Accy 201 Study guides, Class notes & Summaries

Accy 201 Burney Final Questions And Answers Graded A+ | Complete Solutions

Accy 201 Ole Miss Final Exam Questions And Answers Graded A+ | Complete Solutions

ACCY 201 BARTON EXAM 1. Questions And Answers Graded A+ | Complete Solutions

A bill (or invoice) received from a vendor and supplier is an example of which of the following? - Financial statements A ledger is - a collection of the entire group of accounts maintained by a company A local fast-food outlet hired a first-year accounting student to work as its cashier (the person who collects cash from customers). The company pays the student after she works for a week. How does this transaction impact the accounting equation? - Decrease an asset, decrease owner's equit...

4 accounting assumptions - going-concern assumption, monetary unit assumption, time period assumption, business entity assumption 4 basic cost flow assumptions - specific identification, first-in first-out (FIFO), last-in first-out (LIFO), weighted average 4 general accounting principles - measurement principle, revenue recognition principle, expense recognition principle, full disclosure principle 4 general purposes of financial statements - income statements, statement of retained earnin...

% of receivables method - A/R x %= Target (of Allow T-chart) % of sales method - Sales x %= Bad debt expense 3 types of current liabilities - 1. accounts payable 2. current portion of long term debt 3. short term notes payable accounting - information system that provides reports to users about the economic activities and condition of a business Accounting Cycle - 1. transactions recorded in journal 2. posted in journal 3. unadjusted trial balance 4. adjustment data assembled 5. optio...

How are bonds payable reported on the balance sheet? - How are business transactions recorded in the accounting cycle? - first in the journal, then transferred to the ledger How do we determine what items to count in inventory? - determining cost of inventory requires cost of expenditures necessary, directly or indirectly, to bring into a salable condition and location How do you calculate bed debts expense using the allowance method? - How do you calculate COGS for a merchandiser? - using...

ACCY 201 - test 1 - Ole Miss - Burney Questions And Answers Graded A+ | Complete Solutions

Ole Miss Accy 201 Exam #1- Bowlin Questions And Answers Graded A+ | Complete Solutions

account - record of increases/decreases in specific account account balance - difference between total debits and credits including any beginning balance accounting - information and measurement system that identifies and records and communicates relevant reliable and comparable information about organizations business activities. Language of business. accounting cycle - steps in preparing financial statements Accounting Equation - Assets=Liabilities+Equity accrual basis accounting - uses...