Accounting 2010 Final Exam with
Accurate Solutions
Assets=L+SE - ANSWER-Accounting Equation
Contra-Asset account representing total depreciation recorded to date - ANSWER-
Accumulated Depr.
Under this GAAP based method, revenues recognized when earned, expenses when
consumed - ANSWER-Accrual Accounting
Entry used to ensure that revenues and expenses are recognized for internal
transactions - ANSWER-Adjusting Entry
Contra Asset account representing the amount of accounts receivable that we do not
expect to collect - ANSWER-Allowance for Uncollectible
Cash payments of equal amounts over equal time intervals - ANSWER-Annuity
Total number of shares available to sell - ANSWER-Authorized Stock
Expected cost of customers failures to pay on accounts receivable - ANSWER-Bad
Debt Expense
A financial statement that presents the financial position of the company on a particular
date - ANSWER-Balance Sheet
Matching the balance of cash in the bank account with the cash balance - ANSWER-
Bank Reconciliation
Formal debt instrument that obligate the borrower to repay a stated amount at a
specified maturity date - ANSWER-Bonds
Cost of a fixed asset less its accumulated depreciation - ANSWER-Book Value
The unamoritized balance in the bonds payable account; the amount owed to bond
holders at a point in time - ANSWER-Carrying Value
The rate quoted in the bond contract used to calculate the cash payment for intrest -
ANSWER-Stated interest rate
Accurate Solutions
Assets=L+SE - ANSWER-Accounting Equation
Contra-Asset account representing total depreciation recorded to date - ANSWER-
Accumulated Depr.
Under this GAAP based method, revenues recognized when earned, expenses when
consumed - ANSWER-Accrual Accounting
Entry used to ensure that revenues and expenses are recognized for internal
transactions - ANSWER-Adjusting Entry
Contra Asset account representing the amount of accounts receivable that we do not
expect to collect - ANSWER-Allowance for Uncollectible
Cash payments of equal amounts over equal time intervals - ANSWER-Annuity
Total number of shares available to sell - ANSWER-Authorized Stock
Expected cost of customers failures to pay on accounts receivable - ANSWER-Bad
Debt Expense
A financial statement that presents the financial position of the company on a particular
date - ANSWER-Balance Sheet
Matching the balance of cash in the bank account with the cash balance - ANSWER-
Bank Reconciliation
Formal debt instrument that obligate the borrower to repay a stated amount at a
specified maturity date - ANSWER-Bonds
Cost of a fixed asset less its accumulated depreciation - ANSWER-Book Value
The unamoritized balance in the bonds payable account; the amount owed to bond
holders at a point in time - ANSWER-Carrying Value
The rate quoted in the bond contract used to calculate the cash payment for intrest -
ANSWER-Stated interest rate
