Questions from College Accounting

Q: What is a footing?

What is a footing?

Q: What is the function of the trial balance?

What is the function of the trial balance?

Q: In the formula for calculating interest, how is time computed?

In the formula for calculating interest, how is time computed?

Q: Describe the four accounting entries for the liquidation of a partnership.

Describe the four accounting entries for the liquidation of a partnership.

Q: What method of accounting for uncollectible accounts is generally required for financial

What method of accounting for uncollectible accounts is generally required for financial reporting purposes?

Q: Describe the steps to follow when using the allowance method to account

Describe the steps to follow when using the allowance method to account for uncollectible accounts.

Q: Explain how to compute net realizable value.

Explain how to compute net realizable value.

Q: What are the four most commonly used methods of calculating depreciation for

What are the four most commonly used methods of calculating depreciation for financial reporting purposes? How do they differ in their application?

Q: Describe the accounting procedures when using the direct write-off method

Describe the accounting procedures when using the direct write-off method to account for uncollectible accounts.

Q: Identify 11 essential provisions of a partnership agreement.

Identify 11 essential provisions of a partnership agreement.