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MRTS 1342 Exam 1 Study Guide with Complete Solutions

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MRTS 1342 Exam 1 Study Guide with Complete Solutions Define Asset - Answer️️ -Property of monetary value owned by a buisness What are the steps of the accounting process? - Answer️️ -Analyze, record, classifies, summarize, reports, interprets Credit on expense account will ____________...

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  • September 15, 2024
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MRTS 1342 Exam 1 Study Guide with
Complete Solutions


Define Asset - Answer✔️✔️-Property of monetary value owned by a buisness


What are the steps of the accounting process? - Answer✔️✔️-Analyze, record, classifies,

summarize, reports, interprets

Credit on expense account will ____________ it - Answer✔️✔️-Decrease

What is the equation for balance sheet - Answer✔️✔️-Assets = liability + capital -

withdrawal

Chart of Accounts - Answer✔️✔️-A numbering system of accounts that lists the account

titles and account numbers to be used by a company.

Accounts payable will be shown on ______________ - Answer✔️✔️-Balance Sheet

Expanded Accounting Equation - Answer✔️✔️-Assets = Liabilities + Capital - Withdrawals

+ Revenue - Expenses

What is the first step in transactional analysis? - Answer✔️✔️-Identify which account it's

applied to

Money supplied by the owner of business is an _______________ - Answer✔️✔️-

Investment

Always expect the closing balance to be ______________ - Answer✔️✔️-Positive

Where do balances on trial balance come from? - Answer✔️✔️-Individual ledger


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