-how do you best describe the nature of an asset? -what happens when treasury st
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Question
-how do you best describe the nature of an asset?
-what happens when treasury stock is reissued at a price above cost?
-what is basic purpose of bookkeeping? auditing?
-what does a balance sheet do?
-know how to record entries in both a periodic and perpetual system
-know how to calculate gross profit
-given a trial balance and asked adjusting questions - refer to the chapter 4 quizzes
-know the different categories of adjustments
-know how to prepare a bank rec - and the classification of reconciling items
-know how to prepare any necessary journal entries after preparing a bank rec
-know the formula to calculate CGS in a periodic system
-what happens to the amount that a business withholds as taxes from an employee's earnings (in chapter 10) -(it's a current liability to the employer)
-review the chapter 7 Bb and quiz files - know how to answer questions pertaining to a bank rec
-review the chapter 10 concepts and Bb files
-review the chapter 2 and 3 quiz files - know how to answer those questions
-for depreciation, know how to calculate for two consecutive years - review the Bb and quiz files
-know the different depreciation methods discussed
-review chapter 6 & 8 concepts
-look up the LCM rule
-know what a deficit is and how it appears in a corporations financial statements
-know how to correct errors in a bank reconciliation
-review the chapter 11 Bb exercises (not the quizzes)
-what would result in an over or understatement of ending inventory
-know the steps of the accounting cycle
-what does the process of posting do?
-what is the entity principle?
-review chapter 10 concepts – specifically Bb ones – know how to prepare the adjusting entry and related questions – refer to the Bb files
-how is CGS determined in a periodic system?
-why are financial statements prepared?
-how is profitability defined?
-using the same method year after year is in line with which GAAP principle?
-what is liquidity?
-What kind of accounts are prepaid expenses and unearned revenues?
-what are characteristics of financial accounting?
-what is a current liability vs. long term liability? – chapter 10
-what purpose does a bank reconciliation serve?
-know the four categories of adjustments
-given an adjusted trial balance and asked closing entry questions – review the chapter 5 quizzes
-what is accumulated depreciation?
-what are the basic financial statements?
-what exactly is a trial balance?
-given info for stock – know how to calculate the balance in the common stock account
-what is the purpose of an audit?
-what is retained earnings?
-what is an NSF check and how is it reflected on a bank rec?
-know the difference between authorized, issued, and outstanding shares of stock
Closing entries do what?
What is an NSF check and how does it affect a bank rec?
Look at chapter 10 blackboard exercises – know how to do and calculate the adjusting entry for a note and how to calculate the amount of interest expense
What are advantages and disadvantages of the corporate form of organization?
What do a DR and CR balance mean in the income summary account?
How is an after closing trial balance different from an adjusted trial balance?
What is the Lower of cost or market rule and what does it apply to?
What are the two principles of GAAP applied for adjusting entries?
What is petty cash? (chapter 7) what does a petty cash fund do?
Know how to calculate the gross profit rate
What is the difference between current and long term liabilities?
Explanation / Answer
1)
how do you best describe the nature of an asset?
answer:
An economic resource owned by a business and expected to benefit future operations.
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