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MOR 260: National Board Exam Review > Accounting Comprehensive Exam > Flashcards

Flashcards in Accounting Comprehensive Exam Deck (55)
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1

Journal in which the transaction should be recorded:

Purchased store supplies on credit for $485

Purchases Journal

2

Journal in which the transaction should be recorded:

Sold $230 of merchandise to a customer on account

Sales Journal

3

Journal in which the transaction should be recorded:

A customer returned a $260 item purchased on account

General Journal

4

Journal in which the transaction should be recorded:

Paid supplier on due date for merchandise originally purchased on account

Cash Disbursements Journal

5

Journal in which the transaction should be recorded:

Recorded depreciation for the year

General Journal

6

Journal in which the transaction should be recorded:

Returned defective merchandise originally purchased on account

General Journal

7

Journal in which the transaction should be recorded:

Paid the $540 monthly utilities

Cash Disbursements Journal

8

Journal in which the transaction should be recorded:

The owner invested $10,000 in the business

Cash Receipts Journal

9

Balance sheet category:

Current assets

Accounts Receivable

10

Balance sheet category:

Current liabilities

Interest Payable

11

Balance sheet category:

Long-tern liabilities

Bonds payable in more than one year

12

Balance sheet category:

Owner's equity

Owners name, Capital

13

Balance sheet category:

Plant and equipment

Buildings

14

Balance sheet category:

Investments

Shares of stock in another company

15

Balance sheet category:

Intangible assets

Goodwill

16

Balance sheet category:

Long-term liabilities

Bonds payable in more than one year

17

Balance sheet category:

Owner's equity

Owners name, Capital

18

Balance sheet category:

Current liabilities

Unearned Revenues

19

Balance sheet category:

Investments

Stocks

20

Balance sheet category:

Intangible assets

Patents

21

Balance sheet category:

Plant and equipment

Accumulated Depreciation

22

Balance sheet category:

Current assets

Building

23

The statement containing three sections which describe the operating, investing, and financing activities of a business during a period

Statement of Cash Flows (CF)

24

The statement that lists the types and amounts of the assets of a business on a given date

Balance Sheet (BS)

25

The statement that explains the items affecting owner's equity from the beginning of a period to the end of the period

Statement of Changes in Owner's Equity (COE)

26

The statement that shows all expenses incurred by a business during a specific period of time

Income Statement (IS)

27

Product warranties are usually treated as contingent liabilities. (T/F)

True

28

Federal income taxes are withheld from each paycheck during the year until the tax-exempt limit is reached. (T/F)

False

29

Deferred income taxes result from temporary differences between taxable income on the tax return and income before taxes on the income statement. (T/F)

True

30

The costs of patents are amortized over 40 years. (T/F)

True

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