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Capstone Accounting || A+ Verified Solutions.

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  • Course
  • Capstone Accounting
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  • Capstone Accounting

Steps in the Accounting Process correct answers 1. Analyzing 2. Recording 3. Classifying 4. Summarizing 5. Reporting 6. Interpreting ARCSRI correct answers Another - Analyzing Reason - Recording Castration - Classifying Sounds - Summarizing Really - Reporting Important - Interpreting ...

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  • October 17, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Capstone Accounting
  • Capstone Accounting
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FullyFocus
Capstone Accounting || A+ Verified Solutions.
Steps in the Accounting Process correct answers 1. Analyzing
2. Recording
3. Classifying
4. Summarizing
5. Reporting
6. Interpreting

ARCSRI correct answers Another - Analyzing
Reason - Recording
Castration - Classifying
Sounds - Summarizing
Really - Reporting
Important - Interpreting

GAAP correct answers Generally Accepted Accounting Principles.

Rules to follow when preparing financial statements.

Developed by the Financial Accounting Standards Board FASB

Accounting Clerk correct answers •Record, sort, and file accounting information
•Often in one area such as cash, payroll, accounts receivable, accounts payable, inventory, or
purchases
•Involved with only a small portion of the total accounting responsibilities for the firm

Bookkeeper correct answers •Supervise the work of accounting clerks
•Assist with daily accounting work
•Summarize accounting information
•One to two years of accounting education and experience as an accounting clerk

Para-Accountants correct answers •Provide many accounting, auditing, or tax services
•Under the direct supervision of an accountant
•Two-year degree or significant accounting and bookkeeping experience

Controller correct answers Principle accounting office for company

Budget Analyst correct answers Analyzes an organization's accounting records to determine
financial resources required. Plans, analyzes, and prepares the organization's budget activities
according to previous budget figures and estimated revenue.

Accounts Payable Manager correct answers Manages all activities in the accounts payable
function.

Debit correct answers "The Destination" of money

, Sources that money can flow to:

Assets
Expenses
Dividends

Credit correct answers "The Source" of money

Sources that money can flow from:

Owner's Equity
Liabilities
Revenue

Assets correct answers Cash, Buildings, Amounts owed to you by others

(what the business owns)

Cash
A/R
Inventory
PPE
L&B
Investments
Goodwill

Expenses correct answers Paying a third party for a good/service they've provided

A Decrease in Owner's Equity

Dividends correct answers Distributing cash to owners

Equity (Owner's Equity) correct answers Where business owners give their cash to the business

Stockholder's Equity
Owner's Equity
Retained Earnings

Liabilities correct answers Amounts owed to creditors or suppliers

A/P
Loans Payable
Wages Payable
Taxes Payable

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