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Accounting terminology
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An _____ is a record of increases and decreases in a specific asset, liability, equity, revenue, or expense item. a. Account b. Three c. Asset d. Liability e. Equity
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Accounting terminology
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If the owner’s capital account was increased, would this be recorded as a debit or a credit?
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The first step in designing a computerized accounting system is the creation of the: a. general ledger b. general journal c. trial balance d. chart of accounts
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Accounting terminology
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The following transactions occur for the Panther Detective Agency during the month of July. a. Purchase a truck and sign a note payable, $13,200. b. Purchase office supplies for cash, $420 c. Pay $62
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Accounting terminology
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Explain the role of the International Accounting Standards Board (IASB) in relation to International Financial Reporting Standards (IFRS).
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Accounting terminology
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Champion Contractors completed the following transactions and events involving the purchase and operation of equipment in its business. 2014 Jan. 1. Jan 1, 2014 – Paid $274,000 cash plus $10,960 in s
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A factory is an example of what type of capital? a. manufactured capital b. human capital c. natural capital d. depreciated capital e. national capital
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Raymond Autobody Shop has the following accounts Accounts Payable Service Revenue Cash Equipment Utilities Expense Common Stock Automotive Supplies Advertising Expense Dividends Unearned Revenue Reta
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Where does an investment account on a chart of accounts go?
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Accounting terminology
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Strike Bowling installs automatic scorekeeping equipment with an invoice cost of $180,000. The electrical work required for the installation costs $8,000. Additional costs are $3,000 for delivery and $12,600 for sales tax. During the installation, a compo
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Accounting terminology
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The purchase of a motor car on credit from Toy Automotive Company for use in a firm should be recorded as: (A) Dr. Maintenance of vehicle expense Cr. Toy Automotive Company (B) Dr. Purchases Cr. Toy Automotive Company (C) Dr. Motor vehicle Cr. Toy Automot
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The cost of equipment is expensed: A. in the period it is sold. B. over the periods that benefit the company. C. at the time it is paid. D. in the period it is purchased.
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Accounting terminology
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What is the normal balance for each of these accounts? (a) Accounts Receivable. (b) Cash. (c) Dividends. (d) Accounts Payable. (e) Service Revenue. (f ) Salaries and Wages Expense. (g) Common Stock.
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Accounting terminology
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QUESTION 7 The normal balance for Utilities Expense is: A. Debit B. Credit QUESTION 8 Increase Consulting Revenue with a: A. Debit B. Credit QUESTION 9 Prepaid Rent would appear on the: A. Balanc
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Accounting terminology
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A shortened form of the ledger is called a: A. Trial balance B. Balance sheet C. T-account D. Chart of accounts
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Oak Creek Furniture Factory (OCFF), a custom furniture manufacturer, uses job order costing to track the cost of each customer order. On March 1, OCFF had two jobs in process with the following costs:
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Accounting terminology
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A group of accounts for a business entity is called a: a. chart of accounts. b. transaction. c. T-account. d. ledger.
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Lambda Computer Products competed for and won a contract to produce two units of a new type of computer based on optics technology. The first took Lambda 5,000 hours to produce and required $250,000 w
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Accounting terminology
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R Sparks business purchases a used car for $6,000 cash. The business would record this transaction: a) Debit Car expense $6,000, Credit Cash $6,000 b) Debit Cash 6,000, Credit Car expense $6,000 c) Debit Assets: Car $6,000, Credit Cash $6,000 d) Debit Cas
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Accounting terminology
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Define project auditing in the context of the PMO technical support.
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Accounting terminology
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Which of the following areas is not emphasized on the CMA examination? a. Economics, finance, and management. b. External auditing and business law. c. Decision analysis and information systems. d. Financial accounting and reporting.
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Accounting terminology
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What does it mean when you CR and DR the cash in a bank account?
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Accounting terminology
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Calculating the balance of a T-account: How do you calculate the Accounts Payable balance.
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Accounting terminology
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State true or false and justify your answer: The general ledger is sometimes called the book of original entry because it is the accounting record where transactions are first recorded.
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Accounting terminology
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Answer true or false: A list of accounts used by a business is called a chart of accounts.
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Determine whether the following statement is true or false: The chart of accounts should be the same for each business.
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When developing computer software to be sold, which of the following costs should be capitalized? a) Designing b) Coding c) Testing d) None of the above
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Accounting terminology
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A contra asset account is subtracted from a related account in the balance sheet. a. True b. False
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Identify each statement as true or false. If false, indicate how to correct the statement. 1. The general ledger contains all the asset and liability accounts, but no owner’s equity accounts. 2. The general ledger is sometimes referred to as simply the
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Accounting terminology
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What do the letters DR mean on a bank statement? Explain in detail.
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Accounting terminology
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One of the biggest advantages of IFRS is: a) IFRS allows for comparability on a worldwide scale b) IFRS is more accurate than ASPE c) There is none d) IFRS is cheap and easy to implement
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Accounting terminology
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What are the normal balances of revenue accounts and expense accounts?
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Accounting terminology
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Are assets on the balance sheet recorded at their estimated fair market value? a. Yes b. No c. Sometimes; it is situational.
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IFRS 2-1: In what ways does the format of a statement of financial or position under IFRS often differ from a balance sheet presented under GAAP? IFRS 2-2: Do the IFRS and GAAP conceptual frameworks differ in terms of the objective of financial reporting?
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Accounting terminology
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A former chairman, CFO, and controller of Donnkenny, Inc., an apparel company that makes sportswear for Pierre Cardin and Victoria Jones, pleaded guilty to financial statement fraud. These managers used false journal entries to record fictitious sales, hi
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Accounting terminology
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What is the purpose of posting journal information to general ledger accounts?
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Accounting terminology
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What side of an accounts payable T account does normal balance go?
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Accounting terminology
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A list of account titles and numbers showing the location of each account in a ledger is called: A. a general journal. B. a petty cash account. C. a chart of accounts. D. a bank statement.
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Accounting terminology
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Which of the following statements is correct? a) The Australian Securities and Investments Commission is a member of the International Forum of Independent Audit Regulators. b) International auditing standards are mandatory for all auditors. c) The Fin
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Accounting terminology
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What does it mean when a vendor has a debit balance and what would you do in this case?
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