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1.)What is the accounting equation?
2.)Do you use debit or credit to increase an asset?
3.)Do you use debit or credit to increase an account under Liabilities?
4.)Do you use debit or credit to decrease an account under Owner’s/Stockholder’s Equity?
5.)Fill in the missing number in place of the question mark:
Assets= Liabilities+Owner’s Equity
$40,000 = _______ + $30,000
6.)What component within the accounting equation would “Cash” fall under?
7.)What component within the accounting equation would “Accounts Payable” fall under?
8.)How would you increase a business’s “Land” account, debit or credit?
9.)What component within the accounting equation would “Service Revenue” fall under?
10.)Do you use debit or credit to decrease an “Asset” account?
11.)These are main types of accounting in which businesses incorporate.One of these is Cash Base Accounting.What is the other one?
12.)Fill in the blank for the following statement.Under Cash Base Accounting, you record the transactions as _____ flows in and out of the business.
13Fill in the blank for the following statement.Accrual Base Accounting is when the accountant records the transactions are the services and expenses are _________.
14Which accounting method (Case Base vs. Accrual Base) gives a more accurate picture of the financial health of a company?
15If a company does not specify (especially in your homework) whether they practice Accrual Base Accounting vs. Cash Base Accounting, which one would you automatically assume is being utilized by the accounting team?
16The financial records of the owner and the business should NEVER be combined.This is referred to as the, “__________________”.
17List the four Financial Statements in the order they would be created which a for-profit business would produce after each accounting period:
18Which Financial Statement calculates Net Income/Profit for a business?
19Which Financial Statement shows the “The Accounting Equation” and how it balances?
20Which Financial Statement shows the changes in the dollar amount of Ownership within the business?
21An expense account is under what section of The Accounting Equation?
22How do you increase an expense account, debit or credit?
23How do you increase all other Owner’s/Stockholder’s Equity Account, other than expense and owner withdrawal amounts?
24For accounts under the Owner’s/Stockholder’s Equity account which are increased with a debit, what are these referred to?
25Under what part of The Accounting Equation are Prepaid Expenses listed under?
26Under what section The Accounting Equation are Revenue accounts listed under?
27How are Revenue accounts increased, debit or credit?
28Input in the missing numbers within this journal entry (labeled with a “?”)
10/1/2015 Prepaid Rental Expense $3,000
Prepaid 3 months’ worth of rent ($1,000 x 3)
10/31/2015 Rental Expense?
Prepaid Rental Expense?
(Recognized one month of expense out of Prepaid Expense Account)
29.Where is the unearned revenue account listed under The Accounting Equation?
30In the general journal when entering in the debits and credits, which entry is usually on top, credit or debit?
31What are the three inventory accounting methods discussed within the lecture?
32Which inventory accounting method is no longer accepted by General Accepted Accounting Principles (GAAP)?
33What dictates the reason why an accountant would choose one of the three inventory accounting methods (FIFO, LIFO, or Weighted Average)?
34What is the principle called for when you match the expenses incurred with the revenue made, in which satisfies the purpose for which the expense was incurred?
35Which inventory method accounts for the most recent inventory purchased first within its calculation?
36Which inventory method accounts for the least recent inventory purchased first within its calculation?
37Which inventory method accounts for neither least recent or most recent inventory purchased first within its calculation?
38From the accounting equation, which part of the equation represents what you owe?
39From the accounting equation, which part of the equation represents what you own?
40From the accounting equation, which part of the equation represents what you have?
41According to John Locke, in your own words, what is freedom, what is liberty, how are liberty and freedom related, how are liberty and freedom different?
42Based reading the U.S. Constitution, describe each of the following:
One check or balance that the federal executive branch has on the federal legislative branch.
One check or balance that the federal executive branch has on the federal judicial branch.
One check or balance that the federal legislative branch has on the federal executive branch.
One check or balance that the federal legislative branch has on the federal judicial branch.
One check or balance that the federal judicial branch has on the executive branch.
One check or balance that the federal judicial branch has on the federal legislative branch.
Be sure to cite what article and section that each check or balance is found in the U.S. Constitution.
43 Discuss the failures of the Article of Confederation that led to creation the the U.S. Constitution?
44What is federalism?Describe the balance of power between the federal government and state governments.In your response you may want to discuss the supremacy clause, the 9th, 10th, and 14th amendments, as well as any relevant Supreme Court decisions.
45What are the three branches of government?Describe what each one does in your own words and in a few brief sentences.