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Open Quick Links Quick Links Logout Global Menu Nikki FultonExpand Global Nav Blackboard Learn Top Frame Tabs Home Tab 1 of 2 Courses Tab 2 of 2 (active tab) Current Location Turn help text off and on BA220 Financial Accounting (01-MAR-17 - 25-APR-1
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Nikki FultonTop Frame Tabs
Home Tab 1 of 2Courses Tab 2 of 2 (active tab)Current Location
- BA220 Financial Accounting (01-MAR-17 - 25-APR-17 [9082])
- Week 8 "The Accounting Cycle"
- Take Test: W8 "Final Exam"
Take Test: W8 "Final Exam"
Content
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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
According to the Week 5 lecture, why do most businesses fail within the first few years?
2.5 points
Question 2
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
It’s possible to make a lot of sales, pay minimal expense, and still go bankrupt. True or False?
2.5 points
Question 4
Most businesses practice Accrual Base or Cash Base Accounting?
2.5 points
Question 5
What is the first step when reconciling your cash account/bank statement?
2.5 points
Question 6
What is the second step when reconciling your cash account/bank statement?
2.5 points
Question 7
What is the third step when reconciling your cash account/bank statement?
2.5 points
Question 8
What is the fourth step when reconciling your cash account/bank statement?
2.5 points
Question 9
How often should a reconciliation of the cash account occur?
2.5 points
Question 10
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
According to the Week 6 lecture, how can a business increase sales of the company?
2.5 points
Question 12
What kind of a fee do you have to pay if you accept credit cards?
2.5 points
Question 13
What term is used to describe the value of a company has through its reputation?
2.5 points
Question 14
Would goodwill be considered a tangible or an intangible asset?
2.5 points
Question 15
What is the equivalent of depreciation for an intangible asset?
2.5 points
Question 16
What is the equivalent of depreciation for a natural resource?
2.5 points
Question 17
What are the three items needed to calculate depreciation?
2.5 points
Question 18
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
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
How does an “Accumulated Deprecation” account get increased; debit or credit?
2.5 points
Question 21
What are the three levels of the Cash Flow Statement?
2.5 points
Question 22
What type of income statement separates out the “Gross Margin”, “Operating Income” and “Net Income”?
2.5 points
Question 23
What does FUTA stand for?
2.5 points
Question 24
What does FICA stand for?
2.5 points
Question 25
What amount is income capped at to pay FICA – Social Security Tax on?
2.5 points
Question 26
What is the term given to the borrower of a bond?
2.5 points
Question 27
What is the term given to the lender of a bond?
2.5 points
Question 28
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
What is the amount to pay off the bond (debt) when it is more than the face value?
2.5 points
Question 30
What is the amount to pay off the bond (debt) when it is less than the face value?
2.5 points
Question 31
What step takes place after the accountant analyzes the transaction (Step 1).
2.5 points
Question 32
What is the step before the final step (Step 8: Close the Books).
2.5 points
Question 33
Which financial statement displays how the accounting equation balances?
2.5 points
Question 34
Are revenue, expense, and withdrawal accounts temporary or permanent accounts?
2.5 points
Question 35
Are cash, equipment, accounts payable, and capital accounts temporary or permanent accounts?
2.5 points
Question 36
The General ___________ is a diary of each specific account from under each component of the accounting equation.
2.5 points
Question 37
What are the three reports within the Accounting Worksheet?
2.5 points
Question 38
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
What account are the temporary accounts closed out to before everything is taken to Retained Earnings?
2.5 points
Question 40
What is the most fundamental lesson in which the accounting profession is built off of?
2.5 points
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