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NAU - ACCT 255 - Financial accounting study guide 1 - Study Guide

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NAU - ACCT 255 - Financial accounting study guide 1 - Study Guide

School: Northern Arizona University
Department: Accounting
Course: Principles of Accounting: Financial
Professor: Craig Bain
Term: Fall 2016
Tags:
Name: Financial accounting study guide 1
Description: Good Luck!!
Uploaded: 09/19/2016
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background image From Dr. Bain:
Take the sample test! 
Some of you go in to test being familiar with topics-you will fail
Go in and START WORKING! Sit down KNOWING!
ACC 255 Study Guide 1: 1. Define Posting
2. A trial balance will not balance if: a correct journal entry is posted 
twice.
A. A correct journal entry is posted twice 
B. the purchase of supplies on account is debited to Supplies and 
credited to Cash. C. a $100 cash dividends is debited to the Dividends account for  $1,000 and credited to Cash for $100. D. a $450 payment on account is debited to Accounts Payable for $45  and credited to Cash for $45. 3. Define Fiscal Year
4. Define The Revenue Recognition Principle
5. What is the periodicity assumption?
A. Companies should recognize revenue in the accounting period in 
which it is earned
B. Companies should match expenses with revenues
C. The economic life of a business can be divided into artificial time 
periods
D. The fiscal Year should correspond with the calendar year
6. Which one of these statements about the accrual basis of accounting is false?
A. Companies record events that change their financial statements in 
the period in which events occur, even if cash was not exchanged.
B. Companies recognize revenue in the period in which the 
performance obligation is satisfied
C. This basis is in accord with generally accepted accounting principles
Companies record revenue only when they receive cash, and record 
expense only when they pay out cash 
7. Describe the advantages/disadvantages of the primary forms of  business organization 8. Describe the purpose of accounting and identify users of accounting  information

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School: Northern Arizona University
Department: Accounting
Course: Principles of Accounting: Financial
Professor: Craig Bain
Term: Fall 2016
Tags:
Name: Financial accounting study guide 1
Description: Good Luck!!
Uploaded: 09/19/2016
2 Pages 17 Views 13 Unlocks
  • Better Grades Guarantee
  • 24/7 Homework help
  • Notes, Study Guides, Flashcards + More!
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