Assets
Methods
Recording
Calculations
Miscellaneous
100
Fixed Assets
What assets are depreciated?
100
Straight Line
What is the simplest depreciation method?
100
Dr. Office supplies expense Cr. Office supplies
What is the adjusting entry to record usage of office supplies at the end of a fiscal period?
100
Cost divided by Number of Years
What is the basic calculation to arrive at the annual depreciation expense using the Straight Line method?
100
Matching Principle, Accuracy
Why do we determine and post Adjusting Entries at the end of a fiscal period/year?
200
Land
What fixed asset is never depreciated?
200
Accelerated depreciation
What does the declining balance method result in?
200
Contra Account
What is a common name for any "Accumulated Depreciation" asset account?
200
Number of months paid for in advance after the end of the fiscal period
What generally is the prepaid expense period for Rent or Insurance?
200
To start with nil revenue and expense accounts
Why do we close the books at the end of a fiscal period/year?
300
Rent, Insurance, Supplies
What are common prepaid expenses?
300
Sum of the year's digits; Depletion
Name additional depreciation methods
300
At the end of every fiscal period at which we are preparing a worksheet and financial statements
When do we determine and post adjusting entries?
300
Cost = $20,000. Year 3 prior to amortization expense Accumulated Depreciation = $10,200. Amortization expense Yr 3 = $2,940.
What method and rate of amortization is being used?
300
Assets, Liabilities, Revenues, Expenses and/or Owner's Equity
What types of accounts may be affected by Adjusting Entries?
400
Cash, Accounts Receivable, Bank Term Deposit, Ontario Savings Bonds
Name some current assets, that are not depreciated
400
Over Time or by Usage
What are two ways that prepaid expenses are allocated to expense?
400
Prepaid Expenses, Depreciation, Errors, Taxes, Complex Transactions, Etc.
What are types of Adjusting Entries?
400
Total Revenues for the fiscal year of $_____ less Total Expenses for the year of $30,000 = Net Loss of $5,000, closed to Owner's Equity.
What is $25,000?
400
Capital Cost Allowance
What is the name for depreciation used for income tax purposes?
500
Counted at year end and adjusted to expense
What are prepaid office supplies?
500
Useful life to the business
How do we determine the number of years of amortization in the straight line method?"
500
Dr. Income accounts, Cr. Expense accounts and Dr. or Cr. Owner's Equity account
How do we close the books at the end of a fiscal year?
500
Opening Supplies less _____ = Prepaid at end of period.
What is Office supplies used during the period?
500
Teacher's College ("OISE")
Where is Mr. R. going back to next week?
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