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From Flashcardlet > Principles of Accounting - Final / Chapters 6, 8, 9 & 10 > Flashcards

Principles of Accounting - Final / Chapters 6, 8, 9 & 10 Flashcards

1
Q

What type of account, normal balance and where does it appear: Merchandise Inventory

A

Asset
Debit
Balance Sheet

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2
Q

What type of account, normal balance and where does it appear: Cash

A

Asset
Debit
Balance Sheet

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3
Q

What type of account, normal balance and where does it appear: Accounts Receivable

A

Asset
Debit
Balance Sheet

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4
Q

What type of account, normal balance and where does it appear: Sales

A

Revenue
Credit
Income Statement

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5
Q

What type of account, normal balance and where does it appear: Supply

A

Asset
Debit
Balance Sheet

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6
Q

What type of account, normal balance and where does it appear: Store Machine

A

Asset
Debit
Balance Sheet

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7
Q

What type of account, normal balance and where does it appear: Sales Discount

A

Contra Sales
Debit
Income Statement

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8
Q

What type of account, normal balance and where does it appear: Freight In

A

Expense
Debit
Income Statement

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9
Q

What type of account, normal balance and where does it appear: Accounts Payable

A

Liability
Credit
Balance Sheet

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10
Q

What type of account, normal balance and where does it appear: Capital

A

Capital
Credit
Balance Sheet

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11
Q

What type of account, normal balance and where does it appear: Withdrawal

A

Contra Capital
Debit
Balance Sheet

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12
Q

What type of account, normal balance and where does it appear: Purchase Returns and Allowances

A

Contra Purchase
Credit
Income Statement

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13
Q

What type of account, normal balance and where does it appear: Accumulated Depreciation

A

Contra Asset
Credit
Balance Sheet

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14
Q

What type of account, normal balance and where does it appear: Sales Returns and Allowances

A

Contra Sales
Debit
Income Statement

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15
Q

What type of account, normal balance and where does it appear: Purchase Discount

A

Contra Purchase
Credit
Income Statement

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16
Q

What type of account, normal balance and where does it appear: Purchases

A

Expense
Debit
Income Statement

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17
Q

What type of account, normal balance and where does it appear: Sales Salary Expense

A

Expense
Debit
Income Statement

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18
Q

Average Cost Method

A

Cost of Goods Available for Sale / Units Available for Sale

CGS:
Beginning Inventory
\+ Net Cost Per Unit
= CGAS
Less End Inventory
= CGS
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19
Q

FIFO

A

First in First Out. Start at BOTTOM to calculate

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20
Q

LIFO

A

Last in First Out. Start at TOP to calculate

21
Q

CGS =

A

Expense

22
Q

Specialized Journals

A 
Purchases Journal
Cash Payment Journal
Sales Journal
Cash Receipts Journal
- All others on General Journals
23
Q

Bank Reconciliation Statement

A

Co Name
Bank Reconciliation Statement
Date xx, 20xx
Balance per Bank Statement \ Balance Per Books
Add: Deposits In Transit / Add: N/R Collected By Bank
Subtract: Outstanding Checks / Subtract: Service charges et

24
Q

Average Cost Method

A

Cost of Goods Available for Sale / Units Available for Sale

CGS:
Beginning Inventory
\+ Net Cost Per Unit
= CGAS
Less End Inventory
= CGS
25
Q

FIFO

A

First in First Out. Start at BOTTOM to calculate

26
Q

LIFO

A

Last in First Out. Start at TOP to calculate

27
Q

Petty Cash Shortage

A

Cash O/S (overage / shortage)

28
Q

Specialized Journals

A 
Purchases Journal
Cash Payment Journal
Sales Journal
Cash Receipts Journal
- All others on General Journals
29
Q

Bank Reconciliation Statement

A

Co Name
Bank Reconciliation Statement
Date xx, 20xx
Balance per Bank Statement \ Balance Per Books
Add: Deposits In Transit / Add: N/R Collected By Bank
Subtract: Outstanding Checks / Subtract: Service charges etc
Adjusted Cash Balance / Adjust Cash Balance

30
Q

NSF

A

Non Sufficient Funds - checks received and deposited

31
Q

Establish Petty Cash

A

DR: petty cash

CR: Cash

32
Q

Replenish Petty Cash

A

DR: Postage Exp
Misc Exp
CR: Cash (difference to total)

33
Q

Petty Cash Shortage

A

Cash O/S (overage / shortage)

34
Q

Allowance For Bad Debt

A

Contra Accounts Receivable (reduction of A/R)
Credit
Balance Sheet

35
Q

AJE AFBD

A 
Balance Sheet
Current Assets
Cash
A/R 
Less: AFBD
= Net Realizable Value of A/R or Net A/R
36
Q

AFBD Trial Balance Approach

A

How much of the year end balance of A/R will not be collected?

Aging of A/R

37
Q

AFBD Income Statement Approach

A

How much of the year’s net sales will not be collected?

% of net sales

JE: DR: Bad Debt Expense
CR: AFBD

38
Q

Writing off an A/R

A

DR: AFBD

CR: A/R

39
Q

Fixed Assets / Machinery JE

A

Includes all charges (Machinery, sales tax, freight)
DR: Equipment
CR: Cash

40
Q

Income Statement Approach:

A

Sales
Less: Sales R/A
Sales Discount
= net Sales

Historical Uncollected = X%

= Bad Debts $

AJE Bad Debts Exp
AFBD

41
Q

N/R

A

DR: N/R

CR: A/R

42
Q

N/R payment received + interest

A

DR: Cash
CR: N/R
Interest Revenue

43
Q

N/R is dishonored

A

DR: A/R
CR: N/R
Interest Revenue

44
Q

N/R Write Off

A

DR: AFBD

CR: A/R

45
Q

Fixed Assets / Machinery JE

A

Includes all charges (Machinery, sales tax, freight)
DR: Equipment
CR: Cash

46
Q

Straight Line Fixed Asset Depreciation

A

Asset Cost - Salvage Value / Useful Life = Depreciation per Year

47
Q

Double Declining Balance Fixed Asset Depreciation

A

Double the S/L rate to un-depreciated cost or book value (cost - accumulated depreciation).

year 1 = 50% x un-depreciated cost = depreciation per year

48
Q

Sum of the Year Digit Fixed Asset Depreciation

A

Numerator = remaining years of useful life
/
Denominator = sum of years of useful life (ie: 4= 4+3+2+1 = 10)

49
Q

Production or Units of Output Fixed Asset Depreciation

A

Asset Cost - Salvage Value / Useful life (units)

From Flashcardlet (10 decks)

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