SPAN 2300 Study Guide - Midterm Guide: Retained Earnings, Treasury Stock, Deferred Income

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blusheel860

20 Feb 2017

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Quiz 1: financial accounting, measuring business activities and communicating results to external parties in the form of basic financial statements, includes: income statement, statement of stockholders equity, balance sheet, Debit an asset account and debit a stockholder"s equity account: possible journal entries: Credit an asset account and debit an expense account. Credit a revenue account and debit an asset account. Debit one asset account and credit another asset account: recording a cost as an asset or an expense is based on whether or not: Allow for proper application of the revenue recognition principle or the expense recognition principle. Reduce the balances of revenue and expense accounts to zero: calculation of retained earnings at the end of the accounting period: Assets - resources that a) the company owns, b) have future value, c) can be measured in monetary terms must have all 3 criteria (something you can sell) No negative assets, show debts under liabilities.

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For each item described: Identify the type of account (Asset,Liability, Equity, Revenue or Gain, Expense or Loss), normalbalance (Debit, Credit), financial statement (Balance Sheet, IncomeStatement), and whether the account is closed at the end of theperiod (Yes, No) by selecting the letter that best describes thoseattributes. If an account is a contra account, the answer will showthe account type in parentheses. Answer items may beused once, more than once, or not at all.

-	Sales & Services
-	Allowance to for Doubtful Accounts
-	Office Salaries Paid
-	Notes Payable
-	Cash
	Sales Returns & Allowances

1.	Expense or Loss, Debit, Income Statement, Yes
2.	Revenue or Gain, Credit, Income Statement, Yes
3.	Asset, Debit, Income Statement, Yes
4.	Liability, Credit, Income Statement, Yes
5.	Revenue, Credit, Balance Sheet, No
6.	(Asset), Credit, Balance Sheet, No
7.	(Revenue or Gain), Credit, Income Statement, Yes
8.	Asset, Debit, Balance Sheet, No
9.	Asset, Debit, Balance Sheet, No

raspberrytoad680

1. What type of account is Prepaid Insurance?

a. asset

b. contra asset

c. liability

d. stockholder's equity

e. contra stockholder's equity

f. revenue

g. expense

2. What is the normal balance of prepaid insurance?

a. Debit

b. Credit

3. Which financial statement does prepaid insurance appear?

a. Income Statement

b. Statement of Retained Earnings

c. Balance Sheet

pucebear809

Question 18

FICA Tax Payable would appear on the:

		Balance Sheet
		Income Statement
		Statement of Owner's Equity

4 points

Question 19

Decrease Utilities Expense with a:

		Debit
		Credit

4 points

Question 20

The normal balance for Accounts Receivable is:

		Debit
		Credit

4 points

Question 21

Consulting Revenue would appear on the:

		Balance Sheet
		Income Statement
		Statement of Owner's Equity

4 points

Question 22

The normal balance for Rent Expense is:

		Debit
		Credit

4 points

Question 23

The normal balance for Interest Expense is:

		Debit
		Credit

4 points

Question 24

The account classification for Allowance for Doubtful Accountsis contra:

		Asset
		Liability
		Equity
		Revenue
		Expense

4 points

Question 25

The account classification for Owner's Capital is:

		Asset
		Liability
		Equity
		Revenue
		Expense

SPAN 2300 Study Guide - Midterm Guide: Retained Earnings, Treasury Stock, Deferred Income

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