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Accounting 100 Final Exam Review With Questions And 100% CORRECT ANSWERS
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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
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, 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
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