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