mrts 1342 Exam Study Guide with Complete Solutions
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Course
MRTS 1342
Institution
MRTS 1342
mrts 1342 Exam Study Guide with
Complete Solutions
Net Pay - Answer️️ -what you take home after taxes
Steps in the Accounting Cycle - Answer️️ -Analyze, Record, classifies, summarizes,
reports, interprets
common special journals - Answer️️ -1. sales journal
2. cash receipts journa...
Gross Profit Formula - Answer✔️✔️-net sales - cost of goods sold
Sole Proprietorship - Answer✔️✔️-A business owned by one person
Net Sales Formula - Answer✔️✔️-Gross sales - sales Discount- SRA
limited partners - Answer✔️✔️-investors who invest in venture capital funds
2/10, n/30 - Answer✔️✔️-2% discount if paid within 10 days, otherwise net amount due
within 30 days
silent partner - Answer✔️✔️-An individual who takes no active part in the management of
a partnership, but has capital invested in the business.
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