Accounting 200 Final Exam UPDATED ACTUAL
Questions and CORRECT Answers
Accounting cycle - CORRECT ANSWER - Normal accounting procedure that are performed over a period of time
Accounting period - CORRECT ANSWER - The period of Time covered by the income statement
Interim reports - CORRECT ANSWER - Financial prepared by month , quarter or some other portion of the fiscal
year
Journal - CORRECT ANSWER - Listing of business transactions in chronological order
Journal entry - CORRECT ANSWER - Transaction that is recorded once analyzed
Journalizing - CORRECT ANSWER - Recording transaction in journal
Book of original entry - CORRECT ANSWER - Records first forms of transactions
Compound Journal Entry - CORRECT ANSWER - A journal entry that affects more than 2 accounts
Posting - CORRECT ANSWER - Transferring, copying or recording of info. From a journal to a ledger
Trial Balance - CORRECT ANSWER - An informal listing of the ledger accounts and their balances in the ledger
Slide - CORRECT ANSWER - 79200 to 7920
Transposition - CORRECT ANSWER - Accidentally rearrangement of numbers
Adjusting - CORRECT ANSWER - The process of calculating
Historical cost - CORRECT ANSWER - The actual cost of an asset at the time of purchase
Residual Value - CORRECT ANSWER - Estimated value of a item after all depreciation has been taken
Accumulated Depreciation - CORRECT ANSWER - A contra-asset account that summarizes or accumulates the
amount of deprecation that has been taken from a asswt
Book value - CORRECT ANSWER - Cost of equipment less than accumulates depreciation
Accused salaries payable - CORRECT ANSWER - Salaries that are earned by employers
Worksheet - CORRECT ANSWER - A columnar device used by accountants to aid them in completing
Adjusting journal - CORRECT ANSWER - involves an income statement account (revenue or expense) along with
a balance sheet account (asset or liability) and typically relates to the accounts for accrued expenses, accrued revenue,
prepaid expenses and unearned revenue.
Closing journal entries - CORRECT ANSWER - made at the end of an accounting period which transfer the
balances of temporary accounts to permanent accounts.
Income summary - CORRECT ANSWER - account is a transitional account into which all income statement
revenue and expense accounts are transferred at the end of an accounting period
Permanent Accounts - CORRECT ANSWER - Accounts that do not close at the end of the accounting year. The
permanent accounts are all of the balance sheet accounts (asset accounts, liability accounts, owner's equity accounts)
except for the owner's drawing account.
Questions and CORRECT Answers
Accounting cycle - CORRECT ANSWER - Normal accounting procedure that are performed over a period of time
Accounting period - CORRECT ANSWER - The period of Time covered by the income statement
Interim reports - CORRECT ANSWER - Financial prepared by month , quarter or some other portion of the fiscal
year
Journal - CORRECT ANSWER - Listing of business transactions in chronological order
Journal entry - CORRECT ANSWER - Transaction that is recorded once analyzed
Journalizing - CORRECT ANSWER - Recording transaction in journal
Book of original entry - CORRECT ANSWER - Records first forms of transactions
Compound Journal Entry - CORRECT ANSWER - A journal entry that affects more than 2 accounts
Posting - CORRECT ANSWER - Transferring, copying or recording of info. From a journal to a ledger
Trial Balance - CORRECT ANSWER - An informal listing of the ledger accounts and their balances in the ledger
Slide - CORRECT ANSWER - 79200 to 7920
Transposition - CORRECT ANSWER - Accidentally rearrangement of numbers
Adjusting - CORRECT ANSWER - The process of calculating
Historical cost - CORRECT ANSWER - The actual cost of an asset at the time of purchase
Residual Value - CORRECT ANSWER - Estimated value of a item after all depreciation has been taken
Accumulated Depreciation - CORRECT ANSWER - A contra-asset account that summarizes or accumulates the
amount of deprecation that has been taken from a asswt
Book value - CORRECT ANSWER - Cost of equipment less than accumulates depreciation
Accused salaries payable - CORRECT ANSWER - Salaries that are earned by employers
Worksheet - CORRECT ANSWER - A columnar device used by accountants to aid them in completing
Adjusting journal - CORRECT ANSWER - involves an income statement account (revenue or expense) along with
a balance sheet account (asset or liability) and typically relates to the accounts for accrued expenses, accrued revenue,
prepaid expenses and unearned revenue.
Closing journal entries - CORRECT ANSWER - made at the end of an accounting period which transfer the
balances of temporary accounts to permanent accounts.
Income summary - CORRECT ANSWER - account is a transitional account into which all income statement
revenue and expense accounts are transferred at the end of an accounting period
Permanent Accounts - CORRECT ANSWER - Accounts that do not close at the end of the accounting year. The
permanent accounts are all of the balance sheet accounts (asset accounts, liability accounts, owner's equity accounts)
except for the owner's drawing account.
