08 Oct International Financial Reporting Standards
Principles of Accounting 1
DQ1 International Financial Reporting Standards
International Financial Reporting Standards
(IFRS)
WGEED IFRS are considered to be more “principles-based” than U.S. GAAP, «which is considered to be more “rules-based.” For example, U.S. GAAP consists of approximately 17,000 pages, which include numerous industry-specific accounting rules. In contrast, IFRS allow more judgment in deciding how business transactions are recorded. Many believe that the strong regulatory and litigation environment in the United States is the cause for the more rules-based GAAP approach. Regardless, IFRS and GAAP share many common principles.
Questions:
Think about if the entire world used the same accounting systems as opposed to the US using GAAP and the EU using the IFRS.
What are the advantages of this?
What are the disadvantages of this?
Should there be more than one accounting system? Why or why not?
DQ2 In business, there are many laws that are required of companies. These laws while there to protect the consumer are not always the in the best interest of the company’s bottom line. In some cases, many cases, the CEOs and other higher up executives find ways around these laws (some illegal and some legal) to benefit not the company, but themselves. This project is going to give you an in depth look at one of these such businesses where a member of the business took it upon themselves to find ways to get money out of the business for personal use. In this course, we are going to be doing some research on these companies and sharing it with the class. This project will be broken down into weekly steps.
Step one: Choosing a Business – post it to the discussion area
Choose a business from the list. Once you have chosen your business please post the name of your business on the discussion. EVERYONE MUST DO A DIFFERENT BUSINESS. If your chosen business is taken, please choose a different one. Once you have chosen a business, please reply to your classmates about the business they have chosen. Share with them thoughts and research you have done about their businesses. Please be sure to cite your sources.
Adelphia Communications
Bristol-Meyers Squibb
CVS
Enron
Global Crossing
HealthSouth Corporation
Kmart
Martha Stewart
Merck
Pharmor
Qwest Communications International
Tyco
Wal-mart’s various law issues
Worldcom
Xerox
ACC105 Principles of Accounting 1
Module 2 Discussion
DQ1 Computerized Accounting Systems
Computerized accounting systems are widely used by even the smallest companies. These systems simplify the record-keeping process in that transactions are recorded in electronic forms. Forms used to bill customers for services provided are often completed using drop-down menus that list services that are normally provided to customers. An auto-complete entry feature may also be used to fill in customer names. For example, type “ca” to display customers with names beginning with “Ca” (Caban, Cahill, Carey, and Caswell). And, to simplify data entry, entries are automatically posted to the ledger accounts when the electronic form is completed.
One popular accounting software package used by small- to medium-sized businesses is QuickBooks’. Some examples of using QuickBooks to record accounting transactions are illustrated and discussed in Chapter 5.
Questions:
What do you see as the advantages and disadvantages of computerized accounting systems?
Discuss the experience if any that you have had with computerized accounting systems either as a customer or as an employee.
If you were to run a business (some of you already do), how would you complete the accounting for your business (paper or computer)? Why?
DQ2 Step two: Research!
Using the internet, newspapers, magazines, and/or library, research your company. Write 1-2 pages double spaced about the following topic regarding your chosen company. Post those here. Be sure to cite your sources using APA format!
History of the company. Please do NOT include details of the scandal in this section. You can comment on it as part of the history, but the details will come later in the project.
When replying to your classmates, please be sure to include both positive feedback and constructive criticism. We want to help each other become better writers.
ACC105 Principles of Accounting 1
Module 3 Discussion
DQ1 Integrity, Objectivity, and Ethics in Business Free Issue
Office supplies are often available to employees on a “free issue” basis. This means that employees do not have to “sign” for the release of office supplies but merely obtain the necessary supplies from a local storage area as needed. Just because supplies are easily available, however, doesn’t mean they can be taken for personal use, There are any instances where employees have been terminated for taking supplies home for personal use.
Discuss this issue. What is your experience and opinion of this “free issue”?
DQ2 Step two: Research!
Using the internet, newspapers, magazines, and/or library, research your company. Write 1-2 pages double spaced about the following topic regarding your chosen company. Post your work here. Be sure to cite your sources using APA format!
Details of the scandal
Who was involved
How was it committed
What exactly happened
When did it happen
Who did it affect
What laws were broken
ACC105 Principles of Accounting 1
Module 4 Discussion
DQ1 Integrity, Objectivity, and Ethics in Business CEO’s Health?
How much and what information to disclose in financial statements and to investors presents a common ethical dilemma for managers and accountants. For example, Steve Jobs, co-founder and CEO of Apple Inc., had been diagnosed and treated for pancreatic cancer. Apple Inc. had insisted that the status of Steve Jobs’s health was a “private” matter and did not have to be disclosed to investors. Apple maintained this position even though Jobs was a driving force behind Apple’s innovation and financial success.However, in response to increasing investor concerns and speculation, Jobs released a letter on January 5, 2009, to investors on his health. The letter indicated that his recent weight loss was due to a hormone imbalance and not due to the recurrence of cancer. On October S, 2011, Steve Jobs died at the age of 56.
Do you think the health of a CEO or any major company employee should be public knowledge? Why or why not?
DQ2 Step two: Research!
Using the internet, newspapers, magazines, and/or library, research your company. Write 1-2 pages double spaced about the following topic regarding your chosen company. Post your work here. Be sure to cite your sources using APA format!
Where is the company now
What happened to the people involved
Is the company still in business
Are they succeeding or struggling
ACC105 Principles of Accounting 1
Module 5 Discussion
DQ1 Business Connection
Accounting Systems and Profit Measurement
A Greek restaurant owner in Canada had his own system of accounting. He kept a his accounts payable in a cigar box on the left-hand side of his cash register, his daily cash returns in the cash register, and his receipts for paid bills in another cigar box on the right. A truly “manual” system. When his youngest son graduated as an accountant, he was appalled by his father’s primitive methods. “I don’t know how you can run a business that way,” he said. “How do you know what your profits are?” “Well, son,” the father replied, “when I got off the boat from Greece, I had nothing but the pants I was wearing. Today, your brother is a doctor. You are an accountant. Your sister is a speech therapist. Your mother and I have a nice car, a city house, and a country home. We have a good business, and everything is paid for….”
“So, you add all that together, subtract the pants, and there’s your profit!”
Thoughts? Why do we have accounting systems? Why can’t we follow this gentleman’s train of thought?
DQ2 Step two: Research!
Using the internet, newspapers, magazines, and/or library, research your company. Write 1-2 pages double spaced about the following topic regarding your chosen company. Post your work here. Be sure to cite your sources using APA format!
What types of measures are they taking to ensure this doesn’t happen again?
NOTE: while researching keep in mind ethics and accounting (SEC, FASB, etc). Apply your research to these topics!!!
Any other topics you would like to research or things you stumble upon.
ACC105 Principles of Accounting 1
Module 6 Discussion
DQ1 Integrity, Objectivity, and Ethics in Business
The Case of the Fraudulent Price Tags
One of the challenges for a retailer is policing its sales return policy. There are many ways in which customers can unethically or illegally abuse such policies. In one case, a couple was accused of attaching Marshalls’ store price tags to cheaper merchandise bought or obtained elsewhere. The couple then returned the cheaper goods and received the substantially higher refund amount. Company security officials discovered the fraud and had the couple arrested after they had allegedly bilked the company for more than $1 million.
What are some ways store can protect against these situations?
If you owned a store, what are some steps you would take?
DQ2 Step three: Presenting your information
Present the information you found about your business. You can use PowerPoint or write a paper.
PowerPoint: Just remember when using PowerPoint, the 6X6 rule…no more than 6 words per line, no more than 6 lines per slide. It should be an outline, not complete sentences. Don’t forget your APA citations in text and listed at the end!
Paper: Don’t forget a title page and page numbers. Your paper should be set up using APA formatting.
Once you have all of your information into one of the above formats, post it here for peer critiques!
ACC105 Principles of Accounting 1
Module 7 Discussion
DQ1 List two things you learned in this class that you didn’t know before.
Do some research…find one interesting/fun fact about accounting.
List a question(s) about accounting that you have that did not get answered through the class.
DQ2 We have been studying ethics along with accounting. Look over the Sarbanes Oxley Act. Post 2-3 paragraph defense or offense of the Act.
When replying to your classmates, choose the other side.
ACC105 Principles of Accounting 1
Module 1 Assignment
Complete the following problems and upload them to the assignment turn in area.
PR 1-1A Transactions Obj. 4
On April 1 of the current year, Morgan Jones established a busi to manage rental property. She completed the following transactions during April:
a Opened a business bank account with a deposit of $60,000 in exchange for common stock.
b Purchased office supplies on account, $1,800.
© Received cash from fees earned for managing rental property, $22,300.
d= Paid rent on office and equipment for the month, $7,000.
Paid creditors on account, $1,100.
£ Billed customers for fees earned for managing rental property, $3,600.
g Paid automobile expenses for month, $750, and miscellaneous expenses, $1,000.
h. Paid office salaries, $4,000.
i. Determined that the cost of supplies on hand was $250; therefore. the cost of supplies used was $1.550.
j. Paid dividends, $5,000.
Instructions
1. Indicate the effect of each transaction and the balances after each transaction,
PR 1-2A Financial statements Obj. &
‘The assets and liabilities of Global Travel Agency on December 31, 20¥5, and its revenue and expenses for the year are as follows:
Accounts payable $ 108,000 Miscellaneous expense $ 19,500
Accounts receivable 539,000 Rentexpense 56,000
cash 200,000 Supplies 6,000
Common stock 575,000 Supplies expense 12,700
Fees eamed 340.000 Utilities expense 34,800
Land 1,500,000 Wages expense 415,000
‘Common stock was $525,000 and retained earnings was $1,250,000 as of January 1, 20¥5. During the year, additional common stock of $50,000 was issued for cash, and dividends of $90,000 were paid.
Instructions
1. Prepare an income statement for the year ended December 31, 20Y5.
2, Prepare a statement of stockholders’ equity for the year ended December 31, 20Y5.
3. Prepare a balance sheet as of December 31, 20VS.
4. What items appears on both the statement of stockholders’ equity and the balance sheet?
ACC105 Principles of Accounting 1
Module 2 Assignment
Please complete this assignment and upload it for grading.
PR 2-34 Joumal entries and trial balance Obj. 1, 2,3, 4
‘On Nowember 1, 20W9, Lexi Martin established an interior decorating business, Heritage Designs. During the month, Lexi complcted the following transactions related to the business:
Now. 1. Lexi transferred cash from a personal bank account to an account to be used for the business im exchange for Common stock, $50,000.
1 Paid rent for period of November 1 toend of month, $4,000.
6 Purchased office equipment on account, $15,000.
8. Purchased a truck for $38,500 paying $5,000 cash and giving a note payable for the remainder,
10. Purchased supplies for cash, $1,750.
12. Received cash for job completed, $11,500.
15. Paid annual preméums on property and casualty insurance. $2,400.
23. Recorded jobs completed on account and sent invoices to customers, $22,300.
24.Received an invoice for truck expenses, to be paid im November, $1.250.
Enter the following transactions on Page 2 of the neo column journals:
29.Paid utilities expense. 54.500.
29.Paid miscellaneous expenses, $1,000.
30.Received cash from customers on account, $9,000.
30.Paid wages of employees, $6,800.
30.Paid creditor a portion of the ammount owed for equipment purchased on November 6, $3,000.
30.Paid dividends, $2,500.
Instructions
1. Journalize cach transaction in a two-column journal beginning on Page 1, referring to the following chart of accounts im selecting the accounts to be debited and credited. (Do not insert theaccount numbers in the journal at this time.) Explanations may be omitted.
11 (Cash 31 Common Stock
12 Accounts Receivable 33 Dividends
13 Supplies 41 Fees Earned
14 Prepaid Insurance ‘ 51 Wages Expense
16 Equipment 53 Rent Expense
18 Truck S 54 Utilities Expense
21 Notes Payable 55 Truck Expense
22 Accounts Payable 59 Miscellaneous Expense
Post the journal to a ledger of four-column accounts, insening appropriate posting references as each item is posted. Extend the balances to the appropriate balance columns after each transaction is posted.
Prepare am unadjusted wial balance for Heritage Designs as of November 30, 20Y9.
ACC105 Principles of Accounting 1
Module 3 Assignment
PR3-5A Adjusting entries and adjusted trial balances Obj. 2.3, 4.5. 6
Sears Editing Company is a small editorial services company owned and operated by Decloris Sears. On January 31, 2OWl, the end of the current year, Sears Edkting Company’s accounting clerk Prepared the following unadjusted trial balance:
Bebe ‘Credit
Balances Balances
7.500
a 2.400
is 7.200
co 1980
. 112500
a 1sa2s0
aaa 7.550
a 125,200
a 37.950
. 12150
6.750
75.000
146.000
15.000
324.500
194.370
237s
22800
oe 17.2350
S075
750.000 750.000
Uncapired insurance at January 31, $2400.
Supplies on hand at January 31, $250.
Rent uncarned at January 31, $2,750.
Accrued salarics and wages at January 31, $1,500.
Fees cared but unbilied om January 31, $15,000.
2. Determine the balances: of the accounts affected by the adjusting entries, and prepare an adjusted trial balance.
ACC105 Principles of Accounting 1
Module 4 Assignment
Prepare an imoome statement for the year ended December 41, 20YS_
2 Prepare a statement of stockhokdiers equity for the year ended December $1, 2005. During the year, common stock of $25,000 was issued.
3 Prepare a balance shewt as of December 51, 20W5.
4 Based upon the end of.period spreadsheet journalize the closing entries.
5 Prepare 2 post- closing trial balance
ACC105 Principles of Accounting 1
Module 5 Assignment
Please complete this assignment and upload it for grading.
PR5-3A Sales and purchase-related transactions using perpetual inventory Obj. 2
system
The following were selected from among the transactions completed by Babcock Company during
November of the current year:
Nov,
3. Purchased merchandise on account from Moonlight Co,, list price $45,000, trade discount 25%, terms FOB
destination, 2/10, n/30.
4. Sold merchandise for cash, $37,680. The cost of the goods sold was $22,600,
5. Purchased merchandise on account from Papoose Creek Co, $47,500, terms FOB shipping point, 2/10, n/30, with
prepaid freight of $810 added to the invoice.
6. Returned merchandise with an invoice amount of $13,500 ($18,000 list price less trade discount of 25%) pur-
chased on November 3 from Moonlight Co,
8. Sold merchandise on account to Quinn Co, $15,600 with terms n/15, The cost of the goods sold was $9,400,
13. Paid Moonlight Co. on account for purchase of Novernber 3, less return of November 6.
14. Sold merchandise on VISA, $236,000. The cost of the goods sold was $140,000.
15. Pald Papoose Creek Co, on account for purchase of November5
23. Received cash on account from sale of November 8 to Quinn Co.
24. Sold merchandise on account to Rabel Co., $56,900, terms 1/10, n/30, The cost of the goods sold was $34,000
28. Paid VISA service fee of $3,540.
30, Paid Quinn Co. a cash refund of $6,000 for returned merchandise from sale of November 8. The cost of the
returned merchandise was $3,300,
Instructions
Journalize the transactions.
PR5-5A Multiple-step income statement and balance sheet Obj. 4
The following selected accounts and their current balances appear in the ledger of
Clairemont Co. for the fiscal year ended May 31, 20Y2:
Cash $ 240,000 Retained Earnings $ 2,949,100
Accounts Receivable ‘966,000 Dividends 100,000
Inventory 1,690,000 Salles 11,343,000
Estimated Returns Inventory 22,500 Cost of Goods Sold 7,850,000
Office Supplies. 13,500 Sales Salaries Expense 916,000
Prepaid Insurance 8,000 Advertising Expense 550,000
Office Equipment 830,000 Depreciation Expense —
Accumulated Depreciation— Store Equipment 140,000
Office Equipment 550,000 Miscellaneous Selling Expense 38,000
Store Equipment 3,600,000 Office Salaries Expense 650,000
Accumulated Depreciation— Rent Expense 94,000
Store Equipment 1,820,000 Depreciation Expense —
Accounts Payable 326,000 Office Equipment 50,000
Customer Refunds Payable 40,000 Insurance Expense 46,000
Salaries Payable 41,500 Office Supplies Expense 28,100
Note Payable Miscellaneous Administrative Exp. 14,500
(final payment due in 6 years) 300,000 Interest Expense 21,000
Common Stock 500,000
Instructions
1. Prepare a multiple-step income statement.
2. Prepare a statement of stockholders’ equity. Additional common stock of $75,000 was issucd during the year ended May 31, 20Y2.
3. Prepare a balance sheet, assuming that the current portion of the note payable is $50,000.
ACC105 Principles of Accounting 1
Module 6 Assignment
Please complete this assignment and upload it for grading.
PR 6-14 FIFO perpetual inventory Obj. z. 2
The beginning inventory at Midnight Supplies and data on purchases and sabes for a three month
Period ending March 41 are as follows:
Murniber Per
Dew Transecthom of Ure ieee Toon
dan 1 lerwentory 7,500 $ Ts.00 $ 562.500
100 Purchase 22,500 as.00 1,912,500
2 Sale 11280 150.00 1,687,500
a0 Sale 4750 1s0.00 562.500
Feb 5S Sale 1,500 ‘s0.00 225,000
1 Purchase 54,000 a7.s0 4,725,000
16 Sumber 27,000 10.00 4,320,000
250 Sale 25,500 W000 4,080,000
Mar S Purchase 45,000 a2.50 4.027.500
1 Same 20,000: 101080″ 4, 800.000
25 Purchase FSO BOLO 675,000
a Sale 26.250 160080 4,200,000
Instrurcthoms.
1. Record the imventery, purchases, and cot of goods sold data in a perpetual inventory record similar to the ome ithustrated im Exchibit 3. using the finst-in, fiest-ot mcthocd.
2 Determine the tonal) sales and the total cost of goods sold for the period, Journallize the entries inthe sales and cos: of gods sold accounes, Assume that alll sales were on acount,
3. Determine the groans prafit from sales few the period.
4. Determine the encling: imwentory cost as af March +1
PR 6-2A UFO perpetual inwentory ob. 2.3
The beginning, inwentory a0 Midnight Supplies and daca on purchases and sabes foo a three-month
Period ane shower én Problem 6 1A.
Instructions
1 Becerd the inwennory, purchases, and cost of goods sold dara im a perpenual inventory record Stmiier co the one ilustrased im Exhdisin 4, ueimg: dhe bast-in, first—cun method
2. Determine the total sakes, the total cos ad goods soldi, and! the gross profit from sales fier the porical
3. Determine the Ending inventory cost as of March 31
ACC105 Principles of Accounting 1
Module 7 Assignment
Please complete this assignment and upload it for grading.
PR 7-2A Transactions for petty cash, cash short and over Obj. 3,6
Wyoming Restoration Company completed the following selected transactions during July 20Y1:;
July 1. Established a petty cash fund of $1,100.
12, The cash sales for the day, according to the cash register records, totaled $8,192. The actual cash received
from cash sales was $8,220.
31, Petty cash on hand was $47, Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt:
July 3, Store supplies, $580,
7. Express charges on merchandise sold, $90 (Delivery Expense).
9. Office supplies, $30,
13, Office supplies, $35,
19, Postage stamps, $50 (Office Supplies).
21, Repair to office file cabinet lock, $60 (Miscellaneous Administrative Expense).
22. Postage due on special delivery letter, $28 (Miscellaneous Administrative Expense).
24, Express charges on merchandise sold, $135 (Delivery Expense).
30, Office supplies, $25,
31. Thecash sales for the day, according to the cash register records, totaled $10,241.
The actual cash received from cash sales was $10,232.
31, Decreased the petty cash fund by $150.
Instructions
Journalize the transactions,
PR7-3A Bank reconciliation and entries Obj. 5
The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $166,436. The bank statement indicated a balance of $195,688 on June 30, 20Y1. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items:
a Checks outstanding totaled $19,427.
b. A deposit of $12,300, representing receipts of June 30, had been made too late to appear on the bank statement.
c The bank collected $26,500 on a $25,000 note, including interest of $1,500.
D A check for $4,000 returned with the statement had been incorrectly recorded by Pala Medical Co. as $400.
The check was for the payment of an obligation to Skyline Supply Co. for a purchase on account.
e. Acheckdrawn for $195 had been erroneously charged by the bank as $915.
f Bank service charges for June amounted to $55.
Instructions
1. Prepare a bank reconciliation.
ACC105 Principles of Accounting 1
Module 7 Research Project
Content
Clear examples to support specific topic sentences and to support the overall purpose; reader gains important insight; quoted material well integrated; depth of coverage without being redundant. Answers all questions posed in original directions.
This criterion is linked to a Learning OutcomeOrganization
The ideas are arranged logically to support the purpose. Transitions link paragraphs. It’s easy to follow the line of reasoning. Subheadings are used throughout the paper allowing the reader to move easily through the text. Paragraphs have solid topic sentences.
This criterion is linked to a Learning OutcomeAPA Format
Cite your sources using APA format. (Works Cited page as well as in paper/presentation citations)
This criterion is linked to a Learning OutcomeSpelling and Grammar
Essentially free of grammatical errors; The writing is free or almost free of errors.
ACC105 Principles of Accounting 1
Module 1 Quiz
Question 1
Accounting
Business
Certified Public Accountants (CPA)
Ethics
Financial Accounting
General Purpose Financial Statements
Managerial or Management Accounting
Manufacturing Businesses
Retail Businesses
Profit
Public Company Accounting Oversight Board
Sarbanes-Oxley Act (SOX)
Service Businesses
Public Accounting
Private Accounting
Question 2 Business Entity Assumption
Corporation
Financial Accounting Standards Board (FASB)
Generally Accepted Accounting Principles (GAAP_
International Accounting Standards Board (IASB)
Limited Liability Company (LLC)
Partnership
Proprietorship
Securities and Exchange Commission (SEC)
Cost Principle
Question 3Monetary Unit Assumption
Time Period Assumption
Fiscal Year
Natural Business Year
Accounting Standards
Accounting Principles and Assumptions
Measurement Principle
determines the amount that will be recorded and reported
Arm’s Length Transaction
Going Concern Assumption
Revenue
Revenue Recognition Principle
determines when revenue is recorded in the accounting records.
Expenses
Expense Recognition Principle
Question 4Accounting Equation
Assets
Liabilities
Owner’s Equity
The owner’s right to the assets of the business.
Stockholder’s Equity
The owners’ equity in a corporation.
Question 5Accounts Payable
Accounts Receivable
Business Transaction
Fees Earned
Interest Revenue
Prepaid Expenses
Rent Revenue
Sales
Common stock
Retained Earnings
Dividends
Question 6Balance Sheet
Financial Statements
Income Statement
Net Income/Net Profit/Earnings
Net Loss
Report Form
Statement of Cash Flows
Statement of Stockholders’ Equity
Retained Earnings Statement
when a company has few (if any) common stock transactions
ACC105 Principles of Accounting 1
Module 2 Quiz
Credit
Debit
Expenses
Ledger
Liabilities
Stockholders’ Equity
Stockholders’ right to the assets of the business.
Revenues
T Account
Common stock
An account representing the ownership rights of investors in a corporation
Retained Earnings
Dividends
Question 2Double-Entry Accounting System
Journal
Journal Entry
The form of recording a transaction in a journal.
Journalizing
Normal Balance of an Account
Rules of debit and credit
Two-Column Journal
Question 3Accounts Receivable
Four-Column Account
Posting
Unearned Revenue
Question 4Correcting Journal Entry
Horizontal Analysis
Slide
Transposition
Trial Balance
Unadjusted Trial Balance
Quiz
ACC105 Principles of Accounting 1
Module 3 Quiz
Question 1Accrual
Accrual Basis of Accounting
Adjusting Entries
Adjusting Process
Cash Basis of Accounting
Deferral
Expense Recognition Principle
Matching Principle
A concept of accounting in which expenses are matched with the revenue generated during a period by those expenses.
Prepaid Expense
Revenue Recognition Principle
Unearned Revenue
Question 2Accumulated Depreciation
Adjusted Trial Balance
Book Value of the Asset
Contra Accounts
Depreciate
Depreciation
Depreciation Expense
Fixed Assets
Vertical Analysis
ACC105 Principles of Accounting 1
Module 4 Quiz
Question 1Accrual
Accrual Basis of Accounting
Adjusting Entries
Adjusting Process
Cash Basis of Accounting
Deferral
Expense Recognition Principle
Matching Principle
A concept of accounting in which expenses are matched with the revenue generated during a period by those expenses.
Prepaid Expense
Revenue Recognition Principle
Unearned Revenue
Question 2Accumulated Depreciation
Adjusted Trial Balance
Book Value of the Asset
Contra Accounts
Depreciate
Depreciation
Depreciation Expense
Fixed Assets
Vertical Analysis
ACC105 Principles of Accounting 1
Module 5 Quiz
Question 1Asset turnover
Cost of merchandise sold
Gross profit
Merchandise inventory
Operating cycle
Sales
Inventory Shrinkage/Shortage
Question 2Cash refund
Credit memorandum
Credit period
Credit terms
Customer allowance
O. Returns to the seller by the customer or reductions from the initial selling price due to defective or damaged merchandise or goods that did not meet the customer’s expectations.
Customer disounts
Customer refunds payable
Debit memorandum
Estimated returns inventory
FOB (free on board) destination
FOB (free on board) shipping point
Invoice
Periodic inventory system
Perpetual inventory system
Physical inventory
Purchases discounts
Purchases returns and allowances
Sales discounts
Trade discounts
Wholesalers
Question 3Net method
Subsidiary ledger
General ledger
Controlling account
Accounts receivable subsidiary ledger
Accounts payable subsidiary ledger
Inventory subsidiary ledger
Special journals
Question 4Administrative expenses
Income from operations
Multi-step income statement
Other expense
Other revenue
Selling expense
Single step income statement
ACC105 Principles of Accounting 1
Module 6 Quiz
Question 1Purchase order
Physical inventory
Receiving report
Subsidiary inventory ledger
Question 2First in, first out (FIFO)
Last in, first out (LIFO)
A. A method of inventory costing based on the assumption that the most recent merchandise inventory costs should be charged against revenue.
Weighted average inventory
Specific identification inventory cost flow method
Question 3
Lower-of-cost-or-market (LCM) method
Net realizable value
Consigned inventory
Consignor
Consignee
ACC105 Principles of Accounting 1
Module 7 Quiz
Question 1
Control environment
Elements of internal control
Employee fraud
Internal control
Sarbanes-Oxley Act
Question 2
Cash
Cash short and over account
Electronic funds transfer (EFT)
Voucher
Voucher system
Question 3
Bank reconciliation
Bank statement
Cash equivalents
Compensating balance
Petty cash fund
Special-purpose funds
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