Accounting 101 Final Exam Review
January 2015
What is depreciable cost?
What is amortization?
What is the entry for patent amortization?
Debit:
Credit:
What is an intangible asset?
What are the depreciation methods? Which is used most in business today?
Dan Thomas earns a regular rate of $12.00 per hour with 1.5 times his regular rate for any hours over 40 per week. He worked 46 hours last week. What was his gross wages?
Define gross earning:
Who would receive a salary instead of wages?
Sales manager
Store clerk
Manual laborer
Factory employee
When is bad debt expense debited if using the allowance method to account for uncollectible accounts?
What is meant by the term receivables?
When preparing a bank reconciliation, where do you account for the outstanding checks?
When preparing a bank reconciliation, where do you account for the deposits in transit?
If the bank returns a check and stamped “NSF”, what does that mean?
What type of account is the Sales Returns and Allowance account?
What does GAAP stand for?
Are assets recorded and reported at the cost or current market value?
What is the basic accounting equation?
What are liabilities?
What accounts are listed on the balance sheet?
What is the purpose of an income statement?
What is posting defined as?
What information is a journal used to supply?
What makes the basic accounting equation stay in balance?
Which side of the account has the normal balance?
What is the formula to figure out net income?
What is accumulated depreciation?
What is the adjusting entry for depreciation?
What is the process of depreciation?
The number of years useful life of an asset is computed for how long?
What is the book value of an asset?
What kind of a transaction is recorded as a debit to drawing?
What is the revenue recognition principle?
What is the matching principle?
What are adjusting entries?
What is unearned revenue classified as?
What are closing entries necessary for?
When is a post closing trial balance prepared? What does it show?
What is a current asset?
Who pays the FOB shipping point costs?
In a perpetual inventory system, purchases of merchandise for resale are debited to what account?
In a perpetual inventory system, how often are cost of goods sold recorded?
What is net income?
Net sales less cost of goods sold equals what?
How are liabilities classified on a balance sheet?
What are intangible assets?
What is the journal entry for a credit sale?
How do you calculate gross profit for a merchandiser?
How is net sales calculated?
What is cost flow assumption?
BE 10-6
BE 11-2
Self study questions # 4 on page 277 - 278.
What is the entry for uncollectible accounts using the allowance method?
Jay Co. sells merchandise on account to Pepsi, what is the entry for Jay Co.?
You purchased land for $50,000. Real estate brokers commission was $3,000 and $5,000 was spent to demolish the other building. Under the cost principle, was would be the cost?
REVIEW THE STRAIGHT LINE METHOD OF DEPRECIATION ON PGS. 444 - 445.
What is the adjusting entry when unearned rent is collected?
A company purchased $2000 worth of office supplies; they debited office supplies for the full amount. A physical inventory showed $1300 still on hand. What is the adjusting entry?