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Accrual Accounting
Costing
Long-Term Assets
Depreciation
Calculations
100
To bring account balances up to date and are recorded in same period of being earned/incurred.
What is Adjusting Entries
100
Car Dealer sales inventory is an example of?
What is Specific Unit
100
Which long term asset cannot be depreciated?
What is Land
100
Taking an expense for using an Asset is?
What is Costing
100
What is 2/10,n/30?
What is Credit/Payment terms
200
It's paired with a companion account and carries an opposite "normal balance" as that of its companion account.
What is Contra Account
200
First unit purchased is also the first unit we cost.
What is FIFO
200
Goodwill is the only ______ to not be amortized.
What is Intangible Asset
200
How do we determine the cost of a Long Term asset?
What is Historical Cost
200
Principal x Rate x Time
What is Simple Interest
300
Temporary Accounts are brought to a zero balance at the end of a 12 month cycle.
What is Closing Entries
300
Total cost of inventory and divide by number of units in inventory would be?
What is Average Cost
300
How is Capital improvement recorded?
What is As an asset
300
What Depreciation Method does not use depreciation cost?
What is Double Declining Balance
300
Sales - Cost of Goods Sold=?
What is Gross Profit
400
Accrual accounting recognizes revenue when ___________?
What is Earned
400
Most recent unit purchased becomes the first unit we cost.
What is LIFO
400
Long term assets are depreciated by: 1. Determine cost of asset 2. Usefulness 3. ???
What is Residual Value
400
What Depreciation Method uses an equal expense amount throughout the useful life of an asset?
What is Straight Line
400
Asset Cost - Residual Value=?
What is Depreciation Cost
500
Cash basis accounting recognizes revenue when______?
What is Cash is used
500
Which method is used internationally?
What is LIFO
500
What kind of Long Term Asset uses depletion?
What is Natural Resorces
500
Which Depreciating Method is considered to be accelerated?
What is Double Declining Balance
500
Future Value/1+ interest rate
What is Present Value