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Accounting 1st block

Accounting exam

QuestionAnswer
The accounting equation Assets, Liabilities, Owners Equity
A lost check with a blank endorsement on it can be cashed by anyone who has the check
Total assets are $35000. Cash is paid for $2500 of supplies. Total assets are? $35000
To stat a business, the owner invested $18000, bought $2500 of supplies, insurance coverage of $1000, and bought an additional $800 of supplies on account. Total assets are? $10800
A business has total cash of $20000. Then the business pays $500 on account, buys insurance coverage of $750, buys supplies for $1000 and pays $200 more on account. the balance of the cash account is? 17550
A business has total assets of $20000. Then the business pays $2000 on account, buys insurance coverage of $750, buys supplies for $1500, and pays $600 more on account. Total assets are now 17400
A transaction that increases cash and decreases owner's equity is ___. revenue
When a business pays cash on account, a liability account is Decreased by a debit
When a business receives revenue, Sales is increased by a credit
Decreases in an asset account are shown on a T account's (which side) credit side
When $5000 cash is received on account, Accounts recievable is _______ with a ____ and Cash is _____ with a ____. Decreased, credit, increased, debit
Any expense account is debited or credited? Debited!
A check must be signed with (a) black ink (b)a restrictive endorsement (c) only the first and last name (d) the same signature as on the signature card D. the same signature as on the signature card
if the Trial Balance columns are not equal and the difference is 1, the error often is _____ addition
When total revenue is less than total expenses, the difference is ___- Net loss
Informaiton needed to prepare an income statement's revenue section is obtained from a work sheet's Account Title column and ___ Income Statement Credit Column
The percentage relationship between one financial statement item and the total that includes that item is ___. component percentage
Informaiton needed to prepare a balance sheet assets section is obtained from a work sheet's Account Title column and ___. Balance sheet debit column
Adjustments are analyzed and planned where? On a worksheet
Information needed to prepare a balance sheet assets section is obtained from a work sheet's Account Tittle column and ____. Balance Sheet Debit Column
Accounts used to accumulate informaiton from one fiscal period to the next are__ accounts. permanent
The formula for caluculating the net income component percentage is ____. net income divided by total sales equals net income component percentage.
After the adjusting entry for Supplies has been posted, Supplies expense has an up-to-date balacne, wheich is the ___. Value of supplies used druing the fiscal period.
the journal entry to adjust Prepaid Insurance is ___. debit Insurance Expense; creidt Prepaid Insurance.
When the total expenses are greater than the total revenue, _____. The income summary account has a debit balance.
Information needed for closing entries is found in the ____. Income Statement and Balance Sheet columns of the work sheet
Which accounting concept applies when financial statements are prepared from information on the work sheet? Adequate Disclosure
After the closing entries are posted, the only accounts with balances are ____ accounts. Permanent
Information needed for recording the closing entries is obtained from the work sheet's Income Statement and Balance Sheet columns
Recording business transactionsin dollars is an application of the accounting concept. unit of measure
When cash is decreased and supplies are increased by an equal amount, __ liabilities and capital are not changed.
buying items and payingfor them at a future date is a common business practice.
Why might a check be dishonored? -check appears altered. -signature of person who signed the check doesn't match the signature card at the bank. amounts written figures and words don't agree. postdated. person who wrote check stopped payment on check.
The total of all debit account balances must equal the total of all _____ ______ ______. Credit Account Balances.
The series of accounting activities included in recording financial information for a fiscal period is called ____________. The answer is accounting cycle.
Journal entries recorded to update general legder accounts at the end of a fiscal period is called what??? adjusting entries
check with a future date on it is called ________ Postdated Check
What steps are taken when journalizing cash received from sales date account debited cash in the account title title of the account credited sales source document in the doc number
What are the two types of equities? Equity of those whom money is owed and Equity of the owner
What is the four steps that a journal entry consists? (1) date, (2) debit, (3) credit, and (4) source document.
Created by: corunna
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