Balance sheet accounts - Study guides, Class notes & Summaries
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UPDATED 2024/2025 MBA ETS MAJOR FIELD TEST QUESTIONS WITH CORRECT ANSWERS ALREADY PASSED AND VERIFIED
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Balance Sheet - CORRECT ANSWER a financial statement that reports a company's assets, liabilities, and shareholder equity at a specific point in time; Assets = Liabilities + Shareholder's Equity 
Income Statement - CORRECT ANSWER AKA profit and loss statement; primarily focuses on the company's revenues and expenses during a particular period; 
Net Income = (Total Revenue + Gains) - (Total Expenses + Losses) 
Statement of Retained Earnings - CORRECT ANSWER AKA Statement of Equ...
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Wall Street Prep Premium Exam 2023 Questions with 100% Correct Answers.
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Wall Street Prep Premium Exam 2023 Questions with 100% Correct Answers. 
What is generally not considered to be a pre-tax non-recurring (unusual or infrequent) 
item? - Correct answer-Extraordinary gains/losses 
what is false about depreciation and amortization - Correct answer-D&A may be 
classified within interest expense 
Company X's current assets increased by $40 million from 2007-2008 while the 
companies current liabilities increased by $25 million over the same period. the cash 
impact ...
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Foundations of Business Finance (Peregrine) question with correct answers 2023
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Foundations of Business Finance (Peregrine) question with correct answers 2023True or false: The one fixed asset that is not depreciated is land because it seldom declines in value. - correct answer True 
 
__________ liabilities are those due within one year. - correct answer Current 
 
__________-__________ __________ liabilities are due after more than a year, and may include bonds, mortgages, and long-term loans. - correct answer Long-term debt 
 
Name the three types of accounts listed as c...
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WGU C213 Final Exam 2023 Questions and Answers (Graded A+)
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WGU C213 Final Exam 2023 Questions and Answers (Graded A+) 
 
Order of assets listed on the balance sheet - ANSWER-Assets are listed in the order of liquidity. Liquidity is the amount of time it would usually take to covert an asset into cash. Obviously, cash would be listed first, followed by marketable investments (a company can quickly convert a short-term investment into cash). Accounts receivable would be listed next followed by inventory, and long-term investments, fixed assets, and intang...
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BOMI- Budgeting and Accounting Final Exam 2023 Actual Questions and Answers Solved Correctly
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BOMI- Budgeting and Accounting Final Exam 2023 Actual Questions and Answers Solved Correctly 
 
Which key components make up the bookkeeping process? (2) 
recording and classifying transactions is known as bookkeeping. 
Describe the roles filled by a accountant (3) 
Accounting is a system of summarizing, interpreting, and communicating financial data. 
What are the primary functions associated with accounting ? (4) 
Accounting is the next step in the process. Accounting is the system of summariz...
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Quickbooks online questions and answers latest updated 2023
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Quickbooks online questions and answers latest updated 2023 
What lists can be imported from Excel spreadsheets, when setting up a QuickBooks online company? 
Chart of accounts, Customers, Products and Services, and Vendors 
 
 
 
Which of the following is TRUE regarding your chart of accounts, when setting up a new QuickBooks company? 
It is possible to add more accounts after starting a new company 
 
 
 
What company information does QuickBooks ask for when you first create a new QuickBooks o...
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Module 1- Problem Set- Financial Accounting
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Question and Answers to Module 1- Problem set- Financial Accounting- ACC201. Cengage Learning. Cengage Book Assignment. topics covered are: Accounting Equation, Balance Sheet, Income Statement, Statement of stockholders' equity, net income, journal entries, transactions, dividends, debit and credit, and chart of accounts.
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Business Major Field Test questions and answers 2024 latest update already graded A+
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Accounting: What costs should be considered when making non-routine decisions? (3) 
The price of material, Factory overhead costs, and the price of labor 
 
 
 
Accounting: Total product/ units produced and sold equals?? 
Product Cost per Unit 
 
 
 
 
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Accounting: What is a general explanation of what the contribution margin is? 
The difference between variable costs subtr...
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Solutions manual for Intermediate Accounting (volume 1) 13th Canadian edition
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CHAPTER 0 
Accounting Cycle Review 
SOLUTIONS TO BRIEF EXERCISES 
BRIEF EXERCISE 0.1 
Assets Liabilities Shareholders’ Equity 
(a) 
(b) 
(c) 
+ 
+ 
– 
+ 
NE 
NE 
NE 
+ 
– 
LO 1 BT: C Difficulty: Easy TOT: 2 min. AACSB: None AICPA FC: Reporting 
BRIEF EXERCISE 0.2 
Assets = Liabilities + Shareholders’ Equity 
Cash + 
Accounts 
Receivable + Supplies = 
Accounts 
Payable + 
Bonds 
Payable+ 
Common 
Shares + 
Retained 
Earnings 
(1) +$60,000 +$60,000 
(2) –9,000 –$9,000 Paid 
div...
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WGU D076 Finance Skills for Managers Questions and Answers 100% Pass
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WGU D076 Finance Skills for Managers Questions and Answers 100% Pass 
Accounting The system of recording, reporting, and summarizing past financial information and transactions. 
Accounts Receivable Turnover (AR Turnover) An activity ratio found by credit sales divided by accounts receivable. 
Activity Ratios A category of ratios that measure how well a company uses its assets to generate sales or cash, showing the firm's operational efficiency and profitability. 
Additional Funds Needed (AFN) ...
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