MRTS 1342 Final Study Guide Questions & 100% Correct Answers- Latest Test | Graded A+ | Passed
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Course
MRTS 1342
Institution
MRTS 1342
What does GAAP stand for?
-:- Generally Accepted Accounting Principles
What is the formula for statement of owner equity?
-:- capital - withdrawals + revenue = equity
The right side of the revenue account is
-:- Credit
What is the balance sheet formula?
-:- assets = liabilities + capital...
✓ -:- refers to a person who owns the business and is personally responsible for its
debts
What is a partnership?
✓ -:- A legal form of business operation between two or more individuals who share
management and profits
What is the basic accounting equation?
✓ -:- assets = liabilities + owner equity
Which accounts increase on the debits side?
✓ -:- Assets, Withdrawals, expenses (AWE)
Which accounts decrease on the debits side?
✓ -:- liabilities, capital, revenue
Place the accounting cycle in order
2|Page | Grade A+| 2024/2025
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