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

These are referred to as the owned resources of the business. 1 POINT

What are assets?

3/15, n/45 2 POINTS

What is 3% discount paid in 15 days or the whole amount paid in 45 days.

Accumulated depreciation appears on this financial statement. 3 POINTS

What is the balance sheet?

Accumulated depreciation appears in this section of the balance sheet. 4 POINTS

What is the Plant Property and Equipment or Long term assets section?

Accumulated depreciation is considered a ______ account and carries a _______ balance. 5 POINTS

What is contra and credit?

1 POINT This is the accounting word for stolen or lost inventory.

What is shrinkage?

Income statement accounts are called temporary or nominal accounts, balance sheet accounts are called ______ accounts. 2 POINTS

What is real?

Sales salaries, depreciation of a store, and advertising expenses are examples of this type of expense? 3 POINTS

What are selling expenses?

This is the journal entry to record shrinkage. 4 POINTS

What is Dr. COGS XX Cr. Inv XX?

Inventory is shown on the INCOME statement as ________. 5 POINTS

What is Cost of Goods Sold?

This fixed or Long Term asset is NEVER depreciated. 1 POINT

What is land?

Short Term liabilities are those expected to be paid in this time period. 2 POINTS

What is less than one year?

This is the journal entry to record the sale of merchandise for cash of $100 that had a cost of $60. 3 POINTS

What is: dr. Cash 100 cr. Sales Revenue100 dr. COGS 60 cr. Inventory60

This is the term used to describe the title of merchandise passing from seller to buyer when the goods are delivered to the buyer. 4 POINTS

What is FOB destination point?

What is the journal entry to record a purchase of merchandise on account for $1000? 5 POINTS

What is: Dr. Inventory 1000 Cr. A/P1000

This is the number of closing entries. 1 POINT

What is 4?

The long-term classification on a balance sheet means that an asset or a liability is expected to continue for _______________ (amount of time). 2 POINTS

What is more than 1 year?

Highly priced, unique assets would likely use this inventory costing method. 3 POINTS

What is specific identification?

Sales – COGS = _________ 4 POINTS

What is gross profit?

5 POINTS The order of the 4 closing entries are to first close ______________, then ____________, then _____________ and finally close___________.

What is Revenues, Expenses, Income Summary, and Dividends/Drawings

This is the most popular inventory costing method. 1 POINT

What is FIFO?

These are two systems that can be used to track inventory. (Think P’s…) 2 POINTS

What is perpetual and periodic?

Under this inventory method of cost flows, the inventory is assumed to be composed of the most recent costs? 3 POINTS

What is FIFO?

Total cost of inventory divided by total units is this inventory costing system. 4 POINTS

What is the average cost system?

In a period of rising prices, this inventory costing method would yield the highest net income. 5 POINTS

What is FIFO?

CATEGORY: Income Statement MAKE YOUR WAGER!

ANSWER: Total revenues – total expenses is the format of this type of income statement.

QUESTION What is the single step income statement?