Payroll Fundamentals 2 2024/2025 exam with 100% correct answers
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Course
Payroll Fundamentals 2
Institution
Payroll Fundamentals 2
The accounting equation states: correct answersAssets = Liabilities + Owners Equity
Owner's Equity has two components: correct answersOwner's Equity = Contributed Capital + Retained Earnings
Contributed Capital correct answersThe amount of payments in cash or assets that the owners have made ...
Owner's Equity has two components: correct answersOwner's Equity = Contributed Capital + Retained
Earnings
Contributed Capital correct answersThe amount of payments in cash or assets that the owners have
made to the company
The accounting equation can be expanded to: correct answersAssets = Liabilties + Contributed Capital +
Retained Earnings
The 5 different accounts of a typical for-profit organization correct answers- asset accounts
- liability accounts
- revenue accounts
- expense accounts
- owners' equity accounts
Asset accounts correct answersContains the value of items owned by the organization
Liability accounts correct answersIndicates the money that the organization owes to its creditors
Asset accounts include: correct answers- Cash
- Accounts receivable
- prepaid expenses
- inventory
Liability accounts include correct answers- accounts payable
, - salaries and wages payable
- vacation pay payable
Revenue accounts correct answersUsed to record the income earned by the organization during the
accounting cycle
Expense accounts correct answersCosts incurred by an organization in the process of earning revenue
during a designated period of time
Equity accounts correct answersAccounts that show the owners' or shareholders' worth or interest in the
organization
Owners' equity is divided into: correct answersContributed capital & retained earnings
General ledger accounts consists of the following five elements: correct answers- account name
- opening balance
- reference
- debit and credit transactions
- closing balance
Each journal entry must contain the following components: correct answers- A journal entry reference or
number
- the date of the transaction
- the debit and credit amounts to be applied to each account
- a total of the debit entries and of the credit entries
- a brief explanation of the transaction
double-entry accounting correct answersAccounting system in which each transaction affects at least
two accounts and has at least one debit and one credit
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