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ACC-120 > Accounting > Flashcards

Accounting Flashcards

1
Q

Asset Account

A

Debit

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2
Q

Liability Account

A

Credit

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3
Q

Capital Account

A

Credit

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4
Q

Revenue Account

A

Credit

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5
Q

Drawings Account

A

Debit

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6
Q

Expense Account

A

Debit

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7
Q

Accrued Revenue

A

Provide service before payment.

Long term contracts

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8
Q

Accrued Revenue Adjustment

A 
Debit Accounts Receivable (increase)
Credit Revenue (decrease)
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9
Q

Accrued Expense

A

Expense incurred before payment

Wages - pay cycle doesn’t correspond with accounting cycle

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10
Q

Accrued Expense Adjustment

A

Debit Expense account (increase)

Credit Liability payable account (increase)

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11
Q

Deferred/Unearned Revenue

A

Payment received before services provided

Down payment on a dress, unearned rent

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12
Q

Deferred (Unearned) Revenue Adjustment

A

Debit Liability/Payable account (decrease)

Credit Revenue account (increase)

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13
Q

Deferred (Prepaid) Expenses

A

Expense is paid for before it’s incurred (used).

Prepaid Expenses (Insurance, taxes, etc.)
Supplies
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14
Q

Deferred (Prepaid) Expense Adjustment

A 
Debit Expense (increase) 
Credit Asset (decrease)
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15
Q

A balance in the unearned subscriptions account after adjusting entries are made represents a __________.

A

deferral

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16
Q

Net Realizable Value (formula)

A

Accounts Receivable - Allowance for Doubtful Accounts

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17
Q

Interest (formula)

A

Principle X Rate X Time (days/360)

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18
Q

Accounts Receivable Turnover (formula)

A

Sales / Average Accounts Receivable

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19
Q

Days’ Sales in Receivables (formula)

A

Average Accounts Receivable / Average Daily Sales

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20
Q

Estimated Bad Debt Expense (formula)

A

Credit Sales X % Bad Debt

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21
Q

Name the 3 types of receivables.

A

Accounts Receivables
Notes Receivables
Other Receivables

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22
Q

Receivables

Direct method for writing off uncollectibles

A

Debit Bad Debt Expense

Credit Accounts Receivable

23
Q

Receivables

Direct method for partial payment/write-offs

A

Debit Cash
Debit Bad Debt Expense
Credit Accounts Receivable (for cash and Bad Debt Expense)

24
Q

Receivables

Direct method for write-off reinstatement

A

Debit Accounts Receivable

Credit Bad Debt Expense

25
Q

Receivables

Direct method cash payment

A

Debit cash

Credit Accounts Receivable

26
Q

Receivables - AJE allowance method

Create Allowance for Doubtful Accounts

A

Debit Bad Debt Expense

Credit Allowance for Doubtful Accounts

27
Q

Receivables - Allowance method

Write-Off Entry
when account is uncollectible

A

Debit Allowance for Doubtful Accounts

Credit Accounts Receivable

28
Q

Receivables - Allowance Method

Reinstatement

A

Debit Accounts Receivable
Credit Allowance for Doubtful Accounts

(reversal of write-off)

29
Q

Receivables - Allowance Methods

Cash payment

A

Debit cash

Credit Accounts Receivable

30
Q

Receivables - Allowance Method

Partial Write-Off

A

Debit Cash
Debit Allowance for Doubtful Accounts
Credit Accounts Receivable (cash + AFDA)

31
Q

Receivables - Allowance Method

Creating the Note Receivable

A

Debit Notes Receivable

Credit Accounts Receivable (or cash)

32
Q

Receivables - Allowance Method

Receipt of Payment for a Note

A

Debit cash
Credit Notes Receivable
Credit Interest Revenue

33
Q

Receivables - Allowance Method

Note is dishonored

A

Debit Accounts Receivable (note + interest)
Credit Note Receivable
Credit Interest Revenue

34
Q

Receivables - Allowance Method

Late payment on a note

A

Debit cash (A/R + Interest Revenue)
Credit Accounts Receivable
Credit Interest Revenue

35
Q

Receivables - Allowance Method

Receipt of Note with accrued interest

A

Debit Cash
Credit:
Note Receivable (face value)
Interest Receivable (from year before)
Interest Revenue (from this year)

36
Q

Receivables - Allowance Method

Receiving interest, issues new note

A

Debit cash

Credit Interest Revenue

37
Q

Fixed Asset Acquisition

A

Debit Fixed Asset

Credit Cash or A/P

38
Q

Depreciation

A

Debit Depreciation Expense

Credit Accumulated Depreciation (Contra Asset)

39
Q

Is a contra asset account a debit or credit account?

A

A contra asset account is a credit account.

To increase the balance, credit the account. To decrease the balance, debit the account.

40
Q

Fixed Asset Repair

A

Debit Repair and Maintenance Expense

Credit Cash or A/P

41
Q

Fixed Asset

Extraordinary Repair

A

Debit Accumulated Depreciation

Credit Cash/AP

42
Q

Fixed Asset

Improvement

A

Debit the Fixed Asset

Credit Cash or A/P

43
Q

Depletion of Natural Resources (AJE)

A

Debit Depletion Expense
Credit Accumulated Depletion
(of Natural Resources)

44
Q

Amortization of Patents and Copyrights

AJE

A

Debit Amortization Expense

Credit Patent or Copyright Asset

45
Q

Loss on Impairment

Goodwill or Trademark

A

Debit Loss on Impairment of Goodwill Expense

Credit Goodwill Asset

46
Q

FORMULA

Net Realizable Value

A

Cost
-
Adjusted Allowance for Doubtful Accounts

47
Q

FORMULA

Estimated Bad Debt Expense

A

Credit Sales %

   X

Bad Debt %

48
Q

FORMULA

Interest

A 
Principal
  X
Rate
  X
Time
49
Q

FORMULA

Depreciation

A

(Cost - Residual Value) / Estimated Useful Life

50
Q

FORMULA

Depreciable Cost

A

Cost - Residual Value

51
Q

FORMULA

Book Value

A

Cost - Accumulated Depreciation

52
Q

FORMULA

Depletion Rate

A

Cost of Resource / Est. Total Units in Resource

53
Q

FORMULA

Depletion Expense for the Period

A

Depletion Rate X Quantity Removed

ACC-120 (1 decks)

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