Accounting 201 - Study guides, Class notes & Summaries

The 3 forms of business organizations - sole proprietorship, partnership, corporation 2 uses of financial information - Internal (such as management, marketing, and finance) External (such as shareholders, creditors, and regulators) 4 general purpose financial statements - income statement, statement of retained earnings, balance sheet, and statement of cash flows What information do you take from the income statement to use on the statement of retained earnings? - Net income What informa...

1. The Federal Insurance Contributions Act levies a tax upon the gross earnings of self-employed persons. a. True b. False ANSWER: False POINTS: 1 2. FICA includes partnerships in its definition of employer. a. True b. False ANSWER: True POINTS: 1 3. In its definition of employee, FICA clearly distinguishes between classes or grades of employees. a. True b. False ANSWER: False POINTS: 1 4. The highest paid executives of a firm are excluded...

On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $31,000 and $500, respectively. During the year Kincaid reported $72,500 of credit sales. Kincaid wrote off $550 of receivables as uncollectible in Year 2. Cash collections of receivables amounted to $74,550. Kincaid estimates that it will be unable to collect one percent (1%) of credit sales. Kincaid's entry to recognize the write-off of the uncollectible accounts will: not...

UW Eau Claire Accounting 201 Final Equations correctly answered already passed

Payroll Accounting 2018 28e Bernard J Bieg Judith A Toland

Payroll Accounting 2016 26th Edition by Bieg - Test Bank

Payroll Accounting 2018 28th Edition Bernard J Bieg Judith A Toland- Test Bank

Test Bank For Payroll Accounting 2018 28Th Ed by Bernard J Bieg Judith A Toland

Accounting can either be based on what 2 types of accounting? 1. Accrual Accounting 2. Cash-Basis Accounting Accrual Accounting -Records what (2)? -Required by what? Accounting that records the impact of a business event as it occurs, regardless or whether the transaction affected cash. -Making the sale (not collecting the cash) increases your wealth Required by Generally Accepted Accounting Principles (GAAP) Records: ► Revenue when earned ► Expenses when incurred (not necessarily when cash...

When are liabilities created? When a company: -buys goods and services on credit -obtains short-term loans -Issued long-term debt what are current liabilities? short-term obligations that will be paid with current assets within the company's current operating cycle or within one year of the balance sheet, whichever is longer How do we increase liabilities? with a credit When is Accounts Payable used? when a company receives goods or services on credit When is Accounts Payable credited/incre...