Assets
Liabilities
Depreciation
Miscellaneous
GAAP
100
This asset account is when people owe you money.
What is Accounts Receivable
100
The formula a) A=L+OE b)A=L-OE c)A=L x OE d)A=L/OE
What is a) A=L+OE
100
The amount in which an assets value decreases over time?
What is Depreciation
100
CPA stands for this.
What is Chartered Professional Accountants
100
All accounting transactions must be based on objective evidence, like a source document.
What is Objectivity Principle?
200
This asset account is all of your money
What is bank/cash
200
to decrease a liability you would credit or debit
Debit
200
original cost - estimated salvage value __________________________________ Estimated number of periods in the life of the asset
What is straight line depreciation?
200
If you have a net loss are your revenues higher than your expenses or are your expenses higher than your revenue?
Your expenses would be higher than your revenue since it's a loss
200
Income is recorded at the time it is earned, is what GAAP.
What is Revenue Recognition Principle?
300
When I buy supplies for cash what do you debit and credit
debit supplies credit cash
300
Is it possible to have only assets and owner's equity?
Yes
300
Which of these cannot be depreciated? a) Insurance b) Automobiles c)Accounts Payable d)None of the above
What is Accounts Payable
300
What belongs on an income statement?
What is Expenses and Revenues
300
An owner of a company puts their personal car as a business expense. Which GAAP does this violate?
What is Business Entity Concept
400
A normal balance for an asset is
Debit
400
Which side should liabilities be in? Dr or Cr
What is Cr
400
Undepreciated cost X Depreciation Percentage =Annual Depreciation expense
What is the declining balance method
400
This is a method of buying multiple stocks, bonds, money markets and other securities all at once.
What is A Mutual Fund
400
A company inflates the value of its assets since they are going to close.which GAAP does this violate?
What is Continuing Concern Concept/Going Concern Principle
500
In what circumstances would you have a negative account balance? ( two possible answers) a) You made a mistake b) When you have a current asset c) When an asset has a credit balance d)None of these
a)you made a mistake c) when an asset has credit balance
500
True or False Liabilities must be on the Closing entires
What is False
500
A car worth $22 000 depreciates at a rate of 30% per year. What is the adjusted value of the car?
$15 400 because 22 000X 0.30 = 6600 and then your value is 22000 - 6600= $15400
500
This concept refers to how a stock can rise and fall rapidly.
Stock Volatility
500
GAAP stands for
What is Generally Accepted Accounting Principles
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