Exam (elaborations)
Foundations of Accounting - Exam 1 Study Guide Questions and Answers
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- Accounting
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- Accounting
Foundations of Accounting - Exam 1 Study Guide Questions and Answers
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Foundations of Accounting - Exam 1Study Guide Questions and Answers
accounts receivable - Answer-current asset
cash - Answer-current asset
debt investments - Answer-long-term investment
prepaid insurance - Answer-current asset
prepaid rent - Answer-current asset
stock investments - Answer-current asset
supplies - Answer-current asset
inventory - Answer-current asset
buildings - Answer-property, plant, and equipment
equipment - Answer-property, plant, and equipment
land - Answer-property, plant, and equipment
accumulated depreciation - buildings - Answer-property, plant, and equipment
accumulated depreciation - equipment - Answer-property, plant, and equipment
dividends payable - Answer-current liability
accounts payable - Answer-current liability
notes payable - Answer-short-term or long-term liability
salaries and wages payable - Answer-current liability
unearned service revenue - Answer-current liability
copyrights - Answer-intangible assets
patents - Answer-intangible assets
bonds payable - Answer-long-term liability
, common stock - Answer-stockholders' equity
retained earnings - Answer-stockholders' equity
sales revenue - Answer-operating revenue
sales returns and allowances - Answer-contra revenue
depreciation expense - Answer-operating expense
insurance expense - Answer-operating expense
salaries and wages expense - Answer-operating expense
supplies expense - Answer-operating expense
utilities expense - Answer-operating expense
interest expense - Answer-other expense
income tax expense - Answer-other expense
income statement - Answer-a summary of the revenues and expenses for a specific
period of time, such as a month or a year
retained earnings statement - Answer-a summary of the changes in the retained
earnings that have occurred during a specific period of time, such as a month or a year
balance sheet - Answer-a list of the assets, liabilities, and stockholders' equity as of a
specific sate, usually at the close of the last day of a month or a year
statement of cash flows - Answer-a summary of the cash receipts and cash payments
for a specific period of time, such as a month or a year
state the accounting equation - Answer-assets = liabilities + equity
what does the accounting equation determine? - Answer-whether an account increases
with a debit or a credit entry
define the normal balance - Answer-a part of the double-entry bookkeeping method,
referring to the expected debit or credit balance in a specified account. for example,
accounts on the left-hand side of the accounting equation will increase with a debit entry
and will have a debit normal balance. accounts on the right-hand side of the accounting
equation will have a normal credit balance
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