ACCT Exam I Review

ACCT Exam I Review - The review will be held SUNDAY,...

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The review will be held SUNDAY, September 28th. Complete this packet prior to attending the review!!! The review on Tuesday, September 30th during regular lecture time will cover the same review packet. You MUST attend ONE of the two reviews in order to earn lecture points. Bring the homework due on Tuesday to either review. Short Answer 1. State the fundamental accounting equation. 2. What are the two components of stockholder’s equity? 3. What is the formula for current ratio, quick ratio, debt ratio, and working capital? 4. What is the group that presently creates accounting standards? 5. What gives the board of directors the right to change a company’s CEO? 6. What three things do you need to recognize revenue according to the revenue recognition concept? 7. What is the purpose of adjusting entries? 8. What is the revenue concept and the matching concept? 1
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9. When do you recognize revenues and expenses under cash and accrual accounting? 10. When can you use reversing entries? 11. Where do we close dividends to? 12. What is double taxation? 2
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Adjusting Entries John started his own pet store, specializing in Chocolate Labs. Make the appropriate entries for the transactions described below. John closes his books on December 31. 1. On Jan 1, John sold common stock in the amount of $100,000 cash. 2. On March 31, John purchases a giant dog washing machine. The machine cost $250,000. John paid $100,000 cash and signed a note for the remaining amount. Interest of 10% is compounded annually and due in 1 year. The machine has a useful life of 10 years. 3. On August 1, John paid cash for prepaid insurance in the amount of $9,000. This will cover John’s store for 3 years. 4.
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This note was uploaded on 10/12/2008 for the course ACCT 200 taught by Professor Shaftel during the Fall '08 term at Kansas.

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ACCT Exam I Review - The review will be held SUNDAY,...

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