Accounting Uil Practice

The Accounting Cycle – 1. Analyze transactions
2. Journalize
3. Post to Ledger (T accounts)
4. Trial Balance
5. Adjusting Entries
6. Adjusted Trial Balance
7. Financial Statements
8. Journalize closing entries
9. Post-closing trial balance
Depreciation for Partial Years – First, compute depreciation for a full year and then multiply the full-year depreciation by the fraction of the year that you held that asset
In a perpetual inventory system,
A. LIFO cost of goods sold will be the same as in a periodic inventory system.
B. moving-average costs are based entirely on unit cost averages.
C. a new average is computed under the moving-average cost method after each sale.
D. FIFO cost of goods sold will be the same as in a periodic inventory system. – D
Periodic Inventory System: inventory system updates the accounting record for inventory only at the end of a period – d.
Scrap value – That portion of a plant assets original cost that cannot be depreciated is called
tax reduction – vergi indirimi
Accounting – An information system that provides reports to users about the economic activites and condition of business
what 3 accounting functions do all business have – internal accounting
external accounting
tax reporting
net loss – total revenue is less than total expenses
Organized summaries of a business's financial activities – Accounting Records
A chemical reaction is at equilibrium when
Asset – Anything known for value is an asset
operaciones especulativas – speculative transactions
voucher – قسيمة ، إيصال ، وَصْل إثبات
The process of "Posting" is.. – transfering data from the journal to the ledger
Perpetual – inventory and cost of goods sold updated with each purchase and sale
Shareholders – Owners of a corporation; also called stockholders.
A chemicаl reаctiоn is аt equilibrium when
Redeemable Preferred Stock – Shares can be returned to the corporation
Bear Stearns pp 3 – 1. founded in 1923 as an "equity trading house"
2. grew to one of the largest global investment banks and brokerage firms in the world – stock price reached $172 per share.
3. By March 2008, the firm was forced to seel itself to JP Morgan Chase for $10 per share in order to stave off a bankruptcy filing.
4. Had significant investments in subprime mortgage-related securities
5. Had a heavily leveraged capital structure, little to no liquidity
6. No one willing to continue to invest / no one willing to lend funds
7. If went bankrupt, shareholders get nothing therefore MERGE

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