Louisiana State University

This document contains Exam 2 material for Geography 2051 (Physical Geography) at Louisiana State University, taught by Dr. Namikas. The exam focuses on core atmospheric and climate-related concepts commonly covered in the second major assessment of the course. Key topics include the structure and composition of the atmosphere, energy balance, radiation laws, heat transfer, atmospheric pressure, wind systems, global circulation patterns, air masses, fronts, and mid-latitude cyclones. The mate...

In preparing a bank reconciliation, the adjusted cash balance per bank is $9,685. If the cash balance per bank statement is $11,873 and deposits in transit are $3,429, what amount represents outstanding checks for the most recent banking period? A)$5,617 B)$7,821 C) $6,256 D) $2,188 - Answer A) 5,617 While reconciling the bank statement against the company book, the employee identified several checks written by the company were marked paid by the bank. In addition, the employee fo...

Sole Proprietorship - Answer - Generally owned by one person - Simple to establish - Owner controlled - Tax advantages - Personal Liability Partnership - Answer - Owned by 2 or more people - Simple to establish - Shared control - Broader skills & resources - Tax advantages - Personal Liability Corporation - Answer - Easy to transfer ownership - Easy to raise capital (selling shares of stock) - No personal liability (BIGGEST ADVANTAGE) - Pay taxes twi...

Income Tax Model - Answer Gross income - deductions = AGI - standard/itemized deduction - exemptions = taxable income x tax rates = tax liability - credits and payments - amounts owed Single - Answer Unmarried/legally separated or divorced and do not qualify for another filing status Married Filing Jointly - Answer husband/wife - less combined tax when filed together Married filing separately - Answer only helps under certain situations (high medical bills) Su...

Periodicity Assumption - Answer requires accountants to divide the economic life of a business into artificial time periods Revenue Recognition Principle - Answer companies recognize revenue in the accounting period in which it is earned Expense Recognition Principle - Answer Expenses are matched with revenues in the period when efforts are expended to generate revenues Accrual-Basis Accounting - Answer - transactions recorded in the periods in which the events o...

With ______________ ___________ Accounting, transactions are recorded in the period in which the event occurs, not when the cash is received. - Answer Accrual Basis The ____________ Recognition Principle requires companies to recognize revenue in the accounting period in which it is earned. - Answer revenue Adjusting entries should be prepared every time _____________ ________________ are issued in order to ensure all accounts are correctly reported. - Answer financial st...

Chapter 1-2 - Answer What is the basic accounting equation? - Answer Assets = Liabilities + Stockholders' Equity Which is an advantage of corporations relative to partnerships and sole proprietorships? - Answer Reduced legal liability for investors Which forms of business organization are considered to be separate accounting entities? - Answer Sole Proprietorship, Corporations, and Partnerships. Which of the following did NOT result from the Sarbanes-Oxley...

Classified Balance Sheet - Answer Reports assets, liabilities, and equity at specific point in time Operating Cycle - Answer Average time it takes from purchase of inventory to the collection of cash from customers Liquidity - Answer Order in which assets are converted into cash Order of Liquidity - Answer cash, short term investments, acct receivable, inventory, supplies, prepaid insurance Accumulated depreciation - Answer The total of depreciation that...

A balance sheet that groups together similar assets and similar liabilities, using a number of standard classifications and sections. - Answer Classified balance sheet Assets that companies expect to convert to cash or use up within one year or the operating cycle, whichever is longer. - Answer Current assets Obligations that a company expects to pay within the next year or operating cycle, whichever is longer. - Answer Current liabilities A measure of liquidity comput...

The Fitzhugh Corporation saw a 10% decrease in activity levels over the fourth quarter. You have been asked what other changes the company should expect because of this decrease. What will you report? A 10% decrease in variable costs. A 10% increase in fixed costs. A 10% decrease in fixed costs. A 10% increase in variable costs. - Answer A 10% decrease in variable costs. The total variable costs change in proportion to changes in the levels of activity. If activity levels ...