Exam+1+Fall+2008+KEY

Exam+1+Fall+2008+KEY - 1 Complete or fill-in-the blanks....

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1 Complete or fill-in-the blanks. Two points for each correct blank. 1. The abbreviated ‘names’ of the two authorities primarily responsible for establishing the accounting principles used in the United States are the ___ SEC ____ and _ FASB _____. 2. To prepare a __ COMMON-SIZE___ balance sheet, every line of the balance sheet should be calculated as a percentage of total assets. 3. For assignment 1 to install the exercise company (Rock Castle Construction) data you need to restore the __ __QBLESSON _________ file. 4. The two main file extensions used for company data in QuickBooks are NAME.__ QBW __ and NAME.__ QBB___ . 5. The _ CHART ____ displays the balance sheet accounts first followed by income statement accounts. 6. The dollars invested in assets, such as equipment, that benefit a firm for more than one year is allocated using depreciation; the two primary methods used are ___ STRAIGHT- LINE___ _ or __ACCELERATED _ depreciation. 7. The three major methods of valuing inventory are; ____ FIFO __________, __LIFO _________, and __ AVERAGE _________ 8. The acronym for the accounting rules or principles used to prepare financial statements is ___ GAAP _____________. 9. The __ BALANCE ________ summarizes the financial position of a business at point in time. 10. Your record most of your daily business transactions (enter data) on a QuickBooks ____ FORMS _________, by selecting entries from a QuickBooks ______ LIST ______________. 11. The three major methods of valuing inventory will have identical impact on the balance sheet and income statement when there is no ___ INFLATION ________.
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2 Multiple Choice Questions, place your answer (letter) on the line . Three points for each. 1.
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This note was uploaded on 02/10/2011 for the course AEB 3103 taught by Professor Cazanova during the Spring '08 term at University of Florida.

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Exam+1+Fall+2008+KEY - 1 Complete or fill-in-the blanks....

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