Basic Accounting Quiz# 2 MCNP-ISAP Name : __________________________________________________ Date:____________ Score:____________ Directions: Encircle your final answer. Do not cheat. Good luck! 1. | The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the | balance sheet income statement statement of cash flows | 2. | The financial statement that reports the assets, liabilities, and stockholders'
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Jamona Exercise Date | Cash Received | Interest Revenue (PV) | Bond Premium Amortization | Carrying Amount of Bonds | 1/1/2006 | | | | 322,744.44 | 12/31/2006 | 36,000.00 | 30,545.34 | 5454.66 | 317,289.78 | 12/31/2007 | 36,000.00 | 29,750.40 | 4958.45 | 312,331.33 | 12/31/2008 | 36,000.00 | 27,046.80 | 4507.85 | 307,823.48 | 12/31/2009 | 36,000.00 | 24,588.00 | 4098.04 | 303,725.44 | 12/31/2010 | 36,000.00 | 22,352.40 | 3725.44 | 300,000.00 | | | | | | Journal entries Purchase
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A C C O U N TA N C Y HIGHER SECONDARY – FIRST YEAR Untouchability is a Sin Untouchability is a Crime Untouchability is Inhuman. TAMILNADU TEXTBOOK CORPORATION College Road, Chennai - 600 006. © Government of Tamilnadu First Edition - 2004 PREFACE CHAIRPERSON Dr. (Mrs) R. AMUTHA Reader in Commerce Justice Basheer Ahmed Sayeed College for Women Chennai - 600 018. REVIEWERS Dr. K. GOVINDARAJAN Reader in Commerce Annamalai University Annamalai Nagar - 608002. Dr. M. SHANMUGAM Reader
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This report provides an insight into understanding factual quantative information on a lemonade stand for the first season, from the use of the business’s general journal, and the data that was collected during Season One. The business was started from a capital balance of $40.00 when the weather was normal throughout the first season of six business days. The business created a General Journal (Appendix-1) to record each transaction in chronological order, that will allow you to see the debits
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МІНІСТЕРСТВО ОСВІТИ ТА НАУКИ, МОЛОДІ ТА СПОРТУ УКРАЇНИ ХАРКІВСЬКИЙ НАЦІОНАЛЬНИЙ ЕКОНОМІЧНИЙ УНІВЕРСИТЕТ Кафедра іноземних мов “ Цілі та принципи бухгалтерського обліку ” ВИКОНАЛА: ПЕРЕВІРИЛА:
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| Question : | (TCOs A, B, and C) Which of the following statements concerning users of accounting information is incorrect? | | | Student Answer: | | Management is considered an internal user. | | | | Present and prospective creditors are considered external users. | | | | Regulatory authorities, such as the SEC, are considered internal users. | | | | Taxing authorities are considered external users. | | Instructor Explanation: | See Chapter 1, page 7. | | |
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EXERCISE 8-2 (a) Jan. 6 Accounts Receivable—Jackie Inc 7,000 Sales Revenue 7,000 16 Cash ($7,000 – $140) 6,860 Sales Discounts (2% X $7,000) 140 Accounts Receivable—Jackie Inc 7,000 (b) Jan. 10 Accounts Receivable—C. Bybee 9,000 Sales Revenue 9,000 Feb. 12 Cash 6,000 Accounts Receivable—C. Bybee 6,000 Mar. 10 Accounts Receivable—C. Bybee 60
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12/10/13 Cash and Receivables Print this page ACCOUNTS RECEIVABLE 3. Define receivables and identify the different types of receivables. Receivables are claims held against customers and others for money, goods, or services. For financial statement purposes, companies classify receivables as either current (short-term) or noncurrent (long-term). Companies expect to collect current receivables within a year or during the current operating cycle, whichever is longer. They classify all other
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• GAAP meaning generally accepted accounting principles (GAAP) are basic sets of rules governing how the financial books and records of an organization are to be maintained; how revenues, expenditures, and expenses are to be accounted for; and how financial statements are to be prepared. (Ch. 3, pg. 20) • Basic accounting formula is used to determine what might be called the net worth of a private nonprofit human service agency. )Ch. 3, pg. 28) • Transaction/T-account is a transaction of any financial
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Case 3 – Private Fitness, Inc. Private Fitness, owned by Rosemary Worth is a very good example to show the consequences of lack of internal control procedures. The two major problems she is facing are: I. Protecting business revenue and assets even without her presence. a. No proper recording of revenues and operating expenditures b. No scheduling system for instructors or employees c. Payroll system doesn’t exist d. Limited funds II. To decide what to do with
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