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- BA220 Financial Accounting (01-MAR-17 - 25-APR-17 [9082])
- Week 4 "Inventory Accounting"
- Take Test: W4 "Midterm"
Take Test: W4 "Midterm"
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Description Instructions Multiple AttemptsNot allowed. This test can only be taken once.Force CompletionThis test can be saved and resumed later.Question 1
What is the accounting equation?
2.5 points
Question 2
Do you use debit or credit to increase an asset?
2.5 points
Question 3
Do you use debit or credit to increase an account under Liabilities?
2.5 points
Question 4
Do you use debit or credit to decrease an account under Owner’s/Stockholder’s Equity?
2.5 points
Question 5
Fill in the missing number in place of the question mark:
Assets =Liabilities + Owner’s Equity
$40,000 =_______+$30,000
2.5 points
Question 6
What component within the accounting equation would “Cash” fall under?
2.5 points
Question 7
What component within the accounting equation would “Accounts Payable” fall under?
2.5 points
Question 8
How would you increase a business’s “Land” account, debit or credit?
2.5 points
Question 9
What component within the accounting equation would “Service Revenue” fall under?
2.5 points
Question 10
Do you use debit or credit to decrease an “Asset” account?
2.5 points
Question 11
These are main types of accounting in which businesses incorporate. One of these is Cash Base Accounting. What is the other one?
2.5 points
Question 12
Fill in the blank for the following statement. Under Cash Base Accounting, you record the transactions as _____ flows in and out of the business.
2.5 points
Question 13
Fill in the blank for the following statement. Accrual Base Accounting is when the accountant records the transactions are the services and expenses are _________.
2.5 points
Question 14
Which accounting method (Case Base vs. Accrual Base) gives a more accurate picture of the financial health of a company?
2.5 points
Question 15
If a company does not specify (especially in your homework) whether they practice Accrual Base Accounting vs. Cash Base Accounting, which one would you automatically assume is being utilized by the accounting team?
2.5 points
Question 16
The financial records of the owner and the business should NEVER be combined. This is referred to as the, “__________________”.
2.5 points
Question 17
List the four Financial Statements in the order they would be created which a for-profit business would produce after each accounting period:
2.5 points
Question 18
Which Financial Statement calculates Net Income/Profit for a business?
2.5 points
Question 19
Which Financial Statement shows the “The Accounting Equation” and how it balances?
2.5 points
Question 20
Which Financial Statement shows the changes in the dollar amount of Ownership within the business?
2.5 points
Question 21
An expense account is under what section of The Accounting Equation?
2.5 points
Question 22
How do you increase an expense account, debit or credit?
2.5 points
Question 23
How do you increase all other Owner’s/Stockholder’s Equity Account, other than expense and owner withdrawal amounts?
2.5 points
Question 24
For accounts under the Owner’s/Stockholder’s Equity account which are increased with a debit, what are these referred to?
2.5 points
Question 25
Under what part of The Accounting Equation are Prepaid Expenses listed under?
2.5 points
Question 26
Under what section The Accounting Equation are Revenue accounts listed under?
2.5 points
Question 27
How are Revenue accounts increased, debit or credit?
2.5 points
Question 28
Input in the missing numbers within this journal entry (labeled with a “?”)
10/1/2015 Prepaid Rental Expense $3,000
Cash $3,000
Prepaid 3 months’ worth of rent ($1,000 x 3)
10/31/2015 Rental Expense ?
Prepaid Rental Expense ?
(Recognized one month of expense out of Prepaid Expense Account)
2.5 points
Question 29
Where is the unearned revenue account listed under The Accounting Equation?
2.5 points
Question 30
In the general journal when entering in the debits and credits, which entry is usually on top, credit or debit?
2.5 points
Question 31
What are the three inventory accounting methods discussed within the lecture?
2.5 points
Question 32
Which inventory accounting method is no longer accepted by General Accepted Accounting Principles (GAAP)?
2.5 points
Question 33
What dictates the reason why an accountant would choose one of the three inventory accounting methods (FIFO, LIFO, or Weighted Average)?
2.5 points
Question 34
What is the principle called for when you match the expenses incurred with the revenue made, in which satisfies the purpose for which the expense was incurred?
2.5 points
Question 35
Which inventory method accounts for the most recent inventory purchased first within its calculation?
2.5 points
Question 36
Which inventory method accounts for the least recent inventory purchased first within its calculation?
2.5 points
Question 37
Which inventory method accounts for neither least recent or most recent inventory purchased first within its calculation?
2.5 points
Question 38
From the accounting equation, which part of the equation represents what you owe?
2.5 points
Question 39
From the accounting equation, which part of the equation represents what you own?
2.5 points
Question 40
From the accounting equation, which part of the equation represents what you have?
2.5 points
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