Contra account examples - Study guides, Class notes & Summaries

Accounting 200 Exam 1 Verified Answers 2 Types of Adjusting Entries ️Accruals - When revenue or expenses precedes the cash Deferrals - When revenue or expenses follow the cash 3 Types of Business Entities? ️1.) Sole Proprietorship - Simplest, most common - one person 2.) Partnership - Mutual Risk with partners 3.) Corporation - Double-taxation/Limited Liability A Debit to Retained earnings means... ️A Dividend was paid to shareholders Accounting Cycle (Definition) ️The proc...

ACA Accounting Exam Questions and Answers 100% Verified and Updated Which of the following would require adjustments to the cash at cash account in a bank reconciliation? 1. Bank charges 2. Unpresented cheques 3. Returned cheques 4. Uncleared lodgements Bank charges and returned cheques Unpresented cheques and uncleared lodgements are just timing differences What is the double entry for VAT (purchases)? D/R Purchases (Net) D/R VAT C/R Trade Payables (Gross) What is the double entry...

Principal Accountant Civil Service Test 22 Questions with Verified Answers Accumulated Depreciation - CORRECT ANSWER Accumulated Depreciation is a contra asset, or negative asset, which has a normal credit balance. Accumulated Deprecation decreases upon the sale or donation of a fixed asset and increases when the company recognizes depreciation. The balance can only increase when the company recognizes depreciation. GAAP - CORRECT ANSWER Generally Accepted Accounting Principles (GAAP) are ...

CFA Level 1 - 101 Must Knows 368 Questions with Verified Answers Addition Rule of Probability - CORRECT ANSWER ADDITION: P(A or B) = P(A) + P(B) - P(AB) Roy's Safety First Criterion - CORRECT ANSWER Safety First Ratio = (E(R) - Rₜ) / σ Larger ratio is better If (Rₜ) is risk free rate, then it becomes Sharpe Ratio Sharpe Ratio - CORRECT ANSWER Sharpe Ratio = (E(R) - RFR) / σ Larger ratio is better If (Rt) is higher than RFR, then it becomes Safety First Ratio Centra...

answer sequences (albeit in activity-specifi c ways). Second, they each contain elements of deception and/or evasion. Weiner denies inappropriate behaviour in the press interview we are focusing upon, for example, but in a later press conference (CBS 2011) admitted to having “exchanged messages and photos of an explicit nature with about six women” over a three-year period. His actions (and then lying about them) precipitated his resignation from Congress in June the same year....

CFE Exam 349 Questions with Verified Answers Falsified Hours & Salary Schemes - CORRECT ANSWER The most common method of misappropriating funds from the payroll is the overpayment of wages. For hourly employees, the size of a paycheck is based on two factors: the number of hours worked and the rate of pay. Therefore, for hourly employees to fraudulently increase the size of their paycheck, they must either falsify the number of hours they have worked or change their wage rate. Common ways ...

Assets - answer--Cash -A/R -Securities -Inventory -PP&E *Normal Balance is a DEBIT (Debits increase asset accounts) Liabilities - answer--A/P -Wages Payable -Notes Payable -Pension Obligations *Normal Balance is a CREDIT (Credits increase liabilities) Equity - answer-1. Paid-in Capital 2. Retained Earnings *Normal Balance is a CREDIT (Credits increase equity) -A debit to the equity account is an increased expense -A credit to the equity account is an increase in ret...

What are the three branches of ethics? Descriptive: How do people actually live? Normative: How ought people to live? Applied: What ought people to do in specific situations? What are the five traits of moral principles? Prescriptivity: Moral principles are intended to guide human behavior. Universalizability: Moral principles can be applied to all similar people in similar situations. Overridingness: Moral principles take precedence over other kinds of principles. Publicity: Moral princ...

What determines a company's use of the specific identification method of costing? A : when the company purchases a large number of low-unit-cost items B : when the company sells large numbers of low-unit-cost items C : when the company sells a limited number of high-unit-cost items D : when the physical flow of units cannot be determined - answer-C ________ is located on the balance sheet as a current asset immediately below receivables. A : Cost Of Goods Sold B : Gross Profit ...

Accounting, Vol. 2, 9e Cdn. Ed. (Horngren) Chapter 11 Current Liabilities and Payroll Objective 11-1 1) Accrued interest on a note payable should be credited to interest payable. Answer: TRUE Diff: 1 Type: TF Learning Outcome: A-12 Define and record current and contingent liabilities Skill: Knowledge Objective: 11-1 Account for current liabilities of known amount 2) Interest payable is a contra liability account and is deducted from the note payable on the balance sheet. ...