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Open Quick Links Quick Links Logout Global Menu Nikki FultonExpand Global Nav Blackboard Learn Top Frame Tabs Home Tab 1 of 2 Courses Tab 2 of 2 (active tab) Current Location Turn help text off and on BA220 Financial Accounting (01-MAR-17 – 25-APR-1
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- BA220 Financial Accounting (01-MAR-17 – 25-APR-17 [9082])
- Week 8 “The Accounting Cycle”
- Take Test: W8 “Final Exam”
Take Test: W8 “Final Exam”
Content
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Description Instructions Multiple AttemptsNot allowed. This test can only be taken once.Force CompletionThis test can be saved and resumed later.
Question 1
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According to the Week 5 lecture, why do most businesses fail within the first few years?
2.5 points
Question 2
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If an Accounts Receivable account is not eventually converted into cash, what happens to the amount of money in the account after a pre-determined period of time?
2.5 points
Question 3
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It’s possible to make a lot of sales, pay minimal expense, and still go bankrupt. True or False?
2.5 points
Question 4
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Most businesses practice Accrual Base or Cash Base Accounting?
2.5 points
Question 5
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What is the first step when reconciling your cash account/bank statement?
2.5 points
Question 6
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What is the second step when reconciling your cash account/bank statement?
2.5 points
Question 7
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What is the third step when reconciling your cash account/bank statement?
2.5 points
Question 8
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What is the fourth step when reconciling your cash account/bank statement?
2.5 points
Question 9
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How often should a reconciliation of the cash account occur?
2.5 points
Question 10
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If a client writes the company a bad check to pay for services/products, and you charge them an administrative fee to make sure the amount eventually gets paid. What type of account is credited?
2.5 points
Question 11
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According to the Week 6 lecture, how can a business increase sales of the company?
2.5 points
Question 12
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What kind of a fee do you have to pay if you accept credit cards?
2.5 points
Question 13
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What term is used to describe the value of a company has through its reputation?
2.5 points
Question 14
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Would goodwill be considered a tangible or an intangible asset?
2.5 points
Question 15
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What is the equivalent of depreciation for an intangible asset?
2.5 points
Question 16
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What is the equivalent of depreciation for a natural resource?
2.5 points
Question 17
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What are the three items needed to calculate depreciation?
2.5 points
Question 18
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A piece of equipment is purchased for $10,000, has a salvage value of $2,000, and an estimated useful life of 4 years. Using the straight-line depreciation method, how much is depreciated per year for the next 4 years?
2.5 points
Question 19
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A piece of equipment is purchased for $10,000, has a salvage value of $2,000, and an estimated useful life of 4 years. Using the double-declining balance method, how much is depreciated per year for the next 2 years?
2.5 points
Question 20
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How does an “Accumulated Deprecation” account get increased; debit or credit?
2.5 points
Question 21
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What are the three levels of the Cash Flow Statement?
2.5 points
Question 22
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What type of income statement separates out the “Gross Margin”, “Operating Income” and “Net Income”?
2.5 points
Question 23
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What does FUTA stand for?
2.5 points
Question 24
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What does FICA stand for?
2.5 points
Question 25
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What amount is income capped at to pay FICA – Social Security Tax on?
2.5 points
Question 26
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What is the term given to the borrower of a bond?
2.5 points
Question 27
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What is the term given to the lender of a bond?
2.5 points
Question 28
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What is the interest rate called which is multiplied by the bond’s face value when issuing pre-determined payments to the bondholder?
2.5 points
Question 29
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What is the amount to pay off the bond (debt) when it is more than the face value?
2.5 points
Question 30
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What is the amount to pay off the bond (debt) when it is less than the face value?
2.5 points
Question 31
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What step takes place after the accountant analyzes the transaction (Step 1).
2.5 points
Question 32
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What is the step before the final step (Step 8: Close the Books).
2.5 points
Question 33
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Which financial statement displays how the accounting equation balances?
2.5 points
Question 34
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Are revenue, expense, and withdrawal accounts temporary or permanent accounts?
2.5 points
Question 35
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Are cash, equipment, accounts payable, and capital accounts temporary or permanent accounts?
2.5 points
Question 36
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The General ___________ is a diary of each specific account from under each component of the accounting equation.
2.5 points
Question 37
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What are the three reports within the Accounting Worksheet?
2.5 points
Question 38
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What is the report called which is the preliminary to the Income Statement and Balance Sheet (it’s contained in the Accounting Worksheet).
2.5 points
Question 39
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What account are the temporary accounts closed out to before everything is taken to Retained Earnings?
2.5 points
Question 40
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What is the most fundamental lesson in which the accounting profession is built off of?
2.5 points
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