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Terms
Equations
Stuff
Acct Stuff
Some more Stuff
100
expenses, dividends, stock, capital, net income, preferred stock, common stock
Stockholder's equity
100
The accounting equation
What is Assets = liabilities + stockholder's equity
100
On a balance sheet, if an asset is classified as a current asset it indicates what? Examples are...
What is it has to be paid within one year? Examples: accounts receivable, cash, supplies
100
On a balance sheet, if an asset is classified as a long term liability it indicates what? Examples are...?
What is it has to be paid more than one year? Examples: college loans, mortgages, notes payable, bonds payable, etc
100
Accounting
What is death?
200
Cash, land, vehicles, equipment, building, supplies
What is an asset?
200
The equation for maturity value
What is face value x rate x term/360
200
Adjusting entries are necessary at the end of an accounting period, because
What is certain events have occurred that have not been recorded but need to be for the financial information to be complete and accurate?
200
The term applied to natural resources as their supplies decreases
What is depletion?
200
When the contract rate of interest on bonds is higher than the effective rate of interest, the bonds sell at this.
What is a premium?
300
Notes payable, accounts payable, anything/everything payable, payroll
What is a liability?
300
A machine with a cost of $65,000 has an estimated residual value of $5000 and an estimated life of 5 years or 15,000 hours. It is to be depreciated by the units-of-production method. What is the amount of the first full year, during which the machine was used 5,000 hours?
What is 20000?
300
Under the accrual basis of accounting, revenue is recorded and reported
What is when the services are earned without regard to when cash is received?
300
A bank reconciliation should be prepared monthly, because why?
What is any differences between the company's records and the bank's should be determined, and any errors made by either party should be discovered and corrected?
300
Term applied to tangible assets as the supplies decreases.
What is depreciation?
400
Has been incurred, not paid
What are accrued expenses?
400
The double decline equation
What is 2 X Straight line depreciation rate X Book value at the beginning of the year
400
These accounts wouldn't appear on post closing trial balances
What are Expenses or revenue accounts?
400
This term is applied to the periodic allocation of a portion of a piece of equipment's cost to expense.
What is depreciation?
400
The term applied to intangible assets as they decrease
What is Amortization?
500
The periodic allocation of a portion of a piece of equipment's cost to expense
What is amortization?
500
Waylander Coatings Company purchased waterproofing equipment on January 6, 2013, for $320,000. The equipment was expected to have a useful life of 4 years, or 20,000 operating hours, and a residual value of $35,000. In 2016 the depreciation expense would be... (using double declining method)
What is $5,000?
500
The four closing entries required in the closing process are these.
What is debit revenue for its balance and credit Income Summary for total revenue, credit each expense account for its balance and debit Income Summary for the total expenses, Debit Income Summary for its balance and credit the retained earnings account, and Debit the retained earnings account for the balance of the dividends account and credit the dividends account.
500
If the allowance method of accounting for uncollectible receivables is used, in a general ledger account this is debited to write off a customer's account as uncollectible
What is Allowance for doubtful accounts?
500
The journal entry a company uses to record the issuance of a note for the purpose of borrowing cash for the business is this.
What is debit Notes Payable; credit Cash?