Acg 2021 exam 2 Study guides, Class notes & Summaries

Expense Recognition Principle match expenses with revenues in the period when the company makes efforts to generate those revenues Periodicity Assumption economic life of businesses can be divided into artificial time periods Revenue and Expense in accordance with generally accepted accounting principles Revenue Recognition Principle revenue organized in the accounting period in which the performance obligation is satisfied Accrual-Basis Accounting -transactions recorded in the periods in wh...

Cost of Goods Sold First on the income statement (Sales Revenue - Cost of Goods Sold = Gross Profit) Beginning Inventory + Purchases - Ending Inventory Advantages to Perpetual Inventory System Very detailed records of the cost of each item in inventory purchase and sale. Continuously shows inventory that should be on hand at any time. Better control over the inventories than a periodic system. Company knows/determines the cost of goods sold each time a sale occurs. Calculation of Cost of Goods...

ACG 2021 Exam 1_ Chapters 1, 2, & 3 (1)

ACG 2021 Exam 1 Chapters 1, 2, & 3.

Inventory is classified on the balance sheet as a - current liability - current asset - long-term asset - long-term liability - ANSWER-- current asset If the seller is to pay the freight costs of delivering merchandise, the delivery terms are stated as - FOB shipping point - FOB destination - FOB n/30 - FOB seller - ANSWER-- FOB destination The following entry was recorded in the books of Brighty Company. April 8 Accounts Payable--Marigold Inc. 3000 Inventory 3000 Debit Mem...

ACG 2021 ch 1-4 exam Questions and answers, 100% accurate, rated A Sole proprietorship - --simple to establish -owner controlled -tax advantages Partnership - --simple to establish -shared control -broader skills -tax advantages Corporation - --easier to transfer ownership -easier to raise funds -no personal liability Internal users - -marketing, management, finance, HR External users - -creditors and investors Sarbanes oxley act - -law passed to keep financial informa...

ACG Exam 1 Questions with Answers 2021 1. At the end of the current accounting period, account balances were as follows: Cash, $180,000; Accounts Receivable, $75,000; Common Stock, $20,000; Retained Earnings, $65,000. Assuming other than liabilities these are the only accounts the company has, liabilities for the period were: A) $210,000 B) $70,000 C) $190,000 D) $170,000 E) There is not enough information to answer the question. 2. Trading securities purchased for $400,000 were value...

Summarized Study Guide - ACG 2021 Exam 2

It is a study guide for the second examination of ACG 2021 at UCF. 53 questions and it covers the materials for exam 1 as well since exam 2 is exam 1 plus another chapter. Everyone that studied it got an A or B.

The exam consists of multiple choice and fill-in the blank questions focusing on definitions, the accounting process, and preparing the financial statements. Be prepared to complete the following four items during the exam: 1. Prepare Adjusting Journal Entries based on the accounts shown on the Unadjusted Trial Balance. 2. Prepare an Adjusted Trial Balance from the general ledger accounts to answer fill-in-the-blank questions. 3. Prepare financial statements from an Adjusted Trial Bal...