AIM
Examination for FUNDAMENTAL ACCOUNTING

Examination for FUNDAMENTAL ACCOUNTING - Examination for...

Info icon This preview shows pages 1–3. Sign up to view the full content.

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
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

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.
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.
  • Spring '08
  • McCartney
  • Balance Sheet, Bank Statements, post-closing trial balance

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern