Test Answers on Accounting Flashcards

author Thanhha Lai word choice Vietnamese, symbols, child-like, simple sentence structure free verse lines, stanza tone denial, fear, tense, dissatisfaction, hopeful home a place where you have the people that you love theme (not sure) it takes time to get used to a place, but eventually you will call it home

question Iroquois creation story – author answer David Cusick question who is Luis De Santagel answer the royal chancellor of Spain who personally financed Columbus’ voyage aka made the whole thing possible question Iroquois creation story – summary answer -sky woman conceives twins and sinks to the dark world onto the back of a turtle […]

question Choose the letter of the word or phrase that best matches the word “indefatigable”. During the long spelling bee the young contestant was indefatigable. answer inexhaustible question Choose the letter of the word or phrase that best matches the word invincible. The invincible athlete won three gold medals. answer unbeatable question Choose the word […]

Rochester The Imperfect Enjoyment. A Satire Against Reason and Mankind. RESTORATION PERIOD. known as a rake. wrote in satire. Libertine: skepticism/pursue pleasure but have restraint or slave to them/free-thinking/materialist Restoration Literature Charles II back to England from France and takes throne. End of Puritan commonwealth. tries to establish culture of absolutism. powers issued by the […]

Excel stores spreadsheets in files called? The contents are located where? Workbooks; shown in the workbook window What displays the cell reference of the active cell? Name box This button is used to select all of the cells in the active worksheet. Select all button This is defined as the number along the left side […]

Merchandise inventory is reported as a(n) current asset During the month, merchandise is sold for $80,500 cash and for $119,000 on account. The cost of merchandise sold is $101,500. What is the amount of gross profit? $98,000 The operating cycle of a business is comprised of a. purchase activity. b. sales activity. c. All of […]

Why do companies wait until the end of the accounting period to make adjustments to record related revenues and expenses in the correct period? Because recording many operating activities that take place over a period of time or several periods daily such as using insurance that has been prepaid or owing wages to employees for […]

The Fall of the House of Usher Edgar Allan Poe, Roderick Usher, Unnamed narrator, twin sister Madeline, sister entombed alive, comes back and kills Roderick William Wilson Edgar Allan Poe, (Will I Am) William stabs William Wilson, actually stabs himself, double, twin, the self, gothic He Berenice Edgar Allan Poe, Egaeus and his cousin Berenice, […]

Shepheardes Calendar, 1579 – Spenser – In emulation of Virgil’s first work, the Eclogues, Spenser wrote this series of pastorals to begin his career. However, Spenser’s models were rather the Renaissance eclogues of Mantuanus. – deliberately archaic spellings, in order to suggest a connection to medieval literature, and to Geoffrey Chaucer in particular. – The […]

Shirley Jackson Born in 1919 and died in 1965. Spent all but the first 14 years of her life in the East. An active writer by the age of 14. During her college years, she published her work in student publications and founded and edited a campus literary magazine. After graduation and marriage, she combined […]

Accounting equation The basic tool of accounting, stated as Assets = Liabilities + Equity Asset An economic resource that is expected to be of benefit in the future Balance sheet Reports on an entity’s assets, liabilities, and stockholders’ equity as of a specific date Expense Decreases in equity that occur in the course of selling […]

In the cost equation TC = F + VX, which term refers to the volume of activity? X The engineering method of estimating costs: All of the above are correct statements. Voyager Corporation has developed the following cost formula for its maintenance costs: Y = $300 + $2X, where X = the number of direct […]

Management accounting vs financial accounting Financial accounting is retrospective, used primarily externally by investors, and governed by rules set by the SEC and FASB. Also more aggregated Management accounting is prospective, used internally by managers, and is not governed by any set rules Strategy About an organization making choices about what it will do and […]

Good Morning Miss Dove (ch. 1) Miss Dove taught at Cedar Grove elementary school. It was in the town of Liberty Hill. Thomas Baker, a WWII soldier, was an old student of Miss Dove. He sent her a letter which his brother, Randy Baker, read. Once he read the letter, Jincey, a girl classmate, said […]

1 Identify the major financial statements and other means of financial reporting. Companies most frequently provide (1) the balance sheet, (2) the income statement, (3) the statement of cash flows, and (4) the statement of owners’ or stockholders’ equity. Financial reporting other than financial statements may take various forms. Examples include the president’s letter and […]

“What Is an American?” key word: “new” “A Jingle of Words” expresses appreciation for American English “Liberty and Union” main point: the union must be more powerful than the states “The Portland Declaration” family is the living cell of every society “They Have Yarns” about American hyperbole “The Innocents Abroad” plot: a group of friends […]

Adjusting Accounts • Prepaid expenses • Unearned revenues • Accrued expenses • Accrued revenues • Adjusted trial balance time period assumption presumes that an organization’s activities can be divided into specific time periods such as a month, a three-month quarter, a six-month interval, or a yea Explain the importance of periodic reporting and the time […]

Accounting cycle Standard set of accounting procedures to record transactions and prepare financial statements. Accounting information system A system that collects and processes transaction data and then disseminates the financial information to interested parties. Accounting information systems vary widely from one business to another, depending on the nature of the business and its transactions, the […]

For a merchandising business, the revenue account is called: A) gross profit B) gross sales C) earnings D) sales E) net income D The difference between the revenues and the cost of merchandise sold is referred to as the: A) gross profit B) gross sales C) earnings D) net income E) sales A The proper […]

Changes in owner’s equity that result from investments or withdrawals of assets by the owner are included in the Statement of Owner’s Equity Owner’s equity can be increased through Investments by owner The balance in an expense account is closed to a(n) Income Summary Account The order in which financial statements should be prepared is […]

An accounting system must be able to A report information. B All of these choices are correct. C record financial information. D organization information. B The best definition for processing systems is the A means by which the system collects, summarizes, and reports accounting information. B policies and procedures that protect assets from misuse. C […]