ACCT225 Exam 1 Study Guide
ACCT225 Exam 1 Study Guide accounting 225
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This page Study Guide was uploaded by Katie Rosen on Tuesday February 9, 2016. The Study Guide belongs to accounting 225 at University of South Carolina taught by Shannon D McCutchen in Spring 2016. Since its upload, it has received 112 views. For similar materials see Management accounting in Business at University of South Carolina.
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Date Created: 02/09/16
Pay amnunt awed tn the banit tnr preuiuue haunt ling Pay utility crusts Purchases equipment in be used if39l nper atiuna ewwa Pi mtid Services tn cuetnmer39s Pureha 5E ut ce supplie 5 Pureha 5e 3 building Pay wartimequot EELIElI iES Pay fur rheaegarc It and demelupment meta Pay taxes tn the IRS FDPJT JFFW 39I 5339 Sell ren mmnn SIDGk tn inueatnr s ACCT225 Exam 1 Study Guide gt Refer t0 the above figure for questions 110gt lt 1 a Financing b Investing c Operating 2 a Financing b Investing c Operating 3 a Financing b Investing c Operating 4 a Financing b Investing c Operating 5 a Financing b Investing c Operating 6 a Financing b Investing c Operating 7 a Financing U Investing O Operating 8 a Financing b Investing c Operating 9 a Financing b Investing c Operating 10 a Financing b Investing c Operating Flay anion nil unwed in the bank fur preuiuua burrowing Pay utility caste Punch353 equipment in he naked in nper atium aheP bJr Provide services in cu slum em Plumba 5E of ce SUPPIiEE Purclha SE a building Pay workersquot salariea Pay for FEEEELFC hi and development caste Pay taxes in the IRS 39I 5 3 Sell cummnn sinck in investom gt Refer to the above figure for questions 1120gt lt 11 a Asset b Dividend c Expense d Liability e Revenue f Stockholders equity 11 a Asset b Dividend c Expense d Liability e Revenue f Stockholders equity 12 a Asset b Dividend c Expense d Liability e Revenue f Stockholders equity 13 a Asset b Dividend c Expense d Liability e Revenue f Stockholders equity 14 a Asset b Dividend c EXpense d Liability e Revenue f Stockholders equity 15 a Asset b Dividend c EXpense d Liability e Revenue f Stockholders equity 16 a Asset b Dividend c EXpense d Liability e Revenue f Stockholders equity 17 a Asset b Dividend c EXpense d Liability e Revenue f Stockholders equity 18 a Asset b Dividend c Expense d Liability e Revenue f Stockholders equity 19 a Asset b Dividend c Expense d Liability e Revenue f Stockholders equity 20 a Asset b Dividend c EXpense d Liability e Revenue f Stockholders equity 21 Accounting can be defined as a The language of business b A measurementcommunication process c A mathematics course 22 Match each business activity with its description 1 Financing a Transactions related to revenues and eXpenses 2 Investing b Transactions with lenders and owners 3 Operating c Transactions involving the purchase and sale of productive assets 23 Events that affect the financial position of the company but do not include an exchange with a separate economic entity are a b c d Chart of accounts General ledger Internal transactions Trial balance 24 Which of the following causes the accounting equation not to balance a Increase assets increase liabilities b Decrease assets Increase eXpenses c Increase assets Increase dividends d Decrease liabilities Increase revenues 25 On May 5 Johnson Plumbing receives a phone call from a customer needing a new water heater and schedules a service visit for May 7 On May 7 Johnson installs the new water heater The customer pays for services on May 10 According to the revenue recognition principle on which date should Johnson record service a May 5 b May 7 c May 10 d Evenly over the three dates 26 An adjusting trial balance a Lists all accounts and their balances at a particular date after updating account balances for adjusting entries b Is used to prepare the financial statements c Includes balances for revenues eXpenses and dividends d All of the above 27 Which of the following is not listed in a postclosing trial balance a Prepaid rent b Accounts Payable c Salaries EXpense d Retained Earnings 28 Recording revenues when earned and eXpenses with related revenues is called a Accrualbasis accounting b Accrued eXpense c Accrue revenue d Adjusted trial balance 29 According to the revenue recognition principle you should a Record revenue in the period after it is earned b Record revenue in the period in which it is earned c Record revenue at the end of each fiscal year d Record revenue 4 times per period 30 Collusion is a Matching the balance of cash in the bank account with the balance of cash in the company s own records b The three elements present for every fraud motive rationalization and opportunity c Checks drawn on nonsufficient funds d Two or more people acting in coordination to circumvent internal controls 31 Fraudulent reporting by management could include a b c d Fictitious revenues from a fake customer Improper asset valuation Mismatching revenues and eXpenses All of the above 32 Which of the following is considered cash for financial reporting purposes a b c d Accounts receivable Investments with maturity dates greater than three months Checks received from customers Accounts payable 33 Operating cash ows would include which of the following a b c d 90999 9 NNNNNNNNNt H H H H H H H H H lw sgwewwecpwsgwewwe SDOQU OO Repayment of borrowed money Payment for employee salaries Services provided to customers on account Payment for a new operating center ANSWERS UCLCLSDOSDOCDCLQDHUQDOOOU OOU OSD lc2b3a 29 b 30 d 31 d 32 c 33 b
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