DR: Bad DebtExpense, CR:Allowance forDoubtfulAccountsequals the amountby which thepurchase priceexceeds fairmarket value ofnet assetsacquiredThe chance that thefuture event orevents will occur isslight that will not berecorded on thefootnote or balancesheetDR: AccountsReceivable, CR:Allowance forDoubtful Accounts;DR: Cash, CR:Accounts Receivable: occurs whenone companybuys anothercompanyDR: InterestExpense,CR: BondDiscount,CashSales Revenue– Credit Cardand SalesDiscount –Sales Returnsand Allowancesno assets arepledged asguarantee ofrepayment atmaturityphysicalsubstance thatincludes land,buildings,equipment, etc.no physicalsubstance thatincludespatents,copyrights,goodwill, etc.annualinterestrate paidCurrentAssets -CurrentLiabilitiestitle of goodschanges hands ondelivery (companytakesresponsibility untilthe end of thejourney)Inventorymethod endsup with ahigher netincomeRaw Materials,Work inProcess, andFinishedGoodsPrincipal *Annual InterestRate* (Numberof Months/ 12months)(BeginningInventory +Purchases ofMerchandiseduring the Year) –Ending InventoryThe chance thatthe future event orevents will occuris high thatappears as aliability on theBalance SheetBook Value> Cash Paidto RetireBondspurchasetransactions arerecordeddirectly in aninventoryaccountrate set bymarkets atthe time ofissuanceBook Value< Cash Paidto RetireBondsThe chance that thefuture event or eventswill occur is more thanremote but less thanlikely that is disclosedon the footnote but noton the balance sheet(Cost –AccumulatedDepreciation)* (2/UsefulLife)(Cost –ResidualValue) * (1/Useful Life)inventorymethod endsup with leastincome taxDR: allowancefor doubtfulaccounts, CR:accountsreceivableexpensedin theperiodincurredadded tothe assetaccount(capitalize)((Cost – ResidualValue) / EstimatedTotal Production) *Actual ProductionNo up-to-daterecord ofinventory ismaintainedduring the yeartitle of goodschanges hands atthe shipping date(takesresponsibility atthe start of thejourney)series ofconsecutive,equal,periodicpaymentsDR: Cash,CR: BondPremium,BondsPayableDR: Bad DebtExpense, CR:Allowance forDoubtfulAccountsequals the amountby which thepurchase priceexceeds fairmarket value ofnet assetsacquiredThe chance that thefuture event orevents will occur isslight that will not berecorded on thefootnote or balancesheetDR: AccountsReceivable, CR:Allowance forDoubtful Accounts;DR: Cash, CR:Accounts Receivable: occurs whenone companybuys anothercompanyDR: InterestExpense,CR: BondDiscount,CashSales Revenue– Credit Cardand SalesDiscount –Sales Returnsand Allowancesno assets arepledged asguarantee ofrepayment atmaturityphysicalsubstance thatincludes land,buildings,equipment, etc.no physicalsubstance thatincludespatents,copyrights,goodwill, etc.annualinterestrate paidCurrentAssets -CurrentLiabilitiestitle of goodschanges hands ondelivery (companytakesresponsibility untilthe end of thejourney)Inventorymethod endsup with ahigher netincomeRaw Materials,Work inProcess, andFinishedGoodsPrincipal *Annual InterestRate* (Numberof Months/ 12months)(BeginningInventory +Purchases ofMerchandiseduring the Year) –Ending InventoryThe chance thatthe future event orevents will occuris high thatappears as aliability on theBalance SheetBook Value> Cash Paidto RetireBondspurchasetransactions arerecordeddirectly in aninventoryaccountrate set bymarkets atthe time ofissuanceBook Value< Cash Paidto RetireBondsThe chance that thefuture event or eventswill occur is more thanremote but less thanlikely that is disclosedon the footnote but noton the balance sheet(Cost –AccumulatedDepreciation)* (2/UsefulLife)(Cost –ResidualValue) * (1/Useful Life)inventorymethod endsup with leastincome taxDR: allowancefor doubtfulaccounts, CR:accountsreceivableexpensedin theperiodincurredadded tothe assetaccount(capitalize)((Cost – ResidualValue) / EstimatedTotal Production) *Actual ProductionNo up-to-daterecord ofinventory ismaintainedduring the yeartitle of goodschanges hands atthe shipping date(takesresponsibility atthe start of thejourney)series ofconsecutive,equal,periodicpaymentsDR: Cash,CR: BondPremium,BondsPayable

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