Examination for FUNdAMENTAL accoUntING Part I Fill-In-The-Blanks(10*2=20 points) 1. The branch of accounting which aims at serving external users is called 2. a credit entry decreases asset and accounts or increases liability owner's equity, and revenue accounts accounts are listed on the post-closing trial balance. These accounts are the asset, liability and owners equity accounts 4 Individuals or organizations entitled to receive payments from a company are called atements include the balance sheet income statement. statement of owner's equity and the statement of cash flows 6 means the pricing of an inventory where the purchase invoice of each item in the ending inventory is identified and used to determine the cost assigned to the inventory owners capital, and(4) close account to owners’ca 8 ashares investment is classified as a if it is not marketable or. if marketable. it is not held as an available source of cash to meet the needs of current operations 9 We title the current assets minus current liabilities as 10 The reversing entry for an adjusting entry that debited Accounts Receivable and credited Fees earned would be a to fees earned and to accounts ceivable Part II: True/False Questions(10*1.5=15 points) 1. Examples of source documents are sales invoices, bills from rs. bank statements and employee earnings recordsExamination for FUNDAMENTAL ACCOUNTING Part I: Fill-In-The-Blanks (10*2=20 points) 1. The branch of accounting which aims at serving external users is called ________ accounting. 2. A credit entry decreases asset and ____________ accounts or increases liability, owner's equity, and revenue accounts. 3. ____________ accounts are listed on the post-closing trial balance. These accounts are the asset, liability and owners’ equity accounts. 4 Individuals or organizations entitled to receive payments from a company are called _________. 5 ____________ statements include the balance sheet, income statement, statement of owner's equity and the statement of cash flows. 6 ____________ means the pricing of an inventory where the purchase invoice of each item in the ending inventory is identified and used to determine the cost assigned to the inventory. 7 Four closing entries: (1) close _______ balances in temporary accounts to income summary, (2) close _____ balances in temporary accounts, (3) close _________ to owners’ capital, and (4) close ____________account to owners’ capital. 8 A shares investment is classified as a ________ if it is not marketable or, if marketable, it is not held as an available source of cash to meet the needs of current operations. 9 We title the Current assets minus current liabilities as _________. 10 The reversing entry for an adjusting entry that debited Accounts Receivable and credited Fees Earned would be a ______ to Fees Earned and _____ to Accounts Receivable. Part II: True/False Questions (10*1.5= 15 points) 1. Examples of source documents are sales invoices, bills from suppliers, bank statements and employee earnings records