In terms of accounting does “monetary” mean?

A common unit of currency is used to measure all transactions

What is the definition of accounting entity

Entity is kept separate from the owner

What is 7th step to the accounting cycle?

journalize and post closing entries

What is the accounting equation?

Assets=Liabilities+Owner's Equity

What is public accounting?

• It is the method that systematicaly investigates the operations carried.

What is the function of Accounting

To collect and record data, To communicate what has been learned from the data, To classify and summarise

The process of keeping financial records and accounts.

What is an accounting system?

The relationship among assets, liabilities, and OE

The process of keeping financial records and accounts.

Corporate accounting involves....

The use, handling, and filing of a company’s financial data

What is double-entry accounting?

The recording of debit and credit parts of a transaction

How do you calculate basic "cost of goods sold"?

open stock + purchases - closing stock = cost of goods sold

What is Historical Cost?

The amount you originally paid for a non-current asset.

Forensic accounting is a branch of accounting that....

Collects, recovers, and reconstructs financial data when hard to obtain

The process of keeping financial records and accounts.

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48 termsStudBud Administration

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Questions 48

Answers

1
In terms of accounting does “monetary” mean?
A common unit of currency is used to measure all transactions
Different units of currency are used to measure transactions
2
calculate the owner's equity if assets = 7000 and liabilities = 4500
3500
25000
2500
2000
3
What is the definition of accounting entity
Entity is kept separate from the owner
Entity and owner's transactions are together
Buying a non-current asset
Life of the business is split into equal time periods
4
What is 7th step to the accounting cycle?
journalize and post closing entries
journalize and post closing entries
journalize and post closing entries
journalize and post closing entries
5
What is the accounting equation?
Assets+Liabilities=Owner's Equity
Assets=Liabilities-Owner's Equity
Assets=Liabilities+Owner's Equity
Assets+Owner's Equity= Liabilities
6
There are nine steps in the accounting cycle
True
False
7
Which of these is not a type of cost?
Direct Cost
Indirect Cost
Sales Cost
Overhead Cost
8
There are nine steps in the accounting cycle
False
True
9
Calculate the total amount of fixed assets for the following company:
£155,000
£165,000
£180,115
£180,000
10
What is public accounting?
•	Attributing an approximate value to something.
•	It is the method that systematicaly investigates the operations carried.
•	Is a professional who practices the discipline of accounting.
•	Do the mathematical operations necessary to find the result.
11
What is the avg cost for students in 1979 accounting for inflation?
$1,200
$3,800
$3,400
$3,600
12
What is the accounting equation?
assets=liabilities+owner's equity
9+10=21
shrek is love shrek is life
it's all ogre now
13
Calculate the Net Profit using the following information:
£6,250
£2,500
£3,750
£4,000
14
What unit of measurements does accounting use?
Bees
Cryptocurrency
Any of the above
USD
15
What is the function of Accounting
To collect and record data
To communicate what has been learned from the data
To classify and summarise
To make money
16
What is the Accounting Equation?
Assets = Liabilities / Owner's Equity
Assets = Liabilities - Owner's Equity
L = A - OE
A = L * OE
17
How do I calculate Profit?
Assets - Liabilities
Income - Liabilities
Income - Expenses
Assets - Expenses
18
What is accounting?
The summary of financial data.
The process of keeping financial records and accounts.
A long term asset.
Kendrick Kim
19
How do you calculate net income?
total Assets- total liabilities
total expenses - total revenue
total revenue - total expenses
20
What is an accounting system?
The relationship among assets, liabilities and potatOEs
The relationship among assets, liabilities, and OE
The difference between assets and liabilites
An equation showing us stuff
21
What is accounting?
A long term asset.
Kendrick Kim
The summary of financial data.
The process of keeping financial records and accounts.
22
Which of these IS an indirect cost?
Managers wages
Head office of a business
Manufacturing materials
Gas
23
Corporate accounting involves....
Investigative skills
Keeping confidential information
Creativity
The use, handling, and filing of a company’s financial data
24
How do you calculate net income?
total expenses - total revenue
total Assets- total liabilities
total revenue - total expenses
25
What is the Accounting Equation?
Assets = Liabilities / Owner's Equity
L = A - OE
Assets = Liabilities - Owner's Equity
A = L * OE
26
What is double-entry accounting?
Making sure that you have double checked your numbers
Having two columns in which to post your transaction
Recording the entry in two places
The recording of debit and credit parts of a transaction
27
What is the 3rd step to the accounting cycle?
capitaaalllll
journalize and post closing entries
prepare work sheet
post
28
How do you calculate basic "cost of goods sold"?
open stock + purchase + closing stock = cost of goods sold
open stock + purchases - closing stock = cost of goods sold
Close stock plus purchases minus opening stock = COGS
open stock - purchases - closing stock = cost of goods sold
29
How do you calculate capital?
Assets+ Liabilites=Capital
Liabilites- Assests= Capital
Assets- Liabilties=Capital
Assests- Capital= Liabilities
30
How do you calculate Net Income?
Revenues (-) Expenses
Revenue (+) Unearned Revenue (-) Expenses
Net Profit Margin (*) Revenue
Assets (-) Liabilities (+) Stockholder Equity
31
Becky-the owner of Becky's boats needs you to calculate Gross Profit using the following info:
130,000
£147,500
£51,900
£308,100
32
What is the 6th step to the accounting cycle?
prepare financial statements
$wag
analyze transactions
prepare work sheet
33
When accounting profit is $0, economic profit
is positive
is greater than or equal to 0
is less than or equal to 0
is unknown
34
How do I calculate Owners Equity?
Assets - Liabilities
Assets - Expenses
Income - Expenses
Income - Liabilities
35
How do you calculate profit?
Revenue - Expenses
Capital - Liabilities
Expenses - Revenue
Assets - liabilities
36
Calculate the equity in the following question
$40 000
$36 000
$32 000
$31 000
37
How do you calculate Net Profit Margin?
Revenues (-) Expenses
Assets (-) Expenses (%) Stockholder Equity
Change of Revenue (%) Rate of Change in Market Demand Curve
Net Income (%) Revenue
38
Calculate the total sales from the following:
£93,500
£52,000
£58,000
£22,000
39
What is Historical Cost?
The current market value of a non-current asset.
Means nothing in accounting.
What you want to sell the asset for.
The amount you originally paid for a non-current asset.
40
What is not a suitable accounting period?
Weekly
6 Monthly
Yearly
Quarterly
41
Calculate the gross profit from the following:
£58,000
£10,150
£52,000
£46,000
42
Forensic accounting is a branch of accounting that....
Collects, recovers, and reconstructs financial data when hard to obtain
Audit private documentation
Does taxes
Manages government resources
43
The following formula is used to calculate:
Current Ratio
Gross Profit Margin
Acid Test Ratio
Net Profit Margin
44
The cost assumption that applies to inventory is...
LILO - Last In, Last Out
LIFO - Last In, First Out
CIFO - Cheapest is First Out
FIFO - First In, First Out
45
Calculate the total current assets for Finlay's Fishing Tackle Hire using the following info:
£13,000
£2,800
£5,000
£28,800
46
What is the full accounting equation?
A + Eq + Dr = L + I + Ex
A + Ex + Dr = L + I + Eq
A - L = Eq
A + Ex + Dr = L + I
47
What is accounting?
The process of keeping financial records and accounts.
Kendrick Kim
The summary of financial data.
A long term asset.
48
Calculate the GPM using the following figures:
56%
46%
26%
36%

Calculate ACC Flashcards | StudBud

Calculate ACC

48 termsStudBud Administration

Time is Yours !!!!!

Flashcards48 cardsFPractice quizPHost liveL

Questions 48

Answers

1
In terms of accounting does “monetary” mean?
A common unit of currency is used to measure all transactions
Different units of currency are used to measure transactions
2
calculate the owner's equity if assets = 7000 and liabilities = 4500
3500
25000
2500
2000
3
What is the definition of accounting entity
Entity is kept separate from the owner
Entity and owner's transactions are together
Buying a non-current asset
Life of the business is split into equal time periods
4
What is 7th step to the accounting cycle?
journalize and post closing entries
journalize and post closing entries
journalize and post closing entries
journalize and post closing entries
5
What is the accounting equation?
Assets+Liabilities=Owner's Equity
Assets=Liabilities-Owner's Equity
Assets=Liabilities+Owner's Equity
Assets+Owner's Equity= Liabilities
6
There are nine steps in the accounting cycle
True
False
7
Which of these is not a type of cost?
Direct Cost
Indirect Cost
Sales Cost
Overhead Cost
8
There are nine steps in the accounting cycle
False
True
9
Calculate the total amount of fixed assets for the following company:
£155,000
£165,000
£180,115
£180,000
10
What is public accounting?
•	Attributing an approximate value to something.
•	It is the method that systematicaly investigates the operations carried.
•	Is a professional who practices the discipline of accounting.
•	Do the mathematical operations necessary to find the result.
11
What is the avg cost for students in 1979 accounting for inflation?
$1,200
$3,800
$3,400
$3,600
12
What is the accounting equation?
assets=liabilities+owner's equity
9+10=21
shrek is love shrek is life
it's all ogre now
13
Calculate the Net Profit using the following information:
£6,250
£2,500
£3,750
£4,000
14
What unit of measurements does accounting use?
Bees
Cryptocurrency
Any of the above
USD
15
What is the function of Accounting
To collect and record data
To communicate what has been learned from the data
To classify and summarise
To make money
16
What is the Accounting Equation?
Assets = Liabilities / Owner's Equity
Assets = Liabilities - Owner's Equity
L = A - OE
A = L * OE
17
How do I calculate Profit?
Assets - Liabilities
Income - Liabilities
Income - Expenses
Assets - Expenses
18
What is accounting?
The summary of financial data.
The process of keeping financial records and accounts.
A long term asset.
Kendrick Kim
19
How do you calculate net income?
total Assets- total liabilities
total expenses - total revenue
total revenue - total expenses
20
What is an accounting system?
The relationship among assets, liabilities and potatOEs
The relationship among assets, liabilities, and OE
The difference between assets and liabilites
An equation showing us stuff
21
What is accounting?
A long term asset.
Kendrick Kim
The summary of financial data.
The process of keeping financial records and accounts.
22
Which of these IS an indirect cost?
Managers wages
Head office of a business
Manufacturing materials
Gas
23
Corporate accounting involves....
Investigative skills
Keeping confidential information
Creativity
The use, handling, and filing of a company’s financial data
24
How do you calculate net income?
total expenses - total revenue
total Assets- total liabilities
total revenue - total expenses
25
What is the Accounting Equation?
Assets = Liabilities / Owner's Equity
L = A - OE
Assets = Liabilities - Owner's Equity
A = L * OE
26
What is double-entry accounting?
Making sure that you have double checked your numbers
Having two columns in which to post your transaction
Recording the entry in two places
The recording of debit and credit parts of a transaction
27
What is the 3rd step to the accounting cycle?
capitaaalllll
journalize and post closing entries
prepare work sheet
post
28
How do you calculate basic "cost of goods sold"?
open stock + purchase + closing stock = cost of goods sold
open stock + purchases - closing stock = cost of goods sold
Close stock plus purchases minus opening stock = COGS
open stock - purchases - closing stock = cost of goods sold
29
How do you calculate capital?
Assets+ Liabilites=Capital
Liabilites- Assests= Capital
Assets- Liabilties=Capital
Assests- Capital= Liabilities
30
How do you calculate Net Income?
Revenues (-) Expenses
Revenue (+) Unearned Revenue (-) Expenses
Net Profit Margin (*) Revenue
Assets (-) Liabilities (+) Stockholder Equity
31
Becky-the owner of Becky's boats needs you to calculate Gross Profit using the following info:
130,000
£147,500
£51,900
£308,100
32
What is the 6th step to the accounting cycle?
prepare financial statements
$wag
analyze transactions
prepare work sheet
33
When accounting profit is $0, economic profit
is positive
is greater than or equal to 0
is less than or equal to 0
is unknown
34
How do I calculate Owners Equity?
Assets - Liabilities
Assets - Expenses
Income - Expenses
Income - Liabilities
35
How do you calculate profit?
Revenue - Expenses
Capital - Liabilities
Expenses - Revenue
Assets - liabilities
36
Calculate the equity in the following question
$40 000
$36 000
$32 000
$31 000
37
How do you calculate Net Profit Margin?
Revenues (-) Expenses
Assets (-) Expenses (%) Stockholder Equity
Change of Revenue (%) Rate of Change in Market Demand Curve
Net Income (%) Revenue
38
Calculate the total sales from the following:
£93,500
£52,000
£58,000
£22,000
39
What is Historical Cost?
The current market value of a non-current asset.
Means nothing in accounting.
What you want to sell the asset for.
The amount you originally paid for a non-current asset.
40
What is not a suitable accounting period?
Weekly
6 Monthly
Yearly
Quarterly
41
Calculate the gross profit from the following:
£58,000
£10,150
£52,000
£46,000
42
Forensic accounting is a branch of accounting that....
Collects, recovers, and reconstructs financial data when hard to obtain
Audit private documentation
Does taxes
Manages government resources
43
The following formula is used to calculate:
Current Ratio
Gross Profit Margin
Acid Test Ratio
Net Profit Margin
44
The cost assumption that applies to inventory is...
LILO - Last In, Last Out
LIFO - Last In, First Out
CIFO - Cheapest is First Out
FIFO - First In, First Out
45
Calculate the total current assets for Finlay's Fishing Tackle Hire using the following info:
£13,000
£2,800
£5,000
£28,800
46
What is the full accounting equation?
A + Eq + Dr = L + I + Ex
A + Ex + Dr = L + I + Eq
A - L = Eq
A + Ex + Dr = L + I
47
What is accounting?
The process of keeping financial records and accounts.
Kendrick Kim
The summary of financial data.
A long term asset.
48
Calculate the GPM using the following figures:
56%
46%
26%
36%