Georgia State University

Georgia State University – Georgia History Exam Study Guide (Latest Update, Graded A+) Introduction: This document is a complete and up-to-date Georgia History Exam study guide used at Georgia State University (GSU). It includes detailed and accurate answers to more than 60 exam-style questions covering the state’s political, cultural, and historical development—from the founding of the Georgia colony in 1732 to modern events such as the 1996 Olympic Games and the rise of Atlanta as ...

Receivables - Answer Amounts due from individuals and companies. 3 different types. Accounts Receivable (A/R) - Answer Amounts customer owe on account. Pay within 30-60 days. Notes Receivable (N/R) - Answer Written promise for amounts to be received. 60-90 days or longer. Other Receivables - Answer Interest receivable loans to company officers. Bad Debt Expense (BDE) - Answer Losses from extending credit. Allowance for Doubtful Accounts - Answer AFDA 2 Issues ...

retained earnings - Answer An amount earned by a corporation and not yet distributed to stockholders. property - Answer anything of value that is owned or controlled plant and equipment - Answer Property that will be used in the business for longer than one year. assets - Answer money and other valuables belonging to an individual or business liabilities - Answer Amounts owed to creditors Stockholders' Equity - Answer The owners' claim to assets. Account...

Journal entry to pay sales tax - Answer -Debit sales tax payable -Credit cash Secured bonds - Answer Have specific assets of the issuer pledged as collateral for the bonds Unsecured bonds - Answer Issued against the general credit of the borrower Convertible bonds - Answer Bonds that can be converted into common stock at the bondholder's option Callable bonds - Answer Bonds that the issuing company can redeem at a stated dollar amount prior to maturity

Plant Assets - Answer Long lived, tangible assets used in the operations of a business (Ex. Land, Buildings, Equipment, Furniture, Fixtures, Automobiles) Depreciation - Answer The process by which businesses spread the allocation of a plant asset's cost over its useful life Cost Principle - Answer A principle that states that acquired assets and services should be recorded at their actual cost Lump Sum Purchases - Answer Capital Expenditures - Answer An expenditure...

Sole Proprietorship - Answer a business owned by one person. The business is a separate entity for accounting purposes. However, a proprietorship is not a separate legal entity from its owner. Partnership - Answer a business owned by two or more people, called partners, who are jointly liable for tax and other obligations. Like a proprietorship, no special legal requirements must be met in starting a partnership. The only requirement is an agreement between partners to run a business to...

Methods for writing off accounts that are deemed uncollectible - Answer - allowance method - direct charge off method allowance method - Answer charging uncollectible accounts expense in the period when the sales are recorded, as an adjusting entry at the end of the period - required by GAAP - an estimate is debited to Uncollectible Accounts Expense and credited to Allowance for Doubtful Accounts - matches uncollectible accounts expense to sales

Revenue expenditures - Answer Costs not included in a plant asset account that must be expensed immediately Capital expenditures - Answer Costs that are not expensed immediately but are instead included on a plant asset account Costs of Land - Answer 1. Cash purchase price 2. Closing costs such as title and attorney's fees 3. Real estate broker's commissions 4. Accrued property rates on land assumed by purchases Land improvements - Answer Structural additions made ...

• Identify the advantages of the corporate form of business organization - Answer Easier to transfer ownership Easier to raise funds No personal liability Identify the disadvantages of the corporate form of business organization - Answer double taxed file annual paperwork • Identify internal users of financial information. - Answer Marketing- price for iPod to maximize net income? Management- which product line most profitable; should eliminate any products? Finance- have e...

5.1 Perpetual Inventory System - Answer -Maintain detailed records of the cost of each inventory purchase and sale. -Records continuously show inventory that should be on hand for every item. -Company determines cost of goods sold each time a sale occurs. Advantages: -Traditionally used for merchandise with high unit values. -Shows the quantity and cost of the inventory that should be on hand at any time. -Provides better control over inventories than a period system. 5.1 Perio...