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mrts 1342 Exam Study Guide with Complete Solutions

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  • MRTS 1342

mrts 1342 Exam Study Guide with Complete Solutions Net Pay - Answer️️ -what you take home after taxes Steps in the Accounting Cycle - Answer️️ -Analyze, Record, classifies, summarizes, reports, interprets common special journals - Answer️️ -1. sales journal 2. cash receipts journa...

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  • September 15, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • MRTS 1342
  • MRTS 1342
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mrts 1342 Exam Study Guide with
Complete Solutions


Net Pay - Answer✔️✔️-what you take home after taxes


Steps in the Accounting Cycle - Answer✔️✔️-Analyze, Record, classifies, summarizes,

reports, interprets

common special journals - Answer✔️✔️-1. sales journal

2. cash receipts journal

3. purchase journal

4. cash disbursement journal

GAAP - Answer✔️✔️-Generally Accepted Accounting Principles

Gross Profit Formula - Answer✔️✔️-net sales - cost of goods sold

Sole Proprietorship - Answer✔️✔️-A business owned by one person

Net Sales Formula - Answer✔️✔️-Gross sales - sales Discount- SRA

limited partners - Answer✔️✔️-investors who invest in venture capital funds

2/10, n/30 - Answer✔️✔️-2% discount if paid within 10 days, otherwise net amount due

within 30 days

silent partner - Answer✔️✔️-An individual who takes no active part in the management of

a partnership, but has capital invested in the business.




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