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 Nikki Fulton

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  1. BA220 Financial Accounting (01-MAR-17 – 25-APR-17 [9082])
  2. Week 4 “Inventory Accounting”
  3. Take Test: W4 “Midterm”

Take Test: W4 “Midterm”

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 Test Information

Instructions

Description Instructions Multiple AttemptsNot allowed. This test can only be taken once.Force CompletionThis test can be saved and resumed later.

Question 1

  1. What is the accounting equation?

2.5 points   

Question 2

  1. Do you use debit or credit to increase an asset?

2.5 points   

Question 3

  1. Do you use debit or credit to increase an account under Liabilities?

2.5 points   

Question 4

  1. Do you use debit or credit to decrease an account under Owner’s/Stockholder’s Equity?

2.5 points   

Question 5

  1. Fill in the missing number in place of the question mark:

    Assets =Liabilities + Owner’s Equity

    $40,000 =_______+$30,000

2.5 points   

Question 6

  1. What component within the accounting equation would “Cash” fall under?

2.5 points   

Question 7

  1. What component within the accounting equation would “Accounts Payable” fall under?

2.5 points   

Question 8

  1. How would you increase a business’s “Land” account, debit or credit?

2.5 points   

Question 9

  1. What component within the accounting equation would “Service Revenue” fall under?

2.5 points   

Question 10

  1. Do you use debit or credit to decrease an “Asset” account?

2.5 points   

Question 11

  1. These are main types of accounting in which businesses incorporate.  One of these is Cash Base Accounting.  What is the other one?

2.5 points   

Question 12

  1. Fill in the blank for the following statement.  Under Cash Base Accounting, you record the transactions as _____ flows in and out of the business.

2.5 points   

Question 13

  1. Fill in the blank for the following statement.  Accrual Base Accounting is when the accountant records the transactions are the services and expenses are _________.

2.5 points   

Question 14

  1. Which accounting method (Case Base vs. Accrual Base) gives a more accurate picture of the financial health of a company?

2.5 points   

Question 15

  1. If a company does not specify (especially in your homework) whether they practice Accrual Base Accounting vs. Cash Base Accounting, which one would you automatically assume is being utilized by the accounting team?

2.5 points   

Question 16

  1. The financial records of the owner and the business should NEVER be combined.  This is referred to as the, “__________________”. 

2.5 points   

Question 17

  1. List the four Financial Statements in the order they would be created which a for-profit business would produce after each accounting period:

2.5 points   

Question 18

  1. Which Financial Statement calculates Net Income/Profit for a business?

2.5 points   

Question 19

  1. Which Financial Statement shows the “The Accounting Equation” and how it balances?

2.5 points   

Question 20

  1. Which Financial Statement shows the changes in the dollar amount of Ownership within the business?

2.5 points   

Question 21

  1. An expense account is under what section of The Accounting Equation?

2.5 points   

Question 22

  1. How do you increase an expense account, debit or credit?

2.5 points   

Question 23

  1. How do you increase all other Owner’s/Stockholder’s Equity Account, other than expense and owner withdrawal amounts?

2.5 points   

Question 24

  1. For accounts under the Owner’s/Stockholder’s Equity account which are increased with a debit, what are these referred to?

2.5 points   

Question 25

  1. Under what part of The Accounting Equation are Prepaid Expenses listed under?

2.5 points   

Question 26

  1. Under what section The Accounting Equation are Revenue accounts listed under?

2.5 points   

Question 27

  1. How are Revenue accounts increased, debit or credit?

2.5 points   

Question 28

  1. Input in the missing numbers within this journal entry (labeled with a “?”)

    10/1/2015 Prepaid Rental Expense $3,000

    Cash $3,000

    Prepaid 3 months’ worth of rent ($1,000 x 3)

    10/31/2015 Rental Expense    ?

    Prepaid Rental Expense    ?

    (Recognized one month of expense out of Prepaid Expense Account)

2.5 points   

Question 29

  1. Where is the unearned revenue account listed under The Accounting Equation?

2.5 points   

Question 30

  1. In the general journal when entering in the debits and credits, which entry is usually on top, credit or debit?

2.5 points   

Question 31

  1. What are the three inventory accounting methods discussed within the lecture?

2.5 points   

Question 32

  1. Which inventory accounting method is no longer accepted by General Accepted Accounting Principles (GAAP)?

2.5 points   

Question 33

  1. What dictates the reason why an accountant would choose one of the three inventory accounting methods (FIFO, LIFO, or Weighted Average)?

2.5 points   

Question 34

  1. What is the principle called for when you match the expenses incurred with the revenue made, in which satisfies the purpose for which the expense was incurred?

2.5 points   

Question 35

  1. Which inventory method accounts for the most recent inventory purchased first within its calculation?

2.5 points   

Question 36

  1. Which inventory method accounts for the least recent inventory purchased first within its calculation?

2.5 points   

Question 37

  1. Which inventory method accounts for neither least recent or most recent inventory purchased first within its calculation?

2.5 points   

Question 38

  1. From the accounting equation, which part of the equation represents what you owe?

2.5 points   

Question 39

  1. From the accounting equation, which part of the equation represents what you own?

2.5 points   

Question 40

  1. From the accounting equation, which part of the equation represents what you have?

2.5 points   

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