This bingo card has a free space and 34 words: Principal * Annual Interest Rate* (Number of Months/ 12 months), : occurs when one company buys another company, Book Value > Cash Paid to Retire Bonds, equals the amount by which the purchase price exceeds fair market value of net assets acquired, title of goods changes hands on delivery (company takes responsibility until the end of the journey), no physical substance that includes patents, copyrights, goodwill, etc., Current Assets - Current Liabilities, purchase transactions are recorded directly in an inventory account, added to the asset account (capitalize), series of consecutive, equal, periodic payments, DR: allowance for doubtful accounts, CR: accounts receivable, Raw Materials, Work in Process, and Finished Goods, Inventory method ends up with a higher net income, no assets are pledged as guarantee of repayment at maturity, The chance that the future event or events will occur is more than remote but less than likely that is disclosed on the footnote but not on the balance sheet, No up-to-date record of inventory is maintained during the year, DR: Accounts Receivable, CR: Allowance for Doubtful Accounts; DR: Cash, CR: Accounts Receivable, DR: Interest Expense, CR: Bond Discount, Cash, The chance that the future event or events will occur is high that appears as a liability on the Balance Sheet, DR: Bad Debt Expense, CR: Allowance for Doubtful Accounts, rate set by markets at the time of issuance, (Beginning Inventory + Purchases of Merchandise during the Year) – Ending Inventory, (Cost – Accumulated Depreciation) * (2/Useful Life), annual interest rate paid, Book Value < Cash Paid to Retire Bonds, ((Cost – Residual Value) / Estimated Total Production) * Actual Production, The chance that the future event or events will occur is slight that will not be recorded on the footnote or balance sheet, (Cost – Residual Value) * (1/ Useful Life), DR: Cash, CR: Bond Premium, Bonds Payable, expensed in the period incurred, physical substance that includes land, buildings, equipment, etc., inventory method ends up with least income tax, Sales Revenue – Credit Card and Sales Discount – Sales Returns and Allowances and title of goods changes hands at the shipping date (takes responsibility at the start of the journey).
Accounting II Midterm Review - 2 | Accounting II Midterm Review | Accounting | Accounting | GGOB Bingo!
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