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ACG Final Exam Study Guide UNCW
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ACG Final Exam Study Guide UNCW
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ACG Final Exam Study Guide UNCW(1/Useful Life) x 2 - ANS-DDB Rate
(Acquisition Cost - Salvage Value)/Total Estimated Units of Production) - ANS-Units of
Production Formula
(Cost-Salvage)/Useful Life - ANS-Straight Line Method
(Net Income - Preferred Stock Dividends)/(Weighted Average Common Share
Outstanding) - ANS-Earnings Per Share Formula
365/AR Turnover - ANS-Average AR Collection Formula
Accruals - ANS-Adjustments in Accrued Expenses and Accrued Revenues
Accrued Expenses - ANS-Recording operating expenses that have not yet been paid or
recorded, to reflect expenses incurred during the period
Accrued Revenues - ANS-Recording revenues that have not yet been received or
recorded, to reflect revenue earned during the period
Adjusting Entry Accrual - ANS-Always increases a balance sheet account and an
income statement account
Analyze, Record, Adjust, Report, Close - ANS-Steps in Accounting Cycle
AR-Allowance for Doubtful Accounts - ANS-Net Realizable Value
Assets = Liabilities + Owner's Equity - ANS-Accounting Equation
Assets, Liabilities, Common Stock - ANS-Closing Entries never affect
Authorized Shares - ANS-Maximum number of shares of each class of capital stock that
may be issued
Balance Sheets - ANS-Accounts on Post Closing Trial Balance
Beginning Cost - Accumulated Depreciation - ANS-Book Value
Beginning Inventory + Purchases - ANS-Formula For: COG Available for Sale
Bonds - ANS-(Definition)
, Long term debt instrument that promises to pay interest periodically as well as a
principal amount at maturity, to the bond investor
Bonds sell at less than face value - ANS-What does a discount mean
Bonds sell at more than face value - ANS-What does a premium mean
Book Value x DDB rate - ANS-Accumulated Depreciation Formula
Cash Flow (Operations) Activities/ Average Current Liabilities - ANS-Operating-Cash-
Flow-to-Current-Liabilities Ratio Fromula
Cash, AR, Inventory, Prepaid Insurance - ANS-Current Assets
Classified Balance Sheet - ANS-Presents the assets and liabilities of a business in
separate subgroups (long term, current)
COG Available for Sale - Ending Inventory - ANS-COGS Formula
Corporation - ANS-Legal Entity
Cost Principle - ANS-States that an asset is initially recorded at the amount paid to
acquire the asset
Current Assets/Current Liabilities - ANS-Current Ratio Formula
Current Liabilities - ANS-Obligation that will require, within the coming year or the
normal operating cycle, whichever is longer, 1) the use of existing current assets or 2)
the creation of other current liabilities
Current Ratio & Quick Ratio - ANS-Which of the ratios measure liquidity?
Debit Cash, Credit AR - ANS-Journal Entry:
Received Payment on Account from Customer
Debit Cash, Credit Fee Revenue - ANS-Journal Entry: Performed Services for
Customers
Debit cash, Credit Notes Payable - ANS-Journal Entry: Signed Bank Note in Exchange
for Cash (Bank Issues Note To You)
Debit Cash, Credit Stock - ANS-Journal Entry: Issued Stock
Debit Cash, Debit AR, Credit Fee Revenue - ANS-Journal Entry: Performed Services for
Cash and On Account
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