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[Show more]A bill (or invoice) received from a vendor and supplier is an example of which of the following? - 
Financial statements 
A ledger is - a collection of the entire group of accounts maintained by a company 
A local fast-food outlet hired a first-year accounting student to work as its cashier (the per...
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Add to cartA bill (or invoice) received from a vendor and supplier is an example of which of the following? - 
Financial statements 
A ledger is - a collection of the entire group of accounts maintained by a company 
A local fast-food outlet hired a first-year accounting student to work as its cashier (the per...
4 accounting assumptions - going-concern assumption, monetary unit assumption, time period 
assumption, business entity assumption 
4 basic cost flow assumptions - specific identification, first-in first-out (FIFO), last-in first-out 
(LIFO), weighted average 
4 general accounting principles - measu...
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Add to cart4 accounting assumptions - going-concern assumption, monetary unit assumption, time period 
assumption, business entity assumption 
4 basic cost flow assumptions - specific identification, first-in first-out (FIFO), last-in first-out 
(LIFO), weighted average 
4 general accounting principles - measu...
Accounting Definition - An information and measurement system that identifies, records, and 
communicates relevant, reliable, and comparable information. 
Accounting Equation - Assets= Liability + Equity 
Accrued Expenses - Costs that are incurred in a period but are both unpaid and unrecorded 
Adva...
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Add to cartAccounting Definition - An information and measurement system that identifies, records, and 
communicates relevant, reliable, and comparable information. 
Accounting Equation - Assets= Liability + Equity 
Accrued Expenses - Costs that are incurred in a period but are both unpaid and unrecorded 
Adva...
1x sold
bank reconciliation - a report explaining any differences between the checking account balance 
according to the depositor's records and the balance reported on the bank statement. 
cash - currency and coins along with the amounts on deposit in bank accounts, checking accounts, 
and many savings ac...
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Add to cartbank reconciliation - a report explaining any differences between the checking account balance 
according to the depositor's records and the balance reported on the bank statement. 
cash - currency and coins along with the amounts on deposit in bank accounts, checking accounts, 
and many savings ac...
Accounting - An information system that provides reports to users about the economic activities & 
condition of a business 
Accounts payable - What account is credited in a normal accrual expense journal entry? 
Accounts Receivable - Type of journal account where revenue is earned although no cash h...
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Add to cartAccounting - An information system that provides reports to users about the economic activities & 
condition of a business 
Accounts payable - What account is credited in a normal accrual expense journal entry? 
Accounts Receivable - Type of journal account where revenue is earned although no cash h...
Assets - resources owned by a business 
Calculate gross margin when given net sales, cost of goods sold and net income. Example: A company 
has sales of $718,800 and cost of goods sold of $287,800. Its gross profit equals: - Gross 
profit/margin = sales - Cost of goods sold Example answer: $431,000 ...
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Add to cartAssets - resources owned by a business 
Calculate gross margin when given net sales, cost of goods sold and net income. Example: A company 
has sales of $718,800 and cost of goods sold of $287,800. Its gross profit equals: - Gross 
profit/margin = sales - Cost of goods sold Example answer: $431,000 ...
account - record of increases/decreases in specific account 
account balance - difference between total debits and credits including any beginning balance 
accounting - information and measurement system that identifies and records and communicates 
relevant reliable and comparable information about...
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Add to cartaccount - record of increases/decreases in specific account 
account balance - difference between total debits and credits including any beginning balance 
accounting - information and measurement system that identifies and records and communicates 
relevant reliable and comparable information about...
Accounting - An information system that provides reports to users about the economic activities 
and condition of a business. 
Accounts Payable - liability created by a purchase on account 
- reduces the amount owed on a liability 
Accounts Receivable - claim against the customer in which you had pr...
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Add to cartAccounting - An information system that provides reports to users about the economic activities 
and condition of a business. 
Accounts Payable - liability created by a purchase on account 
- reduces the amount owed on a liability 
Accounts Receivable - claim against the customer in which you had pr...
% of receivables method - A/R x %= Target (of Allow T-chart) 
% of sales method - Sales x %= Bad debt expense 
3 types of current liabilities - 1. accounts payable 
2. current portion of long term debt 
3. short term notes payable 
accounting - information system that provides reports to users about...
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Add to cart% of receivables method - A/R x %= Target (of Allow T-chart) 
% of sales method - Sales x %= Bad debt expense 
3 types of current liabilities - 1. accounts payable 
2. current portion of long term debt 
3. short term notes payable 
accounting - information system that provides reports to users about...
How are bonds payable reported on the balance sheet? - 
How are business transactions recorded in the accounting cycle? - first in the journal, then 
transferred to the ledger 
How do we determine what items to count in inventory? - determining cost of inventory requires 
cost of expenditures necess...
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Add to cartHow are bonds payable reported on the balance sheet? - 
How are business transactions recorded in the accounting cycle? - first in the journal, then 
transferred to the ledger 
How do we determine what items to count in inventory? - determining cost of inventory requires 
cost of expenditures necess...
account - record of increases and decreases to a specific asset, liability, equity, revenue, or 
expense item 
accounts payable should always have what kind of balance? (debit/credit) - credit 
accrual basis of accounting - uses the revenue and expense recognition principles to match 
expenses with ...
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Add to cartaccount - record of increases and decreases to a specific asset, liability, equity, revenue, or 
expense item 
accounts payable should always have what kind of balance? (debit/credit) - credit 
accrual basis of accounting - uses the revenue and expense recognition principles to match 
expenses with ...
account - a record of increases and decreases in a specific asset, liability, equity, revenue, or 
expense item. 
accounting - an information and measurement system that identifies, records, and communicates 
relevant, reliable, and comparable information about an organization's business activities...
Preview 2 out of 6 pages
Add to cartaccount - a record of increases and decreases in a specific asset, liability, equity, revenue, or 
expense item. 
accounting - an information and measurement system that identifies, records, and communicates 
relevant, reliable, and comparable information about an organization's business activities...
account - a summary of the effects of all the transactions related to a particular item over a period 
of time 
accounting - a system of maintaining records of a company's operations and communicating that 
information to decision makers 
accounting cycle - full set of procedures used to accomplish...
Preview 2 out of 5 pages
Add to cartaccount - a summary of the effects of all the transactions related to a particular item over a period 
of time 
accounting - a system of maintaining records of a company's operations and communicating that 
information to decision makers 
accounting cycle - full set of procedures used to accomplish...
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