MRTS- 1342 final exam Study Guide with Complete Solutions
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Course
MRTS 1342
Institution
MRTS 1342
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...
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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