DR: Cash,CR: BondPremium,BondsPayableRaw Materials,Work inProcess, andFinishedGoodsannualinterestrate paidinventorymethod endsup with leastincome taxBook Value< Cash Paidto RetireBondsThe chance that thefuture event orevents will occur isslight that will not berecorded on thefootnote or balancesheet: occurs whenone companybuys anothercompanytitle of goodschanges hands atthe shipping date(takesresponsibility atthe start of thejourney)purchasetransactions arerecordeddirectly in aninventoryaccountDR: allowancefor doubtfulaccounts, CR:accountsreceivableNo up-to-daterecord ofinventory ismaintainedduring the yearBook Value> Cash Paidto RetireBondsphysicalsubstance thatincludes land,buildings,equipment, etc.((Cost – ResidualValue) / EstimatedTotal Production) *Actual ProductionThe chance thatthe future event orevents will occuris high thatappears as aliability on theBalance SheetThe chance that thefuture event or eventswill occur is more thanremote but less thanlikely that is disclosedon the footnote but noton the balance sheetCurrentAssets -CurrentLiabilitiesequals the amountby which thepurchase priceexceeds fairmarket value ofnet assetsacquiredPrincipal *Annual InterestRate* (Numberof Months/ 12months)DR: AccountsReceivable, CR:Allowance forDoubtful Accounts;DR: Cash, CR:Accounts ReceivableSales Revenue– Credit Cardand SalesDiscount –Sales Returnsand Allowancesexpensedin theperiodincurredDR: Bad DebtExpense, CR:Allowance forDoubtfulAccountsDR: InterestExpense,CR: BondDiscount,Cashno assets arepledged asguarantee ofrepayment atmaturityadded tothe assetaccount(capitalize)series ofconsecutive,equal,periodicpayments(Cost –ResidualValue) * (1/Useful Life)title of goodschanges hands ondelivery (companytakesresponsibility untilthe end of thejourney)(Cost –AccumulatedDepreciation)* (2/UsefulLife)rate set bymarkets atthe time ofissuanceno physicalsubstance thatincludespatents,copyrights,goodwill, etc.Inventorymethod endsup with ahigher netincome(BeginningInventory +Purchases ofMerchandiseduring the Year) –Ending InventoryDR: Cash,CR: BondPremium,BondsPayableRaw Materials,Work inProcess, andFinishedGoodsannualinterestrate paidinventorymethod endsup with leastincome taxBook Value< Cash Paidto RetireBondsThe chance that thefuture event orevents will occur isslight that will not berecorded on thefootnote or balancesheet: occurs whenone companybuys anothercompanytitle of goodschanges hands atthe shipping date(takesresponsibility atthe start of thejourney)purchasetransactions arerecordeddirectly in aninventoryaccountDR: allowancefor doubtfulaccounts, CR:accountsreceivableNo up-to-daterecord ofinventory ismaintainedduring the yearBook Value> Cash Paidto RetireBondsphysicalsubstance thatincludes land,buildings,equipment, etc.((Cost – ResidualValue) / EstimatedTotal Production) *Actual ProductionThe chance thatthe future event orevents will occuris high thatappears as aliability on theBalance SheetThe chance that thefuture event or eventswill occur is more thanremote but less thanlikely that is disclosedon the footnote but noton the balance sheetCurrentAssets -CurrentLiabilitiesequals the amountby which thepurchase priceexceeds fairmarket value ofnet assetsacquiredPrincipal *Annual InterestRate* (Numberof Months/ 12months)DR: AccountsReceivable, CR:Allowance forDoubtful Accounts;DR: Cash, CR:Accounts ReceivableSales Revenue– Credit Cardand SalesDiscount –Sales Returnsand Allowancesexpensedin theperiodincurredDR: Bad DebtExpense, CR:Allowance forDoubtfulAccountsDR: InterestExpense,CR: BondDiscount,Cashno assets arepledged asguarantee ofrepayment atmaturityadded tothe assetaccount(capitalize)series ofconsecutive,equal,periodicpayments(Cost –ResidualValue) * (1/Useful Life)title of goodschanges hands ondelivery (companytakesresponsibility untilthe end of thejourney)(Cost –AccumulatedDepreciation)* (2/UsefulLife)rate set bymarkets atthe time ofissuanceno physicalsubstance thatincludespatents,copyrights,goodwill, etc.Inventorymethod endsup with ahigher netincome(BeginningInventory +Purchases ofMerchandiseduring the Year) –Ending Inventory

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