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Acc 200 Test Review

23. List of accounts


None go on both balance and income statement
Dividends (don’t go anywhere)
Cost of Good Sold = Expence (Income Statement)
Balance Sheet
Assets Liabilities and Owners Equity (A=L+EQ)
Current assets = What you will pay off or receive this year
Long term assets = Next year or later

Income statement = Revenue – Expenses = Net income


Net income, Earnings Per share

Dividends are not an expenses. (payment to the people that own the business)

Expenses are always Credit

+A are Debits
+L are Credits
+EQ are Credits
+Rev (Credits), +Exp. (Debits), +Div (Debits) = EQ

Retained Earnings (at the beginging of the year) + Net income – Dividends = Retained Earnings (at the
end of the year) Use this in the balance sheet.

24!!
A=L+E

b. Equity changes
1. Capital contributions (investers, cash…) +
2. Net income (retainded earnings) + or –
3. Dividends –
31.
a. Assets ++ but capital stock is – (credit) EQ

E. 2 parts!
account receivable = debit +
Sales revenue = credit +

Cost of good sold = Debit + (OE-)


Inventory = Credit -
H.
Assets = Debit +
Eared dividends = Revenue = Credit +
J.
Debit (+) expense because it is something we used.
(-) Liabilities

33.
Financial Set:

Special Journals: 4 most common transactions, efficient way to record things. Make these journals so that
what ever you put on that page is what the page says… sales, purchases…
1. Cash Receipts:
2. Cash Discernments:
3. Sales:
4. Purchases:

Subsidiary Ledgers: Contains the details about the control account (like to whom do you own the money
too? All the inventory in detail…how many of these and how much of this)
1. Accounts Recoverable
2. Accounts Payable
3. Inventory
4. Equipment
There are more but these are most common.

35.
Accrual Basis Accounting: Accounts record things when they happen not when you receive the cash or pay
the cash.
Reveanue Reconnition: When do we report the revenue (when we do the work)
Matching Priciple: We report expenses when we receive the benefit
36.
4/1
Cash Debit
Liability Credit
(9 months (all of april))
12/31
Debit nearned rent rev. –
Credit Rev +

(+ Expences and + Dividends are Debits (- OE) (always debit exp)


37.
Prepaid anything is an asset
39.
Write down the journal entry you were going to do
40.
So easy they are hard.
What do you close? Revenues, expenses, and dividends (temporary OE) don’t touch the real accounts only
the nominal accounts.
Close to where? (where we gunna put it?) Retained earnings