{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Exam+1+Fall+2009+KEY - 1 Complete or fill-in-the blanks Two...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
1 Complete or fill-in-the blanks. Two points for each correct blank. 1. The ___ SEC_ ___ and _ FASB ___are the organizations primarily responsible for establishing the accounting principles used in the United States. 2. An ___ UNQUALIFIED ___ aud itor’s report indicates that t he financial statements fairly and accurately present the company’s financial position for the accounting period . 3. The two main file extensions used for company data in QuickBooks are NAME.__ QBW __ and NAME.__ QBB ___. 4. The _ CHART __OF_ _ACCOUNTS____ displays the balance sheet accounts first followed by income statement accounts in QuickBooks. 5. The dollars invested in tangible assets, that benefit a firm for more than one year is allocated using __ DEPRECIATION__, the dollars invested in intangible assets, that benefit a firm for more than one year is allocated using __ AMORTIZATION__, and the dollars invested in natural resources tangible assets is allocated using __ DEPLETION __. 6. If your customer can pay off an accounts receivable within 15 days and can take a 2% discount; or if not paid within the first 15 days, than pay the entire amount within 30 days, the credit terms for your company are given by __ 2/15___, __NET___ 30. 7. When a company is paid in advance for a future sale of a product cash precedes the sale it recorded as a __ LIABILITY__ on the balance sheet referred to as an __ UNEARNED REVENUE (or deferred credit)___ . 8. When a company pays in advance for a future purchase of an input cash precedes the purchase it recorded as a _ _ASSET __ on the balance sheet referred to as an __ PREPAID EXPENSE)___ .
Image of page 1

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

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ 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