Accounting 2 Final Review

Front

Financial institutions calculate interest on loans and notes based on

Back

360 days

Front

Which of the following is NOT a plant asset: Stevenson security truck, Jazzman's petty cash, Stevenson west building, Jazzman's POS system?

Back

Jazzman's petty cash

Front

Which account is NOT used in the general journal entry for a dishonored note? Options: Interest Expense, Interest Receivable, Notes Receivable, Accounts Receivable

Back

Interest Expense

Front

In a period of rising prices, ________ yields the highest amount of net income

Back

FIFO

Front

Accounting "notes" are equivalent to

Back

loans

Front

Interest Expense is a

Back

non-daily operating expense

Front

Accumulated Depreciation is the contra account to

Back

Office Equipment

Front

Allowance for Uncollectible Accounts is the contra account to

Back

Accounts Receivable

Front

Allowance for Uncollectible Accounts refers to

Back

bad debt

Front

In a period of rising prices _______ yields the highest cost of merchandise sold

Back

LIFO