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Accounting Game questions with actual answers 100% correct. $9.19   Add to cart
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Accounting Game questions with actual answers 100% correct.
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  • Accounting 101

Accounting Game questions with actual answers 100% correct.

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  • August 29, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • accounting game questions with actual answers 100

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  • Accounting 101
  • Accounting 101

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Accounting Game questions with actual
answers 100% correct.

a yearly statement called the ____ covers the financial condition and progress of an organization ANS -
annual report



a company's ____ is the difference between cash coming in and cash going out of a business ANS - cash
flow



items known as ___ can be converted to cash within one year ANS - current assets



a ____ is a financial plan that sets forth management's expectations for revenues and that allocates the
use of resources based on those expectations ANS - budget



assets are relatively permanent, are called ____ and include items such as land, buildings and
equipment ANS - fixed assets



a ___ is the book where accounting data are first entered ANS - journal



an accounting method called ____ is used for calculating the cost of inventory, and assumes that the last
goods to come in are the first to go out ANS - LIFO



Assets minus liabilities is the formula for ANS - owner's equity



a _____ is a summary of all the data in the account ledgers to show whether the figures are correct and
balanced ANS - trial balance



a ____ is trained in tax law and are responsible for preparing tax returns and developing strategies ANS
- tax accountant

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