow allow a company to do? 1. Pay dividends to its owners. 2. Replace worn assets. 3. Expand its operations. 4. Take advantage of new investment opportunities. Cash flow statement focuses on? 1. Firm's ability to generate cash internally 2. Its management of current assets...

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ETSU ACCT 2010 FINAL EXAM REVIEW QUESTIONS AND CORRECT ANSWERS

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Purpose of Financial Reporting summarize transactions, give them to external/internal users, make decisions based on summaries Primary users of financial statements internal: executives, mid-level management External: investors, lenders, outside users Rules that govern accounting GAAP SEC Securit...

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ACCT 2010 Final Exam Review Questions and Verified Answers

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Comprehensive income is: not used to determine net income or earnings per share. Sales revenue less cost of goods sold is called: gross profit. The basic form of capital stock is: a share of common stock. On January 1, 2017, the Bonds Payable account has a balance of $690,000. On December 31, 201...

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ACCT 2010 Ch 4 Study Questions and Correct Answers

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Fraud An intentional misrepresentation of facts, made for the purpose of persuading another party to act in a way that causes injury or damage to that party. Types of fraud Misappropriation of assets Fraudulent financial reporting Misappropriation of assets Committed by employees of an entity who ...

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Accounting 2010 Exam 1 Quiz Questions and Correct Answers

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This type of accounting is mainly concerned with external reporting and reports are prepared using generally accepted accounting principles (GAAP). A)Tax accounting B)Financial accounting C)Managerial accounting D)Both financial accounting and managerial accounting B)Financial accounting Which of t...

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ACCT 2010 Exam 4 Questions and Complete Solutions

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Pros and Cons of Extending Credit Advantage: 1. Increases the seller's revenues Disadvantages: 1. increase wage cost 2. bad debt cost 3. delayed receipt of cash Journal entry at time of sale (record sales on account) debit accounts receivables and credit sales revenues Journal entry to record es...

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Chapter 4 ACCT 2010 Questions and Correct Answers

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Under the accrual basis of accounting 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. Under accrual- adjusting is made when? at the end of the accounting period Under accrual- adjusting is mad...

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ACCT 2010 - Chapter 9 Test Questions and Correct Answers

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What are the two ways businesses finance the acquisition of their assets? 1. Funds supplied by creditors (debt - liability) 2. Funds provided by owners (equity) What is the term given to a mixture of debt and equity a business uses? Capital structure Two key factors managers consider when borrowi...

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ACCT 2010 - Chapter 1 Test Questions and Correct Answers

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State the 3 types of accounting Financial Accounting - information for external decision makers Managerial Accounting - information for internal decision makers Tax Accounting - information for the tax authorities Accounting matters why? If a company's revenue beats their projected, it will raise ...

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UNT ACCT 2010 Final Review Questions and Complete Solutions

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If you purchase a building for $530,000, under the historical cost principal, you should record the building for: $530,000 Which of the following is a true statement about International Financial Reporting Standards They are converging gradually with U.S. standards What does GAAP mean? Generally A...

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Accounting 2010 Final Exam Multiple Choice Questions and Correct Answers

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Each of the following is one of the four basic financial statements except what? a. income statement b. statement of cash flows c. statement of stockholders' equity d. balance sheet e. bank statement e. bank statement All of the following items are classified on the income statement as a revenue e...

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ACCT 2010 Chapter 5 Questions and Correct Answers

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Company held investments in trading securities with a fair value of $70,000 at December. These investments cost $60,000 in January. What is the amount to report on the balance sheet in December? $70,000 Trading securities with a fair value of $55,000 at December. These investments cost $45,000 on J...

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ACCT 2010 UNT EXAM 3 CHPT. 7, 8,9 Questions and Correct Answers

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Smatter Corporation purchased land for a new building. Which of the following costs would not be included in the cost of the land? Cost of new parking lot constructed on the land Chanit Company purchased a building and land for $540,000 in total. Individually, the land appraised for $228,000 and th...

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Accounting 2010- Ch. 3 Review Questions and Correct Answers

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Accounting can either be based on what 2 types of accounting? 1. Accrual Accounting 2. Cash-Basis Accounting Accrual Accounting -Records what (2)? -Required by what? Accounting that records the impact of a business event as it occurs, regardless or whether the transaction affected cash. -Making the...

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Accounting 2010 Practice Questions and Correct Answers

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If goods in transit are shipped FOB destination A. no one has legal title to the goods until they are delivered. B. the transportation company has legal title to the goods while the goods are in transit. C. the seller has legal title to the goods until they are delivered. D. the buyer has legal tit...

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Accounting 2010 Practice Exam Questions and Complete Solutions

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Accounting - Language used to communicate financial information about economic entities - The language used to tell a story - This must be done ethically and accurately because many people are interested in this information External Users - Competitors: There are limitations on the information that...

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ACCT 2010 Exam 2 Test Questions and Verified Answers

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Cash basis accounting accounting method that records revenue only when cash is received and expenses only when cash is paid Accrual basis accounting accounting method that records revenues when earned and expenses when incurred Time period concept assumes that a business's activities can be slice...

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ACCT 2010 Exam 3 Practice Questions and Solutions

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Depreciation -Land is only plant asset on deprecated(unlimited useful life) -allocation of land asset's cost to expense over its life -Supports matching principle Measuring the cost of a Plant Asset Sum of all costs incurred to bring the asset to its intended use Cost of a plant asset: Equipment ...

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The purpose of adjusting entries is to (1) update amounts already recorded in the accounting records and (2) include events that occurred but had not yet been recorded

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The purpose of adjusting entries is to (1) update amounts already recorded in the accounting records and (2) include events that occurred but had not yet been recorded. When a company pays its rent in advance its recorded as an asset is reported on the balance sheet As a company uses supplies, an ...

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ACCT 2010 Exam 2 Review Questions and 100% Correct Answers

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The journal entry to record the factoring of receivables would include a debit to cash, debit to financing expense, and credit to accounts receivable When computing the quick ratio, the numerator will include all of the following except for inventory A business offers credit terms of 2/15, n/30. T...

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ACCT 2010 Final Exam Review UNT Questions and Correct Answers

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The quality of earnings suggests that a. stockholders want the corporation to earn enough income to be able to pay its debts. b. continuing operations and one-time transactions are of equal importance. c. net income is the best measure of the results of operations. d. income from continuing operatio...

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ACCT 2010 EXAM 1 Review Questions and 100% Correct Answers

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An organization's investors and creditors will primarily use information provided by: a. the organization's financial accounting system. b. the organization's managerial accounting system. c. the Internal Revenue Service. d. the Financial Accounting Standards Board a. the organization's financi...

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Accounting 2010 Exam Prep Questions and Correct Answers

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Accounting cycle Transactions--> journal entry in general journal--> post journal in general ledger-->prepare trial balance entry--> prepare income statement and balance sheet Accounting equation (3 ways) Assets = Liabilities + Owner's Equity Assets = Liabilities + Owner's Equity + Ne...

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ACCT 2010 Chapter 1 Questions and Answers

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The liability created by a business when it purchases coffee beans and coffee cups on credit from suppliers is termed a(n): a. Accounts Payable b. Accounts Receivable c. Revenue d. Expense a. Accounts Payable Which of the following is NOT one of the three forms of business organizations? a. Corpora...

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ACCT 2010 EXAM 1 PREPARATION QUESTIONS AND CORRECT ANSWERS

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What are financial statements? business documents companies use to report the results of their activities to people and groups Basic financial statements income statement, statement of retained earnings, balance sheet, statement of cash flows What does the word net refer to in accounting an amount...

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ACCT 2010 UNT FINAL REVIEW QUESTIONS AND COMPLETE SOLUTIONS

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Suppose you are starting a medical data analytics firm. Which form of business will limit your liability for the business to the amount you have invested? Corporation The primary objective of financial reporting is to provide information useful for making investment and credit decisions. Which typ...

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