Bank Reconciliation Other Terms Review Potpourri $100100$100100$100100 $200200$200200$200200 $300300$300300$300300 $400400$400400$400400 $500500 Sales.

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Presentation transcript:

Bank Reconciliation Other Terms Review Potpourri $100100$100100$ $200200$200200$ $300300$300300$ $400400$400400$ $ Sales Transactions $ $ $ $ $ Purchase Transactions $ $ $ $ $500500$500500$500500

Bank Reconciliation - $100 Prepared to verify the accuracy of both the bank statement and the cash accounts. What is a Bank Reconciliation? Back to Board

Bank Reconciliation - $200 Deposits in transit are accounted for in this manner on the bank reconciliation. What is an addition to update the bank’s records? Back to Board

Bank Reconciliation - $300 NSF cheques from customers are accounted for in this manner on the bank reconciliation. What are deductions to update the company’s books? Back to Board

Bank Reconciliation - $400 The section of the Bank Reconciliation that requires adjusting entries to be made. What is the Company’s Books side of the Bank Reconciliation? Back to Board

Bank Reconciliation - $500 The internal control principle that relates to preparing a bank reconciliation. What is “independent verification”? Back to Board

Purchase Transactions - $100 In a perpetual inventory system, these accounts are affected by a purchase of merchandise inventory on credit. What are Inventory and Accounts Payable? Back to Board

Purchase Transactions - $200 This expression describes reductions in the cost of inventory purchases associated with unsatisfactory goods. What are Purchase Returns and Allowances? Back to Board

Purchase Transactions - $300 These accounts are affected by a Purchase Return or Allowance when the purchase was previously made on credit and has not yet been paid. What are Accounts Payable and Inventory? Back to Board

Purchase Transactions - $400 A Purchase Discount that offers a 2% discount if paid within 10 days, otherwise the balance due in 30 days. What is 2/10, n/30? Back to Board

Purchase Transactions - $500 The general characteristics of costs that are included in Inventory. What are any costs needed to get inventory into a condition and location ready for sale? Back to Board

Sales Transactions - $100 This expression describes payment reductions given to customers after goods have been sold and found unsatisfactory. What are Sales Returns and Allowances? Back to Board

Sales Transactions - $200 In a perpetual inventory system, these accounts are affected by a sale of merchandise inventory. What are Cash (or A/R), Sales Revenue, Cost of Goods Sold, and Inventory? Back to Board

Sales Transactions - $300 DAILY DOUBLEDAILY DOUBLE!!!

Sales Transactions - $400 The accounts affected by a Sales Return. What are Sales Returns and Allowances, Cash (or A/R), Inventory, and Cost of Goods Sold? Back to Board

Sales Transactions - $500 The amount you would take off a customer’s bill if he paid the $10,000 A/R account (with terms 2/10, n30) in 20 days. What is nothing (20 days is outside the 10 day discount window)? Back to Board

Other terms - $100 The name of the inventory system in which inventory records are updated every transaction. What is a Perpetual Inventory System? Back to Board

Other terms - $200 A system that requires a physical check of inventory to determine how much merchandise has been sold. What is a Periodic Inventory System? Back to Board

Other terms - $300 An internal control that separates the duties of employees so that the work of one person can be used to check the work of another. What is Segregation of Duties? Back to Board

Other terms - $400 The broad label used to include methods used by a company to protect against theft of assets and to enhance the reliability of accounting information (among other things). What are Internal Controls? Back to Board

Other terms – $500 The internal control principle that encourages companies to create a record of each transaction. What is “document procedures”? Back to Board

Review Potpourri - $100 Back to Board The full name of the accounting standards used globally. What is International Financial Reporting Standards?

Review Potpourri - $200 Back to Board Further information about the financial statements, contained in the annual reports. What are Notes?

Review Potpourri - $300 Back to Board ______ elect ______ who oversee ______. Who are shareholders, directors, and managers?

Review Potpourri - $400 Back to Board Use information in a governance roll. Who are directors?

Review Potpourri - $500 Back to Board Directional effect on the Debt-to-Assets ratio if assets are purchased on credit (before the purchase the DTA ratio was less than 1). What is increase?

Daily Double Specify Your Wager!

Sales Transactions --- The account into which the cost of transportation is recorded when a perpetual inventory system is used. Back to Board What is Inventory?