Accounting Test Suppl Questions

Chronological Order – Organized in the order in which the events occur.
Who carries the end cost of vat? – The final consumer
Absorption cost per unit is the best product cost to use for one-time-only special order decisions. – False:
Variable cost per unit
Bookkeeping – Procedures that are used to keep track of financial transactions accumulate that results of an entities financial results
debit – Received Cash from owner as an investment we _____ cash and credit owner capital
Which of the following would not be considered a merchandising company? – C. Service Firm
Costs are accounted for in two basic stages: assignment followed by accumulation. – False
Debbie is a limited partner in ADK Partnership. Her partnership Schedule K-1 reports $19,000 ordinary business income, $2,000 long-term capital gain, and $830 dividend income. Which of these items are subject to self-employment tax?
cash payments journal (CP) – used to records payments made by from your company using cash and check
y=a+bx: X – x=quantity (ie, activity level)
Accounting period – results of operations for an entity, must be reported on a periodic basis, usually a year.
Which stock has contractual provisions that give cause a preference or priority over common stock? – Preferred Stock
accrual accounting – revenues recognized when earned, expenses when incurred
International Accounting Standards Board – Regulates global accounting.
Debbie is а limited pаrtner in ADK Pаrtnership. Her partnership Schedule K-1 repоrts $19,000 оrdinary business incоme, $2,000 long-term capital gain, and $830 dividend income. Which of these items are subject to self-employment tax?
f. – Explain how the inventory turnover ratio and the days' sales in inventory ratio are used to evaluate inventory management (see page 223)
Has to do with locks KNOW – Physical control
International Financial Reporting standards – Standards issued by the International Accounting Standards Board
Income – An increase in proprietorship as the result of a business transaction is an
Financing Activities – +Issuance of stock
+ Sale of treasury stock
– Purchase of treasury stock
+ Borrowing (issuance of notes or bonds payable)
– Payment of notes or bonds payable
– Payment of dividents

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