Jeopardy answers

Jeopardy answers - Jeopardy answers: Things that make up...

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Jeopardy answers: Things that make up the fraud triangle. Character, incentive, opportunity Under GAAP the asset that never depreciates (land), and makes up the balance in that account (cost of the land) The unadjusted balance in supplies was 700 . At the end of the month 400 is left. What are the adjustments? o Supplies exp debit 300 o Supplies credit 300 The 3 activities used in the statement of cash flows: Financing activities, operating, and investing When closing accounts o Unearned revenue (stays) o Dividends (credit to zero) after finding retained earnings (S.of.R.E.) o Rent Revenue(debit to zero) JE*journal entry o Sales revenue (debit to zero)JE o Supplies (credit to zero)JE o Income tax expense (credit to zero) JE o Wages expense (credit to zero) JE Equation used on statement of retained earnings o Beg +net income-dividends= retained earnings Internal report that lists all accounts and their balances to check that debits equal credits o Any trial balance (unadjusted, adjusted, closing)
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This note was uploaded on 12/20/2011 for the course ACIS 2115 taught by Professor Jayardley during the Fall '07 term at Virginia Tech.

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Jeopardy answers - Jeopardy answers: Things that make up...

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