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Accounting 2000 - Exam 2 questions with answers
Typology: Exams
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Current |\Assets |- |\CORRECT |\ANSWERS |\✔✔- |\cash
collusion |- |\CORRECT |\ANSWERS |\✔✔when |\ 2 |\or |\more |\people |\work |
together |\to |\commit |\fraud deposits |\in |\transit |- |\CORRECT |\ANSWERS |\✔✔deposits |\recorded |\by |
company |\but |\not |\bank outstanding |\checks |- |\CORRECT |\ANSWERS |\✔✔withdrawals |\recorded |
by |\company |\but |\not |\bank interest |\earned |- |\CORRECT |\ANSWERS |\✔✔deposits |\recorded |\by |\bank |
but |\not |\company bank |\service |\charge/NSF |\checks |- |\CORRECT |\ANSWERS |
✔✔withdrawals |\recorded |\by |\bank |\but |\not |\company 5 |\reasons |\bank |\balance |& |\gender |\ledger |\balance |\are |\not |\the |\same |- |\CORRECT |\ANSWERS |\✔✔1. |\deposits |\in |\transit
What |\does |\it |\mean |\that |\a |\sales |\discount |\is |\a |\contra-revenue |
account? |- |\CORRECT |\ANSWERS |\✔✔- |\results |\in |\a |\DECREASE |\to |
REVENUES |\on |\the |\income |\statement |\and |\thus |\a |\DECREASE |\to |\NET |
INCOME Bad |\debt |\expense |- |\CORRECT |\ANSWERS |\✔✔- |\record |\in |\same |\year |\as |\sale |\occurs |(matching |\concept)
Historical |\Cost |\concept |- |\CORRECT |\ANSWERS |\✔✔Assets |\on |\balance |
sheet |\are |\shown |\at |\price |\they |\were |\purchased |\at Current |\liabilities |- |\CORRECT |\ANSWERS |\✔✔- |\accounts |\payable
Total |\equity |\equation |- |\CORRECT |\ANSWERS |\✔✔contributed |\capital |+ |
retained |\earnings |= |\total |\equity EPS |(earnings |\per |\share) |\ratio |- |\CORRECT |\ANSWERS |\✔✔Net |\income |/ |# |\shares |\outstanding |
higher |\is |\better ROE |(return |\on |\equity) |\ratio |- |\CORRECT |\ANSWERS |\✔✔Net |\income |/ |
avg. |\equity avg |\equity |= |\equity |\beginning |+ |\equity |\at |\end |/ |\ 2 higher |\is |\better ROI |(return |\on |\investment) |\ratio |- |\CORRECT |\ANSWERS |\✔✔margin |\X |
turnover margin: |\net |\income/sales turnover: |(sales/avg |\total |\assets) net |\income/avg |\total |\assets Working |\capital |- |\CORRECT |\ANSWERS |\✔✔current |\assets |- |\current |
liabilities
Current |\ratio |- |\CORRECT |\ANSWERS |\✔✔current |\assets |/ |\current |
liabilities Acid-test |\ratio |(Quick |\ratio) |- |\CORRECT |\ANSWERS |\✔✔(cash |+ |\acct |
receivable) |/ |\current |\liabilities Gain |- |\CORRECT |\ANSWERS |\✔✔recorded |\when |\you |\sell |\an |\asset |
OTHER |\than |\inventory |\for |\more |\than |\its |\cost |\to |\you |\or |\LESS |\if |\it |\is |
a |\loss selling |\price |- |\cost |= |\gain/loss Deferrals |- |\CORRECT |\ANSWERS |\✔✔transactions |\where |\cash |\is |\paid |
or |\received |\BEFORE |\action Accruals |- |\CORRECT |\ANSWERS |\✔✔transactions |\for |\which |\cash |\has |
NOT |\been |\received |\or |\paid |\but |\action |\HAS |\occurred Aging |\method |- |\CORRECT |\ANSWERS |\✔✔- |\used |\to |\calculate |\bad |\debt |\expense |\estimate