Accounting 201 Final Exam Questions And Correct Answers
accounts receivable - ✔✔ bad debt expense
allowance method
write off method
accrued revenue - ✔✔ revenues earned in a period that are both unrecorded and not yet received in
cast (or other assets); adjusting entries for recording accrued revenues involve increasing assets and
increasing revenues
accumulated depreciation - ✔✔ cumulative sum of all depreciation expense recorded from an asset
adjusted bank balance - ✔✔ deposits in transit
bank erros
payments received by bank
interest paid by back
bank service charge
NSF
adjusted book balance - ✔✔ outstanding checks
recording errors
adjusting entries - ✔✔ depreciation
accruals interest/revenue
prepaid
allowance for doubtful accounts - ✔✔ contra asset account with a balance approximating
uncollectible accounts receivable
amortization - ✔✔ process of allocating the cost of an intangible asset to expense over its estimated
useful life
, asset: accounts receivable - ✔✔ amounts due from customers for credit sales; backed by the
customers general credit standing
assets - ✔✔ current/long term
cash
accounts receivable
contra asset-allowance for doubtful accounts
inventory
plant assets/equipment
contra asset-accumulated depreciation
investments
available for sale - ✔✔ reported at Market Value after adjustment of unrealized gain or loss
balance sheet - ✔✔ assets
liabilities
equity
bank reconciliation - ✔✔ adjusted bank balance
adjusted book balance
bond discount - ✔✔ cash received is less than principal
market rate is more than contract
bond premium - ✔✔ cash received is more than principal
market rate is less than contract
bond price based upon - ✔✔ PV of Principal + PV of Interest Payments
accounts receivable - ✔✔ bad debt expense
allowance method
write off method
accrued revenue - ✔✔ revenues earned in a period that are both unrecorded and not yet received in
cast (or other assets); adjusting entries for recording accrued revenues involve increasing assets and
increasing revenues
accumulated depreciation - ✔✔ cumulative sum of all depreciation expense recorded from an asset
adjusted bank balance - ✔✔ deposits in transit
bank erros
payments received by bank
interest paid by back
bank service charge
NSF
adjusted book balance - ✔✔ outstanding checks
recording errors
adjusting entries - ✔✔ depreciation
accruals interest/revenue
prepaid
allowance for doubtful accounts - ✔✔ contra asset account with a balance approximating
uncollectible accounts receivable
amortization - ✔✔ process of allocating the cost of an intangible asset to expense over its estimated
useful life
, asset: accounts receivable - ✔✔ amounts due from customers for credit sales; backed by the
customers general credit standing
assets - ✔✔ current/long term
cash
accounts receivable
contra asset-allowance for doubtful accounts
inventory
plant assets/equipment
contra asset-accumulated depreciation
investments
available for sale - ✔✔ reported at Market Value after adjustment of unrealized gain or loss
balance sheet - ✔✔ assets
liabilities
equity
bank reconciliation - ✔✔ adjusted bank balance
adjusted book balance
bond discount - ✔✔ cash received is less than principal
market rate is more than contract
bond premium - ✔✔ cash received is more than principal
market rate is less than contract
bond price based upon - ✔✔ PV of Principal + PV of Interest Payments
