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MIE 201 Exam 5 Questions With Solutions 100% Solved
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MIE 201 Exam 5 Questions With Solutions 100% Solved Accountants Complete course work beyond their basic 4 or 5 year college account degrees; understand, interpret, and develop accounting system necessary to classify and analyze complex financial information Managerial Accounting Internal us...

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  • October 7, 2024
  • 30
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • MIE 201
  • MIE 201

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MIE 201 Exam 5 Questions With Solutions
100% Solved

Accountants Complete course work beyond their basic 4 or 5 year college account

degrees; understand, interpret, and develop accounting system necessary to classify and analyze

complex financial information




Managerial Accounting Internal use of accounting statements by managers in planning

and directing the organization's activities




Cash Flow Movement of money through an organization of a daily, weekly, or yearly

basis




Budget Internal financial plan that forecasts expenses and income over a set period of

time




Top-down Master Budgets Budgets for the entire firm that begins at the upper

management level and filter down to the individual department level




Bottom-Up Master Budget Start at the department or project level and are combined at the

chief executive's office

, MIE 201 Exam 5 Questions With Solutions
100% Solved

Annual Report Summary of the firm's financial information, products, and growth plans

for owners and potential investors

Audited financial statements are signed off on by certified public accountant




Audited Financial statements that meet conditions that information is an accurate

reflection

Cash, inventory, land, equipment, buildings, and other tangible and intangible things




Assets Liabilities + owners' equity


Listed in descending order of liquidity




Liabilities Debts that the firm owes to others




Owners' Equity Contains all the money that has ever been contributed to the company that

never has to be paid back

Assets - liabilities

, MIE 201 Exam 5 Questions With Solutions
100% Solved
Accounting Equation Assets = liabilities + owners' equity




Double-Entry Bookkeeping System of recording and classifying business transactions in

separate accounts in order to maintain the balance of the accounting equation

All transactions classified either assets, liabilities, or owner's equity




Accounting Cycle Steps 4 step procedure that financial data must pass


Examining source documents, recording transactions in an accounting journal, posting record

transactions, and preparing financial statements (balance sheet, statement of cash flows, etc)




Journal Time-ordered list of account transactions




Ledger Book or computer programs with separate files for each account




Trial Balance Summary of the balances of all accounts in the general ledger




Attest To certify

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