Please answer the following quesions.

FIFTY questions will be randomly chosen from the following areas Identify the accounting equation Correctly classify accounts by type and normal balance Identify elements and objectives of internal control Journalize entries to establish, replenish, and reduce petty cash Journalize entries for bank reconciliation items Characterize the nature of the Sarbanes-Oxley Act of 2002 and its impact on financial reporting Rationalize the steps performed in a bank reconciliation Identify what is considered cash Specify the nature of notes receivable and accounts receivable Compute maturity values, maturity dates, and record entries associated with each Define various receivables and what constitutes net realizable value Journalize uncollectible accounts based on the two methods noted in the textbook Distinguish between the three main depreciation methods noted in the textbook Journalize depreciation entries by each of the three methods noted in the textbook Define depreciation, residual value, book value, and depreciable cost Identify the two types of depreciation Compute depreciation amounts by each of the three methods noted in the textbook Compute gains or losses on sale of assets Define and properly classify leases and expenditures Know components of each financial statement, including dates associated with each Define GAAP Journalize entries related to inventory shrinkage Calculate average inventory in a given scenario Distinguish accruals from deferrals and be able to journalize entries associated with each Define matching concept, revenue recognition concept, unit of measure concept, and business entity concept Differentiate between journalizing a transaction and posting a transaction Specify the correct steps of the accounting cycle Identify components of an accounting system Define profitability and solvency Compare and contrast items that appear on a worksheet Journalize entries for special journals Distinguish the characteristics of FIFO, LIFO, and Average Cost method Differentiate between adjusting entries, closing entries, and correcting entries