AP ECON VOCAB 2

question

The cost of supplies should be expensed in the period?

answer

The supplies are used

question

Purchasing supplies on account means that cash payment?

answer

Will be made in the future

question

How will purchasing supplies on account affect the balance sheet?

answer

Assets increase and Liabilities increase.

question

When a company recognizes the cash purchase of prepaid rent, the amount of Prepaid Rent?

answer

increases and Cash decreases

question

When a company pays cash to purchase supplies, the total amount of

answer

assets and liabilities are not affectedOne asset account, Supplies, increases and another asset account, Cash, decreases; hence,the total amount of assets is not affected.

question

Assuming a company purchases prepaid rent during an accounting period, the year-endadjusting entry to recognize rent expense will affect which of the following statements? (Selectall that apply.)

answer

Balance Sheet.Statement of Changes in Stockholders' Equity.The rent expense will affect the amount of net income, and the net income will affect thestatement of changes in stockholders' equity.Income Statement

question

When a company collects cash for services to be provided in the future, the: (Select all thatapply.)

answer

Unearned Revenue account increases.Revenue account is not affected.Cash account increases

question

A company recognized an accrued salary expense in Year 1 and paid its employees in Year 2.The financial statements affected in Year 2 are the?

answer

Balance sheet, statement of cash flows.

question

The Supplies account appears on the

answer

Balance Sheet

question

The unearned revenue is a ___ account?

answer

liability account.

question

When a company collects cash for services to be provided in the future, the: (Select all thatapply.)

answer

Unearned Revenue account increases.Cash account increases.

question

If a company recognizes an accrued salary expense in Year 1 and pays its employees in Year 2,which financial statements will be affected in Year 1?

answer

Balance SheetIncome StatementStatement of Changes in Stockholders' Equity

question

Recognizing an expense on account

answer

decreases net income, increases expenses

question

On August 1 of Year 1, a company paid cash to purchase prepaid rent. Based on thisinformation, the year-end adjusting entry required to recognize rent expense will affect the ____

answer

Statement of Changes in Stockholders' EquityBalance SheetIncome Statement

question

Recognizing accrued interest expense affects the

answer

Balance sheetStatement of changes in stockholders equity

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Issuing a note to borrow money increases

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liabilities, assets

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When the Accrued Salaries Expense account is closed

answer

salaries expense decreases, retained earnings decreases

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Collecting an account receivable affects the

answer

statement of cash flows, balance sheet

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Docket

answer

a court's calendar, showing the schedule of cases it is to hear

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Caseload

answer

a judge's or court's workload of cases in a period of time

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Brief

answer

a written document explaining the position of one side or the other in a case

question

Stare decisis

answer

the practice of using earlier judicial rulings as a basis for deciding cases

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Concurring opinion

answer

a statement written by a justice who votes with the majority, but for different reasons

question

Dissenting opinion

answer

A statement written by a justice who disagrees with the majority opinion, presenting his or her opinion

question

Unanimous opinion

answer

the Supreme Court rules on a case in which all justices agree on the ruling

question

Penal code

answer

a state's written criminal laws

question

Misdemeanor

answer

Minor crime for which a person can be fined a small sum of money or jailed for up to one year

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Felony

answer

More serious crime such as murder, rape, kidnapping, or robbery

question

Sentence

answer

The punishment given to someone found guilty of committing a crime

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Prosecution

answer

The government in its role as the party who starts the legal proceedings against someone accused of a crime

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Plea bargaining

answer

the process in which a defendant agrees to plead guilty to a less serious crime in order to receive a lighter sentence

question

Cross-examination

answer

The questioning of a witness at a trial or hearing to check or discredit the witness's testimony

question

Federal Court System

answer

Deals with disputes about laws that apply to the entire United States EX: federal laws, disagreements between states

question

State Court System

answer

Deals with disputes about state laws EX: state laws, disagreements between states citizens

1 of 34

question

The cost of supplies should be expensed in the period?

answer

The supplies are used

question

Purchasing supplies on account means that cash payment?

answer

Will be made in the future

question

How will purchasing supplies on account affect the balance sheet?

answer

Assets increase and Liabilities increase.

question

When a company recognizes the cash purchase of prepaid rent, the amount of Prepaid Rent?

answer

increases and Cash decreases

question

When a company pays cash to purchase supplies, the total amount of

answer

assets and liabilities are not affectedOne asset account, Supplies, increases and another asset account, Cash, decreases; hence,the total amount of assets is not affected.

question

Assuming a company purchases prepaid rent during an accounting period, the year-endadjusting entry to recognize rent expense will affect which of the following statements? (Selectall that apply.)

answer

question

When a company collects cash for services to be provided in the future, the: (Select all thatapply.)

answer

Unearned Revenue account increases.Revenue account is not affected.Cash account increases

question

A company recognized an accrued salary expense in Year 1 and paid its employees in Year 2.The financial statements affected in Year 2 are the?

answer

Balance sheet, statement of cash flows.

question

The Supplies account appears on the

answer

Balance Sheet

question

The unearned revenue is a ___ account?

answer

liability account.

question

When a company collects cash for services to be provided in the future, the: (Select all thatapply.)

answer

Unearned Revenue account increases.Cash account increases.

question

If a company recognizes an accrued salary expense in Year 1 and pays its employees in Year 2,which financial statements will be affected in Year 1?

answer

Balance SheetIncome StatementStatement of Changes in Stockholders' Equity

question

Recognizing an expense on account

answer

decreases net income, increases expenses

question

On August 1 of Year 1, a company paid cash to purchase prepaid rent. Based on thisinformation, the year-end adjusting entry required to recognize rent expense will affect the ____

answer

Statement of Changes in Stockholders' EquityBalance SheetIncome Statement

question

Recognizing accrued interest expense affects the

answer

Balance sheetStatement of changes in stockholders equity

question

Issuing a note to borrow money increases

answer

liabilities, assets

question

When the Accrued Salaries Expense account is closed

answer

salaries expense decreases, retained earnings decreases

question

Collecting an account receivable affects the

answer

statement of cash flows, balance sheet

question

Docket

answer

a court's calendar, showing the schedule of cases it is to hear

question

Caseload

answer

a judge's or court's workload of cases in a period of time

question

Brief

answer

a written document explaining the position of one side or the other in a case

question

Stare decisis

answer

the practice of using earlier judicial rulings as a basis for deciding cases

question

Concurring opinion

answer

a statement written by a justice who votes with the majority, but for different reasons

question

Dissenting opinion

answer

A statement written by a justice who disagrees with the majority opinion, presenting his or her opinion

question

Unanimous opinion

answer

the Supreme Court rules on a case in which all justices agree on the ruling

question

Penal code

answer

a state's written criminal laws

question

Misdemeanor

answer

Minor crime for which a person can be fined a small sum of money or jailed for up to one year

question

Felony

answer

More serious crime such as murder, rape, kidnapping, or robbery

question

Sentence

answer

The punishment given to someone found guilty of committing a crime

question

Prosecution

answer

The government in its role as the party who starts the legal proceedings against someone accused of a crime

question

Plea bargaining

answer

the process in which a defendant agrees to plead guilty to a less serious crime in order to receive a lighter sentence

question

Cross-examination

answer

The questioning of a witness at a trial or hearing to check or discredit the witness's testimony

question

Federal Court System

answer

Deals with disputes about laws that apply to the entire United States EX: federal laws, disagreements between states

question

State Court System

answer

Deals with disputes about state laws EX: state laws, disagreements between states citizens

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AP ECON VOCAB 2

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