Accounting 1-10

Chapters 1-2

100

What are teh three types of Businesses?

Service Business,Merchandising Business,Manufacturing Business.

200

Generates 90% of business revenues.......

Corporation

300

Using the rules of debit and credit,transaction are initially entered in a record called a........

Journal

400

........occurs when the order of the digits is copied incorrectly, such as writing $542 as $452 or $524.

Transportaion

500

The excess of the debits of an asset account over its credit is the.......

Balance of the account

Chapters 3-4

100

What are the advance receipt of future revenues and are recorded as liabilities when cash is received?

Unearned Revenues

200

The unearned revenue account is decreased (____) for the amount of the revenue that has been earned,and the related revenue account is increased (___).

debited,credited

300

From the following list of steps in the accounting cycle, identify what two steps are missing. a. Transactions are analyzed and recorded in the journal. b. An unadjusted trial balance is prepared. c. Adjustment data are assembled and analyzed. d. An optional end-of-period spreadsheet is prepared. e. Adjusting entries are journalized and posted to the ledger. f. An adjusted trial balance is prepared. g. Closing entries are journalized and posted to the ledger. h. A post-closing trial balance is prepared.

1. Transactions are analyzed and recorded in the journal. 2. Transactions are posted to the ledger. 3. An unadjusted trial balance is prepared. 4. Adjustment data are assembled and analyzed. 5. An optional end-of-period spreadsheet is prepared. 6. Adjusting entries are journalized and posted to the ledger. 7. An adjusted trial balance is prepared. 8. Financial statements are prepared. 9. Closing entries are journalized and posted to the ledger.

400

Property,plants,and equipment sections may be also described as ____,_____.

Fixed assets,Plant assets.

500

The following accounts appear in an adjusted trial balance of Hindsight Consulting. Indicate whether each account would be reported in the (a) current asset; (b) property, plant, and equipment; (c) current liability; (d) long-term liability; or (e) owner's equity section of the December 31, 2013, balance sheet of Hindsight Consulting. 1.Jason Corbin, Capital 2.Notes Receivable (due in 6 months) 3.Notes Payable (due in 2018)

1.Owner's equity 2.Current asset 3.Long-term liability

Chapters 5-6

100

What are the two most common subsidiary ledgers?

1. Accounts receivable subsidiary ledger 2. Accounts payable subsidiary ledger

200

accounts receivable subsidiary ledger is the subsidiary ledger containing the individual accounts with suppliers? True or Flase

False

300

All transactions that involve the receipt of cash are recorded in a cash payments journal? True or False

False

400

During the current year, merchandise is sold for $2,450,000. The cost of the merchandise sold is $1,519,000. Find the gross profit percentage?

.38%

500

Determining cost of merchandise sold For a recent year, Best Buy reported revenue of $50,272 million. Its gross profit was $12,637 million. What was the amount of Best Buy's cost of merchandise sold?

$37,635

Chapters 7-8

100

authorizes the purchase of the inventory from an approved vendor.

The purchase order

200

the last units purchased are assumed to be sold and the ending inventory is made up of the first purchases.

last-in, first-out (LIFO) inventory cost flow method,

300

is the intentional act of deceiving an employer for personal gain.

Employee fraud

400

if the same person orders supplies, verifies the receipt of the supplies, and pays the supplier, the following abuses may occur:

Orders may be placed on the basis of friendship with a supplier, rather than on price, quality, and other objective factors.

500

What is my favorite two colors?

Red and black

Chapters 9-10

100

is the amount that must be paid at the due date of the note, which is the sum of the face amount and the interest.

The maturity value

200

are amounts that customers owe for which a formal, written instrument of credit has been issued.

Notes receivable

300

provides for the same amount of depreciation expense for each year of the asset's useful life.

The straight-line method

400

is accounted for as if the lessee has purchased the asset.

A capital lease

500

Costs that benefit only the current period are called......

revenue expenditures.