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MRTS- 1342 final exam Study Guide with Complete Solutions

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MRTS- 1342 final exam Study Guide with Complete Solutions GAAP - Answer️️ -Generally Accepted Accounting Principles GAAP's Business Entity Assumption - Answer️️ -accounting principal that states that the financial records of any business The 3 Types of Companies in Managerial Accountin...

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  • September 15, 2024
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  • MRTS 1342
  • MRTS 1342
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MRTS- 1342 final exam Study Guide
with Complete Solutions


GAAP - Answer✔️✔️-Generally Accepted Accounting Principles


GAAP's Business Entity Assumption - Answer✔️✔️-accounting principal that states that

the financial records of any business

The 3 Types of Companies in Managerial Accounting - Answer✔️✔️-Service companies.

Merchandising companies.

Manufacturing companies.

Financial Accounting - Answer✔️✔️-is the collection of accounting data to create financial

statements

Managerial Accounting - Answer✔️✔️-the internal processing used to account for

business transactions.

Financial Statements and their Formulas - Answer✔️✔️-Balance sheet A=L+E

statement of owners equity C-W+R=E

income statement R-E= net income

Accounting equation A=L+C-W+R-E

The Expanded Accounting Equation - Answer✔️✔️-Assets = Liabilities + Owner's Capital

- Owner's Drawings + Revenues - Expenses

Accounting is Based on this Single Accounting Equation; Know Examples of Each -

Answer✔️✔️-Balance sheet A=L+E

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