Questions from College Accounting

Q: Why is it necessary to journalize and post adjusting entries?

Why is it necessary to journalize and post adjusting entries?

Q: What three amounts are reported on the balance sheet for a long

What three amounts are reported on the balance sheet for a long-term asset such as equipment?

Q: What is book value?

What is book value?

Q: How does a contra asset account differ from a regular asset account

How does a contra asset account differ from a regular asset account?

Q: Why is an accumulated depreciation account used in making the adjustment for

Why is an accumulated depreciation account used in making the adjustment for depreciation?

Q: Sticky Inc. makes candy. The continuous production operation starts in

Sticky Inc. makes candy. The continuous production operation starts in the mixing department, where the chocolate, sugar, water, and other ingredients are blended. It then moves to the second departme...

Q: Are the following assets depreciated? Why or why not?

Are the following assets depreciated? Why or why not? a. Prepaid Insurance b. Delivery Truck c. Land d. Manufacturing Equipment e. Prepaid Rent f. Furniture g. Store Equipment h. Prepaid Advertising i...

Q: How does the straight-line method of depreciation work?

How does the straight-line method of depreciation work?

Q: Name the steps of the accounting cycle.

Name the steps of the accounting cycle.

Q: What three procedures are performed at the end of each accounting period

What three procedures are performed at the end of each accounting period before the financial information is interpreted?