Key+Exam+1+Fall+2010

Key+Exam+1+Fall+2010 - Complete or fill-in-the blanks. Two...

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Complete or fill-in-the blanks. Two points for each correct blank. 1. To prepare a common-size balance sheet, every line of the balance sheet should be calculated as a percentage of _ ___. 2. _ ___ _ _ is the default accounting method used in QuickBooks to generate financial reports. 3. Allowance for ___ _ ___ _ ____ _ is an estimation of the dollar amount of uncollectable accounts receivable. 4. In QuickBooks the _____ _ displays balance sheet accounts first, followed by income and expense accounts. 5. For Company XZY beginning retained earnings for 2006 was $1171, net income for 2006 was $48, ending retained earnings for 2006 was $1164, and ___ _ ___ _ ___ _ paid out by XZY during 2006 was $ ________ .. 6. In QuickBooks ___ _ ___ _ ___ _ is the process of making sure that your checking account record matches your bank’s record. 7. The balance sheet measures the financial condition of the firm at the beginning and ending of the accounting period the ___ _ ___ _ ___ _ ___ _ and the ___ _ ___ _ ___ _ measure the financial performance of the firm for the accounting period. 8. The three major methods of valuing inventory are; ______ _ __ , _______, and _____ _ __ 9. ___ _ ___ _ gives the power to set accounting rules to the ___ _ . 10. _ ___ _ _______ , ______________ and ______ _ ____ are the three main ways to enter data in QuickBooks. 11. _____ _ ___ _ _ , ___ _ _______ and _______ _ _________ are three of the four ways to access features or navigating around in QuickBooks. Multiple Choice Questions, place your answer (letter) on the line . Two points for each. 1. If a company chooses the LIFO method of inventory valuation, which inventory purchases will appear as ending inventory on the balance sheet? A. The first inventory purchased. B. The last inventory purchased. C. An average of all inventory purchased. D.
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Key+Exam+1+Fall+2010 - Complete or fill-in-the blanks. Two...

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