Accounting 201 Final Exam CORRECT
100%
balance sheet - ANSWERassets
liabilities
equity
income statement - ANSWERrevenue
expense
gains/losses
gross profit
net income/loss
statement of retained earning - ANSWERbeginning capital
contributed capital
ending capital
statement of cash flow - ANSWERlisting of cash inflows/outflows
operating
investing
financing
steps in accounting cycle - ANSWERidentity
journalize
communicate
cost principle - ANSWERrecord at cost
revenue recognition - ANSWERrevenue recognized when earned
matching principle - ANSWERexpenses and related revenue recorded in the same
period
adjusting entries - ANSWERdepreciation
accruals interest/revenue
prepaid
LIFO - ANSWERlast in first out
FIFO - ANSWERfirst in first out
effective rate of interest - ANSWEReffective interest amortization
debenture - ANSWERbonds backs by good faith of issuer/borrower
present value - ANSWERthe value of future dollars in terms of today's dollar
, par value - ANSWERbook value of stock
preferred vs. common stock - ANSWERpreferred are paid first
cost of goods sold - ANSWERbeginning inventory plus net purchases minus ending
inventory
gross profit - ANSWERsales minus cost of goods sold
perpetual - ANSWERongoing
bank reconciliation - ANSWERadjusted bank balance
adjusted book balance
straight line depreciation - ANSWERcost - salvage value / estimated life
accounts receivable - ANSWERbad debt expense
allowance method
write off method
trading - ANSWERreported at Market Value after adjustment of unrealized gain or
loss
help to maturity - ANSWERreported at cost
available for sale - ANSWERreported at Market Value after adjustment of unrealized
gain or loss
investments - ANSWERtrading
held to maturity
available for sale
maturity date - ANSWERdate principal is due back
bond discount - ANSWERcash received is less than principal
market rate is more than contract
bond premium - ANSWERcash received is more than principal
market rate is less than contract
earnings per share - ANSWER(net income-preferred dividends)/weighted avg stock
outstanding
treasury stock - ANSWERstock repurchased by company
stock dividends - ANSWERno effect on stockholder's equity
assets - ANSWERcurrent/long term
cash
100%
balance sheet - ANSWERassets
liabilities
equity
income statement - ANSWERrevenue
expense
gains/losses
gross profit
net income/loss
statement of retained earning - ANSWERbeginning capital
contributed capital
ending capital
statement of cash flow - ANSWERlisting of cash inflows/outflows
operating
investing
financing
steps in accounting cycle - ANSWERidentity
journalize
communicate
cost principle - ANSWERrecord at cost
revenue recognition - ANSWERrevenue recognized when earned
matching principle - ANSWERexpenses and related revenue recorded in the same
period
adjusting entries - ANSWERdepreciation
accruals interest/revenue
prepaid
LIFO - ANSWERlast in first out
FIFO - ANSWERfirst in first out
effective rate of interest - ANSWEReffective interest amortization
debenture - ANSWERbonds backs by good faith of issuer/borrower
present value - ANSWERthe value of future dollars in terms of today's dollar
, par value - ANSWERbook value of stock
preferred vs. common stock - ANSWERpreferred are paid first
cost of goods sold - ANSWERbeginning inventory plus net purchases minus ending
inventory
gross profit - ANSWERsales minus cost of goods sold
perpetual - ANSWERongoing
bank reconciliation - ANSWERadjusted bank balance
adjusted book balance
straight line depreciation - ANSWERcost - salvage value / estimated life
accounts receivable - ANSWERbad debt expense
allowance method
write off method
trading - ANSWERreported at Market Value after adjustment of unrealized gain or
loss
help to maturity - ANSWERreported at cost
available for sale - ANSWERreported at Market Value after adjustment of unrealized
gain or loss
investments - ANSWERtrading
held to maturity
available for sale
maturity date - ANSWERdate principal is due back
bond discount - ANSWERcash received is less than principal
market rate is more than contract
bond premium - ANSWERcash received is more than principal
market rate is less than contract
earnings per share - ANSWER(net income-preferred dividends)/weighted avg stock
outstanding
treasury stock - ANSWERstock repurchased by company
stock dividends - ANSWERno effect on stockholder's equity
assets - ANSWERcurrent/long term
cash
