4. 1 POINT 2 POINTS 3 POINTS 4 POINTS 5 POINTS Choc. Creme 1 POINT 4 POINTS 3 POINTS 2 POINTS2 POINTS 3 POINTS 2 POINTS 5 POINTS 2 POINTS 3 POINTS 4 POINTS 5 POINTS 4 POINTS 3 POINTS 4 POINTS 5 POINTS GlazedJelly Boston Creme Cruller

5. This is prepared to explain the difference between the book balance and the bank balance. 1 POINT

6. What is a bank reconciliation?

7. This is the most widely used depreciation method. 2 POINTS

8. What is straight line?

9. DDB stands for this. 3 POINTS

10. What is the Double Declining Balance method?

11. This is the percentage used for calculating the DDB method if an asset was expected to have an 8 year useful life. 4 POINTS

12. What is 25%?

13. This is the numerator in the formula for straight line depreciation. 5 POINTS

14. What is cost-salvage value?

15. This is where cash is kept for ease of access – Also was the premise of Don’t Tell Mom the Babysitter’s Dead. 1 POINT

16. What is petty cash?

17. This is the originating entry for petty cash. 2 POINTS

18. What is: Dr. Petty Cash XX Cr. Cash XX

19. Cost-salvage value is called this. 3 POINTS

20. What is the depreciable base?

21. This is the annual depreciation for an asset whose cost is $20,000, salvage value of $4000, and an estimated useful life of 8 years 4 POINTS

22. What is $2000?

23. Allowance for Doubtful Accounts has a debit balance of $200, and an aging analysis determines that the Allowance should be $17,000. What is the adjusting journal entry (with amounts)? 5 POINTS

24. What is: Dr. BDE 17200 Cr. Allow DA 17200

25. This accounting for bad debts is allowed only if bad debts are so small as to be immaterial? 1 POINT

26. What is the direct write off method?

27. These are the two methods of accounting discussed in this chapter for uncollectible receivables. 2 POINTS

28. What are the direct write off and allowance methods?

29. This is the journal entry to record a bad debt using the direct write off method. 3 POINTS

30. What is: dr. BDE xx cr. A/Rxx

31. This is the Net Realizable Value when A/R has a balance of $500,000, and the Allowance for Doubtful Accounts has a balance of $30,000. 4 POINTS

32. What is $470,000?

33. This is why there would be a debit balance in the Allowance for Doubtful Accounts. 5 POINTS

34. More bad debts than expected in the previous period.

35. Land acquired with the purpose of reselling it, would be listed as this on the balance sheet. 1 POINT

36. What is investment?

37. This is the exclusive right to make or sell a product. 2 POINTS

38. What is a patent?

39. Accumulated depreciation is called a _____ account. 3 POINTS

40. What is contra?

41. Accumulated depreciation is shown in this section of the balance sheet. 4 POINTS

42. What is the fixed asset section of the balance sheet?

43. 5 POINTS Using this allowance method for accounting for bad debts, the current balance in the Allowance for Doubtful Accounts is irrelevant in making your journal entry to record this year’s allowance.

44. What is the sales method?

45. This asset never gets depreciated. 1 POINT

46. What is land?

47. This refers to using up natural resources. 2 POINTS

48. What is depletion?

49. This is the using up of intangible assets. 3 POINTS

50. What is amortization?

51. This is the journal entry to take a fully depreciated piece of equipment off the books. 4 POINTS

52. What is: Dr. Accum. Dep XX Cr.Equip XX

53. A revenue expenditure results in a debit to this type of account. 5 POINTS

54. What is an expense?

56. CATEGORY: Sale of an asset MAKE YOUR WAGER!

57. ANSWER: This is the journal entry to record the sale of equipment whose original cost is $5000, has accumulated depreciation of $3500, for cash of $1700?

58. QUESTION What is Dr. Cash 1700 Dr. Accum dep 3500 Cr. Equipment 5000 Cr. Gain on sale 200