ACCT 110 - FINANCIAL ACCOUNTING 1 SAMPLE MIDTERM TIME: 90 MINUTES Question Type Possible Marks 1-15 Multiple Choice 16 16 Journal Entries 10 17 Adjusting Entries 6 18 Closing Entries 3 19 Financial Statements 20 20 Other 5 Total Achieved 60 Letter Grade NO EXPLANATIONS ARE REQUIRED FOR JOURNAL ENTRIES. NAME ____________________________________ DATE _____________________________ ACCT 110 - Mock Midterm Page
Premium Balance sheet Double-entry bookkeeping system Liability
According to our textbook the closing process serves a dual purpose 1. The temporary accounts (revenues‚ expenses‚ gains and losses) are reduced to zero balances‚ ready to measure activity in the upcoming accounting period‚ and 2. These temporary accounts are closed (transferred) to retained earnings to reflect changes that have occurred during that accounting period. (Spiceland p. 79). There are three times during an accounting period when a company should perform a closing process‚ daily‚ monthly
Premium Generally Accepted Accounting Principles Income statement General ledger
1. award: 0 out of 0.00 points On June 1‚ Cline Co. paid $892‚000 cash for all of the issued and outstanding common stock of Renn Corp. The carrying values for Renn’s assets and liabilities on June 1 follow: Cash $ 178‚000 Accounts receivable 237‚000 Capitalized software costs 374‚000 Goodwill 110‚000 Liabilities (201‚000 ) Net assets $ 698‚000 Note: Parentheses indicate a credit balance. On June 1‚ Renn’s accounts receivable had a fair value of $155
Premium Balance sheet Generally Accepted Accounting Principles Asset
What can do as AIS? User Designer Auditors System advisors Information system users Accountants use information systems to generate information for decision makers. Accountants as System Designers The accounting function is responsible for the conceptual system‚ while the computer function is responsible for the physical system. Accountants as System Auditors Financial auditors (Internal or External) Attest to fairness of financial statement Attest to fairness of internal controls
Premium Enterprise resource planning Management consulting Supply chain management
Week 3: Accounting for Intangible Assets Introduction Change from a manufacturing to a “knowledge based” industry Increase market to book gap Intangible Assets play a major role Assets: Definition * Resource controlled by an entity as a result of past events from which future economic benefits are expected to flow to the entity Assets Recognition Criteria * Recognition Criteria * Under AASB Framework (par 89) an asset is to be recognised in the balance sheet only when * It
Premium Asset Balance sheet Lease
Acct 496 CH5 Assignment Kangkang Guo Q1. What is a provision‚ and when must a provision be recognized? Provision provides guidance for reporting liabilities of uncertain timing‚ amount‚ or existence. A provision should be recognized when: 1). The entity has a present obligation (legal or constructive) as a result of a past event. 2). It is probable (more likely than not) that an outflow of resources embodying economic events will be required to settle the obligation. 3). A reliable estimate of
Premium Balance sheet Asset Generally Accepted Accounting Principles
Grading Summary These are the automatically computed results of your exam. Grades for essay questions‚ and comments from your instructor‚ are in the "Details" section below. Date Taken: 8/3/2014 Points Received: 188 / 200 (94%) Question 1. Question : (TCO A) The Financial Accounting Standards Board employs a "due process" system‚ which: has all CPAs in the United States vote on a new statement. enables interested parties to express their views on issues under consideration.
Premium Balance sheet Income statement Revenue
Chapter 1 Introducing Financial Accounting Learning Objectives – coverage by question | |Mini-exercises |Exercises |Problems |Cases | | |25 |29‚ 33 | |45‚ 46 | |LO1 – Identify the users of accounting information | | | |
Premium Balance sheet Financial statements Generally Accepted Accounting Principles
ANSWERS Quiz 1 profit margin on sales for 2013. Net income/net sales. receivables turnover ratio net sales/average A/R inventory turnover ratio for 2013. COGs/average inventory asset turnover ratio for 2013.Net sales/average total sales average collection period for 2013.365/receive turnover ratio. average days in inventory for 2013.365 / inventory turnover ratio decimal place. return on assets for 2013. Profit margin*assets turnover. return on stockholders’ equity for 2013. Net income/ average
Premium Stock market Stock Generally Accepted Accounting Principles
Lecture 6 Receivables 1. Types of receivables (1)Accounts receivable: the amounts owed to the firm by customers on account from the sale of goods or services (2)Notes receivable: the amounts owing to the firm outside normal trade for which formal instruments of credit are issued evidencing the debt‚ and on which interest is generally payable (3) Other receivables include non-trade receivables such as interest receivable‚ loans‚ advances and GST receivable. 2. Accounting for A/R Accounts receivables
Premium Balance sheet Depreciation Generally Accepted Accounting Principles