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Accounting Questions - All Grades

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College Accounting
A method of checking the accuracey of accounts.                Trial Balance                
College Accounting
A paper describing a purchase and the amount due.          Invoice          
Continuing Education Accounting
A company plans to exchange its present delivery truck plus $10,000 of
cash for a new delivery truck. Its present truck had a cost of $20,000 and
it has accumulated depreciation of $12,000. The fair market value of its
present truck is $14,000 and the fair market value of the new truck is
$24,000. The amount of gain that will be reported on the income statement
at the time of the exchange is      $0     .
College Accounting
The entire property of a person, association, corporation, or estate applicable or subject to the payment of debts.         Assets         
Continuing Education Accounting
If a company issues a bond on an interest payment date and receives
more than the face amount of the bond, the bond is said to have been
issued at a           premium          .
Grade 11 Accounting
Status of the assets, liabilities, and owners' equity (and their interrelationships) of a firm, as reflected in its financial statements. Also called financial condition.
  1. Capital
  2. Adequate Disclosure
  3. Accrued Liability
  4. Equity
College Accounting
Method of accounting in which income is recorded when received, and expenses are recorded when paid.                           Cash basis of accounting                           
Grade 10 Accounting
Describe the advantages and disadvantages in owning a franchise:
College Accounting
A financial statement for a specific date that shows the total assets, liabilities, and capital of the business.                Balance Sheet                
College Accounting
Method of accounting in which income is recorded when earned, and expenses are recorded when incurred.                              Accrual basis of accounting                              
College Accounting
The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the
  1. balance sheet
  2. income statement
  3. statement of cash flows
College Accounting
Which of the following would not be found on the income statement?
  1. Cost of goods sold
  2. Net income
  3. Retained earnings
  4. Wage expense
Grade 10 Accounting
Describe what a Target Market is.
Continuing Education Accounting
Management's Discussion and Analysis provides valuable information on
the company's operations during the period of the income statement. It is
part of a publicly held corporation's annual report to the:
  1. FTC
  2. IRS
  3. SEC
College Accounting
A summary of income and expenses for a given period.                                  Statement of income and expense                                  
College Accounting
A method of determinging that the journal and the ledger are in balance.                                    Accounts receivable trial balance                                    
College Accounting
The money value of a property or of an interest in a property in excess of claims or liens against it.           Equities           
Grade 12 Accounting
Anything of value that is owned
Grade 12 Accounting
Anything of value that is owned.
Continuing Education Accounting
On December 1 a company paid $1,200 for the insurance premium
covering the cost of insurance from December 1 through May 31.
When making the payment on December 1, the company debited
Prepaid Insurance for $1,200 and it credited Cash for $1,200.
Prepare the adjusting entry to be made as of December 31.
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