1) A process cost summary involves computations and analysis at four sequential steps.
These are (1) _________ (2) ___________, (3) _____________, and (4)
____________.
2) The interest rate is also called the __________________ rate.
3) What is a lease? Explain the difference between an operating lease and a capital
lease.
4) In a job order cost accounting system, raw materials requisitioned as direct materials
are debited to ________________________; indirect materials are debited to
_________________.
5) A business paid $100 cash to Karen Smith (the owner of the business) for her
personal use. Set up the necessary T-accounts below and show how this transaction
would be recorded directly in those accounts.
6) Discuss the options for the allocation of income and loss among partners, including
with and without a partnership agreement.
7)
The __________________ principle requires that the benefits from an activity in an
accounting information system outweigh the costs of that activity.
8) _____________________________ requires that each transaction affect, and be
recorded in, at least two accounts. It also means that total amounts debited must equal
total amounts credited for each transaction.