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Summary Journal entries Accounting (bookkeeping) $3.79   Add to cart

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Summary Journal entries Accounting (bookkeeping)

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Journal entries for the accounting profession. 1/4 of the examination thus consists of the preparation of journal entries super convenient to know these by heart!

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  • Yes
  • December 25, 2014
  • 7
  • 2014/2015
  • Summary
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Available practice questions

Flashcards 21 Flashcards
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Some examples from this set of practice questions

1.

Earnings Per Share

Answer: (Net Income Available to Common Shareholders)/(Weighted Average number of Common Shares Outstanding)

2.

Working Capital

Answer: current assets-current liabilities

3.

Current Ratio

Answer: current assets/current liabilities

4.

Acid Test

Answer: (cash + accounts receivable)/current liabilities

5.

Turnover ratio

Answer: Sales/Average assets

6.

Accounts receivable turnover

Answer: Sales/Average accounts receivable

7.

Days' sales in accounts receivable

Answer: accounts receivable at year end/average days' sales

8.

Inventory Turnover

Answer: COGS/Average inventories

9.

Days' sales in inventory

Answer: inventory at year end/average days' cost of goods sold

10.

Plant and equipment turnover

Answer: sales/average plant and equipment

Verkoop van producten:
Cash (of Accounts Receivable) xx
Sales xx
Cost of Goods Sold xx
Inventory xx
Balance Sheet Income Statement
Assets = Liabilities + Owner’s Equity  Net Income = Revenues + Expenses
+ Cash, of + Sales
accounts
receivable
-Inventory -COGS


Estimation cash discount:
Cash discounts on sales xx
Allowance for cash discounts xx

When actual cash discount is taken:
Allowance for cash discounts
Accounts Receivable

Depreciation & amortization expense
Depreciation Expense xx
Accumulated Depreciation xx
Amortization Expense xx
Intangible Asset xx
Balance Sheet Income Statement
Assets = Liabilities + Owner’s Equity  Net Income = Revenues + Expenses
- Accumulated - Depreciation
Depreciation Expense
- Intangible Asset - Amortization
Expense


Use of direct labor in the production with efficiency variances
Work-in-Process xx
Direct labor rate variances xx
Wages payable xx
Efficiency variances on direct labor xx

To record actual variable overhead costs
Variable manufacturing overhead incurred xx
Accounts payable (and/or cash) xx
To record the application of variable manufacturing overhead to products
Work-in-Process xx
Variable manufacturing overhead applied xx

To isolate variable overhead variances for the period
Variable manufacturing overhead applied xx
Spending variance on variable manufacturing overhead xx
Variable manufacturing overhead incurred xx
Efficiency variance on variable manufacturing overhead xx

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