Test Accounting 11 Final Exam Quizlet PDF

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2/22/2020

Test: Accounting 11 Final Exam | Quizlet

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5 Written questions 1. we sold something on account an invoice is a bill debit: accounts receivable credit: revenue

2. we made a deposit, but the bank hasn't recorded it yet

3. A cheque that has bounced

4. charges for services by the bank

5. •Accrued means "to add up over time" •Money that is owed to you that adds up over time •Ex. money earned on an investment: interest •Revenue Recognition Applies Interest Rates given are for 1 year Debit: "x" receivable Credit: "x" revenue

5 Matching questions 1.

Liability

2.

Contra Account

A. something that you owe that has financial value B. owner withdraws money from the company C. I must record the value of an asset at the price I paid,

3.

Drawings

4.

Calculating Capital

5.

Cost Principle

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not what I think it's worth D. assets - liabilities = capital E. Reduces the value of another account 1/3

2/22/2020

Test: Accounting 11 Final Exam | Quizlet

5 Multiple choice questions 1. record the revenue in the time period it is earned (not necessarily when we get paid) A. Journal Recording Process B. Non-Sufficient Funds (NSF) C. Creating a Statement of Owner's Equity D. Revenue Recognition Principle (GAAP)

2. business and personal finances are kept separate A. Credit Memo (CM) B. Source Documents C. Closing Entries D. Business Entity

3. •Matching principle applies •Money that you owe that adds up over time •Ex. interest on loans, telephone, insurance, utilities salaries Debit: "x" expense Credit: "x" payable A. Delivery Expense B. Prepaid Expenses C. Adjustments D. Accrued Expense

4. HST Payable - HST Refundable = Remittance The difference is what you give to the government A. Calculating Capital B. Posting to the Ledger C. Merchandise Inventory D. Calculating Remittance

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2/22/2020

Test: Accounting 11 Final Exam | Quizlet

5. generally accepted accounting principles A. Business Entity B. GAAP Principles C. Accounting Formula D. Cost Principle

5 True/False questions 1. sales→HST Payable True False 2. revenue - expenses = net income or net loss→Calculating Profit/Loss True False 3. business maintain the same 12 month period, year to year→Sole Proprietorship True False 4. record expenses in the time period in which they happened, this is tied to generating revenue →Matching Principle (GAAP) True False 5. a group of accounts that may be in the form of a book containing pages for each account in a manual accounting system→Ledger True False

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