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Decks in this class (31)
LQ1
The art of recording classifying ...,
Commonly referred to as the langu...,
An art 3
260
cards
LQ1 Practice Quiz
The business offers term of 90 da...,
The form of the statement which a...,
Income is an inflow of assets tha...
28
cards
TODAY
The part is composed of 1 the nam...,
This part lists the revenues and ...,
December 31 3
37
cards
Introduction to Acct
Some scholars claim that account ...,
During the __________ period with...,
With international trade flourish...
25
cards
Unit 2 - Accounting Concepts and Principles
The two fundamental qualitative c...,
In order for accounting informati...,
A fundamental qualitative charact...
36
cards
Unit 3 - Financial Statements
Financial statements provide info...,
The statement of financial positi...,
In order to possess future servic...
30
cards
Tips
Assets that are expected to be co...,
Current assets examples are 2,
Assets are long term assets 3
7
cards
LQ1 Practice Quiz [canvas]
Cost benefit test is not difficul...,
Accounting is defined as the proc...,
The form of the statement which s...
19
cards
LQ2
Initial original investment in me...,
Additional subsequqent investment...,
The merchandise inventory account...
30
cards
LQ2 Updated
It is an economic event or situat...,
It is an exchange activity that i...,
It always involves at least two a...
68
cards
LQ2 Unit 4.5
Issued by the maker a liability t...,
Received by the payee an asset th...,
Limit the number of people who ca...
40
cards
LQ2 Unit 4.6
An inventory system in which merc...,
Low cost items 2,
High volume of transactions 3
37
cards
LQ2 Oct 10 Merchandising Transactions
It is a deduction from the list p...,
There is no account title used to...,
Expressed as a series of deductio...
18
cards
LQ2 October 17
These are journal entries prepare...,
Are required every time financial...,
A prepaid expense account is debi...
9
cards
LQ2 Old test
A purchase order is issued by a s...,
When an expense is paid in cash i...,
Each transaction must be posted t...
20
cards
LQ2 Review Exercise
The concept which dictates that i...,
Financial reporting should only b...,
Revenues must be assigned to the ...
49
cards
LQ2 Unit 4.1 to 4.4 - Analyzing Business Transactions, Journalizing etc
The basic summary device of accou...,
A list of all the ledger accounts...,
The left hand side of an account 3
39
cards
LQ2 Unit 4.5 Journalizing transactions specific to promissory notes
A promissory note must contain a ...,
A note payable is a liability tha...,
On the statement of financial pos...
10
cards
Unit 4.6 - Journalizing transactions specific to merchandising business
Merchandise inventory is reported...,
A periodic inventory system requi...,
A perpetual inventory system cont...
20
cards
LQ2 Practice Quiz
Collection of the maturity value ...,
The trade discount of less 10 5 m...,
Offering sales discounts on credi...
20
cards
LQ3 Lesson 13, Lesson 14, Lesson 15
The amount of adjusting entry for...,
A _____ for the precollection is ...,
The original entry is a debit to ...
30
cards
Unit 4.7.1 Adjustment Accruals
Adjusting entries are done to upd...,
Under the accrual basis of accoun...,
Accrued expenses at the end of on...
20
cards
LQ3 Adjustments: Deferrals
Under the accrual basis of accoun...,
Deferred expenses or prepaid expe...,
Prepaid expenses such as prepaid ...
15
cards
LQ3 Adjustment: Depreciation
Depreciation expense for a period...,
Depreciation is the gradual decre...,
All property plant and equipment ...
10
cards
LQ3 Adjustments: Doubtful Accounts
The primary accounting principles...,
The adjusting entry to record est...,
The adjusting entry for doubtful ...
10
cards
LQ3 Adjustment: Merchandise Inventory, end homework
The adjusting entry debiting merc...,
Before adjustments for the ending...,
The following statements are corr...
6
cards
LQ3 Adjustments: Merchandise Inventory
0
cards
LQ3 Practice Quiz
Adjusting entries are made becaus...,
The adjusting entry to set up the...,
Net income will be understated if...
20
cards
Remaining Units
The adjustments made on the works...,
Only nominal temporary accounts a...,
The statement of owner s equity i...
10
cards
Remaining Unit 4.9
Gross profit as presented in the ...,
Non current assets are arranged i...,
The total assets always equal the...
15
cards
Remaining Unit 4.10
The purpose of closing entries is...,
If the income summary account has...,
The allowance for doubtful accoun...
13
cards
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FDNACCT
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