Contra account examples - Study guides, Class notes & Summaries

Financial Accounting Exam Study Guide. Accelerated Depreciation Methods - answerDepreciation methods that recognize more depreciation expense in the early years and less in the later years. Double-declining balance is an example of an accelerated depreciation method. Accounting Equation - answerAssets = Liabilities + Owners' Equity. This equation is fundamental and must always be true in double entry accounting. Accounting Period - answerThe period of time for which the financial results ...

Accounting 26e Carl Warren James M Reeve Jonathan Duchac 1. Cross-referencing is useful in assuring that the debits and credits are in balance. a. True b. False ANSWER: False DIFFICULTY: Moderate Bloom’s: Remembering LEARNING OBJECTIVES: ACCT.WARD.16.04-01 - 04-01 ACCREDITING STANDARDS: ACCT.ACBSP.APC.05 - Accounting Cycle ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic 2. When accounts do not appear on the unadjusted trial balance but are needed to post adjustments, they are ...

CRCR EXAM UNIT 1(QUESTIONS AND ANSWERS) Net Days in AR - CORRECT ANSWER-Measures how fast receivables are collected. It is a trending indicator of overall A/R performance & revenue cycle efficiency. A/R Aging - CORRECT ANSWER-Reports divide the AR into 30, 60, 90, and 120 day categories, based on discharge. Credit Balances - Days Outstanding - CORRECT ANSWER-The dollars in credit balance at the account level divided by the three month daily average of total net patient service reve...

Single Case Design Final Exam Questions and Answers 2023 Define 'threats to internal validity'. These are variables other than the planned IV that could result in changes to the DV. Define a 'history' threat, provide examples, and describe how one might decrease the risk of this threat. 1. Events occurring during an experiment, but that aren't related to a planned procedural change, and may influence the outcome. 2. Another professional starts working on the skill; unplanned chan...

CFE Exam 349 Questions with Verified Answers Falsified Hours & Salary Schemes - CORRECT ANSWER The most common method of misappropriating funds from the payroll is the overpayment of wages. For hourly employees, the size of a paycheck is based on two factors: the number of hours worked and the rate of pay. Therefore, for hourly employees to fraudulently increase the size of their paycheck, they must either falsify the number of hours they have worked or change their wage rate. Common ways ...

How to Balance off An Account Income Statement Items sales revenue less cost of goods sold _____________________________________ gross profit less operating expenses _____________________________________ operating profit (EBIT) less interest _____________________________________ earnings before tax (EBT, PBT) less tax _____________________________________ net profit (PAT) less dividends, drawings _____________________________________ reserves Balance Sheet Items: Current ASSETS...

CBV 1 Exam With 100% Correct Answers 2024

Single Case Design Final Exam Questions and Answers 2023 Define 'threats to internal validity'. These are variables other than the planned IV that could result in changes to the DV. Define a 'history' threat, provide examples, and describe how one might decrease the risk of this threat. 1. Events occurring during an experiment, but that aren't related to a planned procedural change, and may influence the outcome. 2. Another professional starts working on the skill; unplanned chan...

Sales taxes are not usually charged to government agencies - ANS True Electrical supply companies, auto parts distributors, and food supply companies are examples of wholesalers - ANS True A sales discount increases the revenue account Sales - ANS False Sales Discounts is a contra revenue account - ANS True When a cash sale occurs, the details of the sale are printed on two tapes in the cash register at the same time - ANS True Bank card sales ar...

Principal Accountant Civil Service Test 22 Questions with Verified Answers Accumulated Depreciation - CORRECT ANSWER Accumulated Depreciation is a contra asset, or negative asset, which has a normal credit balance. Accumulated Deprecation decreases upon the sale or donation of a fixed asset and increases when the company recognizes depreciation. The balance can only increase when the company recognizes depreciation. GAAP - CORRECT ANSWER Generally Accepted Accounting Principles (GAAP) are ...