Financial Accounting Practice Sets With Answers

Practice Sets Are from Our Free Financial Accounting Book      Return to Free Business Books    Updated 9/29/18        

#1 Speedy Ironing Service

Accounting Crib Notes
1. Understanding Journal Entries
2. Remembering Debits and Credits Tricks Video
Debits and Credits
Accounting Cycle 

5. Time Value of Money
, Example, Videos
6. One Page Accounting

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 #2 Linda's Video Showcase  

Financial Accounting Tests with Answers 

#3 Linda's Showcase Expands

Quick Notes Accounting Reviews is for those in a hurry.

#4 More Expansion Requires Knowledge of Money
#5 Software Practice Sets

FREE Working Papers


Please use as a link, as textbooks/supplements, and

Accounting 1 and 2 Practice Sets

Videos Reviews #1

# 1 Speedy Ironing Service   Quick Print Speedy Ironing Service PS 1-4 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  PS1     
2) Linda makes journal entries for September.   
3) Adjusting entries, an income statement, and balance sheet 
4) Closing entries, post closing trial balance, reversing and correcting are made
    followed by a comparison of owner's equity with stockholders equity.





#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    AVERAGE
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

PS 1
PS 2
PS 3
PS 4
PS 5
PS 6
PS 7
PS 8
PS 9  
PS 10
PS 11

#3 Linda's Showcase Expands Practice Sets Solutions




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

Video Reviews

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

Cash Dividends

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.
PS 5

PS 6

Stock Options
Treasury Stock

#4 More Expansion Requires Knowledge of Money

Introduction to Present Value

Basic Notes Payable and Present Value

Discounts, Premiums and Bonds at 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


PS 1

PS 2 

PS 3

PS 1

PS 2

 PS 3

Financial Accounting Tests With Answers has more practice problems

Thanks!  Walter Antoniotti