Test 2 part 1 Flashcards
1
Q
assets to be classified as current assets
A
Cash
Prepaid Insurance
Accounts Receivable
Inventory
2
Q
liabilities to be classified as current liabilities
A
Accounts Payable
Interest Payable
3
Q
assets to be classified as Plant, Property and Equipment (PPE)
A
Land
Building (After Depreciation)
4
Q
Credits
A
Liabilities
Common Stock
Revenue
5
Q
Debits
A
Assets
Dividends
Expenses
6
Q
What is on Income Statement in order
A
- Revnue
- COGS
- GRoss Profits ( 1-2 )
- EXpenses
- Operating Profit ( 3-4 )
- Gain on Equipment Sale
- INtrest Expense
- Income Before Taxes ( 5+6-7 )
- Income Tax Expense ( 8 x tax % )
- Net Income ( 8-9 )
- Shares ( 10 / Outstanding Shares )
7
Q
Unearned Service Revenue
A
Credit
8
Q
Common Stock
A
Credit
9
Q
Selling Expenses
A
Debit
10
Q
Intrest Expense
A
Debit
11
Q
Supplies Expense
A
Debit
12
Q
Retained Earnings
A
Credit
13
Q
COGS
A
Debit
14
Q
Patents
A
Debit
15
Q
Cash & Cash Equivalents
A
Debit
16
Q
Equipment
A
Debit
17
Q
Land
A
Debit
18
Q
Sales
A
Credit
19
Q
Allowance for Uncollectible
A
Credit
20
Q
Morgage Payable
A
Credit
21
Q
Bonds Payable
A
Credit
22
Q
Additional Paid in Capital
A
Credit
23
Q
Gain on Land Sale
A
Credit
24
Q
Marketing Expense
A
Debit
25
Sales Revenue
Credit
26
Merchandise Inventory
Debit
27
Wages Payable
Credit
28
Salaries Expense
Debit
29
Accumulated Depreciation
Credit
30
Accounts Receivable
Debit
31
Administration Expenses
Debit
32
Salaries Payable
Credit
