Exam+1+Spring+2008+KEY

Exam+1+Spring+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 dollars invested in fixed 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 EXCELERATED. 2. The abbreviated ‘names’ of the two authorities primarily responsible for establishing the accounting principles used in the United States are the SEC and FASB. 3. FORMS, LISTS and REGISTERS are the three main features/ways that used to enter data, enter daily transactions and contain records of all activities in QuickBooks (presented in lesson 1). 4. The acronym for the accounting rules or principles used to prepare financial statements is GAAP. 5. For assignment 2 to install the exercise company (Rock Castle Construction) data you need to RESTORE the qblesson.qbb file. 6. The two file extensions used for company data in QuickBooks are NAME.QBB and NAME.QBW. 7. The chart of accounts displays BALANCE SHEET accounts first followed by INCOME and EXPENSE accounts. 8. The three major methods of valuing inventory are; LIFO, FIFO and AVERAGE COST. 9. MENU BAR, ICON BAR, SHORTCUT LIST, and NAVIGATOR are three of the four ways to access features, navigate or move around in QuickBooks.
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2 Multiple Choice Questions, place your answer (letter) on the line . Two points for each. 1. What does a balance sheet summarize for a business? A. Operating results for a period B. Financial position at a point in time C. Financing and investment activities for a period D. Profit or loss at point in time 2. What basic financial statements can be found in an annual report? A.
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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+Spring+2008+KEY - 1 Complete or fill-in-the blanks....

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