Financial Accounting Practice Sets With Answers
from Our Free Financial Accounting Book     
 
Return to Free Business Books    Updated 11/22/18        

Lab Sets

#1 Speedy Ironing Service

 #2 Linda's Video Showcase  

#3 Linda's Showcase Expands

#4 Linda Needs Financing

#5 Software Practice Sets


 

Practice With Answers

Practice Sets With Answers

Tests With Answers

Multiple Choice

Quiz 1     Answers 

Quiz 2     Answers

Quiz 3       Answers
 

Review Crib Notes for Basic Accounting

1 Understanding Journal Entries      
2 Debits and Credits    Video
 
3 Accounting Cycle  
  4 Time Value of Money, Example, Videos

5 One Page Accounting
 

Practice Sets

Videos Reviews #1

# 1 Speedy Ironing Service   Solutions

Accounting Equation
Assets
Liabilities
Stockholders Equity 1
Accounting Equation 2
Financial Statements

Accounting Cycle
Assets Dr & Cr
Liabilities Dr & Cr
Revenue Dr & Cr
Expenses DR & Cr

Journal Entries 1  2
Adjusting Entrees 1   2   3
Adjusted TB & Statements
Closing Journal Entries 1   2

1) Linda Smith, a sophomore at State University,
    opens Speedy Ironing service. 
PS1
    
2) Linda makes journal entries for September.   
PS2
  
  
3) Adjusting entries, an income statement,
    and a balance sheet are made. 
PS3
 
 
4) Closing entries, post closing trial balance,
    reversing and correcting are made.

5) Linda comparison owner's equity
    with stockholders equity.
PS4

Quick Print PS1-PS4

 

S1

S2

 

S3

 

 

 


S4 

 


#2 Linda's Video Showcase

Quick Print
  Linda's Video Showcase

Solutions

Video Reviews 2

Cash and Receivables

Bank Reconciliation


Accounts Receivable

Uncollectible Accounts

Notes Receivable

 

Periodic FIFO     LIFO  Recap

   AVERAGE

Perpetual FIFO      LIFO

Gross Margin Method

Estimates Retail Method

Please      


1) Upon graduation, Linda opens a merchandise company   PS 1


2) Linda decides to use special journals. 
PS 2


3) A petty cash fund is opened. 
PS 3
 

4) Bank statement is reconsolidates. 
PS 4


5) Linda Account for bad debts. PS 5  

6) X company signed a promissory note for their recent credit purchase.
  PS 6

7) DVD inventory value method chosen.
 PS 7

8) Inventory errors, lower cost or market, estimating inventory 
PS 8
9) Linda depreciates video production equipment and


disposes of some equipment.
PS 9   PS 10

10) Linda accounts for natural resources and intangible. 
PS 11

S 1

S 2

S 3
 

S 4

S 5

S 6
 
S 7

S 8

S 9   S 10
S 11

#3 Linda's Showcase Expands
Practice Sets

Solutions

 

Please      

 

1) Linda signs a notes and borrows from a bank to expand credit. PS1  PS 1  
2-4) Partners are used as a source of equity.

PS2    PS3   PS4

PS 2
PS 3
PS 4

 
5) More capital is raised by issuing CS and PS,
dividends are paid.

PS5 

6) Stockholders' equity is determined,
book value determined, and
employees decide to get in on the action
 and subscribe to stock.

 PS6
 

PS 5

PS 6

Video Reviews
Corporations
Startup and Organization Costs
Stockholders Equity format
Sell Stock for Cash
Sell Stock Finance Building
Dividend Declared

Cash Dividends
Stock Options

Treasury Stock
Ratios

#4 More Expansion Requires Knowledge of Money

Introduction to Present Value

Notes Payable and Present Value

Bonds: Discounts, Premiums, Par

TI-83 and TI-84 5-Key
Time Value of Money One

Sinking Fund


The Present and Future Value of Money

Practice Sets

Solutions
Calculating the P,  F value of money

Installment notes payable

Bonds, discounts, premiums, sinking funds

Videos

PS 1

PS 2 

PS 3

PS 1

PS 2

 PS 3


Financial Accounting Tests With Answers has more practice problems

Thanks!  Walter Antoniotti