Accounting

BITS 211

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 […]

Read more
Accounting Chapter 6

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 […]

Read more
Accounting Chapter 4

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 […]

Read more
Accounting CH. 8

Journal entries recorded to update general ledger accounts at the end of a fiscal period are called adjusting entries adjusting entries are recorded on the next journal page following the page on which the last daily transactions for the month are recorded. True If the beginning balance of Supplies was $2,500 and the ending balance […]

Read more
Accounting Test 1

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 […]

Read more
Cost Accounting 1

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 […]

Read more
Financial Accounting Chapter 4

Income Statement Reports revenues and expenses and calculates net income or net loss for the time period Statement of Retained Earnings Shows how retained earnings changed during the period due to net income (or net loss) and dividends Balance Sheet Reports assets, liabilities, and stockholders’ equity as of the LAST DAY of the period Classified […]

Read more
Chapter 1 Intermediate Accounting: FASB Codification

CE1-1 Describe the main elements of the link labeled “Help, FAQ, Learning Guide, and About the Codification.” The information at this link describes the elements offered in The FASB Accounting Standards Codification. As indicated, the website offers several resources to enhance your working knowledge of the Codification and the Codification Research System. This page includes […]

Read more
Accounting 211 Exam 1

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 […]

Read more
GA Virtual Learning: Accounting

accounting the action or process of keeping financial accounts cycle the steps involved in accounting for all of the business activities during an accounting period accounting equation the most fundamental equation of double-entry bookkeeping system, it expresses the relationship between what is owned and what is owed by an entity assests a resource with economic […]

Read more
Accounting 101 Chapter 4

work sheet a spreadsheet prepared by many accountants as part of the normal end-of-period process, it shows adjustments effect on financial statements current assets cash and other assets that are expected to be converted to cash or sold or used up usually within one year or less, through the normal operations of business. can include […]

Read more
Accounting Study Guide Chapter 3 & 4

Accrual Basis versus Cash Basis *Accrual basis: uses the adjusting process to recognize revenues when earned and expenses when incurred (matched with revenues) *Cash basis: recognizes revenues when cash is received and records expenses when cash is paid. The revenue recognition principle Requires that revenue be recorded when earned, not before and not after. Expense […]

Read more
Financial & Managerial Accounting Chapter 1

account form The form of balance sheet that resembles the basic format of the accounting equation, with assets on the left side and Liabilities and Owner’s Equity sections on the right side. account payable The liability created by a purchase on account. account receivable A claim against the customer created by selling merchandise or services […]

Read more
Public Accountability and Transparency: The Imperatives of Good Governance

Madhav Godbole’s book, ‘Public accountability and transparency: the imperatives of good governance’ deals with the contemporary political, administrative, social scenario in the country. It also addresses the issues relating to the largely untouched areas of judiciary, media and corporate governance. It presents a well documented analysis of the current milieu and all agencies involved in […]

Read more
Chapter 1 Intermediate Accounting: Summary Of Learning Objectives

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 […]

Read more
Finance & managerial Accounting chp 3 notes

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 […]

Read more
Accounting (Chapter 3)

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 […]

Read more
CHAPTER 5 REVIEW: ACCOUNTING FOR MERCHANDISING BUSINESSES

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 […]

Read more
What get measured gets managed, What needs managed gets measured

Although many may argue with this assertion, the practice and development of managerial accounting over the last thirty years tells us this is true. This phrase, which is often used by senior managers of organisations, implies pushing accountability to lower levels and more active management of new or existing business measurements, in order to achieve […]

Read more
Accounting Ch.6

Closing entries journal entries that transfer the results of operations (net income or net loss) to owner’s equity and reduce revenue, expense and drawing account balances to zero. The Worksheet contains the data necessary to make the closing entries. Income Summary Account A special owner’s equity account that is used only in the closing process […]

Read more
Why should or would long run optimal capital income taxation be roughly zero

When does the long run begin? As we will see, periods following a first period are considered part of the long run. Capital gains (measure of asset value increases), dividends (accruing to individual owners), interest income, and corporate profit, are forms of capital income. Returns to owning company shares include value changes and dividends. Note, […]

Read more
Accounting Test: Chapters 3 & 4

Straight-Line Depreciation Expense = (Asset Cost – Salvage Cost) / Useful Life Adjusting Prepaid (Deferred) Expenses Items paid for in advance of receiving their benefit. They count as assets, and as assets are used, their costs become expenses. Credit (decrease) assets, and debit (increase) expenses. Adjusting Accrued Expenses Costs incurred in a period that are […]

Read more

Get instant access to
all materials

Become a Member