Accounting Study guides, Class notes & Summaries

Week 1 Checkpoint 1. (TCO 1) The two types of accounting are (Points : 3) profit and nonprofit. financial and managerial. internal and external. bookkeeping and decision-oriented. Question 2. 2. (TCO 1) The _____ is elected by the stockholders and is responsible for setting policy and appointing officers. (Points : 3) board of directors chief executive officer (CEO) chief financial officer (CFO) advisory council Question 3. 3. (TCO ...

week1 acct exam . Question : (TCO 1) The two types of accounting are Question 2. Question : (TCO 1) Decision makers who use accounting include Question 3. Question : (TCO 1) The acronym GAAP stands for Question 4. Question : (TCO 1) Historical cost Question 5. Question : (TCO 1) Another way to state the accounting equation is Question 6. Question : (TCO 1) The major types of transactions that affect retained earnings are Question 7. Question : (TCO 1) When total expenses exceed t...

ACCT 324 Week 4 Midterm 1. (TCO 9) Trent files his tax return 35 days after the due date. Along with the return, Trent remits a check for $8,000, which is the balance of the tax owed. 2. (TCO 9) A characteristic of fraud penalties is 3. (TCO 1) Federal tax legislation generally originates in what body? 4. (TCO 1) In § 212(1), the number (1) stands for the: 5. (TCO 11) Kyle, whose wife died in December 2009, filed a joint tax return for 2009. He did NOT remarry, but has continued to mainta...

ACCT 553 Final Exam (TCO E) Zelda Zayer has been a widow for over 3 years and files a return as a single taxpayer. Items of income received by Zelda in 2011 were as follows. Interest on savings account with Bank of America: $50 Interest on state income tax refund: $25 Gambling winnings: $2,400 Dividends from mutual life insurance company on life insurance policy: $500 Dividends from Better Auto Co. received on January 2, 2011: $875 The total dividends received on the life insurance policy do n...

A company completed the following transactions during the month of October: Question: A company had credit sales of $ 34,000 and cash sales of $ 20,000 during the month of May. Also during May, the company paid wages of $ 25,000 and utilities of $ 10,000. It also received payments from customers on account totaling $ 5,200. What was the company’s net income for the month? Question: A company received $ 34,000 cash and issued common stock in exchange. How does this transaction affect the accoun...

ACCT 212 -Week_8_Final_Exam/ACCT 212 -Week_8_Final_Exam. ACCT 212 -Week_8_Final_Exam /ACCT 212 -Week_8_Final_Exam. Question 1.1. (TCO 3) Closing temporary accounts is necessary at the end of the accounting period. (1) Explain the closing process, include each set of entries required (15 points) and (2) provide an example of closing the Dividend account in the form of a journal entry. (10 points). (Points : 25) Closing entries are journal entries used to empty temporary accounts at the end of a...

ACCT_212_Midterm_Week_4 (VERSION 3)/ACCT_212_Midterm_Week_4 (VERSION 3) Question 1 20 / 20 pts (TCO 1) The Accounting Equation is used to develop the organization's financial reports. (1) Describe what liabilities value would be if Assets are $50,000 and Owners' Equity is $25,000 by showing the Accounting Equation (10 points) and (2) provide an example of two liability accounts. (10 points) Your Answer: 1. The accounting equation is Assets=Liabilities Owners'Equity $50, 000=L $25,000 In o...

ACCT212_MidTerm_Study_Guide_4/ACCT212_MidTerm_Study_Guide_4. TCO 1) The Accounting Equation is used to develop the organization's financial reports. (1) Describe what assets value would be if Liabilities are $12,000 and Owners' Equity is $50,000 by showing the Accounting Equation, and (2) provide an example of two asset accounts that could contain the value. Textbook pages 11-12. Assets = $12,000 $50,000 = $62,000. Cash and inventory are examples (TCO 1) The Accounting Equation is used to d...

ACCT 212 Week 4 Midterm (Version 1)/ACCT 212 Week 4 Midterm (Version 1) 1. Question: (TCO 1) The Accounting Equation is used to develop the organization's financial reports. (1) Describe what liabilities value would be if Assets are $50,000 and Owners' Equity is $25,000 by showing the Accounting Equation (10 points) and (2) provide an example of two liability accounts. (10 points) Assets=liabilities equity (1) $50,000-$25,000=$25,000 (2) Example of two liabilities would be...