ACC 212: Practice Exam #2 Study Guide - Mastering
Accounting Principles
Physical Balance Accounts - correct answer ✔✔Accounts traceable to tangible items owned.
Last In, First Out (LIFO) - correct answer ✔✔Inventory valuation method prioritizing latest purchases.
Resource Exchange Model - correct answer ✔✔Framework for enterprise interactions with stakeholders.
Prepaid Expense - correct answer ✔✔Payment made for services not yet received.
Gross Profit - correct answer ✔✔Revenue minus cost of goods sold subtotal.
Accrued Salaries - correct answer ✔✔Salaries earned but not yet paid.
Credit Sales - correct answer ✔✔Sales made on account rather than cash.
Accrual Basis Accounting - correct answer ✔✔Records revenues when earned, not when received.
Straight-Line Depreciation - correct answer ✔✔Equal expense allocation over asset's useful life.
Gain on Sale - correct answer ✔✔Profit from selling an asset above book value.
For-Use Asset - correct answer ✔✔Asset utilized in operations, not for sale.
Deferral - correct answer ✔✔Payment made before service is received.
Non-Temporal Resource - correct answer ✔✔Resources not tied to specific time periods.
Accounting Principles
Physical Balance Accounts - correct answer ✔✔Accounts traceable to tangible items owned.
Last In, First Out (LIFO) - correct answer ✔✔Inventory valuation method prioritizing latest purchases.
Resource Exchange Model - correct answer ✔✔Framework for enterprise interactions with stakeholders.
Prepaid Expense - correct answer ✔✔Payment made for services not yet received.
Gross Profit - correct answer ✔✔Revenue minus cost of goods sold subtotal.
Accrued Salaries - correct answer ✔✔Salaries earned but not yet paid.
Credit Sales - correct answer ✔✔Sales made on account rather than cash.
Accrual Basis Accounting - correct answer ✔✔Records revenues when earned, not when received.
Straight-Line Depreciation - correct answer ✔✔Equal expense allocation over asset's useful life.
Gain on Sale - correct answer ✔✔Profit from selling an asset above book value.
For-Use Asset - correct answer ✔✔Asset utilized in operations, not for sale.
Deferral - correct answer ✔✔Payment made before service is received.
Non-Temporal Resource - correct answer ✔✔Resources not tied to specific time periods.
