Accounting Listing Questions

Examples of Liabilities - (What a company owes)

Accounts Payable

Notes Payable

F.I.C.A. Taxes Payable

Employers Income Taxes Payable

Sales Tax Payable

Examples of Current Assets - (Assets that will be converted to cash or consumed within one year)

Cash

Petty Cash

Accounts Receivable

Prepaid Expenses

Inventory

Supplies

Elements of the Cash Flow Statement

Operating

Investing

Finance

Elements of the Income Statement

Revenue

Expenses

Net Profit or Net Loss

Elements of the Balance Sheet

Assets

Liabilities

Owner’s Equity

Advantages of Computers

Dealing with repetitive tasks

Efficiency

Storage

Examples of Applications Software (designed for specific uses and easy to use)

Prepackaged or horizontal market software

(Word processing / Excel spreadsheets / Graphics / Desktop Publishing

Vertical market software (Registration programs for schools / Funeral Homes)

Customized Software (Programmer writes the program for a particular user)

A. Financing

Investing cash into a business is what type of transaction affecting the Statement of Cash Flows?

A. Financing

B. Operating

C. Investing

D. Will not affect the Cash Flows Statement

C. Investing

Purchasing fixed assets (equipment, vehicles, furniture, etc.) for a business and paying cash is what type of transaction affecting the Statement of Cash Flows?

A. Financing

B. Operating

C. Investing

D. Will not affect the Cash Flows Statement

D. Will not affect the Cash Flows Statement

Purchasing fixed assets (equipment, vehicles, furniture, etc.) for a business on account is what type of transaction affecting the Statement of Cash Flows?

A. Financing

B. Operating

C. Investing

D. Will not affect the Cash Flows Statement

A. Financing

Paying on fixed assets /long-term assets that were purchased on account is what type of transaction affecting the Statement of Cash Flows?

A. Financing

B. Operating

C. Investing

D. Will not affect the Cash Flows Statement