cob 241 november 18, 2002 accounting jeopardy… november 18, 2002
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Today’s Categories… Cash Merchandising Organizations Accounting Terminology Financial Ratios The Balance Sheet Which Statement?
CashFinancial
Ratios Balance
SheetWhich
Statem’t?
$100 $100 $100 $100
$200 $200 $200 $200
$300 $300 $300 $300
$400 $400 $400 $400
$500
ActgTerms
$400
$100
$200
$300
$500
MdsingOrgs
$100
$200
$300
$400
$500 $500 $500 $500
Cash - $100
A small box containing a small amount of cash, and used for disbursements too small to be worth the normal cash disbursements paperwork.
What is Petty Cash?
Back to Board
Cash - $200
A credit to cash indicates the cash balance has done this.
What is a Decrease in the cash balance?
Back to Board
Cash - $300
When you pay an expense, you record this half of an entry to the cash account.
What is “Credit”?
Back to Board
Cash - $400
The bank issues this type of memo to notify you that they have reduced your checking account balance.
What is a Debit Memo?
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Cash - $500
The name of the account used to write-off small cash account errors, when those errors are too small and immaterial to be worth the time needed to investigate them.
What is “Cash Short and Over”?
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Merchandising - $100
This balance sheet account holds the value of purchased merchandise (and its incoming freight) until the goods are sold.
What is the Inventory account?
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Merchandising $200
When merchandise is sold on terms of Net 30, you debit this account for the amount charged to the customer.
What is “Accounts Receivable”?
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Merchandising $300
When merchandise is sold, you debit this account for the cost of the products which went out the door with the customer.
What is “Cost of Goods Sold”?
Back to Board
Merchandising $400
When you sell merchandise, you credit this account for the amount charged the customer.
What is Revenue?
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Merchandising $500
When a company sells merchandise, it credits this account for the cost of the goods that went out the door with the customer.
What is the Inventory account?
Back to Board
Terminology $100
A reduction in assets, caused by the normal operation of the business, is usually this.
What is an Expense?
Back to Board
Terminology $200
Alpha Corp. loans money to Zulu Co.; Zulu gives Alpha this document, which can then be freely traded on the secondary market.
What is a Marketable Security (or Debt Security)?
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Terminology $500
One of the three methods of Accelerated Depreciation mentioned in class.
What is Sum-of-Years-Digits, OR Double-Declining Balance, OR MACRS?
Back to Board
Ratios - $100
Net Income divided by Number of Shares Outstanding.
What is Earnings per Share (or EPS)?
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Ratios - $200
Current Assets divided by Current Liabilities
What is the Current Ratio?
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Ratios - $500
This ratio is 365 divided by A/R Turnover.
What is Average Days to Collect?
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Balance Sheet - $100
Prepaid Rent appears under this major section of the Balance Sheet.
What is the “Asset” section?
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Balance Sheet - $200
Allowance for Bad Debt appears under this major section of the Balance Sheet.
What are “Assets”?
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Balance Sheet $300
Warranty Obligations appears under this major section of the Balance Sheet.
What is the “Liabilities” section of the Balance Sheet?
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Balance Sheet - $400
Unearned Revenue appears under this major section of the Balance Sheet.
What is the “Liability” section of the Balance Sheet?
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Balance Sheet - $500
Unrealized Gain on Available for Sale Securities is reported under this major section of the Balance Sheet.
What is the “Equity” section of the Balance Sheet?
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Which Statement $100
Gross Margin appears on this statement.
What is the Income Statement?
Back to Board
Which Statement $200
Gain on Disposal of Equipment appears on this statement.
What is the Income Statement?
Back to Board
Which Statement $300
Accumulated Depreciation appears on this statement.
What is the Balance Sheet?
Back to Board
Which Statement $400
Unrealized Gain on Trading Securities appears on this statement.
What is the Income Statement?
Back to Board
Which Statement $500
Wages Payable to Employees appears on this statement.
What is the Balance Sheet?
Back to Board
Terminology ---
When a company sells on credit, it uses this account to set aside an amount in expectation that some or all of the receivable will eventually become uncollectible.
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