DR: Cash,CR: BondPremium,BondsPayablePrincipal *Annual InterestRate* (Numberof Months/ 12months)Book Value> Cash Paidto RetireBonds(Cost –AccumulatedDepreciation)* (2/UsefulLife)DR: Bad DebtExpense, CR:Allowance forDoubtfulAccountsThe chance thatthe future event orevents will occuris high thatappears as aliability on theBalance SheetBook Value< Cash Paidto RetireBondstitle of goodschanges hands ondelivery (companytakesresponsibility untilthe end of thejourney)(BeginningInventory +Purchases ofMerchandiseduring the Year) –Ending InventoryDR: allowancefor doubtfulaccounts, CR:accountsreceivablephysicalsubstance thatincludes land,buildings,equipment, etc.title of goodschanges hands atthe shipping date(takesresponsibility atthe start of thejourney)inventorymethod endsup with leastincome taxannualinterestrate paidadded tothe assetaccount(capitalize)Raw Materials,Work inProcess, andFinishedGoodsrate set bymarkets atthe time ofissuance: occurs whenone companybuys anothercompanyno physicalsubstance thatincludespatents,copyrights,goodwill, etc.((Cost – ResidualValue) / EstimatedTotal Production) *Actual Production(Cost –ResidualValue) * (1/Useful Life)equals the amountby which thepurchase priceexceeds fairmarket value ofnet assetsacquiredThe chance that thefuture event or eventswill occur is more thanremote but less thanlikely that is disclosedon the footnote but noton the balance sheetInventorymethod endsup with ahigher netincomeno assets arepledged asguarantee ofrepayment atmaturityDR: AccountsReceivable, CR:Allowance forDoubtful Accounts;DR: Cash, CR:Accounts ReceivableThe chance that thefuture event orevents will occur isslight that will not berecorded on thefootnote or balancesheetexpensedin theperiodincurredpurchasetransactions arerecordeddirectly in aninventoryaccountSales Revenue– Credit Cardand SalesDiscount –Sales Returnsand Allowancesseries ofconsecutive,equal,periodicpaymentsNo up-to-daterecord ofinventory ismaintainedduring the yearCurrentAssets -CurrentLiabilitiesDR: InterestExpense,CR: BondDiscount,CashDR: Cash,CR: BondPremium,BondsPayablePrincipal *Annual InterestRate* (Numberof Months/ 12months)Book Value> Cash Paidto RetireBonds(Cost –AccumulatedDepreciation)* (2/UsefulLife)DR: Bad DebtExpense, CR:Allowance forDoubtfulAccountsThe chance thatthe future event orevents will occuris high thatappears as aliability on theBalance SheetBook Value< Cash Paidto RetireBondstitle of goodschanges hands ondelivery (companytakesresponsibility untilthe end of thejourney)(BeginningInventory +Purchases ofMerchandiseduring the Year) –Ending InventoryDR: allowancefor doubtfulaccounts, CR:accountsreceivablephysicalsubstance thatincludes land,buildings,equipment, etc.title of goodschanges hands atthe shipping date(takesresponsibility atthe start of thejourney)inventorymethod endsup with leastincome taxannualinterestrate paidadded tothe assetaccount(capitalize)Raw Materials,Work inProcess, andFinishedGoodsrate set bymarkets atthe time ofissuance: occurs whenone companybuys anothercompanyno physicalsubstance thatincludespatents,copyrights,goodwill, etc.((Cost – ResidualValue) / EstimatedTotal Production) *Actual Production(Cost –ResidualValue) * (1/Useful Life)equals the amountby which thepurchase priceexceeds fairmarket value ofnet assetsacquiredThe chance that thefuture event or eventswill occur is more thanremote but less thanlikely that is disclosedon the footnote but noton the balance sheetInventorymethod endsup with ahigher netincomeno assets arepledged asguarantee ofrepayment atmaturityDR: AccountsReceivable, CR:Allowance forDoubtful Accounts;DR: Cash, CR:Accounts ReceivableThe chance that thefuture event orevents will occur isslight that will not berecorded on thefootnote or balancesheetexpensedin theperiodincurredpurchasetransactions arerecordeddirectly in aninventoryaccountSales Revenue– Credit Cardand SalesDiscount –Sales Returnsand Allowancesseries ofconsecutive,equal,periodicpaymentsNo up-to-daterecord ofinventory ismaintainedduring the yearCurrentAssets -CurrentLiabilitiesDR: InterestExpense,CR: BondDiscount,Cash

ACCT 2301 Exam 2 Review - Call List

(Print) Use this randomly generated list as your call list when playing the game. There is no need to say the BINGO column name. Place some kind of mark (like an X, a checkmark, a dot, tally mark, etc) on each cell as you announce it, to keep track. You can also cut out each item, place them in a bag and pull words from the bag.


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  1. DR: Cash, CR: Bond Premium, Bonds Payable
  2. Principal * Annual Interest Rate* (Number of Months/ 12 months)
  3. Book Value > Cash Paid to Retire Bonds
  4. (Cost – Accumulated Depreciation) * (2/Useful Life)
  5. DR: Bad Debt Expense, CR: Allowance for Doubtful Accounts
  6. The chance that the future event or events will occur is high that appears as a liability on the Balance Sheet
  7. Book Value < Cash Paid to Retire Bonds
  8. title of goods changes hands on delivery (company takes responsibility until the end of the journey)
  9. (Beginning Inventory + Purchases of Merchandise during the Year) – Ending Inventory
  10. DR: allowance for doubtful accounts, CR: accounts receivable
  11. physical substance that includes land, buildings, equipment, etc.
  12. title of goods changes hands at the shipping date (takes responsibility at the start of the journey)
  13. inventory method ends up with least income tax
  14. annual interest rate paid
  15. added to the asset account (capitalize)
  16. Raw Materials, Work in Process, and Finished Goods
  17. rate set by markets at the time of issuance
  18. : occurs when one company buys another company
  19. no physical substance that includes patents, copyrights, goodwill, etc.
  20. ((Cost – Residual Value) / Estimated Total Production) * Actual Production
  21. (Cost – Residual Value) * (1/ Useful Life)
  22. equals the amount by which the purchase price exceeds fair market value of net assets acquired
  23. 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
  24. Inventory method ends up with a higher net income
  25. no assets are pledged as guarantee of repayment at maturity
  26. DR: Accounts Receivable, CR: Allowance for Doubtful Accounts; DR: Cash, CR: Accounts Receivable
  27. The chance that the future event or events will occur is slight that will not be recorded on the footnote or balance sheet
  28. expensed in the period incurred
  29. purchase transactions are recorded directly in an inventory account
  30. Sales Revenue – Credit Card and Sales Discount – Sales Returns and Allowances
  31. series of consecutive, equal, periodic payments
  32. No up-to-date record of inventory is maintained during the year
  33. Current Assets - Current Liabilities
  34. DR: Interest Expense, CR: Bond Discount, Cash