Exam (elaborations)
Accounting 100 Final Exam Review With Questions And 100% CORRECT ANSWERS
- Course
- Institution
Accounting 100 Final Exam Review With Questions And 100% CORRECT ANSWERS
[Show more]
Seller
Follow
Content preview
JACKLINEAccounting 100 Final Exam Review With Questions And 100% CORRECT ANSWERS
Terms in this set (33)
The information system that identifies, records, and communicates the economic events of an
Define the Accounting Information system
organization to interested users
True or False: True
Issuing shares of common stock is a financing
activity
the difference between total revenue and total expenses when total revenue is greater.
Net Income
*Does not include assets such as cash or AR
Work backwards from current RE...
Beginning balance of retained earnings
Current RE + Net Income - Cash dividends
A company can change to a new method of more meaningful financial information
accounting if management can justify that the new
method results in terms of...
Accounting 100 Final Exam Review
1/5
, beginning retained earnings
+
net income or - net loss
Retained Earnings calculation -
dividends paid to owners
=
ending retained earnings
a $100 cash dividend is debited to Dividends for $1,000 and credited to Cash for $100.
A trial balance will not balance if
*Essentially if an entry is posted in which credits do not equal debits
In 2017, Costello Company performs work for a Revenue of 10,000 in 2017.
customer and bills the customer $10,000; it also
pays expenses of $3,000. The customer pays *Under Accrual-basis of accounting revenue is recorded when it service/good is performed
Costello in 2018. If Costello uses the accrual-basis
of accounting, then Costello will report
A perpetual inventory system.
Which inventory system provides better control
over inventories? Under periodic inventory, details of goods on hand are not available. While in perpetual system
COGS is recognized at time of the sale and inventory is more accurate at any time.
Beginning Inventory + Net Purchases*
COGAS
*Net purchases: purchases - purchase discount - purchases returns/allowances + freight in
True or False: False:
The percent of the discount is taken from the difference between the original price and amount
When calculating purchase/sales discounts, returned
purchase/sales returns and allowances are not
used in the calculation
List which each section each of these items would Gain on disposal of plant assets: Other revenues and gains
appear on a multiple-step Income Statement
COGS: COGS
- Gain on Disposal of Plant assets
- COGS Depreciation Expense: Operating Expense
- Depreciation Expense
- Sales Returns and Allowances Sales returns and allowances: Sales Revenues
Accounting 100 Final Exam Review
2/5
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Queenstin. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
76710 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now