Chapter 2: Recording Business Transactions 1. Which of the following accounts is NOT an example of an asset? A) Accounts receivable B) Cash C) Building D) Notes payable Which of the following accounts is NOT an example of a liability? A) Wages payable B) Notes payable C) Accounts payable D) Accounts receivable Which of the following accounts is NOT an example of an owner’s equity account? A) Drawing B) Capital C) Additional investments D) Cash Accountants first record transactions in the: A)
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accounting system. d24.Book of original entry. d25.Purpose of trial balance. d26.Identification of a real account. b27.Identification of a temporary account. a28.Temporary vs. permanent accounts. c29.Meaning of debit. c30.Double-entry system. a31.Effect on stockholders’ equity. a32.Transaction analysis. a33.Accounting equation. b34.Accounting process vs. accounting cycle. d35.Accounting cycle steps. d36.Criteria for recording events. d37.Identification
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ACC591 GNFP Spring Term, 2013 Prof Orpurt Homework #3 Due: Friday April 19 by 5pm. I prefer that you drop off a printed or NEATLY written paper version of your homework. Question 1: A wealthy donor promised $1 million to the local art museum to expand the size of its building, contingent on the museum obtaining a grant from the State Endowment for the Arts of at least $500,000. Upon completing the signed agreement with the donor, the museum should: A. Record a debit to Contributions Receivable-Temporarily
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2011 ACCOUNTING Written examination 1 Number of questions Number of questions to be answered Number of marks 2 2 90 $ $ Date 2011 9 600 2 000 Date 2011 8 000 12 000 1 200 Total Date 2011 600 6 200 1 800 600 Date 2011 not Total 5 2011 ACCNT EXAM 1A Fantastic Footwear sent the following Statement of Account to one of its debtors, Jets Little Aths. Fantastic Footwear STATEMENT OF ACCOUNT To: Jets Little Aths 30 June 2011 Debit 1 June 11 June
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Accounting for Bad Debts The two methods for accounting for bad debts are the Direct Write-off method and the Allowance method. Direct write-off does not properly match, nor does it conform to conservatism, hence the method is not GAAP. It is, however, the method that must be used for income tax reporting. The Allowance method (is GAAP) does properly match expenses with revenues and is in conformity with conservatism and can be applied in two different, yet similar ways: Income statement
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1. (TCO F) Computing unit product costs involves averaging in: Job-Order Costing Process Costing A Yes No B Yes Yes C No Yes D No No (Points : 5) Choice A. Choice B. Choice C. Choice D. 2. (TCO F) Process costing would be appropriate for each of the following except: (Points : 5) custom furniture manufacturing. oil refining. grain milling. newsprint production.
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Accounting | O’Henry’s data services | Accounting | | Lorine Reed | 10/17/2010 | [Type the abstract of the document here. The abstract is typically a short summary of the contents of the document. Type the abstract of the document here. The abstract is typically a short summary of the contents of the document.] | The trail balance unreported expenses is $2,750 and the revenue is $2,100 ,So the revenue for November was $14,300plus $2,100 which equals $16,400. Expense $3,400 and $900
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INFORMATION SYSTEMS TUTORIAL SOLUTIONS WEEK 3 CHAPTER 3 3. One often hears the statement: ‘Debits are bad and credits are good for the business.’ Do you agree? Why or why not? This statement is nonsense. The debits and credits are merely double-entry rules for recording transactions and events. Even though expenses may be “debit”, so too are assets. “Debit” implies neither good or bad. Likewise for credits, which can be revenues or liabilities or equity. |Exercise 3.4
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The Effects of Technology on the Accounting Profession Paper Over the years people have switched from filing tax in papers to filing tax online in matter of minutes. This has provided individual with software that will provide him or her with full access to filing his or her tax online. As people continue to newer year each individual will see many changes in the Information system field and these new technologies will makes everything easy for us. The following essay will discuss the variety
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Revenue recognition practices are one of the most common reasons for accounting restatements. Many would believe that it is a basic principle: when a sales transaction occurs, revenue is recorded. Unfortunately, there are many different sales and services that make revenue recognition a much more complex issue. It is difficult to develop guidelines applicable to all industry transactions to record revenue. There are two basic guidelines to follow when decided if a company should recognize revenues
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