QUESTION 1
Why do most businesses fail within the first few years?
QUESTION 2
If an Accounts Receivable account is not eventually converted into cash, what happens to the amount
of money in the account after a pre-determined period of time?
If an Accounts Receivable account is not eventually converted into cash, what happens to the amount
of money in the account after a pre-determined period of time?
QUESTION 4
Most businesses practice Accrual Base or Cash Base Accounting?
QUESTION 5
What is the first step when reconciling your cash account/bank statement?
QUESTION 6
What is the second step when reconciling your cash account/bank statement?
QUESTION 7
What is the third step when reconciling your cash account/bank statement?
QUESTION 8
What is the fourth step when reconciling your cash account/bank statement?
QUESTION 9
How often should a reconciliation of the cash account occur?
How often should a reconciliation of the cash account occur?
QUESTION 11
According to the Week 6 lecture, how can a business increase sales of the company?
QUESTION 12
What kind of a fee do you have to pay if you accept credit cards?
What kind of a fee do you have to pay if you accept credit cards?
QUESTION 13
What term is used to describe the value of a company has through its reputation?
What term is used to describe the value of a company has through its reputation?
QUESTION 14
Would goodwill be considered a tangible or an intangible asset?
Would goodwill be considered a tangible or an intangible asset?
QUESTION 15
What is the equivalent of depreciation for an intangible asset?
What is the equivalent of depreciation for an intangible asset?
QUESTION 16
What is the equivalent of depreciation for a natural resource?
What is the equivalent of depreciation for a natural resource?
QUESTION 17
What are the three items needed to calculate depreciation?
What are the three items needed to calculate depreciation?
QUESTION 18
A piece of equipment is purchased for $10,000, has a salvage value of $2,000, and an estimated useful life
of 4 years. Using the straight-line depreciation method, how much is depreciated per year for the next 4
years?
A piece of equipment is purchased for $10,000, has a salvage value of $2,000, and an estimated useful life
of 4 years. Using the straight-line depreciation method, how much is depreciated per year for the next 4
years?
QUESTION 19
A piece of equipment is purchased for $10,000, has a salvage value of $2,000, and an estimated useful life
of 4 years. Using the double-declining balance method, how much is depreciated per year for the next 2
years?
A piece of equipment is purchased for $10,000, has a salvage value of $2,000, and an estimated useful life
of 4 years. Using the double-declining balance method, how much is depreciated per year for the next 2
years?
QUESTION 20
How does an “Accumulated Deprecation” account get increased; debit or credit? QUESTION 21
What are the three levels of the Cash Flow Statement? QUESTION 22
What type of income statement separates out the “Gross Margin”, “Operating Income” and “Net Income”?
How does an “Accumulated Deprecation” account get increased; debit or credit? QUESTION 21
What are the three levels of the Cash Flow Statement? QUESTION 22
What type of income statement separates out the “Gross Margin”, “Operating Income” and “Net Income”?
QUESTION 23
What does FUTA stand for?
What does FUTA stand for?
QUESTION 24
What does FICA stand for?
What does FICA stand for?
QUESTION 25
What amount is income capped at to pay FICA – Social Security Tax on?
What amount is income capped at to pay FICA – Social Security Tax on?
QUESTION 26
What is the term given to the borrower of a bond?
What is the term given to the borrower of a bond?
QUESTION 27
What is the term given to the lender of a bond?
What is the term given to the lender of a bond?
QUESTION 28
What is the interest rate called which is multiplied by the bond’s face value when issuing pre-determined
payments to the bondholder?
What is the interest rate called which is multiplied by the bond’s face value when issuing pre-determined
payments to the bondholder?
QUESTION 29
What is the amount to pay off the bond (debt) when it is more than the face value?
What is the amount to pay off the bond (debt) when it is more than the face value?
QUESTION 30
What is the amount to pay off the bond (debt) when it is less than the face value?
What is the amount to pay off the bond (debt) when it is less than the face value?
QUESTION 31
What step takes place after the accountant analyzes the transaction (Step 1).
What step takes place after the accountant analyzes the transaction (Step 1).
QUESTION 32
What is the step before the final step (Step 8: Close the Books).
What is the step before the final step (Step 8: Close the Books).
QUESTION 33
Which financial statement displays how the accounting equation balances?
Which financial statement displays how the accounting equation balances?
QUESTION 34
Are revenue, expense, and withdrawal accounts temporary or permanent accounts?
Are revenue, expense, and withdrawal accounts temporary or permanent accounts?
QUESTION 35 Are cash, equipment, accounts payable, and capital accounts temporary or permanent accounts?
QUESTION 36
The General ___________ is a diary of each specific account from under each component of the accounting
equation.
The General ___________ is a diary of each specific account from under each component of the accounting
equation.
QUESTION 37
What are the three reports within the Accounting Worksheet?
What are the three reports within the Accounting Worksheet?
QUESTION 38
What is the report called which is the preliminary to the Income Statement and Balance Sheet (it’s
contained in the Accounting Worksheet).
contained in the Accounting Worksheet).
QUESTION 39
What account are the temporary accounts closed out to before everything is taken to Retained Earnings?
What account are the temporary accounts closed out to before everything is taken to Retained Earnings?
QUESTION 40
What is the most fundamental lesson in which the accounting profession is built off of?
What is the most fundamental lesson in which the accounting profession is built off of?
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