Journalizing transaction - Study guides, Class notes & Summaries

ACCT-212 Week 2 Quiz – 100% Correct Answers – Graded An A+ (TCO 2) When a business purchases land on account both assets and stockholders' equity are increased. assets are decreased and stockholder's equity is increased. both assets and liabilities are increased. assets are increased and liabilities are decreased. Flag this Question (TCO 2) Which of the following transactions will increase one asset and decrease another asset? The purchase of office supplies on account. The performance of ...

account - answer-An accounting form that is used to record the increases and decreases in each financial statement item. account receivable - answer-A claim against the customer created by selling merchandise or services on credit. assets - answer-The resources owned by a business. balance of the account - answer-The amount of the difference between the debits and the credits that have been entered into an account. chart of accounts - answer-A list of the accounts in the ledger. c...

MBA 510 Test 1 With Complete Questions and Answers 100% Correct Accounting Information and measurement systems that identifies, records, and communicated relevant information about a companies business activities. recordkeeping/bookkeeping the recording of transactions and events. Financial accounting focuses on the needs of external users managerial accounting focuses on the needs of internal users External Users do not directly run the organization and have limited access to its...

MBA 510 Test 1 With Complete Questions and Answers 100% Correct Accounting Information and measurement systems that identifies, records, and communicated relevant information about a companies business activities. recordkeeping/bookkeeping the recording of transactions and events. Financial accounting focuses on the needs of external users managerial accounting focuses on the needs of internal users External Users do not directly run the organization and have limited access to its...

Mortuary Management I Quiz 2 What is an accounting cycle - Answer- For each accounting period the process that begins the recording of business transactions or procedures into a journal and ends with the completion of a post-closing trial balance what is an accounting period? - Answer- The period of time which an income statement is prepared What is calendar year? - Answer- The 12 month period a business chooses for its accounting year. Usually between January 1st- December 31st What...

Accounting 26e Carl Warren James M Reeve Jonathan Duchac 1. Cross-referencing is useful in assuring that the debits and credits are in balance. a. True b. False ANSWER: False DIFFICULTY: Moderate Bloom’s: Remembering LEARNING OBJECTIVES: ACCT.WARD.16.04-01 - 04-01 ACCREDITING STANDARDS: ACCT.ACBSP.APC.05 - Accounting Cycle ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic 2. When accounts do not appear on the unadjusted trial balance but are needed to post adjustments, they are ...

Test Bank for Financial and Managerial Accounting 4e 4th Edition by Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell. ISBN-13: 2523 Full Chapters test bank included 1 Accounting in Action 1-1 Knowing the Numbers: Columbia Sportswear 1-1 Accounting Activities and Users 1-3 Three Activities 1-3 Who Uses Accounting Data 1-4 The Building Blocks of Accounting 1-6 Ethics in Financial Reporting 1-6 Generally Accepted Accounting Principles 1-8 Measurement Principles 1...

Accounting 101 Final Study guide Latest Update 2024 Already Passed Know the 3 forms of business entities - Answers Sole proprietorship- A single owner Partnership- has two or more parties as co-owners each is an owner Corporation- Owned by stockholders, or shareholders, who own stock representing share of ownership in the corporation. Definition of Revenues - Answers Increase in retained earnings from delivering goods or services to customers or clients. Definition of Expenses - Answers De...

Earnings per Share - ANSWERSNet Income - Preferred Dividends/Weighted-average Common shares outstanding during the year Earnings Available to Common stockholders - ANSWERSNet Income - Preferred Dividends Working Capital - ANSWERSCurrent Assets - Current Liabilities Debt to Assets Ratio - ANSWERSTotal Liabilities/ Total Assets Free Cash Flow - ANSWERSNet Cash Provided by Operating Activities - Capital Expenditures - Cash Dividends Comparability - ANSWERSWhen different companies use...

Awesome Sweets sells different kinds of cookies, candies, and other sweets. Awesome Sweets has a return on assets (ROA) of 6.9% How does Awesome Sweets know if the 6.9% ROA is a good return to attract possible investors? The return on assets (ROA) would have to be compared to the ROA's of competing businesses that sell the same type of products. If 6.9% is higher than the ROA of other companies in the same type of business, then it would be a good investment. A field of accounting that...