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1. BA220 Financial Accounting (01-MAR-17 - 25-APR-17 [9082])
2. Week 8 "The Accounting Cycle"
3. Take Test: W8 "Final Exam"

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Take Test: W8 "Final Exam"

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 Test Information

Instructions

Description Instructions Multiple AttemptsNot allowed. This test can only be taken once.Force CompletionThis test can be saved and resumed later.

Question 1

1. According to the Week 5 lecture, why do most businesses fail within the first few years?

2.5 points   

Question 2

1. If an Accounts Receivable account is not eventually converted into cash, what happens to the amount of money in the account after a pre-determined period of time?

2.5 points   

Question 3

1. It’s possible to make a lot of sales, pay minimal expense, and still go bankrupt.  True or False?

2.5 points   

Question 4

1. Most businesses practice Accrual Base or Cash Base Accounting?

2.5 points   

Question 5

1. What is the first step when reconciling your cash account/bank statement?

2.5 points   

Question 6

1. What is the second step when reconciling your cash account/bank statement?

2.5 points   

Question 7

1. What is the third step when reconciling your cash account/bank statement?

2.5 points   

Question 8

1. What is the fourth step when reconciling your cash account/bank statement?

2.5 points   

Question 9

1. How often should a reconciliation of the cash account occur?

2.5 points   

Question 10

1. If a client writes the company a bad check to pay for services/products, and you charge them an administrative fee to make sure the amount eventually gets paid.  What type of account is credited?

2.5 points   

Question 11

1. According to the Week 6 lecture, how can a business increase sales of the company?

2.5 points   

Question 12

1. What kind of a fee do you have to pay if you accept credit cards?

2.5 points   

Question 13

1. What term is used to describe the value of a company has through its reputation?

2.5 points   

Question 14

1. Would goodwill be considered a tangible or an intangible asset?

2.5 points   

Question 15

1. What is the equivalent of depreciation for an intangible asset?

2.5 points   

Question 16

1. What is the equivalent of depreciation for a natural resource?

2.5 points   

Question 17

1. What are the three items needed to calculate depreciation?

2.5 points   

Question 18

1. A piece of equipment is purchased for $10,000, has a salvage value of $2,000, and an estimated useful life of 4 years.  Using the straight-line depreciation method, how much is depreciated per year for the next 4 years?

2.5 points   

Question 19

1. A piece of equipment is purchased for $10,000, has a salvage value of $2,000, and an estimated useful life of 4 years.  Using the double-declining balance method, how much is depreciated per year for the next 2 years?

2.5 points   

Question 20

1. How does an “Accumulated Deprecation” account get increased; debit or credit?

2.5 points   

Question 21

1. What are the three levels of the Cash Flow Statement?

2.5 points   

Question 22

1. What type of income statement separates out the “Gross Margin”, “Operating Income” and “Net Income”?

2.5 points   

Question 23

1. What does FUTA stand for?

2.5 points   

Question 24

1. What does FICA stand for?

2.5 points   

Question 25

1. What amount is income capped at to pay FICA – Social Security Tax on?

2.5 points   

Question 26

1. What is the term given to the borrower of a bond?

2.5 points   

Question 27

1. What is the term given to the lender of a bond?

2.5 points   

Question 28

1. What is the interest rate called which is multiplied by the bond’s face value when issuing pre-determined payments to the bondholder?

2.5 points   

Question 29

1. What is the amount to pay off the bond (debt) when it is more than the face value?

2.5 points   

Question 30

1. What is the amount to pay off the bond (debt) when it is less than the face value?

2.5 points   

Question 31

1. What step takes place after the accountant analyzes the transaction (Step 1).

2.5 points   

Question 32

1. What is the step before the final step (Step 8: Close the Books).

2.5 points   

Question 33

1. Which financial statement displays how the accounting equation balances?

2.5 points   

Question 34

1. Are revenue, expense, and withdrawal accounts temporary or permanent accounts?

2.5 points   

Question 35

1. Are cash, equipment, accounts payable, and capital accounts temporary or permanent accounts?

2.5 points   

Question 36

1. The General ___________ is a diary of each specific account from under each component of the accounting equation. 

2.5 points   

Question 37

1. What are the three reports within the Accounting Worksheet?

2.5 points   

Question 38

1. What is the report called which is the preliminary to the Income Statement and Balance Sheet (it’s contained in the Accounting Worksheet).

2.5 points   

Question 39

1. What account are the temporary accounts closed out to before everything is taken to Retained Earnings?

2.5 points   

Question 40

1. What is the most fundamental lesson in which the accounting profession is built off of?

2.5 points   

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