Accounting 2 Final Review

Financial institutions calculate interest on loans and notes based on

• 350 days

• 355 days

• 360 days

• 365 days

Which of the following is NOT a plant asset

• Stevenson security truck

• Jazzman's petty cash

• Stevenson west building

• Jazzman's POS system

Which account is NOT used in the general journal entry for a dishonored note

• Interest Expense

• Interest Receivable

• Notes Receivable

• Accounts Receivable

In a period of rising prices, ________ yields the highest amount of net income

• FIFO

• LIFO

• Weighted Average

• LILO

Accounting "notes" are equivalent to

• stocks

• loans

• bonds

• EFT's

What two factors are needed in order to find the amount of annual depreciation expense

• LIFO

• FIFO

• estimated salvage value

• useful life on plant asset

Interest Expense is a

• daily operating expense

• non-daily operating expense

Accumulated Depreciation is the contra account to

• Cash

• Depreciation Expense

• Allowance for Uncollectibles

• Office Equipment

Allowance for Uncollectible Accounts is the contra account to

• Accounts Receivable

• Accounts Payable

• Office Equipment

• Accumulated Depreciation

Allowance for Uncollectible Accounts refers to

• depreciation

• bad debt

• inventory

• accruals