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Forces of Change in Managerial Accounting correct answers - in the 1970s OPEC increased prices a lot - producers sold a bunch of shit but their margins were small because of OPEC price increase - producers made much more use of technology like computers, robots, etc. - Asian influences (like Japa...
Voorbeeld 2 van de 7 pagina's
In winkelwagenForces of Change in Managerial Accounting correct answers - in the 1970s OPEC increased prices a lot - producers sold a bunch of shit but their margins were small because of OPEC price increase - producers made much more use of technology like computers, robots, etc. - Asian influences (like Japa...
Merchandise inventory correct answers Goods a company intends to sell. LIFO (last in, first out) correct answers Assumes last items purchased are the first sold. FIFO (First In, First Out): correct answers Assumes first items purchased are the first sold. (Chronological) Specific Identifica...
Voorbeeld 2 van de 5 pagina's
In winkelwagenMerchandise inventory correct answers Goods a company intends to sell. LIFO (last in, first out) correct answers Assumes last items purchased are the first sold. FIFO (First In, First Out): correct answers Assumes first items purchased are the first sold. (Chronological) Specific Identifica...
Accounting is the language of ________ correct answers business a system of maintaining records of a company's operations and communicating that information to decision makers correct answers accounting these people decide whether to invest in stock correct answers investors these people d...
Voorbeeld 2 van de 5 pagina's
In winkelwagenAccounting is the language of ________ correct answers business a system of maintaining records of a company's operations and communicating that information to decision makers correct answers accounting these people decide whether to invest in stock correct answers investors these people d...
What iis accounting? correct answers An information and measurement system that identifies, records, and communicates information about business information. Also known as the language of business 3 parts of accounting correct answers Identifying: select transactions and events Recording: input,...
Voorbeeld 2 van de 6 pagina's
In winkelwagenWhat iis accounting? correct answers An information and measurement system that identifies, records, and communicates information about business information. Also known as the language of business 3 parts of accounting correct answers Identifying: select transactions and events Recording: input,...
Inventories Effect correct answers both the balance sheet and the income statement Legal Title correct answers The factor which determines wether or not goods should be included in a physical count of inventory is If goods in transit are shipped FOB destination correct answers the seller has l...
Voorbeeld 2 van de 7 pagina's
In winkelwagenInventories Effect correct answers both the balance sheet and the income statement Legal Title correct answers The factor which determines wether or not goods should be included in a physical count of inventory is If goods in transit are shipped FOB destination correct answers the seller has l...
1. Mannix Company issued $1,000,000 of 5%, 5-year bonds at 98. Assuming straight-line amortization and annual interest payments, how much bond interest expense is recorded on the next interest date? correct answers $54,000 2. Mannix Company issued $1,000,000 of 5%, 5-year bonds at 105. Assuming s...
Voorbeeld 1 van de 3 pagina's
In winkelwagen1. Mannix Company issued $1,000,000 of 5%, 5-year bonds at 98. Assuming straight-line amortization and annual interest payments, how much bond interest expense is recorded on the next interest date? correct answers $54,000 2. Mannix Company issued $1,000,000 of 5%, 5-year bonds at 105. Assuming s...
What is an information system that provides reports to users regarding economic activities and condition of a business> correct answers accounting All of the following are general-purpose financial statements except: a. balance sheet b. retained earnings statement c. cash budget d. income ...
Voorbeeld 3 van de 30 pagina's
In winkelwagenWhat is an information system that provides reports to users regarding economic activities and condition of a business> correct answers accounting All of the following are general-purpose financial statements except: a. balance sheet b. retained earnings statement c. cash budget d. income ...
What is Bad Debt Expense? correct answers Bad Debt Expense is when a receivable is no longer collectible because a customer is unable to fulfill their obligation to pay an outstanding debt due to bankruptcy or other financial problems. How do you calculate bad debt expense using the percent of sa...
Voorbeeld 2 van de 9 pagina's
In winkelwagenWhat is Bad Debt Expense? correct answers Bad Debt Expense is when a receivable is no longer collectible because a customer is unable to fulfill their obligation to pay an outstanding debt due to bankruptcy or other financial problems. How do you calculate bad debt expense using the percent of sa...
What side does assets increase on? correct answers Debit What side does liabilities increase on? correct answers Credit What side does owners equity increase on? correct answers Credit What side does paid in capital increase on? correct answers Credit What side does Retained earnings inc...
Voorbeeld 1 van de 4 pagina's
In winkelwagenWhat side does assets increase on? correct answers Debit What side does liabilities increase on? correct answers Credit What side does owners equity increase on? correct answers Credit What side does paid in capital increase on? correct answers Credit What side does Retained earnings inc...
Closing Entries correct answers Dr. Revenue Cr. Expenses (Dr. RE if net loss, Cr. RE if net income) Dr. R.E Cr. Dividends debit correct answers "what you get" credit correct answers "how you get it/ what was used up" Adjusting Entries correct answers Revenue or Expense Dr. unearne...
Voorbeeld 2 van de 6 pagina's
In winkelwagenClosing Entries correct answers Dr. Revenue Cr. Expenses (Dr. RE if net loss, Cr. RE if net income) Dr. R.E Cr. Dividends debit correct answers "what you get" credit correct answers "how you get it/ what was used up" Adjusting Entries correct answers Revenue or Expense Dr. unearne...
4 primary financial statements correct answers Income statement --> Fees Earned - Expenses = net income RES = Uses net income, minus dividends, gives RE Balance Sheet --> A = L + SE, uses RE, gives cash SOCF --> Uses cash, gives net cash flow 3 forms of businesses and business organiz...
Voorbeeld 1 van de 4 pagina's
In winkelwagen4 primary financial statements correct answers Income statement --> Fees Earned - Expenses = net income RES = Uses net income, minus dividends, gives RE Balance Sheet --> A = L + SE, uses RE, gives cash SOCF --> Uses cash, gives net cash flow 3 forms of businesses and business organiz...
Internal users correct answers people inside and entity (managers, supervisors etc), internal users focus more on management accounting External users correct answers People outside the entity who are still interested in info regarding the entity (employees, shareholders, suppliers, banks etc), e...
Voorbeeld 2 van de 13 pagina's
In winkelwagenInternal users correct answers people inside and entity (managers, supervisors etc), internal users focus more on management accounting External users correct answers People outside the entity who are still interested in info regarding the entity (employees, shareholders, suppliers, banks etc), e...
Accounting is an information and measurement system that does all of the following except Identifies business activities Records business activities Communicates business activities Eliminates the need for interpreting financial data Helps people make better decisions correct ans...
Voorbeeld 3 van de 20 pagina's
In winkelwagenAccounting is an information and measurement system that does all of the following except Identifies business activities Records business activities Communicates business activities Eliminates the need for interpreting financial data Helps people make better decisions correct ans...
A correct answers QN=1 Merchandise inventory includes: a. All goods owned by a company and held for sale. b. All goods in transit. c. All goods on consignment. d. Only damaged goods. e. All goods in the stores of company. E correct answers QN=2 Costs included in the Merchandise Inventor...
Voorbeeld 4 van de 59 pagina's
In winkelwagenA correct answers QN=1 Merchandise inventory includes: a. All goods owned by a company and held for sale. b. All goods in transit. c. All goods on consignment. d. Only damaged goods. e. All goods in the stores of company. E correct answers QN=2 Costs included in the Merchandise Inventor...
An adjusting entries for unearned revenue affects correct answers Revenue and Liabilities How will it affect total Assets in the balance sheet if tangible fixed assets are not depreciated at the end of the period? correct answers Total Assets are overstated How will it affect Income Statement ...
Voorbeeld 4 van de 33 pagina's
In winkelwagenAn adjusting entries for unearned revenue affects correct answers Revenue and Liabilities How will it affect total Assets in the balance sheet if tangible fixed assets are not depreciated at the end of the period? correct answers Total Assets are overstated How will it affect Income Statement ...
Financial accounting correct answers Provides information for external decision makers Managerial accounting correct answers Accounting that focuses on providing information for internal decision makers Certified public accountant correct answers Licensed professional accounts who serve the ge...
Voorbeeld 1 van de 4 pagina's
In winkelwagenFinancial accounting correct answers Provides information for external decision makers Managerial accounting correct answers Accounting that focuses on providing information for internal decision makers Certified public accountant correct answers Licensed professional accounts who serve the ge...
What is accounting? correct answers the action or process of keeping financial accounts revenues correct answers inflows of assets resulting from the sale of goods and services expenses correct answers outflow of assets resulting from the sale of goods and services internal user correct ans...
Voorbeeld 2 van de 9 pagina's
In winkelwagenWhat is accounting? correct answers the action or process of keeping financial accounts revenues correct answers inflows of assets resulting from the sale of goods and services expenses correct answers outflow of assets resulting from the sale of goods and services internal user correct ans...
Know the 3 forms of business entities correct answers Sole proprietorship- A single owner Partnership- has two or more parties as co-owners each is an owner Corporation- Owned by stockholders, or shareholders, who own stock representing share of ownership in the corporation. Definition of Reven...
Voorbeeld 2 van de 8 pagina's
In winkelwagenKnow the 3 forms of business entities correct answers Sole proprietorship- A single owner Partnership- has two or more parties as co-owners each is an owner Corporation- Owned by stockholders, or shareholders, who own stock representing share of ownership in the corporation. Definition of Reven...
What are assets recorded at? correct answers The historical/original cost because it is objective and verifiable. Left side correct answers Debit Right side correct answers Credit The 3 forms of business entities correct answers Proprietorship, Partnership, Corperation What is the defini...
Voorbeeld 2 van de 6 pagina's
In winkelwagenWhat are assets recorded at? correct answers The historical/original cost because it is objective and verifiable. Left side correct answers Debit Right side correct answers Credit The 3 forms of business entities correct answers Proprietorship, Partnership, Corperation What is the defini...
The Accounting Equation correct answers Assets= Liabilities + Stockholders Equity Assets correct answers Economic resources that are expected to benefit the company's future operations. Assets include correct answers Monetary items (cash and money owed to the company by customers), nonmonetar...
Voorbeeld 1 van de 4 pagina's
In winkelwagenThe Accounting Equation correct answers Assets= Liabilities + Stockholders Equity Assets correct answers Economic resources that are expected to benefit the company's future operations. Assets include correct answers Monetary items (cash and money owed to the company by customers), nonmonetar...
3 Types of business correct answers Sole Proprietorship, Partnership, Corporation Sole Proprietorship correct answers One of the three types of business. It is a business owned by one person. Pros: You are in control, simple to establish, tax advantages Cons: Proprietor is liable, financing ma...
Voorbeeld 2 van de 7 pagina's
In winkelwagen3 Types of business correct answers Sole Proprietorship, Partnership, Corporation Sole Proprietorship correct answers One of the three types of business. It is a business owned by one person. Pros: You are in control, simple to establish, tax advantages Cons: Proprietor is liable, financing ma...
3 main types of accounting correct answers financial, tax, cost/managerial purpose of financial accounting correct answers prepare &/or audit financial statements financail statements for public companies are issued with the correct answers securities and exchange commission SEC correct ans...
Voorbeeld 2 van de 9 pagina's
In winkelwagen3 main types of accounting correct answers financial, tax, cost/managerial purpose of financial accounting correct answers prepare &/or audit financial statements financail statements for public companies are issued with the correct answers securities and exchange commission SEC correct ans...
Asset Accounts correct answers Cash - Accounts Receivable - Note Receivable - Prepaid Accounts (or Expenses) More Assets Cash correct answers A company's cash balance Accounts Receivable correct answers Promises of Payment from customers. Accounts receivables are increased by credit sales; of...
Voorbeeld 2 van de 9 pagina's
In winkelwagenAsset Accounts correct answers Cash - Accounts Receivable - Note Receivable - Prepaid Accounts (or Expenses) More Assets Cash correct answers A company's cash balance Accounts Receivable correct answers Promises of Payment from customers. Accounts receivables are increased by credit sales; of...
What is accounting? Know the definition. 1 correct answers the action or process of keeping financial accounts "language of business" information system Know the definitions of revenues and expenses 1 correct answers Revenue: inflows of assets resulting from the sale of goods and services; ...
Voorbeeld 2 van de 14 pagina's
In winkelwagenWhat is accounting? Know the definition. 1 correct answers the action or process of keeping financial accounts "language of business" information system Know the definitions of revenues and expenses 1 correct answers Revenue: inflows of assets resulting from the sale of goods and services; ...
Identify the users of financial information correct answers banks, owners, suppliers, customers Entity has its own separate correct answers identity An entity whose entire purpose is to produce a profit for its owners is an correct answers economic entity Funds taken from owner for personal...
Voorbeeld 2 van de 9 pagina's
In winkelwagenIdentify the users of financial information correct answers banks, owners, suppliers, customers Entity has its own separate correct answers identity An entity whose entire purpose is to produce a profit for its owners is an correct answers economic entity Funds taken from owner for personal...
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