Adjusting Entries
Closing Entries
Depreciation
Miscellaneous
Miscellaneous 2
100
When are adjusting entries made?
a) At the beginning of a fiscal period
b) Whenever they are needed throughout the year
c) At the end of a fiscal period
End of a fiscal period
100
What kind of accounts have to be closed out at the end of a fiscal period?
Nominal or temporary Accounts
100
What is the simplest way of calculating a depreciation expense?
What is straight line depreciation method?
100
What is a fiscal period?
What do you call the period of time that businesses use to calculate their earnings?
100
What financial statement do you keep Revenue and Expenses?
The Income Statement
200
What are the three different types of adjusting entries (other than closing entries)?
Supplies, Prepaid Insurance, Late Arriving Invoices
200
What is the name of an account that is permanent/carries onto the next fiscal year and name one example of such an account.
Real Account
Examples: Bank, Accounts Receivable, Accounts Payable
200
Pizza Hot bought several vehicles for its delivery service for $55,000 on January 1, 2018. They aim to use the vehicles for five years and estimate that they will have a resale value of $10,000.
What is their depreciation expense for Dec. 31st, 2018?
55000 - 10,000 = 9,000
5
What is $9000?
200
What is the first step of the accounting cycle?
What is Transactions occur
200
Which of the following celebrities is NOT Canadian?
a) Ryan Reynolds - Deadpool
b) Rachel McAdams - Mean Girls
c) Lindsay Lohan - Also Mean Girls
d) Justin Bieber - a singer
Lindsay Lohan
300
Supplies account balance before adjustment $1900
Supplies physical inventory on June 30, $750
What would be the proper adjusting entry for June 30, the end of the fiscal year?
Debit Supplies Expense $1150
Credit Supplies $1150
300
What is the only account that is included on the Balance Sheet that needs to be closed out at the end of a fiscal year?
Drawings Account
300
A contra account or valuation account are alternative names for what account?
What is an accumulated depreciation account.
300
What is essential accounting equation?
Assets = Liabilities + Shareholder's Equity
300
True or False, I once accidentally panced a younger student when I in the 7th grade
True
400
When you have a late arriving invoice for a repair on your company's automobile, what are the two accounts that you should make adjustments to?
Credit Accounts Payable + Debit Automobile expense
400
What is the name of the temporary account that is used to close up Revenue and Expense accounts ?
For all 400 points, you need to tell me the account which is used to close out the Income Summary Account
Income Summary Account
Capital Account
400
If Pizza Hot needed to record an adjusting entry for the depreciation of their coal oven, the account to be credited would be...
What is accumulated depreciation account - coal oven.
400
Name three possible liability accounts
Accounts Payable
Bank Loan
GST Payable
400
What did the acronym R.E.I.D. stand for?
Revenue, Expenses Income Summary account, Drawings
500
Pizza Hot purchases a two year prepaid insurance for its trucks for $1800 on Oct 31, 2016. What should the adjusting entry be for Dec 31, 2017 year end?
Insurance Expense Debit $900
Prepaid insurance Credit $900
500
If there is a net loss for a fiscal year, what would the closing entry for the net loss of $9500 look like?
Capital account Debit $9500 - decrease in capital
Income Summary Account Credit $9500 (because it will have a debit balance)
500
Pizza Hot bought several vehicles for its delivery service for $55,000 on Sept 1, 2018 and it depreciates at a rate of 30%.
What is its undepreciated ending value for Dec. 31st, 2018 if they use the half year rule?46,750.
500
What is the answer to this Rebus Puzzle?
What is Thunderstorm
500
What starts with an e, ends with an e and contains only one letter?
What is an envelope?
600
The accountant did not prepare an entry to adjust the Supplies account at the end of the accounting period. How would these three balances be affected?
Expenses?
Net Income?
Supplies Account?
Expenses understated
Net income was overstated
Supplies overstated
600
Where do you get all the information you need for the closing entries?
The worksheet.
600
If a company is using the true-declining balance method of depreciation, they are not using the....
What is half year rule
600
What has 13 hearts but no other organs?
A deck of cards
600
What five letter word becomes shorter when you add two letters to it?
Short