Exam+1+Fall+2009+KEY

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

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