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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 These are referred to as the owned resources of the business.

  3. What are assets?

  4. 2 POINTS It’s referred to as GAAP

  5. What are Generally Accepted Accounting Principles

  6. 3 POINTS 3 main types of business organizations in the US

  7. What are sole proprietorships, partnerships and corporations?

  8. 4 POINTS The most business organizations in the US are structured as these

  9. What are sole proprietorships?

  10. 5 POINTS This concept means that an entity is an individual economic unit for which data are recorded, analyzed and reported.

  11. What is the business entity concept?

  12. 1 POINT This is when revenues are recorded.

  13. What is earned?

  14. 2 POINTS This is the normal balance carried by Accounts Payable.

  15. What is a credit balance?

  16. 3 POINTS Company assets = $120,000 Owner’s equity = $70,000 This is the balance of the liability account.

  17. What is $50,000?

  18. 4 POINTS This is the process of initially recording a business transaction.

  19. What is Journalizing?

  20. 5 POINTS This is where journal entries are first recorded.

  21. What is the General Journal?

  22. 1 POINT This is the journal entry to record the payment of an Account Payable.

  23. What is: dr. A/P xx cr. Cash xx

  24. 2 POINTS The matching concept matches these two items over a period of time.

  25. What are revenues and expenses?

  26. 3 POINTS This is the journal entry to record the receipt of cash for 2 months of rent (the cash was received in advance of providing the service)

  27. What is: dr. Cash xx cr. Unearned Rent Revenue xx

  28. 4 POINTS This is the entry if the owner of the business takes cash out for personal use.

  29. What is: dr. Drawings or Dividends xx cr. Cash xx

  30. 5 POINTS Expenses are recorded when ______ , regardless of when ______ is spent.

  31. What is incurred and cash?

  32. 1 POINT Complete this sentence – Adjusting entries affect at least one Balance sheet account and one ________ statement account.

  33. What is income?

  34. 2 POINTS This is the type of account for unearned rent. (think accounting equation)

  35. What is a liability?

  36. 3 POINTS This is the normal balance of unearned rent.

  37. What is a credit balance?

  38. 4 POINTS This accounts for the decrease in usefulness of a fixed asset.

  39. What is depreciation?

  40. 5 POINTS The balance in the prepaid rent account before adjustment at the end of the year is $15,000, which represents 3 months rent paid on December 1st. This is the 12/31 adjusting entry.

  41. What is Dr. Rent Expense 5000 Cr. Prepaid Rent 5000

  42. 1 POINT This is the accounting equation.

  43. Assets=Liabilities + Owner’s Equity

  44. 2 POINTS This is the journal entry to purchase land for cash of $27,500.

  45. What is: dr. land 27500 cr. Cash 27500

  46. 3 POINTS These are the categories of items on the balance sheet.

  47. What are assets, liabilities and owner’s equity?

  48. 4 POINTS These are the types of items on the income statement.

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