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NEW ACCOUNTING CAPSTONE QUESTIONS AND ANSWERS GRADED A+.
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NEW ACCOUNTING CAPSTONE QUESTIONS AND ANSWERS GRADED A+.
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NEW ACCOUNTING CAPSTONEQUESTIONS AND ANSWERS GRADED
A+.
Whatwiswthewaccountingwpracticewinwwhichwrevenuewiswnotwrecognizedwinwthewaccountingw
recordswuntilwreceivedwandwinwwhichwexpenseswarewnotwrecognizedwuntilwpaid?w-
wcorrectwanswer.wwwwCashwbasiswaccounting
__________________wiswthewdifferencewbetweenwgrosswprofitwandwexpenseswwhenwgros
swprofitwiswlarger.w-wcorrectwanswer.wwwwNetwincome
Whatwiswthewtitlewofwawtemporarywowner'swequitywaccountwusedwtowrecordwthewbuyingwofw
merchandisewforwresale?w-wcorrectwanswer.wwwwPurchases
Whichwofwthewfollowingwformswiswthewwagewandwtaxwstatement?w-wcorrectwanswer.wwwwW-
2wform
Aw__________________________wiswawtwelvewmonthwperiodwbeginningwJanuaryw1stwan
dwconcludingwonwDecemberw31st.w-wcorrectwanswer.wwwwCalendarwYear
A(n)w______________________wiswawpersonworwcompanywwhosewnamewiswwrittenwonwth
ewbackwofwawcheck.w-wcorrectwanswer.wwwwendorser
Liabilitieswthatwarewnotwduewandwpayablewwithinwonewyearwarewcalledw-
wcorrectwanswer.wwwwfixedwliabilities.
Cashworwotherwassetswthatwwillwbewconvertedwintowcashworwconsumedwwithinwonewyearwar
ewcalledw-wcorrectwanswer.wwwwcurrentwassets.
__________________warewgoodswpurchasedwforwresalewatwawprofit,worwawstockwofwgoods
wheldwforwresalewatwanywtimewinwthewnormalwcoursewofwbusiness.w-
wcorrectwanswer.wwwwInventory
,Whatwiswthewnamewofwthewerrorwinwaccountingwwhenwthewamountwwrittenwiswwithwthewdigits
winwthewincorrectworder?wExamplew56wiswwrittenwasw65.w-
wcorrectwanswer.wwwwTranspositionwError
Awskeletonwformwofwanwaccountwusedwforwinstructionalwpurposeswiswcalledw-
wcorrectwanswer.wwwwT waccount.
Whatwiswthewtermwforwthewfollowingwdefinition?
Thewamountwthatwanwemployerwmustwwithholdwfromwanwemployee'swpaywforwincomewtaxwp
urposes.w-wcorrectwanswer.wwwwFederalwIncomewTaxwWithholding
Awmulti-
columnwformwusedwtowassemble,wcompute,wandwsurmmarizewthewdatawrequiredwatwthewen
dwofweachwpayrollwperiodwisw-wcorrectwanswer.wwwwawpayrollwregister.
_________________________wiswthewprocesswofwrecordingwbusinesswtransactionswinwaw
journal.w-wcorrectwanswer.wwwwJournalizing
__________________________wiswawbookwofworiginalwentrywinwwhichwonlywcashwreceive
dwiswrecorded.w-wcorrectwanswer.wwwwCashwreceiptswjournal
Awcreditwbalancewiswawconditionwthatwoccursw-
wcorrectwanswer.wwwwwhenwthewtotalwofwthewcreditswinwanwaccountwiswlargerwthanwthewtotalw
ofwthewdebitswinwthatwaccount.
Whatwiswthewnamewforwthewleftwsidewofwawstandardwaccount?w-wcorrectwanswer.wwwwDebit
_________________________________________ wrecordwthewbalancewsheetwdatawforwt
woworwmorewcomparablewperiodswonwthewsamewformwsowthatwthewinformationwcanwbewrea
dilywcompared.w-wcorrectwanswer.wwwwBalancewsheetwcomparativewforms
Anywpersonwwhowagreeswtowperformwawservicewforwawfeewandwwhowiswnotwsubjectwtowthewc
ontrolwofwthosewforwwhomwthewservicewiswperformedwdefineswa(n)w-
wcorrectwanswer.wwwwgeneralwcontractor.
Thew__________________________wiswthewbookwofwaccounts.w-
wcorrectwanswer.wwwwgeneralwledger
Whatwiswawthreewmonthwperiodwcalled?w-wcorrectwanswer.wwwwQuarter
Anwendorsementwwhichwlimitswthewusewofwfundswtowthewpurposewstatedwiswcalledw-
wcorrectwanswer.wwwwawrestrictive wendorsement.
Whichwaccountingwtermwmeanswtowrecordwinwtheworderwofwtime?w-
wcorrectwanswer.wwwwChronological
, Whatwiswthewfollowingwequation?
Salesw-wSaleswReturnswandwAllowancesw-wSaleswDiscountsw=w-
wcorrectwanswer.wwwwNetwsales
Awprocesswwhichwexaminesweachwpagewofwawjournal,wconfirmingwthatwthewdebitwentrieswe
qualwthewcreditwentrieswonweachwpagewiswcalledw-wcorrectwanswer.wwwwprovingwthewjournal.
________________________wiswthewrecordingwofwfinancialwinformationwinwawprescribedw
manner.w-wcorrectwanswer.wwwwBookkeeping
Checkswthatwhavewbeenwdrawnwandwsubtractedwfromwthewdepositior'swcheckbook,wbutwwh
ichwhavewnotwyetwbeenwpresentedwtowthewbankwforwpaymentwarewcalledw-
wcorrectwanswer.wwwwoutstandingwchecks.
Whatwiswawconditionwinwwhichwthewtotalwofwthewdebitswandwthewtotalwcreditswarewequalwinwa
nwaccount?w-wcorrectwanswer.wwwwInwbalance
Awformalwfinancialwstatementwillustratingwthewassets,wliabilities,wandwowner'swequitywofwaw
businesswaswofwawspecificwdatewiswcalledw-
wcorrectwanswer.wwwwstatementwofwfinancialwposition.
Whatwdoeswthewfollowingwequationwrepresent?
NetwIncomew/wNetwSalesw=w-wcorrectwanswer.wwwwProfitwmargin
Whichwtermwiswdefinedwbywthewfollowing?
"wThewprocesswofwrecordingwequalwdebitswandwcreditswforwawsinglewbusinesswtransaction."
w-wcorrectwanswer.wwwwDoublewentrywbookkeeping
Entrieswmadewatwthewconclusionwofwawfiscalwperiodwtowbringwaccountswupwtowdatewarewcall
edw-wcorrectwanswer.wwwwadjustingwentries.
Thewestimatedwvaluewofwawfixedwassetwatwthewendwofwitswusefulwlifewiswcalledw-
wcorrectwanswer.wwwwscrapwvalue.
Awcheckwdatedwsubsequentwtow(following)witswdatewofwissuancewiswcalledw-
wcorrectwanswer.wwwwpostdatedwcheck.
Thewprocesswinvolvedwinwjournalizing,wpostingwtowthewledger,wtakingwawtrialwbalance,wprep
aringwstatements,wmakingwadjustingwandwclosingwentries,wandwpreparingwawpost-
closingwtrialwbalance.w-wcorrectwanswer.wwwwaccountingwcycle
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