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Averett University BSA522, Comprehensive Managerial Accounting Quiz 1 I. Fill in the blank using a number of terms listed below (@1). Accounts...

II. For the list below, identity the statement - BS, IS, RE, on which each item would appear, and whether it is a current/noncurrent- asset/liab, or OE, and if it is IS, whether it is rev/expense. (each @1/4).

1. ____________Accounts payable
2. ____________Accounts receivable
3. ____________Advertising expense
4. ____________Bad debt expense
5. ____________Bonds payable
6. ____________Buildings
7. ____________Cash
8. ____________Common stock
9. ____________Deferred income taxes
10. ____________Depreciation expense


11. ____________Dividends
12. ____________Land held for future expansion
13. ____________Loss on the sale of equipment
14. ____________Office supplies
15. ____________Organizational costs
16. ____________Patent amortization expense
17. ____________Retained earnings
18. ____________Sales
19. ____________Unearned revenue
20. ____________Utilities expense

Averett University BSA522, Comprehensive Managerial Accounting Quiz 1 Name: ________________________ I. Fill in the blank using a number of terms listed below (@1). Accounts Payables Balance sheet Conservatism Concept Cost Current Ratio Double entry system Going concern Goodwill Income Statements Intangible Assets Matching Concept Materiality Concept Monetary terms Paid-in-Capital Retained Earnings Sarbanes-Oxley Act 1. In financial accounting, a record is made only of information that can be expressed in _________________. 2. Unless there is good evidence to the contrary, accounting assumes that an entity is a ___________________. 3. ____________________ represent the claims of suppliers arising from their furnishing goods or services to the entity for which they have not yet been paid. 4. A fundamental concept of accounting, closely related to the going-concern concept is that an asset is ordinarily entered initially in the accounting records at its _______________. 5. ___________ appears in the accounts of a company only when the company has purchased some valuable economic resource over the fair value of the acquired company’s net assets. 6. Every transaction has a dual impact on the accounting records. Accounting systems are set up so as to record the dual aspect of a transaction; this is why accounting is called a ____________________. 7. The financial position of an accounting entity as of a specified moment in time is shown by a ___________. 8. __________________ include goodwill, patents, copyrights, trademarks, franchises, and similar valuable but nonphysical things controlled by business. 9. ____________________ is the amount the owners have invested directly in the business by purchasing shares of stock as these shares were issued by the corporation. 10. ____________________ is often articulated as a preference for understatement rather than over statement of net income and net assets when dealing with measurement uncertainties. 11. ____________________ is that when a given events affects both revenues and expenses, the effect on each should be recognized in the same accounting period. 12. ____________________ states that insignificant events may be disregarded, but there must be full disclosure of all important information. 13. ____________________ is the difference between the total earnings of the entity from its inception to date and the total amount of dividends paid out to its shareholders over its entire life. 14. ____________________ is an important indication of an entity’s ability to meet its current obligations because if current assets do not exceed current liabilities by a comfortable margin, the entity may be unable to pay its current bills. 15. ____________________ reports the nature and magnitude of the business operating activities for a specified period of time. 16. ____________________ requires CEO & CFO of public companies to certify that their company’s financial statements filed with the SEC are materially accurate and complete, and that in all material respects they present fairly the financial condition and results of operations of the issuer. II. For the list below, identity the statement - BS, IS, RE, on which each item would appear, and/or whether it is a current/noncurrent- asset/liab, or OE, and if it is IS, whether it is rev/expense. (each @1/4). 1. ____________Accounts payable 2. ____________Accounts receivable 3. ____________Advertising expense 4. ____________Bad debt expense 5. ____________Bonds payable 6. ____________Buildings 7. ____________Cash 8. ____________Common stock 9. ____________Deferred income taxes 10. ____________Depreciation expense 11. ____________Dividends 12. ____________Land held for future expansion 13. ____________Loss on the sale of equipment 14. ____________Office supplies 15. ____________Organizational costs
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16. ____________Patent amortization expense 17. ____________Retained earnings 18. ____________Sales 19. ____________Unearned revenue 20. ____________Utilities expense
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I. For the list below, identity the statement - BS, IS, RE, on which each item would appear, and/or whether it is a current/noncurrent- asset/liab, or OE, and if it is IS, whether it is...

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