Financial Accounting and Reporting Chapter 1 and 2 Exam Q&A 100% Pass
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Course
Financial
Institution
Financial
Financial Accounting and Reporting
Chapter 1 and 2 Exam Q&A 100% Pass
Budgeting - planning and allocating it according to one's need
Revenues - the amount received from customers
Expenses - the cost of goods or services incurred or used up
Liabilities - Debts or obligations owing to outsiders ...
Profit - ✔✔This is the primary motive why one buys and sells goods or
services.
Owner's Investment - ✔✔Primary source of capital of a business.
Business Risk - ✔✔An endeavor, like a business, has always an element of
uncertainty.
Expenses - ✔✔Amount paid for telephone and electric power services
received by the business.
Revenues - ✔✔Receipts for goods sold or services rendered.
Decision Making - ✔✔Primary reason for preparing financial reports in
accounting.
Bookkeeping - ✔✔The regular routine work in accounting which includes
gathering, measuring, recording and classifying transactions.
Assets - ✔✔Cash, cars, furniture and other properties or resources owned
by the business.
Income Statement - ✔✔A stakeholder interested in the performance
evaluation report of employees.
Merchandising - ✔✔A store selling electronic gadgets.
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