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From Flashcardlet > Accounting Final > Flashcards

Accounting Final Flashcards

0
Q

RAIDS

A

common control principle

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1
Q

TREC

A

Internal control

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2
Q

CARR

A

segregation of duties

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3
Q

TREC stands for

A

Theft, reliability, efficient nd effective, compliance

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4
Q

RAIDS stands for

A

Responsibility, access, independently, document, segregate

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5
Q

CARR stands for

A

Custody, authorization, record, reconcile

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6
Q

Gross profit percentage

A

Net sales -CGS divided by net sales

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7
Q

Face value

A

Market rate is at the same

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8
Q

Discount

A

Market rate is higher

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9
Q

Premium

A

Market rate is lower

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10
Q

How to find interest expense?

A

Multiply beginning of year by market interest rate

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11
Q

How do you get cash paid using amortization method?

A

Bond amount times annual interest rate

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12
Q

How to find reduction of premium using amortization?

A

It’s the difference between interest expense nod cash paid

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13
Q

How to find bond payable net using amortization with premium and discount?

A

With premium you subtract reduction of premium from beginning year. And with discount you add

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14
Q

In the straight line method, how do u find the interest expense?

A

Divide the premium or discount by the amount of years

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15
Q

Using straight line method, how do u find reduction of premium?

A

Cash paid - interest expense

16
Q

Is straight line method GAAP for bonds.?

A

No

17
Q

What are the 4 ways of doing inventory?

A

Special identification, FIFO, LIFO, weighted average

18
Q

How to calculate weighted average cost?

A

Add how much everything cost divided by how many you have. That gives you how much per unit.

19
Q

Straight line depreciation method

A

(Cost -residual value) * 1/ useful life

20
Q

Units of production depreciation method

A

(Cost -residual value) *(actual production this period/estimated total production)

21
Q

Double declining depreciation method

A

2/useful life *acquisition value

22
Q

Goodwill

A

Find in book

From Flashcardlet (4 decks)

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