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Accounting 1.01 VoCats Review PowerPoint. What is the effect on assets when the owner increases owner's equity by investing $1,000 in the business? A.Decreased.

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Presentation on theme: "Accounting 1.01 VoCats Review PowerPoint. What is the effect on assets when the owner increases owner's equity by investing $1,000 in the business? A.Decreased."— Presentation transcript:

1 Accounting 1.01 VoCats Review PowerPoint

2 What is the effect on assets when the owner increases owner's equity by investing $1,000 in the business? A.Decreased by $1,000 B.Decreased by $2,000 C.Increased by $1,000 D.Increased by $2,000 ANSWER: C ANSWER: C

3 (CASH $$) What is the effect on assets when the owner increases owner's equity by investing $1,000 in the business?

4 What is the effect on owner's equity when a business receives $2000 cash from sales? A.Decreased by $2000 B.Increased by $2000 C.Decreased by $4,000 D.Increased by $4,000 ANSWER: B ANSWER: B

5 (CASH $$) REVENUE What is the effect on owner's equity when a business receives $2000 cash from sales?

6 What is the effect when $200 cash is paid to an advertising agency for advertisements for the business? A.Assets decrease $200 and owner's equity decreases $200. B.Assets increase $200 and owner's equity increases $200. C.Assets increase $200 and owner's equity decreases $200. D.Liabilities increase $200 and owner's equity decreases $200. ANSWER: A ANSWER: A

7 (CASH $$) Advertising Exp. What is the effect when $200 cash is paid to an advertising agency for advertisements for the business?

8 What is the effect when $300 cash is paid to Accounts Payable/Bob's Office Supply? A.Assets decrease $300 and owner's equity decreases $300. B.Assets increase $300 and owner's equity increases $300. C.Assets increase $300 and liabilities decreases $300. D.Assets decrease $300 and liabilities decrease $300. ANSWER: D ANSWER: D

9 (CASH $$) Acts Pay. What is the effect when $300 cash is paid to Accounts Payable/Bob's Office Supply?

10 What is an example of an account that has a normal credit balance? A.Cash B.Accounts Payable/Jones Supply C.Prepaid Insurance D.Supplies ANSWER: B

11 What is an example of an account that has a normal credit balance? A.Cash B.Office Equipment C.Sales D.Supplies ANSWER: C

12 What is an example of an account that has a normal credit balance? A.Cash B.Joan Brown, Drawing C.Supplies D.Tyler Jackson, Capital ANSWER: D

13 What is an example of an account that has a normal debit balance? A.Mary Johnson, Capital B.Accounts Payable/Ray's Office Equipment C.Rent Expense D.Sales ANSWER: C

14 What is an example of an account that has a normal debit balance? A.Accounts Payable/Adam's Office Supply B.Advertising Expense C.Mary Johnson, Capital D.Sales ANSWER: B

15 What is an example of an account that has a normal debit balance? A.Accounts Receivable/Oakdale School B.Accounts Payable/Jones Supply C.Mary Johnson, Capital D.Sales ANSWER: A

16 What is an example of an account that has a normal credit balance? A.Advertising Expense B.Accounts Receivable/Davis Company C.Delivery Revenue D.Samuel Johnson, Drawing ANSWER: C

17 Cash, Office Equipment, and Prepaid Insurance are all classified as: A.assets B.liabilities C.owner's equity D.Revenue ANSWER: A

18 Rent, the telephone bill, and advertising costs are all classified as: A.assets B.expenses C.liabilities D.Revenue ANSWER: B

19 “Sales” is classified as: A.assets B.expenses C.liabilities D.Revenue ANSWER: D

20 Mariah Smith, Capital and Mariah Smith, Drawing are both classified as: A.owner's equity B.expenses C.liabilities D.Revenue ANSWER: A

21 Accounting 1.02 VoCats Test Review

22 In the transaction, BILLED ANDERSON COMPANY FOR WORK COMPLETED, the source document is a/an: A.Check Stub B.Invoice C.Memorandum D.Receipt E.ANSWER: B

23 In the transaction, BOUGHT SUPPLIES ON ACCOUNT FROM DIXON SUPPLY CO., the source document is a/an: A.Check Stub B.Invoice C.Memorandum D.Receipt E.ANSWER: B

24 In the transaction, RECEIVED CASH FROM OWNER AS AN INVESTMENT, the source document is a/an: A.Calculator Tape B.Check Stub C.Invoice D.Receipt E.ANSWER: D

25 The transaction, PAID CASH FOR MISCELLANEOUS EXPENSE, $400, would result in which journal entry? A.Debit Cash and credit Miscellaneous Expense B.Debit Cash and debit Miscellaneous Expense C.Debit Miscellaneous Expense and credit Cash D.Debit Supplies and credit Miscellaneous Expense ANSWER: C ANSWER: C

26 The transaction, PAID CASH FOR MISCELLANEOUS EXPENSE, $400, would result in which journal entry?

27 The transaction, SOLD SERVICES ON ACCOUNT TO BETH PARKER, would result in which journal entry? A.Debit Accounts Receivable/Beth Parker and credit Cash B.Debit Accounts Receivable/Beth Parker and credit Sales C.Debit Cash and credit Accounts Receivable/Beth Parker D.Debit Cash and credit Sales ANSWER: B ANSWER: B

28 The transaction, SOLD SERVICES ON ACCOUNT TO BETH PARKER, would result in which journal entry?

29 The transaction, PAID CASH FOR ELECTRIC BILL (UTILITIES EXPENSE) would result in which journal entry? A.Debit Cash and credit Utilities Expense B.Debit Cash and credit Ted Bright, Drawing C.Debit Ted Bright, Drawing and credit Cash D.Debit Utilities Expense and credit Cash ANSWER: D ANSWER: D

30 The transaction, PAID CASH FOR ELECTRIC BILL (UTILITIES EXPENSE) would result in which journal entry?

31 The transaction, PAID CASH FOR RENT, would result in which journal entry? A.Debit Cash and credit Miscellaneous Expense B.Debit Cash and credit Rent Expense C.Debit Miscellaneous Expense and credit Cash D.Debit Rent Expense and credit Cash ANSWER: D ANSWER: D

32 The transaction, PAID CASH FOR RENT, would result in which journal entry?

33 The transaction, PAID CASH FOR INSURANCE, would result in which journal entry? A.Debit Cash and credit Insurance Expense B.Debit Cash and credit Prepaid Insurance C.Debit Insurance Expense and credit Cash D.Debit Prepaid Insurance and credit Cash ANSWER: D ANSWER: D

34 The transaction, PAID CASH FOR INSURANCE, would result in which journal entry?

35 The transaction, BOUGHT SUPPLIES ON ACCOUNT FROM DAVIS SUPPLY STORE, would result in which journal entry? A.Debit Accounts Payable/Davis Supply Store and credit Supplies B.Debit Supplies and credit Accounts Payable/Davis Supply Store C.Debit Supplies and credit Supplies Expense D.Debit Supplies Expense and credit Supplies ANSWER: B ANSWER: B

36 The transaction, BOUGHT SUPPLIES ON ACCOUNT FROM DAVIS SUPPLY STORE, would result in which journal entry?

37 The transaction, RECEIVED A CHECK FOR $2500 FOR LEGAL FEES, would result in which journal entry? A.Debit Cash and credit Legal Expenses B.Debit Cash and credit Legal Fees C.Debit Legal Fees and credit Cash D.Debit Miscellaneous Expense and credit Legal Fees ANSWER: B ANSWER: B

38 The transaction, RECEIVED A CHECK FOR $2500 FOR LEGAL FEES, would result in which journal entry?

39 The transaction, RECEIVED CHECK FROM FRANK HARPER, OWNER, AS AN INVESTMENT, would result in which journal entry? A.Debit Cash and credit Frank Harper, Capital B.Debit Cash and credit Frank Harper, Drawing C.Debit Frank Harper, Capital and credit Cash D.Debit Frank Harper, Drawing and credit Cash ANSWER: A ANSWER: A

40 The transaction, RECEIVED CHECK FROM FRANK HARPER, OWNER, AS AN INVESTMENT, would result in which journal entry?

41 The transaction, RECEIVED CHECK FROM PARKER, INC., IN PAYMENT ON ITS ACCOUNT, would result in which journal entry? A.Debit Accounts Receivable/Parker INC., and credit Cash B.Debit Cash and credit Accounts Receivable/Parker, INC. C.Debit Cash and credit Supplies D.Debit Supplies and credit Cash ANSWER: B

42 The transaction, RECEIVED CHECK FROM PARKER, INC., IN PAYMENT ON ITS ACCOUNT, would result in which journal entry?

43 1.03 Key Principles for Ethics in Accounting Review Guess the right principle

44 Key Principles for Ethics in Accounting Integrity Objectivity Independence Competence Confidentiality 44

45 Accountants must choose between right and wrong Integrity

46 Accountants must be impartial, honest and free of personal conflict Objectivity

47 Accountants should be knowledgeable in their profession. Competence

48 Accountants are responsible for entering correct entries. Integrity

49 Accountants must not share private information regarding their clients. Confidentiality

50 Accountants do not have an interest or profit financially from the companies they audit. Independence

51 Accountants must not be influenced by personal interests. Objectivity

52 Accountants are expected to protect personal and private information regarding their clients. Confidentiality

53 Accountants must have the skills necessary to perform their jobs. Competence

54 Accountants are responsible for true and correct financial statements. Integrity

55 Accountants must have experience in their field. Competence

56 This is necessary for accountants to build trust in regards to their professional judgments Integrity

57 An accountant should not use information learned for personal gain. Confidentiality

58 Accountants must have the public’s confidence in their professional services. Independence

59 Accountants should behave in a way that does not suggest inappropriateness. Objectivity

60 60 

61 Accountants must choose between right and wrong. Accountants are responsible for entering correct entries. Accountants are responsible for true and correct financial statements. Integrity is necessary for accountants to build trust in regards to their professional judgments. Integrity 61 Objective 1.03 Understanding Ethics

62 Accountants must be: –Impartial –Honest –Free of personal conflicts Accountants must not be influenced by personal interests. Accountants should behave in a way that does not suggest inappropriateness. Objectivity 62 Objective 1.03 Understanding Ethics

63 Accountants do not have an interest or profit financially from the companies they audit. Accountants must have the public’s confidence in their professional services. Independence 63 Objective 1.03 Understanding Ethics

64 Accountants should be knowledgeable in their profession. Accountants must have the skills necessary to perform their jobs. Accountants must have experience in their field. Accountants are expected to keep abreast of current laws by continuing education classes. Competence 64 Objective 1.03 Understanding Ethics

65 Accountants must not share private information regarding their clients. Accountants are expected to protect personal and private information regarding their clients. An accountant should not use information learned for personal gain. Confidentiality 65 Objective 1.03 Understanding Ethics


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