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ACCOUNTING OVERVIEW – ETS – MFT TEST EXAM WITH CORRECT ACTUAL QUESTIONS AND CORRECTLY WELL DEFINED ANSWERS LATEST 2024 – 2025 ALREADY GRADED A+ $16.99
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Static Budget - ANSWERS-is prepared for a given level of activity
Flexible Budget - ANSWERS-is prepared for a various levels of activity
• Total variable costs will be the variable cost per unit times the activity level
• Total fixed cost will normally be the same for the various levels
Cash Accounting - ANSWERS-Revenue is recognized in the period in which the
related cash collection is made and expenses are reported in the period when the
cash disbursements are made.
, Dividends - ANSWERS-A corporation's distribution of profits to stockholders in the
form of cash or stock coming out of Retained Earnings.
Journal - ANSWERS-All transactions and events are FIRST recorded in a journal in
chronological order with equal amounts of debits and credits to various accounts.
Accural Accounting - ANSWERS-: Expenses are recognized when the economic
benefit is received and revenue is recognized as it is earned. The two are matched
to determine net income for the period.
Accumulated Depreciation - ANSWERS-An account that shows the total amount of
depreciation that the company has expensed thus far in the asset's life.
Adjusting Entries - ANSWERS-Deferrals and Prepaids: The payment is received or
paid in advance of the recognition of the revenue or expense.
Special Journal - ANSWERS-Records similar transactions, such as all cash receipts
or all cash payments.
General LEdger - ANSWERS-It is the summary record of transactions entered in
the journal. Accounts are listed in financial statement order: Assets, liabilities,
owner's equity, revenues and expenses.
Subsidiary Ledger - ANSWERS-Details maintained to support the balance in some
general ledger account, such as accounts receivable.
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