Accounting Final

5 Written Questions

1. Subtracted from Assets (accumulated depreciation)
2. Business organized as a separate legal entity under state corporations law having ownership divided into transferable shares of stock
3. Transferring journal entries to ledger accounts
4. Summarizes information concerning cash inflows (receipts) and outflows (payments) for a SPECIFIC TIME PERIOD
5. Assets, Liabilities + Stockholder's Equity at a SPECIFIC DATE

5 Matching Questions

1. Vertical Analysis
2. Accounting
3. Assumptions
4. Principles
5. Occupancy %

1. a Rooms Sold / Rooms Available
2. b Going Concern, Time Period, Monetary Unit, Economic Entity
3. c Cost, Full Disclosure, Revenue Recognition, Matching
4. d Involves identifying, recording, and communicating economic events
5. e Evaluates financial statement data by expressing each item in a financial statement as a % of base amount

5 Multiple Choice Questions

1. sum of $ paid to shareholders from profits
   1. ADR
   2. RevPAR
   3. Dividend
   4. Posting
2. Involves only the recording of economic events. Just one part of the accounting process
   1. Posting
   2. Accounting
   3. Bookkeeping
   4. Breakeven
3. Must reflect actual costs incurred during the time period in question
   1. Principles
   2. Cost Principle
   3. Constraints
   4. Matching Principle
4. (aka Cost to Benefit Constraint) amount may only be ignored if effect on financial statement is not important to users
   1. Materiality
   2. ADR
   3. Objectivity
   4. Accounting
5. Establish REsponsibility, segregation of duties, documentation of procedures, mechanical + electronic controls, independent internal verification, etc.
   1. INternal Control (Principles)
   2. Controller
   3. Matching Principle
   4. Principles

5 True/False Questions

1. ADR → Tells you account titles

   True        False

2. Solvency Ratios → measures short-term ability of enterprise to pay maturing obligations and meet unexpected needs for cash

   True        False

3. Account Titles in Journal → Chronological order

   True        False

4. Business/ Economic Entity → Development of systems to collect and report financial information, analyzing information, making finance-related recommendations to assist management decision making

   True        False

5. Constraints → Department head of the accounting department

   True        False