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Accounting 200 Final Exam > Chapter 1 - 4 > Flashcards

Chapter 1 - 4 Flashcards

1
Q

Accounts Payable

A

Current Liabilities
Balance Sheet

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2
Q

Accounts Receivable

A

Current Assets
Balance Sheet

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3
Q

Accumulated Depreciation - Building

A

Property Plant & Equipment (PPE)
Balance Sheet

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4
Q

Accumulated Depreciation - Equipment

A

Property Plant & Equipment (PPE)
Balance Sheet

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5
Q

Accumulated Depreciation - Furniture

A

Property Plant & Equipment (PPE)
Balance Sheet

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6
Q

Bonds Payable

A

Long Term Liabilities
Balance Sheet

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7
Q

Building

A

Property Plant & Equipment (PPE)
Balance Sheet

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8
Q

Cash

A

Current Assets
Balance Sheet

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9
Q

Common Stock

A

Stockholders Equity
Balance Sheet

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10
Q

Copyrights

A

Intangible Assets
Balance Sheet

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11
Q

Cost of goods sold

A

Expense
Income Statement

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12
Q

Current Maturities of Longterm Debt

A

Current Liabilities
Balance Sheet

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13
Q

Deferred Income Tax

A

Longterm Liabilities
Balance Sheet

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14
Q

Delivery/Freight-Out Expense

A

Expense
Income Statement

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15
Q

Depreciation Expense

A

Expense
Income Statement

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16
Q

Dividend Income

A

Revenue
Income Statement

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17
Q

Dividends

A

Dividend
Statement of Retained Earnings

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18
Q

Equipment

A

Property Plant & Equity (PPE)
Balance Sheet

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19
Q

Franchises

A

Intangible Assets
Balance Sheet

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20
Q

Furniture

A

Property Plant & Equipment (PPE)
Balance Sheet

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21
Q

Goodwill

A

Intangible Assets
Balance Sheet

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22
Q

Income Tax Expense

A

Expense
Income Statement

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23
Q

Income Tax Payable

A

Current Liabilities
Balance Sheet

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24
Q

Insurance Expense

A

Expense
Income Statement

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25
Q

Interest Expense

A

Expense
Income Statement

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26
Q

Interest Payable

A

Current Liabilities
Balance Sheet

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27
Q

Interest Revenue

A

Revenue
Income Statement

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28
Q

Inventory

A

Current Assets
Balance Sheet

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29
Q

Land

A

Property Plant & Equipment (PPE)
Balance Sheet

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30
Q

Lease Liabilities

A

Current Liabilities
Balance Sheet

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31
Q

Longterm Notes Payable

A

Longterm Liabilities
Balance Sheet

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32
Q

Salaries & Wages Expense

A

Expense
Income Statement

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33
Q

Salaries & Wages Payable

A

Current Liabilities
Balance Sheet

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34
Q

Sales

A

Revenue
Income Statement

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35
Q

Sales Revenue

A

Revenue
Income Statement

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36
Q

Service Revenue

A

Revenue
Income Statement

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37
Q

ST Investments

A

Current Assets
Balance Sheet

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38
Q

ST Notes Payable

A

Current Liabilities
Balance Sheet

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39
Q

ST Notes Receivable

A

Current Assets
Balance Sheet

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40
Q

Stock Investments

A

Longterm Investments

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41
Q

Supplies

A

Current Assets
Balance Sheets

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42
Q

Supplies Expense

A

Expense
Income Statement

43
Q

Trademarks/Names

A

Intangible Assets

44
Q

Unearned Revenue

A

Current Liabilities
Balance Sheet

45
Q

Utilities Expense

A

Expense
Income Statement

46
Q

What is the basic accounting question?

A

Assets = Liabilities + Stockholder’s Equity

47
Q

What is the expanded accounting equation?

A

Assets = Liabilities + Common Stock + Beg. Retained Earnings + Revenue - Expenses - Dividends

48
Q

What makes Debits increase and Credits decrease?

A

Expenses, Assets, and Dividends

49
Q

What makes Credits increase and Debits decrease?

A

Liabilities, Equity, and Revenues

50
Q

What is the normal account balance for Cash?

51
Q

What is the normal account balance for Dividends?

52
Q

What is the normal account balance for Accounts Payable?

53
Q

What is the normal account balance for Accounts Receivable?

54
Q

What is the normal account balance for Common Stock?

55
Q

What is the normal account balance for Retained Earnings?

56
Q

What is the normal account balance for Revenues?

57
Q

What is the normal account balance for Accumulated Depreciation?

58
Q

What is the normal account balance for Unearned Service Revenue?

59
Q

What is the normal account balance for Prepaid Insurance/Rent/Other?

60
Q

What is the normal account balance for Building?

61
Q

What is the normal account balance for Expenses?

62
Q

What is the normal account balance for Wages Payable?

63
Q

What is the normal account balance for Patent?

64
Q

What is the normal account balance for Supplies?

65
Q

How does Net Income impact Stockholders Equity?

A

Retained Earnings Increase
Stockholders Equity Increase

66
Q

How does Net Loss impact StockHolders Equity?

A

Retained Earnings Decrease
Stockholders Equity Decrease

67
Q

How do you calculate Ending Retained Earnings?

A

Beginning Retained Earnings + Net Income - Dividends

68
Q

Sole Proprietorship

A

Owned and Controlled by one person

69
Q

Partnership

A

Two or more owners

70
Q

Corporation

A

Separate legal entity incorporated by a group of shareholders who share ownership & pursuer a common goal

71
Q

What are the advantages of a Sole Proprietorship?

A
  • Easy to set up
  • Lower taxes
  • Owner control
72
Q

What are the disadvantages of a Sole Proprietorship?

A
  • Personal Liability
  • Hard to transfer ownership
73
Q

What are the advantages of a Partnership?

A
  • Easy to set up
  • Lower taxes
  • Shared control
  • Broader resources
74
Q

What are the disadvantages of a Partnership?

A
  • Personal Liability
  • Hard to transfer
75
Q

What are the advantages of a Corporation?

A
  • No personal liability
  • Easy to transfer ownership
  • Easy to raise funds
76
Q

What are the disadvantages of a Corporation?

A
  • Harder to set up
  • Higher taxes
77
Q

How do you calculate Income Statement?

A

Revenue - Expense = Net Income or Net Loss

78
Q

Accural-Basis Accounting

A

Transactions are recorded in the periods in which the events occur

79
Q

When are Revenues recognized when using Accrual-Basis Accounting?

A

When the performance obligations are satisfied, even if cash is NOT received

80
Q

When are Expenses recognized when using Accrual-Basis Accounting?

A

When incurred (financially obligated) even when cash is NOT paid

81
Q

Adjusting Entries - Deferrals - Prepaid Expenses

A

Expenses paid in cash and recorded as assets before they are used or consumed

82
Q

Adjusting Entries - Deferrals - Unearned Revenues

A

Cash received and recorded as liabilities before revenue is earned

83
Q

Adjusting entries - Accruals - Accrued Revenues

A

Revenues for services performed but not received in cash or recorded

84
Q

Adjusting entries - Accruals - Accrued Expenses

A

Expenses incurred but not yet paid in cash or recorded

85
Q

How do you record Depreciation?

A

Dr. Depreciation Expense
Cr. Accumulated Depreciation

86
Q

Accumulated Depreciation

A

Contra-Asset
Normal Balance is a Credit

87
Q

How do you determine Interest Cost?

A

Interest = Face Value of a Note x Annual Interest Rate x Time in Terms of One Year

88
Q

Something is too high

A

It is overstated

89
Q

Something is too low

A

It is Understated

90
Q

Prepaid Expenses accounts before adjustment

A

Assets overstated
Expenses understated

91
Q

What is the adjusting entry of Prepaid Expenses?

A

Dr. Expenses
Cr. Assets or Contra Assets

92
Q

Unearned Revenues accounts before Adjustment

A

Liabilities overstated
Revenues understated

93
Q

What is the adjusting entry for Unearned Revenues

A

Dr. Liabilities
Cr. Revenues

94
Q

Accrued Revenues accounts before adjustment

A

Assets understated
Revenues understated

95
Q

Adjusting entry for Accrued Revenues

A

Dr. Assets
Cr. Revenues

96
Q

Accrued expenses account before adjustment

A

Expenses understated
Liabilities understated

97
Q

Adjusting entry for Accrued expenses

A

Dr. Expenses
Cr. Liabilities

98
Q

Step 1 of preparing a Financial Statement

A

Prepare a Trial Balance

99
Q

Step 2 of preparing a Financial Statement

A

Prepare adjusting entries

100
Q

Step 3 of preparing a Financial Statement

A

Prepare an adjusted trial balance

101
Q

Step 4 of preparing a Financial Statement

A

Prepare Income Statement

102
Q

Step 5 of preparing a Financial Statement

A

Prepare the retained earning statement

103
Q

Step 6 of preparing a Financial Statement

A

Prepare the Balance Sheet

104
Q

Step 7 of preparing a Financial Statement

A

Prepare the closing entries

Accounting 200 Final Exam (3 decks)

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