Accounting 2010 Final Exam with correct answers

Accounting 2010 Final Exam with correct \| \| \| \| \| \|




answers


Assets=L+SE - CORRECT ANSWERS ✔✔Accounting Equation
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Contra-Asset account representing total depreciation recorded to date -
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CORRECT ANSWERS ✔✔Accumulated Depr.
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Under this GAAP based method, revenues recognized when earned, expenses
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when consumed - CORRECT ANSWERS ✔✔Accrual Accounting
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Entry used to ensure that revenues and expenses are recognized for internal
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transactions - CORRECT ANSWERS ✔✔Adjusting Entry
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Contra Asset account representing the amount of accounts receivable that we
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do not expect to collect - CORRECT ANSWERS ✔✔Allowance for
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Uncollectible



Cash payments of equal amounts over equal time intervals - CORRECT
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ANSWERS ✔✔Annuity \|




Total number of shares available to sell - CORRECT ANSWERS
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✔✔Authorized Stock \|

, Expected cost of customers failures to pay on accounts receivable - CORRECT
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ANSWERS ✔✔Bad Debt Expense \| \| \|




A financial statement that presents the financial position of the company on a
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particular date - CORRECT ANSWERS ✔✔Balance Sheet \| \| \| \| \| \|




Matching the balance of cash in the bank account with the cash balance -
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CORRECT ANSWERS ✔✔Bank Reconciliation \| \| \|




Formal debt instrument that obligate the borrower to repay a stated amount at
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a specified maturity date - CORRECT ANSWERS ✔✔Bonds
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Cost of a fixed asset less its accumulated depreciation - CORRECT ANSWERS
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✔✔Book Value \|




The unamoritized balance in the bonds payable account; the amount owed to
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bond holders at a point in time - CORRECT ANSWERS ✔✔Carrying Value
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The rate quoted in the bond contract used to calculate the cash payment for
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intrest - CORRECT ANSWERS ✔✔Stated interest rate
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Means "right"; Right side of the T-account; decreases assets, increases liabilities
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and equity - CORRECT ANSWERS ✔✔Credit
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