quizzes accounting
5 Pages

quizzes accounting

Course Number: ECON 101, Spring 2011

College/University: UNLV

Word Count: 901

Rating:

Document Preview

The financing functions of a business include: Selling common stock Recording the items on the financial statements in dollars is: Monetary unit principle The Maximum Experience Company acquired a building for $500,000. Maximum Experience had an appraisal done and found that the building was worth $575,000. The seller had paid $300,000 for the building 6 years ago. Which accounting principle would prescribe that...

Unformatted Document Excerpt
Coursehero >> Nevada >> UNLV >> ECON 101

Course Hero has millions of student submitted documents similar to the one
below including study guides, practice problems, reference materials, practice exams, textbook help and tutor support.

Course Hero has millions of student submitted documents similar to the one below including study guides, practice problems, reference materials, practice exams, textbook help and tutor support.

financing The functions of a business include: Selling common stock Recording the items on the financial statements in dollars is: Monetary unit principle The Maximum Experience Company acquired a building for $500,000. Maximum Experience had an appraisal done and found that the building was worth $575,000. The seller had paid $300,000 for the building 6 years ago. Which accounting principle would prescribe that Maximum Experience record the building on its records at $500,000? Cost Principle On December 15, 2008, Myers Legal Services signed a $50,000 contract with a client to provide legal services to the client in 2009. Which accounting principle would require Myers Legal Services to record the legal fees revenue in 2009 and not 2008? Revenue recognition principle A limited partnership: Includes a general partner with unlimited liability Increases in retained earnings from a company's earnings activities are: Revenues A financial statement providing information that helps users understand a company's financial status and which lists the types and amounts of assets, liabilities and equity as of a specific date is called a(n): Balance Sheet Ending Liabilities are 67,000, Beginning Equity was $87,000, Common Stock sold during year totaled $31,000, Expenses for the year were $22,000, Dividends declared totaled $13,000, Ending Equity for the year is $181,000 and Beginning Assets for the year were $222,000. What was Revenue for the year? 181,000 + 13,000 + 22,000 - 31,000 - 87,000 = 98,000 If the liabilities of a business increased $73,000 during a period of time and the equity in the business decreased $35,000 during the same period, the assets of the business must have: Change in Assets = Change in Liabilities + Change in Equity Change in Assets = $73,000 + (-$35,000) = + $38,000 Determine the net income of a company for which the following information is available. Employee salaries expense Interest expense Rent expense Consulting revenue $110,000 7,000 13,000 410,000 Expenses: $110,000 + $7,000 + $13,000 = $130,000 Net income = $410,000 - $130,000 = $280,000 Quiz 2 For what reason do most sellers require customers to have their receipts in order to exchange or return purchased items? Sellers wish to ensure that the sale in question was rung up on the register in the first place An account used to record the owner's investments in the business is called: Common stock The account used to record the transfers of assets from a business to its stockholders is: Retained earnings A written promise to pay a definite sum of money on a specific future date is a(n): Note payable A ledger is: A record containing increases and decreases in a specific asset, liabilitiy, equity, revenue or expense item Which of the following statements about the Cash account is true? The cash account includes the value of any medium of exchange that a bank accepts for deposit Which of the following is the appropriate journal entry if a company purchases equipment costing $100,000 by paying cash of $10,000? Debit to equipment, credit to notes payable, credit to cash What would be the account balance in the revenue ledger account after the following transactions? 15,900 credit What would the be appropriate entry for the following transaction? Bill Co. performed $5,200 in consulting services on account Debits to accounts receivable, credit to revenue The credit purchase of a delivery truck for $4,400 was posted to Delivery Trucks as a $4,400 debit and to Accounts Payable as a $4,400 debit. What effect would this error have on the trial balance? The total of the debit column of the trial balance will exceed the total of the credit column by 8800 Chapter 3 The recurring steps performed each accounting period, starting with analyzing and recording transactions in the journal and continuing through the post-closing trial balance, are referred to as the: Accounting cycle The asset section of a classified balance sheet usually includes: Current assets, investments, plant assets, and intangible assets Profit margin is defined as: Net income divided by net sales Which of the following accounts would be closed at the end of the accounting period? Fees Earned On June 30, 2009, Apricot Co. paid $5,000 cash for management services to be performed over a two-year period. Apricot follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment. On June 30, 2009 Apricot should record: A debit to a prepaid expense for 5000 If throughout an accounting period the fees for legal services paid in advance by clients are recorded in an account called Unearned Legal Fees, the end-of-period adjusting entry to record the portion of those fees that has been earned is: Debit Unearned Legal Fees and credit Legal Fees Earned Financial statements are typically prepared in the following order: Income statement, statement of retained earnings, balance sheet A company had revenue of $550,000, rent expense of $100,000, utility expense of $10,000, salary expense of $125,500, depreciation expense of $39,000, advertising expense of $40,200, dividends in the amount of $183,000, and an ending balance in retained earnings of $402,300. What is the appropriate journal entry to close income summary? (Revenue) 550,000-(Total expenses) 314,700=(Net Income) 235,300 This amount is closed to retained earnings Income summary 235,300 Retained earnings 235,300 Based on the following information, what would be the total on the Credit side of a post closing trial balance, assuming all accounts have a normal balance? Cash$6,774 Accounts receivable13,753 Office supplies2,645 Land37,173 Office equipment14,555 Accounts payable6,483 Common stock54,510 Dividends$2,020 Consulting fees earned13,738 Rent expense3,693 Salaries expense6,662 Telephone expense580 Miscellaneous expense300 Retained earnings? 6,483 + 54,510 + 13,424 + 483 Based on the following information, what would be the ending balance in the Retained Earnings Account, assuming all accounts have a normal balance? Cash Accounts receivable Office supplies Land Office equipment Accounts payable Common stock Dividends Consulting fees earned Rent expense Salaries expense Telephone expense Miscellaneous expense Retained earnings $6,760 13,739 2,631 37,159 14,541 6,469 54,496 2,006 13,724 3,679 6,648 566 286 ? Total Debits 88,015 - Total Credits 74,689 = RE 13,326 + Change in RE 539 = 13,865 Ending RE

Find millions of documents on Course Hero - Study Guides, Lecture Notes, Reference Materials, Practice Exams and more. Course Hero has millions of course specific materials providing students with the best way to expand their education.

Below is a small sample set of documents:

UNLV - ECON - 101
Research articleFor the research article, find a research article that applies to your patient insome way; do not conclude in your discussion that it really does not apply. Makesure it is a research articlenot a review, meta-analysis or systematic revi
UNLV - ECON - 101
Research Paper- The Debt Ceiling1Research Paper- The Debt CeilingSang Won Hwang11/08/2011Research Paper- The Debt Ceiling2The Debt CeilingThe debt ceiling issue is the true financial crisis of 2011. The debt ceiling is thelimit that the governmen
UNLV - ECON - 101
Seven Research Paper Topics1There are literally endless research paper topics to choose from, all easily at yourdisposal with tons of information on the Internet. Choosing your research paper topic isthe first step toward completing that college class
UNLV - ECON - 101
Revolutionary Mexican Artists1Revolutionary Mexican Artists12/5/11Revolutionary Mexican Artists2Revolutionary Mexican ArtistsWith the Mexican Revolution complete, art and culture emerged into popularity.The art stressed the beauty of human life an
UNLV - ECON - 101
Bret FarrellFarrell 1American HistoryRonald Reagan Essay Final Copy4/16/2008Ronald Reagan: A Man For All SeasonsRonald Reagan was a near perfect description of the American man; an athlete,actor, director, family man, and mostly politician. His ext
UNLV - ECON - 101
1In this simulation, we study upon the statistics tool of ANOVA and KruskalWallis tests. Both are used for analysis of data, but used for different reasons. The firstlesson learned was that ANOVA tests assumes the population has a normal distributionan
UNLV - ECON - 101
A company reports the following beginning inventory and purchases for the month of January. OnJanuary 26, the company sells 360 units.Beginning inventory on January 1Purchase on January 9Purchase on January 25Units32085110Unit Cost$ 6.006.406.
UNLV - ECON - 101
Statistics Lab Week 2Name:_John Cofrancesco _Math221Statistical Concepts: Using MINITAB Graphics Shapes of Distributions Descriptive Statistics Empirical RuleData in MINITAB MINITAB is a powerful, yet user-friendly, data analysis software packag
UNLV - ECON - 101
Statistics Lab Week 2Name:_John Cofrancesco _Math221Statistical Concepts: Using MINITAB Graphics Shapes of Distributions Descriptive Statistics Empirical RuleData in MINITAB MINITAB is a powerful, yet user-friendly, data analysis software packag
UNLV - ECON - 101
Statistics Lab Week 2Name:_John Cofrancesco _Math221Statistical Concepts: Using MINITAB Graphics Shapes of Distributions Descriptive Statistics Empirical RuleData in MINITAB MINITAB is a powerful, yet user-friendly, data analysis software packag
UNLV - ECON - 101
Statistics Lab Week 4Name:_Dondra Houston_MATH221Statistical Concepts: Probability Binomial Probability DistributionCalculating Binomial Probabilities>Open a new MINITAB worksheet.>We are interested in a binomial experiment with 10 trials. First
UNLV - ECON - 101
Statistics Lab Week 4Name:_ Jennifer Boxill _MATH221Statistical Concepts: Probability Binomial Probability DistributionCalculating Binomial Probabilities>Open a new MINITAB worksheet.>We are interested in a binomial experiment with 10 trials. Fi
UNLV - ECON - 101
Statistics Lab Week 4Name:_ John Cofrancesco _MATH221Statistical Concepts: Probability Binomial Probability DistributionCalculating Binomial Probabilities>Open a new MINITAB worksheet.>We are interested in a binomial experiment with 10 trials. F
UNLV - ECON - 101
Statistics Lab Week 4Name:_MATH221Statistical Concepts: Probability Binomial Probability DistributionCalculating Binomial Probabilities Open a new MINITAB worksheet. We are interested in a binomial experiment with 10 trials. First, we will make th
UNLV - ECON - 101
Statistics Lab #6Name:_Jennifer Boxill _Statistical Concepts: Data Simulation Discrete Probability Distribution Confidence IntervalsCalculations for a set of variablesOpen the class survey results that were entered into the MINITAB worksheet. We w
UNLV - ECON - 101
Statistics Lab #6Name:_Statistical Concepts: Data Simulation Discrete Probability Distribution Confidence IntervalsCalculations for a set of variables Open the class survey results that were entered into the MINITAB worksheet. We want to calculate
Montgomery College - USMLE - Step 1
ControlofViralDiseasesDerekWongWongsVirologyhttp:/virologyonline.comTermsContainment to contain the disease as to prevent it frombecoming a worse problem. Containment is usually theonly option available for the majority of infectiousdiseases.Elimi
Montgomery College - USMLE - Step 1
Fore More Lectures www.medicalppt.blogspot.comWhat is it?What can I do?An Indian perspective!Dr. T.R.ChandrashekarDirector critical careDr. N.K. RAGHURAMFellow in CCMK.R HOSPITALBengaluru, IndiaFore More Lectures www.medicalppt.blogspot.comWhat
Montgomery College - USMLE - Step 1
SWINE FLUDr.T.V.RaoMDProfessorofMicrobiologySriDevaRajUrsUniversityMedicalCollege,KolarIndiaDISTRIBUTEDBYwww.medicalppt.blogspot.comwww.medicalppt.blogspot.comFORMORELECTURESwww.medicalppt.blogspot.comFORMORELECTURESWhat is Swine FluSwineinfluen
Montgomery College - USMLE - Step 1
SWINEFLUOUTBREAK2009Dr.T.V.Rao MDProfessorofMicrobiologySriDevaRajUrsUniversityMedicalCollege,KolarIndiaDISTRIBUTEDBYwww.medicalppt.blogspot.comwww.medicalppt.blogspot.comFOR MORE LECTURESSWINEFLU20092009swinefluoutbreakistheepidemicspreadofan
Montgomery College - USMLE - Step 1
For More lectures www.medicalppt.blogspot.comSWINE INFLUENZAwww.medicalppt.blogspot.comFor More lectures www.medicalppt.blogspot.comINTRODUCTION Influenza pandemics are caused by influenzaviruses that have adapted to human beings. Influenza virus c
Montgomery College - USMLE - Step 1
Testicular tumorsTesticularB.Vijay Anand,SRMC, Chennai.SRMC,IncidenceTesticular tumors are rare.Testicular1 2 % of all malignant tumors.ofMost common malignancy in men in the 15 to 35year age group.Benign lesions represent a greater percentage
Montgomery College - USMLE - Step 1
VirologicalTestsAn OverviewDiagnosticMethodsinVirology1.DirectExamination2.IndirectExamination(VirusIsolation)3.SerologyDirectExamination1. Antigen Detectionimmunofluorescence, ELISA etc.2. Electron Microscopymorphology of virus particlesimmune
Montgomery College - USMLE - Step 1
ThoracicwallDr.IsmailKMemonDepartmentofBiologicalandBiomedicalSciences(Anatomy)AgaKhanUniversity,KarachiPUBLISHEDBYwww.medicalppt.blogspot.comwww.medicalppt.blogspot.comRelatedTermsThoraxUpperpartoftrunkbetweenneckandabdomenandneckThoraciccage
Montgomery College - USMLE - Step 1
CARDIO-VASCULAR SYSTEM Principles Structures Two circuits Pulmonary Systemic Fetal Circulation Heart Details Other detailsWhat Does C-V System do? Circulate blood throughout entire bodyfor Transport of oxygen to cells Transport of CO2 away fr
Montgomery College - USMLE - Step 1
Diffusion andthe Molecules of LifeLevels of Hierarchy and Organization inLiving Systems and Multi-cellular organismsMolecules of LifeC-chainComponentMain FunctionsMoleculesAnatomy and Physiology in theHierarchy of LifeCellsTissuesOrgans/Struc
Montgomery College - USMLE - Step 1
Gut Tube and DigestionPath of FoodEsophagusStomachSmall intestinesLarge intestinesRectum and anusLiver and PancreasDigestion functionRole in glucose metabolismPath of FoodMouth-chewingPharynx-conscious swallowingEsophagusu-transport to stomac
Montgomery College - USMLE - Step 1
Chapter 7Axial SkeletonTypes ofBonesAdditional Bones Wormian SesamoidSphenoid BoneMandibleNasal SeptumOrbitSinusesFontanelsHyoid Bone
Montgomery College - USMLE - Step 1
Chapter 10MusclesFunctions of Muscles Body movements Body positions Storing and movingsubstances Generating heatOutside to InsideFasciaEpimysiumPerimysiumFascicleEndomysiumMuscle FiberMyofibrilComponents of a Myofiber(Muscle Cell)Sarcole
Montgomery College - USMLE - Step 1
Chapter 18Endocrine SystemAnteriorPituitary Human Growth Hormone Thyroid StimulatingHormone Follicle StimulatingHormone Luteinizing Hormone Prolactin AdrenocorticotrophicHormone Melanocyte StimulatingHormoneAnterior Pituitary Human Growth
Montgomery College - USMLE - Step 1
BASICBODYPLANFromatwolayeredsheettoasegmentedtubewithinatubeHuman Anatomy, Larry M.Frolich, Ph.D. Sagittal view of generic vertebrate embryo/body plan Draw gut tube within outer tube Mouth, anus Cut across middle to see cross (or transverse) secti
Montgomery College - USMLE - Step 1
Chapter 13The Spinal Cord andNervesMeninges Epidural space Dura Mater tissue Subdural Space Arachnoid tissue Subarachnoid space (cerebrospinal fluid) Pia Mater tissue Brain and spinal cordConus MedullarisCauda EquinaFilium TerminaleVentricle
Montgomery College - USMLE - Step 1
Glucose RegulationWhat is diabetes?Cells need sugarATP and the Krebs CycleWhat comes in through the gutbasic nutritionRole of liver in processing nutrients, storingglucoseAbsorptive Pathways and role of insulin frompancreasPost-absorptive Pathways
Montgomery College - USMLE - Step 1
HEAD/NECK IV: Cranial Nerves Special Sense NervesI,II,VIII Somatic Motor NervesEyeIII,IV,VITongue-XII Rest of body nervesIX,X,XI Face and jawsVII, VHuman Anatomy, Frolich, Head/Neck IV: Cranial NervesOverview Head/Neck I-IV Head I: Skulla fram
Montgomery College - USMLE - Step 1
HEAD/NECK II: Throat/ Pharynx Overview: Sagittal view ofnose/mouth/throat Nasal Cavity and Breathing Mouth and Chewing Throat and Swallowing Larynx and SingingSagittal Section HeadCranial cavityBrain/Spinal cordVertebral bodiesEpaxial musclesH
Montgomery College - USMLE - Step 1
HEAD III: Special SensesTasteSmellVisionHearing/BalanceTASTE: how does it work? Taste buds on tongue onfungiform papillae(mushroom-like projections) Each bud contains severalcell types in microvilli thatproject through pore andchemically sense
Montgomery College - USMLE - Step 1
HEAD/NECK I:IntroductionThe Skull Head function brainstormSensory/Motor TargetsOverview: Head/Neck I-IVThe two-oval skullMajor features of the skullThe base of the skullThe developmental viewThe holes-out viewWhat all does the head do?[brainsto
Montgomery College - USMLE - Step 1
How does the kidney work?What controls the rate andconcentration of urine?Review nephron in kidneySteps in urine formation andconcentrationGlomerular filtrationReabsorptionTubular secretionNephron is functional unit of kidneyOver 1 million nephr
Montgomery College - USMLE - Step 1
The LiverThe Challenge: In 20 minutes,can we at least start to find outwhat the liver has to do withcholesterol levels in our body?To get there, we need to1. Get it situated (ANATOMY)2. Get it a blood supply with all the stuffin the blood that it
Montgomery College - USMLE - Step 1
Lower LimbSkeleton (homologous with upper limb) Muscles-anterior, posteriorcompartments Nerves-sciatic, femoral Surface anatomyFrolich, Human Anatomy,Lower LImbUpper-Lower Limb ComparisonSeeTableM&M,Table8.1Frolich, Human Anatomy,Lower LImbFro
Montgomery College - USMLE - Step 1
MECHANICS OF MOVEMENTTissues and Structures InvolvedMuscleNerveBoneCartilageWhat are Tendons? Role of Joints Mechanics of Joints Making it all workFrolich, Human Anatomy,Mechanics of MovementNerve and Muscle-the Motor UnitMotor neurons review
Montgomery College - USMLE - Step 1
Mechanics of Movement II:Muscle Action Across JointsReviewmuscle force generationMuscle Physics-force versus cross section-length versus strainLever mechanicsStabilizing the jointisometric and eccentriccontractionFrolich, Human Anatomy, Mechanic
Montgomery College - USMLE - Step 1
MUSCLE AND NERVE unique to animals conduct electricity (controlled fashion) allow for movementHuman Anatomy, Larry M. Frolich, Ph.D.Molecular Basis of MuscleFunctionActin-Myosin model (board)EXPLAINS:MUSCLE SHORTENINGMUSCLE FORCE GENERATION ORC
Montgomery College - USMLE - Step 1
NERVOUS SYSTEM ICNS (Central Nervous System)SegmentationPNS (Peripheral Nervous System)Spinal NervesNeuron TypesAutonomic Nervous System(how many nervous systems are there anyways?)HumanAnatomy,LarryM.Frolich,Ph.D.Central Nervous System (CNS)Bra
Montgomery College - USMLE - Step 1
Nervous System IISpinal Cord and Spinal NervesMeninges and Cerebro-spinal fluid (CFS)Autonomic FunctionHuman Anatomy, Larry M. Frolich, Ph.D.Spinal Cord Cross SectionHuman Anatomy, Larry M. Frolich, Ph.D.Spinal Cord Cross Section(drawing on handou
Montgomery College - USMLE - Step 1
Neurons Neurons and neuroglia(multiple sclerosis and neuroglia) Where are neurons in the body? Types of neurons and their functions How do neurons work? Action potentials SynapsesThe Basics of a Neuron Cell body withnucleus Axon (carrieselectr
Montgomery College - USMLE - Step 1
Human Anatomy1. Role of Alveoli2. Respiratory TreeRespiration and Thoracic CavityNote-taking Handout, Page 1Human AnatomyRespiration and Thoracic CavityNote-taking Handout, Page 23. LungsFormLeft LungRight LungLocation in ChestHuman Anatomy4
Montgomery College - USMLE - Step 1
PELVIS I: BONES AND MUSCLESIntroduction-why is pelvis so hard? Bony structures of the pelvis Muscles of the pelvis-attaching thelegs for upright living The floor of the pelvisWhy is the pelvis hard-#1 upright Pelvictilt or how we got to be upright
Montgomery College - USMLE - Step 1
PELVIS II: FUNCTION TABOOS(THE VISCERA)Defecation Urination Ejaculation ConceptionREVIEW OF PELVIS I Pelvic brim, inlet Pelvic outlet True pelvis-viscera Tilt forwardMid-sagital views-how the pelvicviscera workDefecationSTRUCTURES Rectum I
Montgomery College - USMLE - Step 1
Reproduction, EarlyDevelopment, Pregnancy1. From 2 cellsla 3-layer embryoa yolk sac, amniotic cavity, chorioniccavitya placenta2. Pregnancy and ChildbirthlChanges to female anatomyLabor and birthFrolich, Human Anatomy, Reproduction, EarlyOvul
Montgomery College - USMLE - Step 1
UPPER LIMB What is a limb? Sensory to upper limb Making it move Bones and joints Muscles and nerves Vascular supply Surface anatomy (muscle study hint)What is a limb? Ventral somatic outgrowth of outer tube Bones (with bone, cartilage, marrow,
Acton School of Business - NIKA - 101
ch1Student: _Multiple Choice Questions1. The person generally directly responsible for overseeing the tax management, cost accounting,financial accounting, and information system functions is the:A.B.C.D.E.treasurer.director.controller.chairm
Acton School of Business - NIKA - 101
ch2Student: _Multiple Choice Questions1. The financial statement showing a firm's accounting value on a particular date is the:A.B.C.D.E.income statement.balance sheet.statement of cash flows.tax reconciliation statement.shareholders' equity
Acton School of Business - NIKA - 101
ch3Student: _Multiple Choice Questions1. One key reason a long-term financial plan is developed is because:A.B.C.D.E.the plan determines your financial policy.the plan determines your investment policy.there are direct connections between achie
Acton School of Business - NIKA - 101
ch4Student: _Multiple Choice Questions1. An annuity stream of cash flow payments is a set of:A.B.C.D.E.level cash flows occurring each time period for a fixed length of time.level cash flows occurring each time period forever.increasing cash fl
Acton School of Business - NIKA - 101
ch5Student: _Multiple Choice Questions1. A bond that makes no coupon payments and is initially priced at a deep discount is called a _bond.A.B.C.D.E.Treasurymunicipalfloating-ratejunkzero coupon2. An asset characterized by cash flows that i
Acton School of Business - NIKA - 101
ch6Student: _Multiple Choice Questions1. The difference between the present value of an investment and its cost is the:A.B.C.D.E.net present value.internal rate of return.payback period.profitability index.discounted payback period.2. Which
Acton School of Business - NIKA - 101
ch7Student: _Multiple Choice Questions1. The changes in a firm's future cash flows that are a direct consequence of accepting a project arecalled _ cash flows.A.B.C.D.E.incrementalstand-aloneafter-taxnet present valueerosion2. The annual an
Acton School of Business - NIKA - 101
ch8Student: _Multiple Choice Questions1. An analysis of what happens to the estimate of the net present value when you examine a number ofdifferent likely situations is called _ analysis.A.B.C.D.E.forecastingscenariosensitivitysimulationbrea
Acton School of Business - NIKA - 101
ch9Student: _Multiple Choice Questions1. The excess return required from a risky asset over that required from a risk-free asset is called the:A.B.C.D.E.risk premium.geometric premium.excess return.average return.variance.2. The average squa
Acton School of Business - NIKA - 101
ch10Student: _Multiple Choice Questions1. A portfolio is:A.B.C.D.E.a group of assets, such as stocks and bonds, held as a collective unit by an investor.the expected return on a risky asset.the expected return on a collection of risky assets.t