ACCT 1010 Fall 2013 Midterm Exam Ch 1-5, App I & G
Gibson Company recorded the following cash transactions for the year:
Paid $180,000 for salaries, Paid $80,000 to purchase office equipment, Paid $20,000 for utilities,
Paid $8,000 in dividends
I ran into an issue yesterday when taking the test. After about 30 minutes, eLearn would ended the
session stating I have been inactive for too long (wud be nice if it asked me if I wanted to extend the
session at that time). The first time it hap
Internal Controls in a Corrugated Box Plant
A controller in a box plant is a very busy job ensuring the business is accounted for accurately and as
profitable as possible. Box margins are very low in the shipping box sector so control
Some Suggestions for Journalizing and Posting at this Point
Become familiar with what account type a specific account is using the language
that we will use in the early part of the course
Assets are things of value that the company owns.
Internal control is the organizational plan and all the related measures adopted by an entity to
safeguard assets, encourage employees to follow company policies, promote operational
efficiency, and ensure accurate and reliab
ACCT 1010 Spring 2016
Ch 8 Lecture
Objective of the Accounts Receivables Topic
That the net accounts receivable on the balance sheet represents money that will most likely be
collected by the company.
That the bad debt expense on the income statement give
Business: Tennis Club
Accounting Internal Controls
I am an accounting manager for a Tennis Club in Chattanooga. Our business is open Monday to
Friday from 9am to 9pm and Saturday and Sundays from 8am to 8pm. The club is operated from
March 15th to Novembe
ACCT 1010 Fall 2016 Review for Test Four Ch 7-8
MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.
A company has a petty cash fund amount of $300. When replenished, it has petty cash receipts
Accounting 1010 Internal Control's for McKee Foods
McKee Foods is a family owned business and profit sharing company. This means that they share their
profits with their employees. McKee Foods is not a public company, it is a privately owned company and
ACCT 1010 Spring 2016
Grading Points for Internal Control Essay
Coverage of objectives
Accomplishment of goals
Reliability and integrity of data
Economic, efficient, and effective use of resources
Coverage of types
Cassie Reardon- Week One Homework
#4 It refers to the threshold at which an item begins to affect decision making.
#8 assets equal liabilities plus equity
Brief Exercise #1
Teds Typing service
M/C #3 c.
Notes Ch 3
Now lets' talk about the inputs. Businesses regularly engage in the following types of financial transactions:
1. Buying things.
2. Paying for them.
3. Selling things.
4. Getting paid for them.
5. Using things.
Each of the transactions is enter
Appendix I (Sole Proprietorships) and Appendix G (Special Journals and Subsidiary Ledgers) are not in
your book. You must download them from the Wiley Student Companion site for the text. There is a link
on the right side of the course home page.
ACCT 1010 Fall 2013 Test 3 Ch 5, App G, & App I
As compared to a corporation, the accounting for a sole proprietorship is similar except for:
The classification and normal balance of the drawings account is:
Notes on Ch 6
Inventory is a critical element of most businesses and the financial statements are dependent on how inventory
is valued in the business. The text does a good job of carrying you through the steps in the valuation of ending
inventory and cos
ACCT 1010 Fall 2013 Test 2 Ch 3-4
A trial balance
*is a list of accounts with their balances at a given point in time.
A trial balance would only help in detecting which one of the following errors?
*A transposition error when transf
ACCT 1010 Fall 2013 Test 5 Ch 9-10 and Appendix F
A company purchased land for $70,000 cash. Real estate brokers' commission was $5,000 and $7,000 was
spent for demolishing an old building on the land before construction of a new building cou
ACCT 1010 Fall 2013 Test 1 Ch 1-2
A business organized as a corporation
*is owned by its stockholders
Most business enterprises in the United States are
An advantage of the corporate form of business is that
Notes for Chapter One
1. Taking daily transactions, e.g. buying, selling, paying cash, and receiving cash.
2. Entering them into an accounting system.
3. Getting the following statements from the accounting system:
Income statement, statement of equity (n
ACCT 1010 Fall 2013 Test 4 Ch 6-8
At December 31, 2012 Mohling Company's inventory records indicated a balance of $652,000. Upon further
investigation it was determined that this amount included the following:
$112,000 in inventory purchases m
Pg. 46, #14
Use Accouting Equation to Solve for missing value in highlighted cell's
Sally's Fish and Chips
Answers to Chapter Five Exercise Problem Two Part Two and Problem Three
(Problem One and Problem Two Part One were done in class)
Problem Two Part Two
Less: Sales Returns and Allowances
ACCT 1010 Fall 2016
Some Notes on Cash Ch 7
One of the best and most commonly used internal controls for cash is to keep the majority of the cash in
a bank account and limit who has authority to take money out of the account through ch
Accounting Internal Controls
I am a manager of a sporting goods franchise. We are open from 9:00 a.m. through 9
p.m. We specialize in selling sporting and outdoor goods.
Require employees to take vacations, get annual physicals and go thr
Ending merchandise inventory on November 15 is $20.70 using FIFO.
$ 2.00 = $ 22.00
I am a store manager of a drugstore that is open 24 hours excluding the pharmacy. We also
sell beer with an alcohol content of 6.2% or less on Monday-Saturday from 8:00 a.m. to 3:00
a.m. the following day, Sunday we sell alcohol from 10:00 a.m. to 3:00 a.