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.

Slides:

Advertisements

Similar presentations

Financial and Managerial Accounting Wild, Shaw, and Chiappetta Fourth Edition Wild, Shaw, and Chiappetta Fourth Edition McGraw-Hill/Irwin Copyright © 2011.

Advertisements

8.4 Depreciation. What is Depreciation? Decreasing the value of a fixed asset over its useful life.

Allow. for Doubtful Accounts Other Terms Review Potpourri $100100$100100$ $200200$200200$ $300300$300300$ $400400$400400$ $

Accounting for Property, Plant Equipment, and Intangible Assets Chapter 17.

1 © Copyright Doug Hillman 2000 Accounts Receivable and Bad Debts Expense.

© 2004 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 9e by Slater Accounting for Property, Plant Equipment, and.

Chapter 10 Review. REVIEW QUESTION 1 Which of the depreciation methods writes off more depreciation near the start of an asset’s than in later years?

Accounting for Plant Assets and Depreciation

 What is it?  First let’s remember our definition for an expense  Something that we spend money on to make money  Based on this definition shouldn’t.

Valuation and Reporting of Fixed and Intangible Assets Chapter 7.

The Accounting Cycle Completed – Adjusting, Closing, and Post-Closing Trial Balance Chapter 5 2.

Ch.8 Operating Assets: Plant Assets, Natural Resources, and Intangible Assets.

Power Notes Chapter 10 Fixed Assets Learning Objectives

BAD DEBTS Chapter 8 p Bad Debts = a term used to describe amounts that cannot be collected The reporting of bad debts is governed by the matching.

Chapter 41 Cash, Short-term Investments and Accounts Receivable Chapter 4.

Chapter 10-1 PLANT ASSETS, NATURAL RESOURCES, AND INTANGIBLE ASSETS Accounting Principles, Eighth Edition CHAPTER 10.

Review for Mid-Term II Professor Paul R. St. John, CPA – Fullerton College Lesson Module Review Tuesday, November 1, 2011.

PRINCIPLES OF FINANCIAL ACCOUNTING

Double Jeopardy… November 27, 2001 Today’s Categories… Financial Statements Inventories Long Term Assets Marketable Securities Revenue Expenses.

Financial Accounting - BUS Spring 2015 Sessions Tangible & Intangible Assets.

9 Fixed Assets and Intangible Assets Student Version.

CHAPTER 18 Buying Plant Assets and Paying Property Tax.

Depreciation Chapter 22 Accounting II.

Accounting Principles Using Excel for Success PowerPoint Presentation by: Douglas Cloud, Professor Emeritus Accounting, Pepperdine University © 2011 Cengage.

16-1 What if the Company Doesn’t Purchase (or sell) the Asset at the Beginning (or end) of the Year? Units-of-production  Multiple the depreciation rate.

Chapter 20 Accounting for Uncollectible Accounts Receivable.

0 Glencoe Accounting Unit 5 Chapter 24 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved. Unit 5 Accounting for Special Procedures Chapter.

McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.

Valuing Accounts Receivable Some receivables will become uncollectible – Not reported as assets if no future benefit – Net realizable value: the collectible.

Accounting for Uncollectible Receivables Direct Write-off Method not GAAPnot GAAP used for Tax Purposesused for Tax Purposes Allowance Method is GAAPis.

©2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publically accessible website, in whole or in part.

Chapter 7-1 Cash and Receivables Chapter7 Intermediate Accounting 12th Edition Kieso, Weygandt, and Warfield Prepared by Coby Harmon, University of California,

ACTG 2110 Chapter 9 - Receivables. Management of Receivables Accounts Receivable –Often called trade receivables –Occur from ordinary course of business.

STEP 4: WORKSHEET AND TRIAL BALANCE. RECORDING A TRIAL BALANCE ON A WORK SHEET LESSON page Account title 2.Account balance 3.Total,

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.

Depreciation. Fixed assets A long term asset that is used up through the course of time Businesses need to account for the use of these objects, but have.

Fixed Assets and Intangible Assets Chapter 7. Characteristics of Fixed Assets  They exist physically and thus are tangible assets.  The are owned and.

1 Chapter 6: Reporting & Analyzing Operating Assets Part 3: Property, Plant & Equipment.

Estimating Bad Debts Chapter 9 – Part 2 COMPARISON OF BASES OF ESTIMATING UNCOLLECTIBLES Percentage of Sales Percentage of Receivables Net Realizable.

McGraw-Hill/Irwin Copyright © 2009 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 16 Recording and Evaluating Capital Resource Activities:

Methods of Depreciation Georgia CTAE Resource Network Instructional Resources Office Written by: Dr. Marilynn K. Skinner May 2009.

Copyright © 2010 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin Plant and Intangible Assets Chapter 9.

© 2014 Cengage Learning. All Rights Reserved. Learning Objectives Cengage – Century 21 Accounting -- Edited for Advanced Accounting LO1Record the buying.

Chapter 16 Recording and Evaluating Capital Resource Process Activities: Investing McGraw-Hill/Irwin Copyright © 2011 by The McGraw-Hill Companies, Inc.

Recording and Evaluating Capital Resource Activities: Investing

Fixed Assets and Intangible Assets

Fixed Assets Fixed assets are those assets: that have a long life,

Plant assets and depreciation

Fixed Assets and Intangible Assets

LESSON 18-3 Journalizing Depreciation Expense

LESSON 14-5 Planning and Recording Depreciation Adjustments

Fixed and Intangible Assets

Completing the Accounting Cycle for a Service Business

ACG 2021 Exam 2 TA Review.

ACG 2021 Exam 2 TA Review.

© 2014 Cengage Learning. All Rights Reserved.

ACG 2021 Exam 2 TA Review.

Recording and Evaluating Capital Resource Activities: Investing

The Adjusting Process LO 2d – Recording Depreciation of Fixed Assets.

Accounting For Bad Debts

The Direct Write-Off Method

Financial Accounting Lesson 7: Fixed and Intangible Assets

LESSON 14-5 Planning and Recording Depreciation Adjustments

LESSON 18-1 Buying Plant Assets and Paying Property Tax

Accounting for Plant Assets and Depreciation

Example Exercise 3 Estimating Uncollectible Accounts

Test Tomorrow Have you got your assignments turned in?

Accounting for Fixed Assets and Depreciation

LESSON 19-2 Calculating Depreciation Expense

Presentation transcript:

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

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

What is a bank reconciliation?

This is the most widely used depreciation method. 2 POINTS

What is straight line?

DDB stands for this. 3 POINTS

What is the Double Declining Balance method?

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

What is 25%?

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

What is cost-salvage value?

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

What is petty cash?

This is the originating entry for petty cash. 2 POINTS

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

Cost-salvage value is called this. 3 POINTS

What is the depreciable base?

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

What is $2000?

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

What is: Dr. BDE Cr. Allow DA 17200

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

What is the direct write off method?

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

What are the direct write off and allowance methods?

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

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

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, POINTS

What is $470,000?

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

More bad debts than expected in the previous period.

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

What is investment?

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

What is a patent?

Accumulated depreciation is called a _____ account. 3 POINTS

What is contra?

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

What is the fixed asset section of the balance sheet?

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.

What is the sales method?

This asset never gets depreciated. 1 POINT

What is land?

This refers to using up natural resources. 2 POINTS

What is depletion?

This is the using up of intangible assets. 3 POINTS

What is amortization?

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

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

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

What is an expense?

CATEGORY: Sale of an asset MAKE YOUR WAGER!

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?

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