Accy 201 Final Ole Miss Study Guide Questions And Correct Answers

equity accounts {Ans: common stock, dividends, revenue, expenses. (+common stock-dividends+revenues-expenses)}bank reconciliation {Ans: make book and bank balances equal.}no par stock {Ans: stock not assigned par value by corporate charter}expense recognition principle {Ans: matching principle, company must record expenses incurred to generate revenue.}principles of internal control? {Ans: establish responsibilities, maintain adequate records, insure assets and bond key employees, separate record keeping from custody of assets, divide responsibility for related transactions, apply technological controls, perform regular and independent reviews.}depreciation adjustment {Ans: debit depreciation expense credit accumulated depreciation}