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Grade 11 Accounting Exam questions with actual answers. $9.49   Add to cart
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Exam (elaborations)

Grade 11 Accounting Exam questions with actual answers.
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  • Accounting 101
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  • Accounting 101

Grade 11 Accounting Exam questions with actual answers.

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  • August 29, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • grade 11 accounting exam questions with actual ans

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  • Accounting 101
  • Accounting 101

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Grade 11 Accounting Exam questions
with actual answers.

accounting ANS - provides information on a business' financial position through collecting, recording,
organizing, reporting, and analyzing to measure the progress of the business



accountant ANS - develops and maintains accounting systems, interprets data, prepares reports, and
supervises other accounting employees as well as participate in management decisions



accounting clerk ANS - ensures transactions are properly recorded and supporting documents are
present and correct as well as carrying out routine calculations and banking transactions (same as book
keeper)



accounting cycle ANS - total set of accounting procedures that must be carried out each fiscal period



accounts receivable ANS - money owed to business by customers



accounts payable ANS - money a business owes to its creditors



asset ANS - anything owned with a dollar value and the type of account that is a prepaid expense really



audit ANS - examinations of accounting records and internal controls of a business to ensure accuracy
and proper procedures



balance sheet ANS - statement showing the financial position on a certain day



capital ANS - the difference between the total assets and total liabilities (also equity or net worth)



A-L=OE ANS - accounting equation

, corporation ANS - business owed by shareholders (limited company)



financial position ANS - status of a business represented by assets, liabilities, and equity



liability ANS - debt of an individual, business, organization



liquidity ANS - ease with which an assets can be converted to cash



manufacturing business ANS - buys raw materials, which are converted into new products and sold



retailer ANS - buys goods to resell them at a profit and is also known as a merchandising business



non-profit organization ANS - carries out social or charity work for no profit



partnership ANS - two or more people share in the ownership ad operation of a business



producing business ANS - produces materials from natural resources



public accountant ANS - offers professional services to the general public and may be hired by various
businesses or individuals



service business ANS - sells a service, not a product



sole proprietorship ANS - business where the equity belongs to one person only



source document ANS - original record of a transaction and includes cheque copies, invoices, and
receipts

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