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Accounting Reviewed questions with correct answers.
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  • Accounting 101

Accounting Reviewed questions with correct answers.

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  • August 29, 2024
  • 13
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • accounting reviewed questions with correct answers

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  • Accounting 101
  • Accounting 101

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Accounting Reviewed questions with
correct answers.

The basic accounting theory is based on... ANS - double entry



the first step of the accounting process is ANS - analyzing



the second step of the accounting process is ANS - recording



the third step of the accounting process is ANS - classifying



the fourth step of the accounting process ANS - summarizing



the fifth step of the accounting process is ANS - reporting



the sixth step of the accounting process is ANS - interpreting



the memory device for remembering the six steps of the accounting process is ANS - all red cars sound
really interesting



accounting ANS - a system of gathering financial information about a business and reporting this
information to users.



analyzing is ANS - looking at events that have taken place and thinking about how they affect the
business



recording is ANS - entering financial information about events into the accounting system.

, classifying is ANS - sorting and grouping similar items together rather than merely keeping a simple,
diary like record of numerous events.



summarizing is ANS - the aggregation of many similar events to provide info that is easy to understand.



reporting is ANS - telling the results.



interpreting is ANS - deciding the meaning and importance of the info in various reports.



generally accepted accounting principles are ANS - rules the securities and exchange commission has
over certain firms for them to follow when preparing financial statements.



sole proprietorship is.. ANS - a business owned by one owner. the owner assumes all risk and makes all
decisions



a partnership is.... ANS - owned by more than one person. the partners share risks.



a corporation is.. ANS - owned by stockholders (or shareholders), they have limited risk may have many
owners, usually employ professional managers.



service business ANS - a business that provides a service. others sell products.



merchandising business ANS - a business that buys a product from another business to sell to
customers



manufacturing business ANS - a business that makes a product to sell



accounting clerk ANS - business with large quantities of accounting tasks to perform daily often employ
these to record, sort and file accounting info. often they will specialize in cash, payroll, accounts
receivable, accounts payable, inventory or purchases.

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