MGT 8803 - Exam 1 - Accounts questions with complete solutions

MGT 8803 - Exam 1 - Accounts


"____ Revenues" - answer-Income Statement, except deferred revenues (expense)
v v v v v v v v




"____ Expenses" - answer-Income Statement except prepaid expenses (current asset)
v v v v v v v v v




"____ Payable" - answer-Balance Sheet (liability)
v v v v v




"____ Stock" - answer-Balance Sheet - equity
v v v v v v




Is it on the balance sheet? - answer-Assets (own) and Liabilities (owe).
v v v v v v v v v v v




Cash - answer-BS - asset - current account
v v v v v v v




Deferred Revenue - answer-BS - liability - current account
v v v v v v v v




Treasury Stock - answer-BS - contra equity
v v v v v v




Cost of Goods Sold - answer-IS - Expense (FIFO, LIFO, Average)
v v v v v v v v v v




Interest Expense - answer-IS - Expense
v v v v v




Sales - answer-IS - Revenue
v v v v




Sales Discount - answer-IS - Contra Rev
v v v v v v




Sales Retruns - answer-IS - Contra Rev
v v v v v v




Discounts on Bonds Payable - answer-BS - Contra Liability (subtract from bonds
v v v v v v v v v v v


payable)
v




Inventory - answer-BS - Asset - current v v v v v v




Wages Payable - answer-BS - Liability
v v v v v




Common Stock - answer-BS - Equity v v v v v




Accumulated Depreciation - answer-BS - Contra Asset v v v v v v




Income Taxes Payable - answer-BS - Liability - current
v v v v v v v v