Accounting 2301 First Exam

Declining-Balance Depreciation and formula – Is the method that allocates the cost of an asset over its useful life based on a multiple of the straight-line rate (often two times).

Depreciation Expense = ((Cost – Accumulated Depreciation) x ( 2 / Useful Life))

Owner invested cash in business – Cash (i.e. J.R. Doe, Capital)
Class: Assets and Owner Equity.[both] increase.
Debit and Credit
Financial Statement: Balance Sheet and Statement of Owner's Equity.
Stakeholders – any persons or groups who will be affected by an action
Monetary Unit – Record in dollars. Considered stable
Wholesale Merchandising Business – A business that buys and resells merchandise to retail merchandising businesses.
account (general meaning) – főként a 'szám' szóból eredő sokféle szó és kifejezés, pl. történelmi beszámoló (historic account), számla, számot ad, elszámol, számlájára írható (oka), stb…
Asset, Balance Sheet – Type and Statement for: Investment in U.S. Bonds
Deferrals – dollars first, action later
This is a reminder that you are required to remain exclusively on this Canvas page while taking this exam. There is no academically honest reason to leave this exam page. In addition, during this exam, whether you are getting in-person proctoring or Honorlock proctoring, as already made clear in course documents that you were required to read, you are not allowed to: 1. Leave your desk or (if you are using Honorlock proctoring) move out of frame of your webcam. 2. Use your phone or any other device (iPad, tablet, other laptop/desktop computer, etc).3. Consult any books or notes.4. Open any file or new window or tab on your computer.5. Speak to anyone.6. Use a headset or earbuds. Academic dishonesty is not tolerated in our course. 3 special reminders for Honorlock exams: 1. You are required to show ID during the authentication stage. Skipping this step will cause you to immediately receive a score of 0 for this exam. 2. You are required to complete a room scan (including your work surface). Neglecting to do this step will cause you to automatically receive a score of 0 for this exam. 3. Your face must be visibile at all times when taking an Honorlock exam. Moving your face out of frame of your webcam will be considered an automatic violation, and you will receive a score of 0 on this exam as a result of doing this. Please attest to the fact that you have read these exam-behavior guidelines and intend to comply with them typing “Acknowledged” in the box below.
intangible assets – rights or privileges
Merry Maid, Inc sells vacuum cleaners to McKenzie-Grace Corporation for $1,000. McKenzie-Grace pays Merry Maids with the company Visa card. Visa charges Merry Maids a 3% fee all Visa sales. What is the net effect of this transaction on the accounting equation for Merry Maids – Increase assets $970; increase retained earnings $970
Assets – Company owns or controls and are expected to yield future
accounting period – Abrechnungszeitraum
This is а reminder thаt yоu аre required tо remain exclusively оn this Canvas page while taking this exam. There is no academically honest reason to leave this exam page. In addition, during this exam, whether you are getting in-person proctoring or Honorlock proctoring, as already made clear in course documents that you were required to read, you are not allowed to: 1. Leave your desk or (if you are using Honorlock proctoring) move out of frame of your webcam. 2. Use your phone or any other device (iPad, tablet, other laptop/desktop computer, etc).3. Consult any books or notes.4. Open any file or new window or tab on your computer.5. Speak to anyone.6. Use a headset or earbuds. Academic dishonesty is not tolerated in our course. 3 special reminders for Honorlock exams: 1. You are required to show ID during the authentication stage. Skipping this step will cause you to immediately receive a score of 0 for this exam. 2. You are required to complete a room scan (including your work surface). Neglecting to do this step will cause you to automatically receive a score of 0 for this exam. 3. Your face must be visibile at all times when taking an Honorlock exam. Moving your face out of frame of your webcam will be considered an automatic violation, and you will receive a score of 0 on this exam as a result of doing this. Please attest to the fact that you have read these exam-behavior guidelines and intend to comply with them typing “Acknowledged” in the box below.
Salvage Value – The expected market value or selling price of an asset at the end of its useful life.

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