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1 POINT

Choc. Creme. Cruller. Boston Creme. Jelly. Glazed. 1 POINT. 1 POINT. 1 POINT. 1 POINT. 1 POINT. 2 POINTS. 2 POINTS. 2 POINTS. 2 POINTS. 2 POINTS. 3 POINTS. 3 POINTS. 3 POINTS. 3 POINTS. 3 POINTS. 4 POINTS. 4 POINTS. 4 POINTS. 4 POINTS. 4 POINTS. 5 POINTS. 5 POINTS.

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1 POINT

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  1. Choc. Creme Cruller Boston Creme Jelly Glazed 1 POINT 1 POINT 1 POINT 1 POINT 1 POINT 2 POINTS 2POINTS 2POINTS 2 POINTS 2 POINTS 3 POINTS 3 POINTS 3 POINTS 3 POINTS 3 POINTS 4 POINTS 4 POINTS 4 POINTS 4 POINTS 4 POINTS 5 POINTS 5 POINTS 5 POINTS 5 POINTS 5 POINTS

  2. 1 POINT This is prepared to explain the difference between the book balance and the bank balance.

  3. What is a bank reconciliation?

  4. 2 POINTS This is the most widely used depreciation method.

  5. What is straight line?

  6. 3 POINTS DDB stands for this.

  7. What is the Double Declining Balance method?

  8. 4 POINTS This is the percentage used for calculating the DDB method if an asset was expected to have an 8 year useful life.

  9. What is 25%?

  10. 5 POINTS This is the numerator in the formula for straight line depreciation.

  11. What is cost-salvage value?

  12. 1 POINT This is where cash is kept for ease of access – Also was the premise of Don’t Tell Mom the Babysitter’s Dead.

  13. What is petty cash?

  14. 2 POINTS This is the originating entry for petty cash.

  15. What is: Dr. Petty Cash XX Cr. Cash XX

  16. 3 POINTS Cost-salvage value is called this.

  17. What is the depreciable base?

  18. 4 POINTS This is the annual depreciation for an asset whose cost is $20,000, salvage value of $4000, and an estimated useful life of 8 years

  19. What is $2000?

  20. 5 POINTS Allowance for Doubtful Accounts has a debit balance of $200, and an aging analysis determines that the Allowance should be $17,000. What is the adjusting journal entry (with amounts)?

  21. What is: Dr. BDE 17200 Cr. Allow DA 17200

  22. 1 POINT This accounting for bad debts is allowed only if bad debts are so small as to be immaterial?

  23. What is the direct write off method?

  24. 2 POINTS These are the two methods of accounting discussed in this chapter for uncollectible receivables.

  25. What are the direct write off and allowance methods?

  26. 3 POINTS This is the journal entry to record a bad debt using the direct write off method.

  27. What is: dr. BDE xx cr. A/R xx

  28. 4 POINTS This is the Net Realizable Value when A/R has a balance of $500,000, and the Allowance for Doubtful Accounts has a balance of $30,000.

  29. What is $470,000?

  30. 5 POINTS This is why there would be a debit balance in the Allowance for Doubtful Accounts.

  31. More bad debts than expected in the previous period.

  32. 1 POINT Land acquired with the purpose of reselling it, would be listed as this on the balance sheet.

  33. What is investment?

  34. 2 POINTS This is the exclusive right to make or sell a product.

  35. What is a patent?

  36. 3 POINTS Accumulated depreciation is called a _____ account.

  37. What is contra?

  38. 4 POINTS Accumulated depreciation is shown in this section of the balance sheet.

  39. What is the fixed asset section of the balance sheet?

  40. 5 POINTS Using this allowance method for accounting for bad debts, the current balance in the Allowance for Doubtful Accounts is irrelevant in making your journal entry to record this year’s allowance.

  41. What is the sales method?

  42. 1 POINT This asset never gets depreciated.

  43. What is land?

  44. 2 POINTS This refers to using up natural resources.

  45. What is depletion?

  46. 3 POINTS This is the using up of intangible assets.

  47. What is amortization?

  48. 4 POINTS This is the journal entry to take a fully depreciated piece of equipment off the books.

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