4. 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

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

6. What are assets?

7. 3/15, n/45 2 POINTS

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

9. Accumulated depreciation appears on this financial statement. 3 POINTS

10. What is the balance sheet?

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

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

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

14. What is contra and credit?

15. 1 POINT This is the accounting word for stolen or lost inventory.

16. What is shrinkage?

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

18. What is real?

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

20. What are selling expenses?

21. This is the journal entry to record shrinkage. 4 POINTS

22. What is Dr. COGS XX Cr. Inv XX?

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

24. What is Cost of Goods Sold?

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

26. What is land?

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

28. What is less than one year?

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

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

31. 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

32. What is FOB destination point?

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

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

35. This is the number of closing entries. 1 POINT

36. What is 4?

37. 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

38. What is more than 1 year?

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

40. What is specific identification?

41. Sales – COGS = _________ 4 POINTS

42. What is gross profit?

43. 5 POINTS The order of the 4 closing entries are to first close ______________, then ____________, then _____________ and finally close___________.

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

45. This is the most popular inventory costing method. 1 POINT

46. What is FIFO?

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

48. What is perpetual and periodic?

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

50. What is FIFO?

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

52. What is the average cost system?

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

54. What is FIFO?

56. CATEGORY: Income Statement MAKE YOUR WAGER!

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

58. QUESTION What is the single step income statement?