Acct Prep

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Stockholders own which type of business?
The accounting equation may be expressed as
Jason purchased office equipment for $4,800 on account. This transaction would have what effect on the accounting equation? Stephen purchased office supplies for $800 in cash. This transaction would have what effect on the accounting equation? Meghan started her business by investing $30,000 in cash. This transaction would have what effect on the accounting equation?

The financial statement that should be completed first is the

Liability, owner's capital, and revenue accounts normally have what type of balance?

A chronological record of financial transactions expressed as debits and credits to accounts is provided by which record

If the book value of an asset is $12,500 and the accumulated depreciation is $3,500, the original cost of the asset is

The matching principle in accounting requires the matching of

The Income Summary account is used to

Joel Trump is paid one and one-half times the regular hourly rate for all hours worked in excess of 40 hours per week and double time for work on Sunday. Trump's regular rate is $8 per hour. During the week ended October 10, he worked 9 hours each day from Monday through Friday, 6 hours on Saturday, and 4 hours on Sunday. Trump's total earnings for the week ended October 10 are

Which payroll taxes are paid by both the employee and the employer?

The federal unemployment tax is levied on which party?

To enter a cash sale, the journal entry includes

A journal designed for entering only sales on account is called the

A common approach to keeping a record of each customer's accounts receivable is to use a(n)

A journal designed for entering only cash receipts is called the

For the merchant, bank credit card sales are treated in a manner similar to

A record used to keep the amount owed to each supplier is called a(n)

A list showing the amount due to each supplier as of a specified date is known as the

Under the periodic inventory system, when are the merchandise inventory and the cost of goods sold for the current periods are determined?

Costs of goods sold may includes cost such as…

When a fiscal year that starts and ends at the time the stock of merchandise is normally at its lowest level is selected, it is known as a(n)

A method of allocating merchandise cost that assigns the most recent purchased costs to the ending inventory shown on the balance sheet is called the

The following data applies to a particular item of merchandise:

On hand at start of period
300
$5.10
1st purchase
500
5.20
2nd purchase
700
5.30
3rd purchase
600
5.50
Number of units available for sale
2,100

On hand at end of period
500

Number of units sold during period
1,600

Of the 1,600 units sold during the period, 300 were from the beginning inventory; 500 from the first purchase; 600 from the second purchase; and 200 from the last purchase. Using the specific identification costing method, the amount of the cost of goods sold would be

The following data applies to a particular item of merchandise:

On hand at start of period
300
$5.10
1st purchase
500
5.20
2nd purchase
700
5.30
3rd purchase
600
5.50
Number of units available for sale
2,100

On hand at end of period
500

Number of units sold during period
1,600

Of the 1,600 units sold during the period, 300 were from the beginning inventory; 500 from the first purchase; 600 from the second purchase; and 200 from the last purchase. Using the first-in, first-out costing method, the...
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