Lackawanna ACC105 2021 September Complete Course Latest (Full)

ACC105 Principles of Accounting 1

Module 1 Discussion

DQ1 International Financial Reporting Standards

International Financial Reporting Standards

(IFRS)             

WGEED IFRS are considered to be more “principles-based” than U.S. GAAP, «which is considered to be more “rules-based.” For example, U.S. GAAP consists of approximately 17,000 pages, which include numerous industry-specific accounting rules. In contrast, IFRS allow more judgment in deciding how business transactions are recorded. Many believe that the strong regulatory and litigation environment in the United States is the cause for the more rules-based GAAP approach. Regardless, IFRS and GAAP share many common principles.

Questions:

Think about if the entire world used the same accounting systems as opposed to the US using GAAP and the EU using the IFRS.

What are the advantages of this?

What are the disadvantages of this?

Should there be more than one accounting system? Why or why not?

DQ2 In business, there are many laws that are required of companies. These laws while there to protect the consumer are not always the in the best interest of the company’s bottom line. In some cases, many cases, the CEOs and other higher up executives find ways around these laws (some illegal and some legal) to benefit not the company, but themselves. This project is going to give you an in depth look at one of these such businesses where a member of the business took it upon themselves to find ways to get money out of the business for personal use. In this course, we are going to be doing some research on these companies and sharing it with the class. This project will be broken down into weekly steps.

Step one: Choosing a Business – post it to the discussion area

Choose a business from the list. Once you have chosen your business please post the name of your business on the discussion. EVERYONE MUST DO A DIFFERENT BUSINESS. If your chosen business is taken, please choose a different one. Once you have chosen a business, please reply to your classmates about the business they have chosen. Share with them thoughts and research you have done about their businesses. Please be sure to cite your sources.

Adelphia Communications

Bristol-Meyers Squibb

CVS

Enron

Global Crossing

HealthSouth Corporation

Kmart

Martha Stewart

Merck

Pharmor

Qwest Communications International

Tyco

Wal-mart’s various law issues

Worldcom

Xerox

 

ACC105 Principles of Accounting 1

Module 2 Discussion

DQ1 Computerized Accounting Systems

Computerized accounting systems are widely used by even the smallest  companies. These systems simplify the record-keeping process in that  transactions are recorded in electronic forms. Forms used to bill customers for services provided are often completed using drop-down menus that list services that are normally provided to customers. An auto-complete entry feature may also be used to fill in customer names. For example, type “ca” to display customers with names beginning with “Ca” (Caban, Cahill, Carey, and Caswell). And, to simplify data entry, entries are automatically posted to the ledger accounts when the electronic form is completed.

One popular accounting software package used by small- to medium-sized businesses is QuickBooks’. Some examples of using QuickBooks to record accounting transactions are illustrated and discussed in Chapter 5.

Questions:

What do you see as the advantages and disadvantages of computerized accounting systems?

Discuss the experience if any that you have had with computerized accounting systems either as a customer or as an employee.

If you were to run a business (some of you already do), how would you complete the accounting for your business (paper or computer)? Why?

DQ2 Step two:  Research!

Using the internet, newspapers, magazines, and/or library, research your company.  Write 1-2 pages double spaced about the following topic regarding your chosen company. Post those here. Be sure to cite your sources using APA format!

History of the company. Please do NOT include details of the scandal in this section. You can comment on it as part of the history, but the details will come later in the project.

When replying to your classmates, please be sure to include both positive feedback and constructive criticism. We want to help each other become better writers.

 

 

ACC105 Principles of Accounting 1

Module 3 Discussion

DQ1 Integrity, Objectivity, and Ethics in Business Free Issue

Office supplies are often available to employees on a “free issue” basis. This means that employees do not have to “sign” for the release of office supplies but merely obtain the necessary supplies from a local storage area as needed. Just because supplies are easily available, however, doesn't mean they can be taken for personal use, There are any instances where employees have been terminated for taking supplies home for personal use.

Discuss this issue. What is your experience and opinion of this "free issue"?

DQ2 Step two:  Research!

     Using the internet, newspapers, magazines, and/or library, research your company.  Write 1-2 pages double spaced about the following topic regarding your chosen company. Post your work here. Be sure to cite your sources using APA format!

Details of the scandal

Who was involved

How was it committed

What exactly happened

When did it happen

Who did it affect

What laws were broken

 

ACC105 Principles of Accounting 1

Module 4 Discussion

DQ1 Integrity, Objectivity, and Ethics in Business CEO's Health?

How much and what information to disclose in financial statements and to investors presents a common ethical dilemma for managers and accountants. For example, Steve Jobs, co-founder and CEO of Apple Inc., had been diagnosed and treated for pancreatic cancer. Apple Inc. had insisted that the status of Steve Jobs's health was a “private” matter and did not have to be disclosed to investors. Apple maintained this position even though Jobs was a driving force behind Apple's innovation and financial success.However, in response to increasing investor concerns and speculation, Jobs released a letter on January 5, 2009, to investors on his health. The letter indicated that his recent weight loss was due to a hormone imbalance and not due to the recurrence of cancer. On October S, 2011, Steve Jobs died at the age of 56.

Do you think the health of a CEO or any major company employee should be public knowledge?  Why or why not?

DQ2 Step two:  Research!

 Using the internet, newspapers, magazines, and/or library, research your company.  Write 1-2 pages double spaced about the following topic regarding your chosen company. Post your work here. Be sure to cite your sources using APA format!

Where is the company now

What happened to the people involved

Is the company still in business

Are they succeeding or struggling

 

ACC105 Principles of Accounting 1

Module 5 Discussion

DQ1 Business Connection

Accounting Systems and Profit Measurement

A Greek restaurant owner in Canada had his own system of accounting. He kept a his accounts payable in a cigar box on the left-hand side of his cash register, his daily cash returns in the cash register, and his receipts for paid bills in another cigar box on the right. A truly “manual” system. When his youngest son graduated as an accountant, he was appalled by his father's primitive methods. “I don't know how you can run a business that way,” he said. “How do you know what your profits are?” “Well, son,” the father replied, “when I got off the boat from Greece, I had nothing but the pants I was wearing. Today, your brother is a doctor. You are an accountant. Your sister is a speech therapist. Your mother and I have a nice car, a city house, and a country home. We have a good business, and everything is paid for....”

“So, you add all that together, subtract the pants, and there's your profit!”

Thoughts?  Why do we have accounting systems?  Why can't we follow this gentleman's train of thought?

DQ2 Step two:  Research!

 Using the internet, newspapers, magazines, and/or library, research your company.  Write 1-2 pages double spaced about the following topic regarding your chosen company. Post your work here. Be sure to cite your sources using APA format!

What types of measures are they taking to ensure this doesn’t happen again?

NOTE: while researching keep in mind ethics and accounting (SEC, FASB, etc). Apply your research to these topics!!!

Any other topics you would like to research or things you stumble upon.

 

ACC105 Principles of Accounting 1

Module 6 Discussion

DQ1 Integrity, Objectivity, and Ethics in Business

The Case of the Fraudulent Price Tags

One of the challenges for a retailer is policing its sales return policy. There are many ways in which customers can unethically or illegally abuse such policies. In one case, a couple was accused of attaching Marshalls’ store price tags to cheaper merchandise bought or obtained elsewhere. The couple then returned the cheaper goods and received the substantially higher refund amount. Company security officials discovered the fraud and had the couple arrested after they had allegedly bilked the company for more than $1 million.

What are some ways store can protect against these situations?

If you owned a store, what are some steps you would take?

DQ2 Step three:  Presenting your information

Present the information you found about your business.  You can use PowerPoint or write a paper.

PowerPoint:  Just remember when using PowerPoint, the 6X6 rule…no more than 6 words per line, no more than 6 lines per slide.  It should be an outline, not complete sentences. Don't forget your APA citations in text and listed at the end!

Paper: Don’t forget a title page and page numbers. Your paper should be set up using APA formatting.

Once you have all of your information into one of the above formats, post it here for peer critiques!

 

ACC105 Principles of Accounting 1

Module 7 Discussion

DQ1 List two things you learned in this class that you didn't know before.

Do some research...find one interesting/fun fact about accounting.

List a question(s) about accounting that you have that did not get answered through the class.

DQ2 We have been studying ethics along with accounting. Look over the Sarbanes Oxley Act. Post 2-3 paragraph defense or offense of the Act.

When replying to your classmates, choose the other side.

 

ACC105 Principles of Accounting 1

Module 1 Assignment

Complete the following problems and upload them to the assignment turn in area.

PR 1-1A Transactions Obj. 4

On April 1 of the current year, Morgan Jones established a busi to manage rental property. She completed the following transactions during April:

a Opened a business bank account with a deposit of $60,000 in exchange for common stock.

b Purchased office supplies on account, $1,800.

© Received cash from fees earned for managing rental property, $22,300.

d= Paid rent on office and equipment for the month, $7,000.

Paid creditors on account, $1,100.

£ Billed customers for fees earned for managing rental property, $3,600.

g Paid automobile expenses for month, $750, and miscellaneous expenses, $1,000.

h. Paid office salaries, $4,000.

i. Determined that the cost of supplies on hand was $250; therefore. the cost of supplies used was $1.550.

j. Paid dividends, $5,000.

Instructions

1. Indicate the effect of each transaction and the balances after each transaction,

PR 1-2A Financial statements Obj. &

‘The assets and liabilities of Global Travel Agency on December 31, 20¥5, and its revenue and expenses for the year are as follows:

Accounts payable $ 108,000 Miscellaneous expense $ 19,500

Accounts receivable 539,000 Rentexpense 56,000

cash 200,000 Supplies 6,000

Common stock 575,000 Supplies expense 12,700

Fees eamed 340.000 Utilities expense 34,800

Land 1,500,000 Wages expense 415,000

‘Common stock was $525,000 and retained earnings was $1,250,000 as of January 1, 20¥5. During the year, additional common stock of $50,000 was issued for cash, and dividends of $90,000 were paid.

Instructions

1. Prepare an income statement for the year ended December 31, 20Y5.

2, Prepare a statement of stockholders’ equity for the year ended December 31, 20Y5.

3. Prepare a balance sheet as of December 31, 20VS.

4. What items appears on both the statement of stockholders’ equity and the balance sheet?

 

ACC105 Principles of Accounting 1

Module 2 Assignment

Please complete this assignment and upload it for grading.

PR 2-34 Joumal entries and trial balance Obj. 1, 2,3, 4

‘On Nowember 1, 20W9, Lexi Martin established an interior decorating business, Heritage Designs. During the month, Lexi complcted the following transactions related to the business:

Now. 1. Lexi transferred cash from a personal bank account to an account to be used for the business im exchange for Common stock, $50,000.

1 Paid rent for period of November 1 toend of month, $4,000.

6 Purchased office equipment on account, $15,000.

8. Purchased a truck for $38,500 paying $5,000 cash and giving a note payable for the remainder,

10. Purchased supplies for cash, $1,750.

12. Received cash for job completed, $11,500.

15. Paid annual preméums on property and casualty insurance. $2,400.

23. Recorded jobs completed on account and sent invoices to customers, $22,300.

24.Received an invoice for truck expenses, to be paid im November, $1.250.

Enter the following transactions on Page 2 of the neo column journals:

29.Paid utilities expense. 54.500.

29.Paid miscellaneous expenses, $1,000.

30.Received cash from customers on account, $9,000.

30.Paid wages of employees, $6,800.

30.Paid creditor a portion of the ammount owed for equipment purchased on November 6, $3,000.

30.Paid dividends, $2,500.

Instructions

1. Journalize cach transaction in a two-column journal beginning on Page 1, referring to the following chart of accounts im selecting the accounts to be debited and credited. (Do not insert theaccount numbers in the journal at this time.) Explanations may be omitted.

11 (Cash                                                               31 Common Stock

12 Accounts Receivable                                                 33 Dividends

13 Supplies                                                         41 Fees Earned

14 Prepaid Insurance ‘                                   51 Wages Expense

16 Equipment                                                    53 Rent Expense

18 Truck S                                                            54 Utilities Expense

21 Notes Payable                                             55 Truck Expense

22 Accounts Payable                                       59 Miscellaneous Expense

Post the journal to a ledger of four-column accounts, insening appropriate posting references as each item is posted. Extend the balances to the appropriate balance columns after each transaction is posted.

Prepare am unadjusted wial balance for Heritage Designs as of November 30, 20Y9.

 

 ACC105 Principles of Accounting 1

Module 3 Assignment

PR3-5A Adjusting entries and adjusted trial balances Obj. 2.3, 4.5. 6

Sears Editing Company is a small editorial services company owned and operated by Decloris Sears. On January 31, 2OWl, the end of the current year, Sears Edkting Company's accounting clerk Prepared the following unadjusted trial balance:

Bebe ‘Credit

Balances Balances

7.500

a 2.400

is 7.200

co 1980

. 112500

a 1sa2s0

aaa 7.550

a 125,200

a 37.950

. 12150

6.750

75.000

146.000

15.000

324.500

194.370

237s

22800

oe 17.2350

S075

750.000 750.000

Uncapired insurance at January 31, $2400.

Supplies on hand at January 31, $250.

Rent uncarned at January 31, $2,750.

Accrued salarics and wages at January 31, $1,500.

Fees cared but unbilied om January 31, $15,000.

 2. Determine the balances: of the accounts affected by the adjusting entries, and prepare an adjusted trial balance.

 

 

ACC105 Principles of Accounting 1

Module 4 Assignment

Prepare an imoome statement for the year ended December 41, 20YS_

2 Prepare a statement of stockhokdiers equity for the year ended December $1, 2005. During the year, common stock of $25,000 was issued.

3 Prepare a balance shewt as of December 51, 20W5.

4 Based upon the end of.period spreadsheet journalize the closing entries.

5 Prepare 2 post- closing trial balance

 

 ACC105 Principles of Accounting 1

Module 5 Assignment

Please complete this assignment and upload it for grading.

PR5-3A Sales and purchase-related transactions using perpetual inventory Obj. 2

system

The following were selected from among the transactions completed by Babcock Company during

November of the current year:

Nov,

3. Purchased merchandise on account from Moonlight Co,, list price $45,000, trade discount 25%, terms FOB

destination, 2/10, n/30.

4. Sold merchandise for cash, $37,680. The cost of the goods sold was $22,600,

5. Purchased merchandise on account from Papoose Creek Co, $47,500, terms FOB shipping point, 2/10, n/30, with

prepaid freight of $810 added to the invoice.

6.            Returned merchandise with an invoice amount of $13,500 ($18,000 list price less trade discount of 25%) pur-

chased on November 3 from Moonlight Co,

8. Sold merchandise on account to Quinn Co, $15,600 with terms n/15, The cost of the goods sold was $9,400,

13. Paid Moonlight Co. on account for purchase of Novernber 3, less return of November 6.

14. Sold merchandise on VISA, $236,000. The cost of the goods sold was $140,000.

15. Pald Papoose Creek Co, on account for purchase of November5

23. Received cash on account from sale of November 8 to Quinn Co.

24. Sold merchandise on account to Rabel Co., $56,900, terms 1/10, n/30, The cost of the goods sold was $34,000

28. Paid VISA service fee of $3,540.

30, Paid Quinn Co. a cash refund of $6,000 for returned merchandise from sale of November 8. The cost of the

returned merchandise was $3,300,

Instructions

Journalize the transactions.

PR5-5A Multiple-step income statement and balance sheet Obj. 4

The following selected accounts and their current balances appear in the ledger of

Clairemont Co. for the fiscal year ended May 31, 20Y2:

Cash $ 240,000 Retained Earnings $ 2,949,100

Accounts Receivable ‘966,000 Dividends 100,000

Inventory 1,690,000 Salles 11,343,000

Estimated Returns Inventory 22,500 Cost of Goods Sold 7,850,000

Office Supplies. 13,500 Sales Salaries Expense 916,000

Prepaid Insurance 8,000 Advertising Expense 550,000

Office Equipment 830,000 Depreciation Expense —

Accumulated Depreciation— Store Equipment 140,000

Office Equipment 550,000 Miscellaneous Selling Expense 38,000

Store Equipment 3,600,000 Office Salaries Expense 650,000

Accumulated Depreciation— Rent Expense 94,000

Store Equipment 1,820,000 Depreciation Expense —

Accounts Payable 326,000 Office Equipment 50,000

Customer Refunds Payable 40,000 Insurance Expense 46,000

Salaries Payable 41,500 Office Supplies Expense 28,100

Note Payable Miscellaneous Administrative Exp. 14,500

(final payment due in 6 years) 300,000 Interest Expense 21,000

Common Stock 500,000

Instructions

1. Prepare a multiple-step income statement.

2. Prepare a statement of stockholders’ equity. Additional common stock of $75,000 was issucd during the year ended May 31, 20Y2.

3. Prepare a balance sheet, assuming that the current portion of the note payable is $50,000.

 

 

ACC105 Principles of Accounting 1

Module 6 Assignment

Please complete this assignment and upload it for grading.

PR 6-14 FIFO perpetual inventory Obj. z. 2

The beginning inventory at Midnight Supplies and data on purchases and sabes for a three month

Period ending March 41 are as follows:

Murniber Per

Dew Transecthom of Ure ieee Toon

dan 1 lerwentory 7,500 $ Ts.00 $ 562.500

100 Purchase 22,500 as.00 1,912,500

2 Sale 11280 150.00 1,687,500

a0 Sale 4750 1s0.00 562.500

Feb 5S Sale 1,500 's0.00 225,000

1 Purchase 54,000 a7.s0 4,725,000

16 Sumber 27,000 10.00 4,320,000

250 Sale 25,500 W000 4,080,000

Mar S Purchase 45,000 a2.50 4.027.500

1 Same 20,000: 101080" 4, 800.000

25 Purchase FSO BOLO 675,000

a Sale 26.250 160080 4,200,000

Instrurcthoms.

1. Record the imventery, purchases, and cot of goods sold data in a perpetual inventory record similar to the ome ithustrated im Exchibit 3. using the finst-in, fiest-ot mcthocd.

2 Determine the tonal) sales and the total cost of goods sold for the period, Journallize the entries inthe sales and cos: of gods sold accounes, Assume that alll sales were on acount,

3. Determine the groans prafit from sales few the period.

4. Determine the encling: imwentory cost as af March +1

PR 6-2A UFO perpetual inwentory ob. 2.3

The beginning, inwentory a0 Midnight Supplies and daca on purchases and sabes foo a three-month

Period ane shower én Problem 6 1A.

Instructions

1 Becerd the inwennory, purchases, and cost of goods sold dara im a perpenual inventory record Stmiier co the one ilustrased im Exhdisin 4, ueimg: dhe bast-in, first—cun method

2. Determine the total sakes, the total cos ad goods soldi, and! the gross profit from sales fier the porical

3. Determine the Ending inventory cost as of March 31

 

ACC105 Principles of Accounting 1

Module 7 Assignment

Please complete this assignment and upload it for grading.

PR 7-2A Transactions for petty cash, cash short and over Obj. 3,6

Wyoming Restoration Company completed the following selected transactions during July 20Y1:;

July 1. Established a petty cash fund of $1,100.

12, The cash sales for the day, according to the cash register records, totaled $8,192. The actual cash received

from cash sales was $8,220.

31, Petty cash on hand was $47, Replenished the petty cash fund for the following disbursements, each evidenced by a petty cash receipt:

July 3, Store supplies, $580,

7. Express charges on merchandise sold, $90 (Delivery Expense).

9. Office supplies, $30,

13, Office supplies, $35,

19, Postage stamps, $50 (Office Supplies).

21, Repair to office file cabinet lock, $60 (Miscellaneous Administrative Expense).

22. Postage due on special delivery letter, $28 (Miscellaneous Administrative Expense).

24, Express charges on merchandise sold, $135 (Delivery Expense).

30, Office supplies, $25,

31. Thecash sales for the day, according to the cash register records, totaled $10,241.

The actual cash received from cash sales was $10,232.

31, Decreased the petty cash fund by $150.

Instructions

Journalize the transactions,

PR7-3A Bank reconciliation and entries Obj. 5

The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $166,436. The bank statement indicated a balance of $195,688 on June 30, 20Y1. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items:

a Checks outstanding totaled $19,427.

b. A deposit of $12,300, representing receipts of June 30, had been made too late to appear on the bank statement.

c The bank collected $26,500 on a $25,000 note, including interest of $1,500.

D A check for $4,000 returned with the statement had been incorrectly recorded by Pala Medical Co. as $400.

The check was for the payment of an obligation to Skyline Supply Co. for a purchase on account.

e. Acheckdrawn for $195 had been erroneously charged by the bank as $915.

f Bank service charges for June amounted to $55.

Instructions

1. Prepare a bank reconciliation.

 

ACC105 Principles of Accounting 1

Module 7 Research Project

Content

Clear examples to support specific topic sentences and to support the overall purpose; reader gains important insight; quoted material well integrated; depth of coverage without being redundant. Answers all questions posed in original directions.

This criterion is linked to a Learning OutcomeOrganization

The ideas are arranged logically to support the purpose. Transitions link paragraphs. It’s easy to follow the line of reasoning. Subheadings are used throughout the paper allowing the reader to move easily through the text. Paragraphs have solid topic sentences.

This criterion is linked to a Learning OutcomeAPA Format

Cite your sources using APA format. (Works Cited page as well as in paper/presentation citations)

This criterion is linked to a Learning OutcomeSpelling and Grammar

Essentially free of grammatical errors; The writing is free or almost free of errors.

 

ACC105 Principles of Accounting 1

Module 1 Quiz  

Question 1

Accounting

Business

Certified Public Accountants (CPA)

Ethics

Financial Accounting

General Purpose Financial Statements

Managerial or Management Accounting

Manufacturing Businesses

Retail Businesses

Profit

Public Company Accounting Oversight Board

 Sarbanes-Oxley Act (SOX)

 

Service Businesses

Public Accounting

Private Accounting

Question 2 Business Entity Assumption

Corporation

Financial Accounting Standards Board (FASB)

Generally Accepted Accounting Principles (GAAP_

International Accounting Standards Board (IASB)

 Limited Liability Company (LLC)

Partnership

Proprietorship

Securities and Exchange Commission (SEC)

Cost Principle

Question 3Monetary Unit Assumption

Time Period Assumption

Fiscal Year

Natural Business Year

Accounting Standards

Accounting Principles and Assumptions

Measurement Principle

determines the amount that will be recorded and reported

Arm's Length Transaction

Going Concern Assumption

Revenue

Revenue Recognition Principle

determines when revenue is recorded in the accounting records.

Expenses

Expense Recognition Principle

Question 4Accounting Equation

 

Assets

Liabilities

Owner's Equity

The owner’s right to the assets of the business.

Stockholder's Equity

The owners’ equity in a corporation.

 Question 5Accounts Payable

Accounts Receivable

Business Transaction

Fees Earned

Interest Revenue

Prepaid Expenses

Rent Revenue

Sales

Common stock

Retained Earnings

Dividends

Question 6Balance Sheet

Financial Statements

Income Statement

Net Income/Net Profit/Earnings

 Net Loss

 Report Form

 Statement of Cash Flows

 Statement of Stockholders' Equity

Retained Earnings Statement

when a company has few (if any) common stock transactions

 

 

 

ACC105 Principles of Accounting 1

Module 2 Quiz  

Credit

 Debit

Expenses

 Ledger

 Liabilities

 Stockholders' Equity

Stockholders’ right to the assets of the business.

Revenues

 T Account

Common stock

 An account representing the ownership rights of investors in a corporation

Retained Earnings

Dividends

Question 2Double-Entry Accounting System

Journal

Journal Entry

The form of recording a transaction in a journal.

Journalizing

Normal Balance of an Account

Rules of debit and credit

 Two-Column Journal

Question 3Accounts Receivable

Four-Column Account

 Posting

Unearned Revenue

 Question 4Correcting Journal Entry

 Horizontal Analysis

Slide

Transposition

Trial Balance

 Unadjusted Trial Balance

 Quiz

 

ACC105 Principles of Accounting 1

Module 3 Quiz  

Question 1Accrual

Accrual Basis of Accounting

 Adjusting Entries

Adjusting Process

Cash Basis of Accounting

Deferral

Expense Recognition Principle

Matching Principle

A concept of accounting in which expenses are matched with the revenue generated during a period by those expenses.

Prepaid Expense

Revenue Recognition Principle

Unearned Revenue

Question 2Accumulated Depreciation

Adjusted Trial Balance

Book Value of the Asset

Contra Accounts

Depreciate

Depreciation

 Depreciation Expense

Fixed Assets

 Vertical Analysis

 

ACC105 Principles of Accounting 1

Module 4 Quiz  

Question 1Accrual

Accrual Basis of Accounting

Adjusting Entries

Adjusting Process

 Cash Basis of Accounting

Deferral

 Expense Recognition Principle

Matching Principle

A concept of accounting in which expenses are matched with the revenue generated during a period by those expenses.

Prepaid Expense

Revenue Recognition Principle

Unearned Revenue

Question 2Accumulated Depreciation

Adjusted Trial Balance

Book Value of the Asset

Contra Accounts

Depreciate

Depreciation

 Depreciation Expense

 Fixed Assets

 Vertical Analysis

 

ACC105 Principles of Accounting 1

Module 5 Quiz  

Question 1Asset turnover

Cost of merchandise sold

Gross profit

Merchandise inventory

Operating cycle

Sales

Inventory Shrinkage/Shortage

Question 2Cash refund

Credit memorandum

Credit period

Credit terms

Customer allowance

O. Returns to the seller by the customer or reductions from the initial selling price due to defective or damaged merchandise or goods that did not meet the customer’s expectations.

Customer disounts

Customer refunds payable

Debit memorandum

Estimated returns inventory

FOB (free on board) destination

FOB (free on board) shipping point

Invoice           

Periodic inventory system

Perpetual inventory system

Physical inventory

Purchases discounts

Purchases returns and allowances

Sales discounts

Trade discounts

Wholesalers

Question 3Net method

Subsidiary ledger

General ledger

Controlling account

Accounts receivable subsidiary ledger

Accounts payable subsidiary ledger

Inventory subsidiary ledger

Special journals

Question 4Administrative expenses

Income from operations

Multi-step income statement

 Other expense

Other revenue

Selling expense

Single step income statement

 

ACC105 Principles of Accounting 1

Module 6 Quiz  

Question 1Purchase order

Physical inventory

Receiving report

Subsidiary inventory ledger

Question 2First in, first out (FIFO)

 Last in, first out (LIFO)

 A. A method of inventory costing based on the assumption that the most recent merchandise inventory costs should be charged against revenue.

Weighted average inventory

 Specific identification inventory cost flow method

 Question 3

Lower-of-cost-or-market (LCM) method

Net realizable value

Consigned inventory

Consignor

Consignee

 

ACC105 Principles of Accounting 1

Module 7 Quiz  

Question 1

Control environment

Elements of internal control

Employee fraud

 Internal control

Sarbanes-Oxley Act

Question 2

Cash

Cash short and over account

Electronic funds transfer (EFT)

Voucher

Voucher system

Question 3

Bank reconciliation

Bank statement

Cash equivalents

Compensating balance

Petty cash fund

Special-purpose funds