Mrts 1342 exam - Study guides, Class notes & Summaries

MRTS 1342 Exam Questions with Answers All Correct Earnings valuation approach - Answer-a business valuation approach which centers on estimating the projected future income of the business typically over a 5-10 year period. Earnings before interest, taxation, depreciation, and amortization (EBITDA) - Answer-a firm's profits after subtracting cost of goods sold and cash operating expenses, but before subtracting interest expense, taxes, depreciation, and amortization. Economic base - Answ...

MRTS 1342 Exam 1 Questions with Revised Answers What is net profit? - Answer-When revenue equals more than expenses What is posting? - Answer-the process of transferring the information in the journal to the appropriate ledger accounts What is general journaling? - Answer-List of business transactions in chronological order What does the post closing balance sheet contain? - Answer-Columns for the account number, account description, debit balance, credit balance What is GAAP? -...

MRTS 1342 Exam 2 Questions with Complete Solutions What is needed for a promissory note? - Answer--total principal -rate of interest -total interest paid -length of time FOB Shipping and FOB Destination- - Answer--FOB Shipping- buyer pays/responsible -FOB destination- seller pays/responsible Partnership - Answer--The association of two or more persons who act as co-owners of a business corpration - Answer-Business organization that is both a legal and accounting entity Articles ...

MRTS 1342 exam Prep | Questions And Answers Latest {} A+ Graded | 100% Verified

MRTS 1342 Exam 1 | Questions And Answers Latest {} A+ Graded | 100% Verified

MRTS 1342 Exam 2 | Questions And Answers Latest {} A+ Graded | 100% Verified

Define Asset -:- Property of monetary value owned by a buisness What are the steps of the accounting process? -:- Analyze, record, classifies, summarize, reports, interprets Credit on expense account will ____________ it -:- Decrease What is the equation for balance sheet -:- Assets = liability + capital - withdrawal Chart of Accounts -:- A numbering system of accounts that lists the account titles and account numbers to be used by a company. Accounts payable will be shown on __...

What are endorsements -:- -where you sign the check (blank, special, qualified, restrictive) define payee -:- one to whom the check is payable, a person or company who will receive payment on a promissory note, check, draft or money order Define outstanding check -:- check not yet presented to the bank for payment or deducted from the bank balance Deposit in transit -:- -deposits not yet added to the bank balance Service Charge -:- a fee a bank charges for handling a checking a...

MRTS 1342 Exam Study Guide with Complete Solutions Accounting - Answer️️ -A language of business employed to communicate financial information based upon analyzing recording, classification, summarization, reporting, and interpretation of financial data. Accounting equation - Answer️️ -Assets equal Liabilities plus Owner's Equity Accounts Payable - Answer️️ -an unwritten promise to pay creditors for property, such as merchandise, 10 supplies, or equipment, purchased on credi...

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 journal 3. purchase journal 4. cash disbursement journal GAAP - Answer️️ -Generally Accepted Accounting Principles Gross Profit Formula - Answer️️ -net sales - cost of goods sold Sole Proprietor...