Financial Acct. Final Review

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krobosu
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189034
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Financial Acct. Final Review
Updated:
2012-12-12 13:24:17
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Part Final review
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Part 1 Final Review
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  1. What is the effect of each of the following transactions on the accounting equation?
    Kyle Paid $1500 for 3 months rent in advance
    • Assets: no change
    • Liabilities: no change
    • Owner's Equity: no change
  2. What is the effect of each of the following transactions on the accounting equation?
    Olivia bought $1800 of inventory on account
    • Assets: increase
    • Liabilities: increase
    • Owner's Equity: no change
  3. What is the effect of each of the following transactions on the accounting equation?
    Trevor bought office supplies costing $50
    • Assets: no change
    • Liabilities: no change
    • Owner's Equity: no change
  4. What is the effect of each of the following transactions on the accounting equation?
    Claire received a $300 pre-payment from a customer for goods to be shipped next month
    • Assets: increase
    • Liabilities: increase
    • Owner's equity: no change
  5. What is the effect of each of the following transactions on the accounting equation?
    Kirsten paid a cash dividend of $1000
    • Assets: decrease
    • Liabilities: no change
    • Owner's Equity: decrease
  6. What journal entry would a company make when it pays for inventory previously purchased on account?
    • Dr.  Acounts Payable
    •      Cr. Cash
  7. What journal entry would a company make when it incures $300 of wages to be paid the following month?
    • Dr. Wages Expense 300
    •      Cr. Wages Payable 300
  8. Determine which description is most appropriate for the journal entry:
    Dr. Equipment $3000
           Cr.  Cash $3000
    Bought $3000 of equipment ofr cash
  9. Determine which description is most appropriate for the journal entry
    Dr. Notes Payable $3400
         Cr  Cash $3400
    Paid off a $3400 loan
  10. A trial balance is a list of all accounts in a company's acounting system that shows whether the total debit balances of all acounts equal the total credit balances of all acounts.
    True
  11. Which of the following statements is False:
    a) Accounts receivable typically has a debit balance
    b) dividends typically have a debit balance
    c) Common stock typically has a credit balance
    d) Unearned revenue typically has s deit balance
    Unearned revenue typically has a debit balance
  12. What generic adjusting entrie is used for:
    Prepaid Expense
    • Dr.  Expense
    •      Cr. Asset
  13. What generic adjusting entrie is used for:
    Unearned Revenue
    • Dr.  Unearned Revenue
    •      Cr. Revenue
  14. What generic adjusting entrie is used for :
    Accrued Revenue
    • Dr.  Receivable
    •      Cr. Revenue
  15. What generic adjusting entrie is used for:
    Accrued Expense
    • Dr.  Expense
    •      Cr. Payable
  16. Which of the following could not be an adjusting entry?
    a) Dr. Interest Expense
              Cr. Interest Payable
    b)Dr. Accounts Receivalbe
               Cr. Sales Revenue
    c) Dr. Insurance Expense
             Cr. Prepaid Insurance
    d) Dr. Inventory
              Cr. Cash
    • Dr. Inventory
    •        Cr. Cash
  17. Brad pays $1800 for a computer on May .  He expects to use the comuter for 3 years.  What adjusting entry will Brad make on June 30 regarding this copmuter purchase?
    • Dr.  Depreciation Ewpense 50
    •        Cr. Accumulated Deprieiation  50
  18. what type of journal entry is typically made last in any given accounting period?
    Closing Entries
  19. Mike sells magazines. His customers pay him $12 at the beginning of the year for 12 issues (one each month). He has 2,000 subscribers.  What adjusting entry would he make on March 31 to record the delivery of the first three issues to his subsribers?
    • Dr. Unearned Revenue 6,000
    •      Cr. Subscription Revenue 6,000
  20. Closing entries involve which of the following?
    a) Debits to all revenue accounts
    b) Credits to the dividend account
    c) Debits to all expense accounts
    d) A and B only
    e) all the above
    A and B only
  21. After closing entries are made, retained earnings should have a zero balance.
    True or False
    False
  22. Which of the following is not an important intrenal control that we discussed in class?
    A) Locks 
    B) Bank Reconciliations
    C) Separation of Duties
    D) Laying off employees
    D) Laying off employees
    (this multiple choice question has been scrambled)
  23. What is the proper way to treat an NSF check when preparing a bank reconciliation?
    Adjust the company's cash balance
  24. Which of the following acronyms is used to describe the current set of accounting rules in the United states?
    GAAP
  25. Separation of duties includes what about individuals who have physical responsibliity for assets?
    Should not also have accerss to accounting records
  26. Under the provisions of the Sarbanes-Oxley Act, corporate executives:
    Must personally certify the company's financial statements.

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