Examination for FUNDAMENTAL ACCOUNTING - Examination for...

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Examination for FUNDAMENTAL ACCOUNTING Part I: Fill-In-The-Blanks 1. The branch of accounting which aims at serving external users is called ________ accounting. 2. A credit entry decreases asset and ____________ accounts or increases liability, owner's equity , and revenue accounts. 3. ____________ accounts are listed on the post-closing trial balance. These accounts are the asset, liability and owners’ equity accounts. 4 Individuals or organizations entitled to receive payments from a company are called _________. 5 ____________ statements include the balance sheet, income statement, statement of owner's equity and the statement of cash flows. 6 ____________ means the pricing of an inventory where the purchase invoice of each item in the ending inventory is identified and used to determine the cost assigned to the inventory. 7 Four closing entries: (1) close _______ balances in temporary accounts to income summary, (2) close _____ balances in temporary accounts, (3) close _________ to owners’ capital, and (4) close ____________account to owners’ capital. 8 A shares investment is classified as a ________ if it is not marketable or, if marketable, it is not held as an available source of cash to meet the needs of current operations. 9 We title the Current assets minus current liabilities as _________. 10 The reversing entry for an adjusting entry that debited Accounts Receivable and credited Fees Earned would be a ______ to Fees Earned and _____ to Accounts Receivable. 1
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Part II: True/False Questions 1. Examples of source documents are sales invoices, bills from suppliers, bank statements and employee earnings records. 2. Any transaction, no matter how complex, can be recorded in a general journal under the double-entry accounting system.
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  • Spring '08
  • McCartney
  • Balance Sheet, Bank Statements, post-closing trial balance

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