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Financial Accounting Exam 1 Review Guide Questions And Answers $11.99   Add to cart

Exam (elaborations)

Financial Accounting Exam 1 Review Guide Questions And Answers

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  • Course
  • RNSG 1430
  • Institution
  • RNSG 1430

Financial Accounting Exam 1 Review Guide Questions And Answers Principles Put in place so everyone does things the same way Revenue Recognition Principle Recognize revenue when earned (service is performed) Matching Principal Company must record its expenses incurred to generate the revenue r...

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  • November 13, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • RNSG 1430
  • RNSG 1430
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UpperClass
Financial Accounting Exam 1 Review Guide
Questions And Answers

Principles Put in place so everyone does things the same way




Revenue Recognition Principle Recognize revenue when earned (service is performed)




Matching Principal Company must record its expenses incurred to generate the revenue

reported




Full Disclosure Principal Company required to report details of financial statements




Going Concern Assumption Business will continue running




Monetary Unit Assumption Business is measured in monetary units




Time Period Assumption Life of companies can be divided into time period

, Financial Accounting Exam 1 Review Guide
Questions And Answers
Business Entity Assumption means that a business is accounted for separately from other

business entities, including its owner




Balance Sheet Assets=Liabilities+Equity




Income Statement Revenue-Expenses= Net Income




Statement of retained earnings Balance beginning + Net Income - Dividends = Retained

Earnings




Statement of Cash Flow Identifies cash inflows (receipts) and cash outflows (payments)

over a period of time.




Invest Cash and Equipment for Common Stock Debit Cash


Debit Equipment

Credit Common Stock




Pay Cash for Insurance Premium Debit Prepaid Insurance

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