Accounting Exam 4
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| What are current Liabilities? | show 🗑
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| What is FICA? | show 🗑
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| What is FUTA? | show 🗑
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| What is SUTA? | show 🗑
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| show | If the business has the right to control or direct not only what is to be done, but also how it is to be done, then workers are most likely employees
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| show | If the business can direct or control only the result of the work done -- and not the means and methods of accomplishing the result -- then workers are probably independent contractors
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| show | Employee
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| WHo fills out the W-9 form? | show 🗑
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| What are Long Term Liabilities? | show 🗑
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| What are bonds? | show 🗑
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| What are the bonds issuing procedures? | show 🗑
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| What are the bonds issuing procedures? (Part 2) | show 🗑
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| How to determine the market value of bonds | show 🗑
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| show | length of time from the beginning of the investment until termination
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| show | annual percentage earned on the investment
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| Principal amount | show 🗑
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| show | the value now of a given amount to be paid or received in the future assuming compound interest
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| show | is the value now of a series of future receipts or payments, discounted assuming compound interest.
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| Entity | show 🗑
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| show | a form of business owned by one person
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| Partnership | show 🗑
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| own shares of stock | show 🗑
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| show | the corporate earnings through receipt of dividends
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| show | are the number of shares of a class of stock authorized by the corporation’s charter. The maximum number of shares the corporation can legally issue.
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| Issued shares | show 🗑
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| Treasury stock | show 🗑
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| Outstanding shares | show 🗑
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| Treasury stock | show 🗑
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| Purchase of Treasury Stock | show 🗑
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| Par value | show 🗑
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| No-par value stock | show 🗑
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| show | a value per share which may be assigned by the corporation’s board of directors to no-par stock. Stated value x shares issued is $ amount shown in stockholder’s equity
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| show | the amount stockholders have paid to the corporation in exchange for shares of ownership. Divided into Legal capital and Additional paid-in capital.
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| Legal capital | show 🗑
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| Additional paid-in capital | show 🗑
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| Dividend | show 🗑
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| Cash dividend | show 🗑
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| show | is a pro rata distribution of the corporation’s own stock to stockholders
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| Cumulative dividend | show 🗑
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| show | are preferred dividends that were supposed to be declared but were not declared during a given period
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| Companies favor the indirect method for two reasons: | show 🗑
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| Order of Presentation | show 🗑
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| Purchased inventory with cash | show 🗑
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| Issued common stock in exchange for equipment. | show 🗑
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| show | Financing activities section
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| show | Investing activities section
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| Land is a Non-Current Asset | show 🗑
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| show | Net income
Current assets
Current liabilities
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| Investing – transactions that affect | show 🗑
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| show | Long-term liabilities
Stockholders equity
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| show | The first item listed on the SCF statement under the Cash flows from operating activities section is usually “net income”
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| show | Depreciation expense reduces net income, it does not reduce cash.
Must be added back to NI to determine cash provided by operating activities
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| show | equipment sold for more than its net book value (cost less accumulated depreciation)
Gains are deducted from NI (added to NI originally)
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| show | equipment sold for less than its net book value
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| Gains/losses included in NI but don’t affect cash | show 🗑
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| show | Increases in current asset accounts are subtracted (-) from net income
Decreases in current asset accounts are added (+) to net income
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| show | Increases in current liability accounts are added (+) to net income
Decreases in current liability accounts are subtracted (-) from net income
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| Which of the following statements is true regarding a statement of cash flows? | show 🗑
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