Financial Accounting 
Practice Sets With Answers

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Quick Crib Notes

Debits and Credits 1 Video

Debits and Credits Crib Notes 1

Analyzing Journal Entries

Accounting Cycle Crib Notes 2

Time Value of Money, Example

One Page Accounting

Practice Sets

#1 Speedy Ironing Service

 #2 Linda's Video Showcase  

#3 Linda's Showcase Expands

#4 Linda Needs Financing

#5 Software Practice Sets

Free Working Papers

More Practice
 With Answers


Multiple Choice

Quiz 1   Answers 

Quiz 2   Answers

Quiz 3   Answers


Free Quick Leaning Stuff

Accounting 1 and 2 Videos

Accounting 1, 2 Quick Notes

Software Practice Sets with answers

Tests with answers

Multiple Choice with answers


Practice Sets

Videos Reviews #1

# 1 Speedy Ironing Service   Solutions

Accounting Equation
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. 
2) Linda makes journal entries for September.   
3) Adjusting entries, an income statement,
    and a balance sheet are made. 
4) Closing entries, post closing trial balance,
    reversing and correcting are made.

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

Quick Print PS1-PS4











#2 Linda's Video Showcase

Quick Print
  Linda's Video Showcase


Video Reviews 2

Cash and Receivables

Bank Reconciliation

Accounts Receivable

Uncollectible Accounts

Notes Receivable


Periodic FIFO     LIFO  Recap


Perpetual FIFO      LIFO

Gross Margin Method

Estimates Retail Method


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





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.


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


PS 5

PS 6

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

Cash Dividends
Stock Options

Treasury Stock

#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

Calculating the P,  F value of money

Installment notes payable

Bonds, discounts, premiums, sinking funds


PS 1

PS 2 

PS 3

PS 1

PS 2

 PS 3

Financial Accounting Tests With Answers has more practice problems

Thanks!  Walter Antoniotti

Accounting 1
Accounting 2

Video Lectures
Accounting I
Accounting 2 

Lab Set
Software Sets


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