Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
49 Cards in this Set
- Front
- Back
|
Notes Payable Journal Entry
|
Debit- Cash
Credit- Notes Payable |
|
|
Accrue interest on note payable
|
D- Interest Expense
C- Interest Payable |
|
|
Payment on Notes Payable
|
D- Notes Payable, Interest Payable
C- Cash |
|
|
Bond Face Value
|
Face Value
Discount- less than face value Premium- more than face value |
|
|
Journal Entry for Issuance of Common Stock
|
D- Cash
C- Common Stock |
|
|
Treasury Stock
|
The portion of shares that a company keeps in their own treasury. Treasury stock may have come from a repurchase or buyback from shareholders; or it may have never been issued to the public in the first place. These shares don't pay dividends, have no voting rights, and should not be included in shares outstanding calculations.
|
|
|
Secured Bonds
|
Bond backed by collateral, such as a mortgage or lien, the title to which would be transferred to the bondholders in the event of default.
|
|
|
Journal Entry for Sales Tax
|
D- Cash
C- Sales, Sales Tax Payable |
|
|
Company receives utility bill but will not pay right away it should..
|
D- Utilities Exp.
C- Accounts Payable |
|
|
Financial Statement used to determine cash generated from operations..
|
Statement of Cash Flows
|
|
|
Dividends are reported on the..
|
retained earnings statement
|
|
|
GAAP..
|
are accounting rules that are reconized as general guidelines
|
|
|
Trans. in a journal are initally recorded in...
|
Dollar amt
|
|
|
Current assets is...
|
expected to be converted to cash
|
|
|
Entering trans. data in journal...
|
journalizing
|
|
|
Determine amounts due from customer by examining...
|
accounts recievable
|
|
|
a ledger...
|
is a collection of the entire group of acct.
|
|
|
right to receive money in the future is...
|
accounts receivable
|
|
|
$600 accounts receivable
|
increases asset, and
decreases asset |
|
|
What about accounting is true?
|
An account is individual accounting record.
|
|
|
intangable assets are...
|
listed after p, p and e.
|
|
|
credit is not a normal balance in..
|
revenue acct.
|
|
|
purch coffee on credit
|
a/p
|
|
|
investment by stockholder in bus. increases...
|
assets/stockholders equity
|
|
|
annual report doesn't include...
|
salary information
|
|
|
a bus. organized as corporation....
|
stockholders own.
|
|
|
performed service, but not yet paid.
|
D- a/r
C- service rev |
|
|
usual sequence of steps in record process...
|
analyze, enter in journals, transfer to ledger.
|
|
|
Cost princ. requires assets recorded at....
|
amt. paid for item
|
|
|
not an advantage of being a corp.
|
taxs
|
|
|
debits...
|
inc - asset
dec- liability |
|
|
small barbership
|
proprietership
|
|
|
not an external user
|
management
|
|
|
buying/selling example of...
|
operating action.
|
|
|
ability to pay within next year..
|
liquidity
|
|
|
purpose of statement of cash flows....
|
inform about cash receipts/payments
|
|
|
chart of accounts for a business firmm....
|
lists the accounts in the ledger
|
|
|
borrowing money is an example of....
|
financing activity
|
|
|
classification/normal balance of retained earnings
|
stockholders equity/credit
|
|
|
balance sheet shows
|
assets, liabilities, stockholders equity.
|
|
|
assets normally show..
|
debit balances
|
|
|
not a current liablity
|
bonds payable
|
|
|
debit/obligations of a business
|
liabilities
|
|
|
inventory value on balance sheet closest to current cost...
|
fifo
|
|
|
journal entry to record returns of merch.....
|
merch inventory
|
|
|
multistep income statement shows....
|
both income from operations/gross profit
|
|
|
rising prices, lowest net income....
|
lifo
|
|
|
single step over multi step because...
|
simplicity
|
|
|
sales merch
|
debit cash, credit sales
|
