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Bookkeeping Objective 2 Vocabulary (75)

Total questions: 75

Worksheet time: 4hrs 45mins

Name
Class
Date
1.

What is inventory valuation?

4 lines
2.

What does FIFO stand for in inventory valuation?

4 lines
3.

How is the FIFO value of remaining inventory calculated?

4 lines
4.

What is a key characteristic of LIFO?

4 lines
5.

What does LIFO stand for in inventory valuation?

4 lines
6.

How is the Weighted Average Cost (WAC) calculated?

4 lines
7.

What is the formula for calculating annual depreciation using the Straight-Line method?

4 lines
8.

What is the depreciable base of an asset?

4 lines
9.

What is the Sum of the Years' Digits Depreciation Method?

4 lines
10.

How do you calculate the ratio for the first year in the Sum of the Years' Digits method?

4 lines
11.

What is the Units of Production Depreciation Method?

4 lines
12.

What is the Modified Accelerated Cost Recovery System (MACRS)?

4 lines
13.

What is the primary use of the Straight-Line Depreciation Method?

4 lines
14.

What is the Double-Declining Balance Depreciation Method?

4 lines
15.

What is the book value of an asset?

4 lines
16.

What is accumulated depreciation?

4 lines
17.

How does the Double-Declining Balance method differ from the Straight-Line method?

4 lines
18.

What is the salvage value of an asset?

4 lines
19.

What is the purpose of a reconciliation report in depreciation?

4 lines
20.

What is the formula for calculating depreciation using the years left in the asset's useful life?

4 lines
21.

How is the depreciable base calculated for an asset?

4 lines
22.

What is the depreciation expense in the first year for a machine costing $30,000 with a salvage value of $3,000 and a useful life of 5 years?

4 lines
23.

What is the journal entry for recording depreciation?

4 lines
24.

What happens to the Depreciation Expense account at the end of each year?

4 lines
25.

What are the three inventory valuation methods?

4 lines
26.

How does FIFO inventory valuation method work?

4 lines
27.

What is the LIFO inventory valuation method?

4 lines
28.

What is the relationship between current assets and cash?

4 lines
29.

What are examples of long-term assets?

4 lines
30.

Why are inventory balances adjusted?

4 lines
31.

What is Merchandise Inventory?

4 lines
32.

What is the accounting equation represented on the Balance Sheet?

4 lines
33.

How does an increase in Merchandise Inventory affect Equity?

4 lines
34.

What is a Note Receivable?

4 lines
35.

What are overdue accounts receivable converted into?

4 lines
36.

What does Merchandise Inventory represent on a balance sheet?

4 lines
37.

What is the normal balance for Merchandise Inventory?

4 lines
38.

What are Current Assets?

4 lines
39.

What distinguishes Current Assets from Non-current Assets?

4 lines
40.

What is Royalty Income classified as?

4 lines
41.

How does an increase in assets affect owner's equity?

4 lines
42.

What is the Accounting Equation?

4 lines
43.

What items fall under the category of Assets?

4 lines
44.

What items are classified as Liabilities?

4 lines
45.

What constitutes Shareholder's Equity?

4 lines
46.

What accounting entries are made when purchasing $10,000 in new computer equipment with a loan?

4 lines
47.

What effect do debits have on Assets and Liabilities?

4 lines
48.

What effect do credits have on Assets and Liabilities?

4 lines
49.

What is the Weighted Average Cost (WAC) method?

4 lines
50.

How is the average cost per unit calculated in WAC?

4 lines
51.

What is the WAC value of remaining inventory if the average cost is $31.47 for 50 units?

4 lines
52.

What was the total cash sales for the day from walk-in customers?

4 lines
53.

What was the amount of merchandise ordered by Scout Troop #101?

4 lines
54.

How much did Dillon Smith pay on his account?

4 lines
55.

How can the Accounting Equation be rearranged?

4 lines
56.

What happens to Assets when Debits are recorded?

4 lines
57.

What happens to Assets when Credits are recorded?

4 lines
58.

What are examples of Assets?

4 lines
59.

What are examples of Liabilities?

4 lines
60.

What are examples of Shareholder's Equity?

4 lines
61.

What is the effect of purchasing equipment with cash on the Accounting Equation?

4 lines
62.

How is a transaction recorded when a company buys a computer with a down payment?

4 lines
63.

What are Uncollectible Accounts?

4 lines
64.

How do you account for cash sales in the General Ledger?

4 lines
65.

What is the definition of Useful Life in accounting?

4 lines
66.

What is Salvage Value?

4 lines
67.

How is Depreciable Base calculated?

4 lines
68.

What is a Depreciation Schedule?

4 lines
69.

What is the relationship between Merchandise Inventory and Equity?

4 lines
70.

What is the net effect of every transaction on the Accounting Equation?

4 lines
71.

What is the natural balance of Asset Accounts?

4 lines
72.

What is the natural balance of Liability and Equity Accounts?

4 lines
73.

What is the impact of a $1,000 sale on Accounts Receivable?

4 lines
74.

What is the significance of the Balance Sheet?

4 lines
75.

What does the term 'Credit' signify in accounting?

4 lines

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