Journal Entries Practice Flashcards

Using these flash cards provides for individualized formative assessment when students use them for independent practice outside of class. These concepts are typically assessed on a unit exam that covers the accounting cycle. As an in-class drill and practice or review activity with students in the class selecting and providing answers to the flash card item. The class could also be divided into two teams, with the team that knows the most answers receiving bonus points.

Crenshaw wrote that formally color-blind laws continue to have racially discriminatory outcomes. According to her, this use of formal color-blindness rhetoric in claims of reverse discrimination, as in the 1978 Supreme Court ruling on Bakke, was a response to the way in which the courts had aggressively imposed affirmative action and busing during the Civil Rights era, even on those who were hostile to those issues.

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Penalties vary, but predominantly include loss of funding for schools and institutions. However, in some cases the bills mandate firing of employees. Ian Hacking, a Canadian philosopher specializing in the philosophy of science, describes how social construction has spread through the social Journal Entries Practice Flashcards sciences. He cites the social construction of race as an example, asking how race could be “constructed” better. In 1989, Kimberlé Crenshaw, Neil Gotanda, and Stephanie Phillips organized a workshop at the University of Wisconsin-Madison entitled “New Developments in Critical Race Theory”.

Journal Entries Practice Flashcards

Before Plessy, the Court considered color as a determining factor in many landmark cases, which reinforced Jim Crow laws. Bell’s 1960s civil rights work built on Justice Marshall’s groundwork begun in the 1930s. It was a time when the legal branch of the civil rights movement was launching thousands of civil rights cases. CRT began in the United States in the post–civil rights era, as 1960s landmark civil rights laws were being eroded and schools were being re-segregated. With racial inequalities persisting even after civil rights legislation was enacted, CRT scholars in the 1970s and 1980s began reworking and expanding critical legal studies theories on class, economic structure, and the law to examine the role of U.S. law in perpetuating racism.

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D) access by investors and creditors of the organization to general ledger balances. Swot Analysis For Westpac Available-for-sale securities are held at fair value where gain/loss & impairment is charge in other comprehensive income. Unadjusted Trial Balance Case Study In some cases, a department head will submit information to be recorded, but the accounting department always makes the adjustments. One of these students was Kimberlé Crenshaw, who had chosen Harvard in order to study under Bell; she was introduced to his work at Cornell. Crenshaw organized the student-led initiative to offer an alternative course on race and law in 1981—based on Bell’s course and textbook—where students brought in visiting professors, such as Charles Lawrence, Linda Greene, Neil Gotanda, and Richard Delgado, to teach chapter-by-chapter from Race, Racism, and American Law.

A key CRT concept is intersectionality—the way in which different forms of inequality and identity are affected by interconnections of race, class, gender, and disability. Scholars of CRT view race as a social construct with no biological basis. One tenet of CRT is that racism and disparate racial outcomes are the result of complex, changing, and often subtle social and institutional dynamics, rather than explicit and intentional prejudices of individuals. Nearly all adjusting entries involve a minimum of one balance sheet account and a minimum of one income statement account. As the debit balance in the asset account Prepaid Insurance expires, there will need to be an adjusting entry to 1) debit Insurance Expense, and 2) credit Prepaid Insurance.


During the Harlem Renaissance, African-Americans were depicted as “musically talented” and “entertaining”. Following World War II, when many Black veterans joined the nascent civil rights movement, African Americans were portrayed as “cocky street-smart”, the “unreasonable, opportunistic” militant, the “safe, comforting, cardigan-wearing” TV sitcom character, and the “super-stud” of blaxploitation films.

7) When updating the general ledger, sales, purchases, and production are examples of ________ entries, and issuance or retirement of debt and the purchase or sale of investment securities are examples of ________ entries. C) producing regular periodic reports and respond to real-time inquiry needs.

CRT, a framework of analysis grounded in critical theory, originated in the mid-1970s in the writings of several American legal scholars, including Derrick Bell, Alan Freeman, Kimberlé Crenshaw, Richard Delgado, Cheryl Harris, Charles R. Lawrence III, Mari Matsuda, and Patricia J. Williams. CRT draws from the work of thinkers such as Antonio Gramsci, Sojourner Truth, Frederick Douglass, and W. E. B. Du Bois, as well as the Black Power, Chicano, and radical feminist movements from the 1960s and 1970s. Critical race theory draws on the priorities and perspectives of both critical legal studies and conventional civil rights scholarship, while also sharply contesting both of these fields.

Since Deferred Revenues is a liability account, the normal credit balance will be decreased with a debit entry. For example, when some of the deferred revenues become earned, the company will debit the Deferred Revenues and will credit a revenue account such as Service Revenues. Under the accrual method of accounting, the accounts such as Unearned Revenues are necessary when a company receives money from a customer in advance of the company earning the money.

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Latino critical race theory is a research framework that outlines the social construction of race as central to how people of color are constrained and oppressed in society. Race scholars developed LatCRT as a critical response to the “problem of the color line” first explained by W.

As the deferred or unearned revenues become earned, the credit balance in the liability account such as Deferred Revenues needs to be reduced. Hence, the adjusting entry to record these earned revenues will include 1) a debit to Deferred Revenues, and 2) a credit to Fees Earned. When interest has been earned but no cash has been received and no billing paperwork has been processed in the accounting records, a company will need to accrue 1) interest revenue or interest income, and 2) an asset such as Interest Receivable. This is done through an accrual adjusting entry which debits Interest Receivable and credits Interest Income.

  • The loan is due in six months and no payment of interest or principal is to be made until the note is due on May 31.
  • “What is critical race theory, and why do Republicans want to ban it in schools?”.
  • As with liability accounts, the normal balance will be a credit balance.
  • On May 4, 2021, the bill was signed into law by Governor Brad Little.
  • Pass your CPA or bookkeeping class, just achieve your goal.

CRT finds the experiential knowledge of people of color and draws explicitly from these lived experiences as data, presenting research findings through storytelling, chronicles, scenarios, narratives, and parables. Within critical race theory, various sub-groupings focus on issues and nuances unique to particular ethno-racial and/or marginalized communities. This includes the intersection of race with disability, ethnicity, gender, sexuality, class, or religion. CRT methodologies have also been applied to the study of white immigrant groups. CRT has spurred some scholars to call for a second wave of whiteness studies, which is now a small offshoot known as Second Wave Whiteness . Critical race theory has also begun to spawn research that looks at understandings of race outside the United States.

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The accounting equation and balance sheet will show assets understated by $700 and owner’s equity understated by $700. The accounting equation and balance sheet will show assets understated by $2,200 and owner’s equity understated by $2,200. The accounting equation and balance sheet will show assets understated by $1,000 and owner’s equity understated by $1,000. A company borrowed $100,000 on December 1 by signing a six-month note that specifies interest at an annual percentage rate of 12%. No interest or principal payment is due until the note matures on May 31. The company prepares financial statements at the end of each calendar month.

An auditor was hired after year-end and was unable to observe the counting of the year-end inventory. She is unable to apply other procedures to determine whether ending inventory and related information is properly stated.

Journal Entries Practice Flashcards

According to Encyclopedia Britannica, tenets of CRT have spread beyond academia, and are used to deepen understanding of socio-economic issues such as “poverty, police brutality, and voting rights violations”, that are impacted by the ways in which race and racism are “understood and misunderstood” in the United States. Education Week described the core of CRT as the idea that race is a social construct and racism is neither an individual bias nor prejudice—it is “embedded in the legal system” and supplemented with policies and procedures. In 2005, Tara J. Yosso described CRT as a “framework that can be used to theorize, examine and challenge the ways race and racism implicitly and explicitly impact on social structures, practices and discourses”.

Since racism makes people feel uncomfortable, the empathic fallacy helps the dominant culture to mistakenly believe that it no longer exists, and that dominant images, portrayals, stock characters, and stereotypes—which usually portray minorities in a negative light—provide them with a true image of race in America. Based on these narratives, the dominant group has no need to feel guilty or to make an effort to overcome racism, as it feels “right, customary, and inoffensive to those engaged in it”, while self-described liberals who uphold freedom of expression can feel virtuous while maintaining their own superior position. Critical race theory is a cross-disciplinary intellectual and social movement of civil-rights scholars and activists who seek to examine the intersection of race, society, and law in the United States and to challenge mainstream American liberal approaches to racial justice. The word critical in its name is an academic term that refers to critical thinking, critical theory, and scholarly criticism, rather than criticizing or blaming people. CRT is also used in sociology to explain social, political, and legal structures and power distribution through the lens of race. For example, the CRT conceptual framework is one way to study racial bias in laws and institutions, such as the how and why of incarceration rates and how sentencing differs among racial groups in the United States. It first arose in the 1970s, like other critical schools of thought, such as critical legal studies, which examines how legal rules protect the status quo.

Journal Entries Practice Flashcards

The empathic fallacy informs the “time-warp aspect of racism”, where the dominant culture can see racism only through the hindsight of a past era or distant land, such as South Africa. Through centuries of stereotypes, racism has become normalized; it is a “part of the dominant narrative we use to interpret experience”. Delgado and Stefancic argue that speech alone is an ineffective tool to counter racism, since the system of free expression tends to favor the interests of powerful elites and to assign responsibility for racist stereotypes to the “marketplace of ideas”. In the decades following the passage of civil rights laws, acts of racism had become less overt and more covert—invisible to, and underestimated by, most of the dominant culture.

If you are logged in to your account, this website will remember which cards you know and don’t know so that they are in the same box the next time you log in. Composite- a number of dissimilar assets may be depreciated as a single unit.

When the note becomes due, the company will have to remit six months of interest for a total of $6,000 ($100,000 X .12 X 6/12). For multiple-choice and true/false questions, simply press or click on what you think is the correct answer. For fill-in-the-blank questions, press or click on the blank space provided. C) depicts planned revenues and expenditures for each organizational unit. A) compares estimated cash flows from operations with planned expenditures.

The university had rejected student requests, saying no sufficiently qualified black instructor existed. Legal scholar Randall Kennedy writes that some students had “felt affronted” by Harvard’s choice to employ an “archetypal white liberal… in a way that precludes the development of black leadership”. Law professor Roy L. Brooks defined critical race theory in 1994 as “a collection of critical stances against the existing legal order from a race-based point of view”. Learn financial accounting using flashcards, audio, video, and lessons. By Accounting Play – we teach accounting, only where you need it. Pass your CPA or bookkeeping class, just achieve your goal. Designed to teach accounting visually, Accounting Play also has the Debits & Credit Game and Quiz available in the App Store.

The following questions pertain to theadjusting entry that should be entered in the company’s records. Scholars of CRT say that race is not “biologically grounded and natural”; rather, it is a socially constructed category used to oppress and exploit people of color; and that racism is not an aberration, but a normalized feature of American society. According to CRT, negative stereotypes assigned to members of minority groups “benefit white people” and increase racial oppression.Individuals can belong to a number of different identity groups. The concept of intersectionality—one of CRT’s main concepts—was introduced by legal scholar Kimberlé Crenshaw. The accounting equation and balance sheet will show assets overstated by $800 and owner’s equity overstated by $800. The accounting equation and balance sheet will show liabilities overstated by $200 and owner’s equity understated by $200. The accounting equation and balance sheet will show assets (Prepaid Insurance overstated by $200 and owner’s equity overstated by $200).

They examine how people of color, considered outsiders in mainstream US culture, are portrayed in media and law through stereotypes and stock characters that have been adapted over time to shield the dominant culture from discomfort and guilt. For example, slaves in the 18th-century Southern States were depicted as childlike and docile; Harriet Beecher Stowe adapted this stereotype through her character Uncle Tom, depicting him as a “gentle, long-suffering”, pious Christian. Following the Civil War, the African-American woman was depicted as a wise, care-giving “Mammy” figure. During the Reconstruction period, African-American men were stereotyped as “brutish and bestial”, a danger to white women and children. This was exemplified in Thomas Dixon Jr.’s novels, used as the basis for the epic film The Birth of a Nation, which celebrated the Ku Klux Klan and lynching.

For instructors who foster the traditional approach to teaching principles of financial accounting, these 25 interactive PowerPoint flashcards allow students to practice drilling the rules of debits and credits. The flash card feedback refers to the acronym EARLS to help students learn the debit and credit rules applied to increasing and decreasing specific accounts. Mastering and applying the rules of debits and credits is a critical concept essential to understanding the functions of the accounting cycle including how information flows through to the financial statements. Instructors can modify the flashcard questions to suit their specific needs. A bank lent $100,000 to a customer on December 1 that required the customer to pay an annual percentage rate of 12% on the amount of the loan. The loan is due in six months and no payment of interest or principal is to be made until the note is due on May 31. The bank prepares monthly financial statements at the end of each calendar month.

Identify whether increasing or decreasing specific accounts results in the account being debited or credited. When interest expense has been incurred by a company but no payment has been made and no related paperwork has been processed, the company will need to accrue the interest with a debit to Interest Expense and a credit to Interest Payable. Adjusting entries are prepared to adjust account balances from cash basis to accrual basis.