MRTS 1342 Final Study Guide with 100% Correct Solutions
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Course
MRTS 1342
Institution
MRTS 1342
MRTS 1342 Final Study Guide with 100%
Correct Solutions
What does GAAP stand for? - Answer️️ -Generally Accepted Accounting Principles
What is the formula for statement of owner equity? - Answer️️ -capital - withdrawals +
revenue = equity
The right side of the revenue account is - Answ...
MRTS 1342 Final Study Guide with 100%
Correct Solutions
What does GAAP stand for? - Answer✔️✔️-Generally Accepted Accounting Principles
What is the formula for statement of owner equity? - Answer✔️✔️-capital - withdrawals +
revenue = equity
The right side of the revenue account is - Answer✔️✔️-Credit
What is the balance sheet formula? - Answer✔️✔️-assets = liabilities + capital -
withdrawals
On the T-Chart, debits are on the - Answer✔️✔️-Left
What is the expanded accounting equation? - Answer✔️✔️-Assets=liabilities+capital-
withdrawals+revenue-expenses
What is a sole proprietorship? - Answer✔️✔️-refers to a person who owns the business
and is personally responsible for its debts
What is a partnership? - Answer✔️✔️-A legal form of business operation between two or
more individuals who share management and profits
What is the basic accounting equation? - Answer✔️✔️-assets = liabilities + owner equity
Which accounts increase on the debits side? - Answer✔️✔️-Assets, Withdrawals,
expenses (AWE)
Which accounts decrease on the debits side? - Answer✔️✔️-liabilities, capital, revenue
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