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MRTS- 1342 final exam | Questions And Answers Latest {} A+ Graded | 100% Verified
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MRTS- 1342 final exam | Questions And Answers Latest {} A+ Graded | 100% Verified
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MRTS- 1342 final exam | Questions And Answers Latest {2024- 2025} A+ Graded | 100%Verified
GAAP - Generally Accepted Accounting Principles
GAAP's Business Entity Assumption - accounting principal that states that the financial records of any
business
The 3 Types of Companies in Managerial Accounting - Service companies.
Merchandising companies.
Manufacturing companies.
Financial Accounting - is the collection of accounting data to create financial statements
Managerial Accounting - the internal processing used to account for business transactions.
Financial Statements and their Formulas - Balance sheet A=L+E
statement of owners equity C-W+R=E
income statement R-E= net income
Accounting equation A=L+C-W+R-E
The Expanded Accounting Equation - Assets = Liabilities + Owner's Capital - Owner's Drawings +
Revenues - Expenses
Accounting is Based on this Single Accounting Equation; Know Examples of Each - Balance sheet A=L+E
How Debits and Credits Affect Each Account - If a debit increases an account, you will decrease the
opposite account with a credit
The 5 Main Accounts in Accounting - assets,
, liabilities,
equity,
revenue
and expenses.
T - Accounts - An accounting device used to analyze transactions
The Standard Chart of Accounts - Assets 100's
Liabilities 200's
Owner's Equity 300's
Revenue 400's
Expenses500's
Accounting Cycle Steps - 1. transactions
2. Journalize the transactions
3. Post to ledger accounts
4. Prepare a trial balance
5. Journalize and post adjusting entries
6. Prepare an adjusted trial balance
7. Prepare financial statements
8. Journalize and post closing entries
9. Prepare a post-closing trial balance
Accounting Worksheet's Purpose and Sections as Discussed in Class - is a spreadsheet that tracks each
step of the accounting cycle
-accounting title
- trial balance
- adjustments
- adjusted trail balance
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