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Accounting IReview For Fall Final
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Know Account Classification
Classification
Asset
Liability
Capital/Drawing
Sales
Expenses
Acct. No.
_
_
_
_
_
Acct. No.
Normal Balance
Debit or Credit
_
_
_
_
_
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How are accounts numbered? Provide Sequence and example
________________
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The recording of debit and credit parts of a transaction is known as:
Matching revenues to expenses
Closing the books
Objective evidence
Double entry accounting
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List Accounting Concepts GAAP (10)Provide brief Explanation (slide 1)
1
2
3
4
5
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Accounting Concepts (2nd slide) Brief statement explaining
6
7
8
9
10
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List 5 source document
1.
2.
3.
4.
5.
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What is a list of accounts used by a business?
__
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The form that is used to help plan adjustments and sort financial info before publishing financial statements.
Chart of accounts
Balance sheet
Income statement
Worksheet
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Net Income or Net LossColumn Placement Which columns
If ____________ is larger than expenses, result is a _______________. Tell the two columns including debit and credit
______________ and _____________
If ____________ is larger than income, result is a _________________ Tell the two column including and credit
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What transaction is used when preparing for Petty Cash
Establish
Debit __________; Credit _________
Replenish: Having spent for Supplies; Postage; and Repair Expense
Debit ________,_________, ____________ Credit ____________
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What is the Accounting Equation?
_________________ = ________________ ( ) _______________
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Name 3 kinds of check endorsements?
1
2
3
Under which way can you transfer money?
1.
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Identify the side of the account?Place accounts to normal-increase sideAssets, Liabilities, Capital, Sales, Expenses
Left side Right side
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Who was the father of Accounting?
Michelangelo
Luca Pacioli
Mario Luigi
The Godfather
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Adjustments are made to adjust the value and record the expense for what 2 accounts?
Provide the 2 pairs of accounts.
1. Debit _________
Credit ________
2. Debit _________
Credit _______
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Correct an Entry: $100 amount was posted in error to Misc. Exp. It should have been posted to Advertising Expense.
New Debit
New Credit
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Define Proving Cash
What 2 books are reviewed?
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When a business buys on account, what happens to the liability?
Increase
Decrease
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Entry to record investment of owner
Debit
Credit
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Expense accounts are listed in what order
Alphabetic
Chronological
Value in account
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Net Income Percentage (search)
Net Income divided by net sales
Net sales divided by total expense
Net sales minus total expenses
Net sales divided by net income
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Definition: What is an Accounting System?
Answer:
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Money invested in a business
Loan
Profit
Loss
Capital
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