Acct 2010 exam 1 - Study guides, Class notes & Summaries

Chapter 4 1.The periodicity assumption states that: a. a transaction can only affect one period of time. b. estimates should not be made if a transaction affects more than one time period. c. adjustments to the enterprise's accounts can only be made in the time period when the business terminates its operations. d. the economic life of a business can be divided into artificial time periods. 2.One of the accounting concepts upon which adjustments for prepayments and accruals are based is...

ACCT 2101 Final Exam Study Guide Chapters 1 – 12 Chapter 1 1. The liability created by a business when it purchases coffee beans and coffee cups on credit from suppliers is termed a(n) a. account payable. b. account receivable. c. revenue. d. expense. 2. The right to receive money in the future is called a(n) a. account payable. b. account receivable. c. liability. d. revenue. 3. Borrowing money is an example of a(n) a. delivering activity. b. financing activity. c. inves...

ACCT 2101 Final Exam Study Guide Solutions Chapters 1 - 12 ACCT 2101 Final Exam Study Guide Chapters 1 – 12 Chapter 1 1. The liability created by a business when it purchases coffee beans and coffee cups on credit from suppliers is termed a(n) a. account payable. b. account receivable. c. revenue. d. expense. 2. The right to receive money in the future is called a(n) a. account payable. b. account receiva...

ACCT 2010 Exam 1

Chapter 4 1.The periodicity assumption states that: a. a transaction can only affect one period of time. b. estimates should not be made if a transaction affects more than one time period. c. adjustments to the enterprise's accounts can only be made in the time period when the business terminates its operations. d. the economic life of a business can be divided into artificial time periods. 2.One of the accounting concepts upon which adjustments for prepayments and accruals are based i...

Question: (TCO 6) BagODonuts Company bought a used delivery truck on January 1, 2010, for $19,200. The van was expected to remain in service 4 years (30,000 miles). BagODonuts’ accountant estimated that the truck’s residual value would be $2,400 at the end of its useful life. The truck traveled 8,000 miles the first year, 8,500 miles the second year, 5,500 miles the third year, and 8,000 miles in the fourth year. 1. Calculate depreciation expense for the truck for each year (2010-2013) ...

ACCT 212 Final Exam (TCO 3) At the end of the period it is necessary to close all temporary accounts. (1) Explain why this process is required (10 points) and (2) provide an example of the clo sing of an expense account, Salary Expense in the form of a journal entry. (10 points) (Points : 20) (TCO 2) As required to complete Course Project 1, one must follow the cycle that includes 10 steps to complete the accounting cycle. (1) Explain how the debit/credit rules are used when developing journal e...

ACCT 504 Final Exam Guides (TCO A) Which one of the following is an advantage of corporations relative to partnerships and sole proprietorships? Reduced legal liability for investors Harder to transfer ownership Lower taxes Most common form of organization (TCO A) When a corporation distributes a dividend, _____ the most common form of distribution is a cash dividend the Dividends account will be increased with a credit the Retained Earnings account will be directly increased with a debit the Di...

ACCT 553 Final Exam (TCO E) For federal tax purposes, income attributable to the direct efforts of the tax payer, such as salary, is classified as: (TCO D) Which of the following is an example of a nontaxable like-kind exchange? (TCO H) Alex and Amy file a joint return for the 2012 tax year. Their adjusted gross income is $90,000. They had net investment income of $8,000. In 2012, they had the following interest expenses: • Personal credit card interest: $5,000 • Home mortgage interes...

Breanna Morrow Professor Hollies Mercy College- Accounting Program ACCT 341- Exam #1 Part I- True/False Questions (20 points). 1. The United States Federal government has a provision in the Constitution which precludes deficit spending. a. True b. False 2. Longer class lives for depreciable property and the required use of straight- line method of depreciation would likely dampen the tax incentive for purchasing capital assets. a. True b. False 3. The favorable treatment of resea...