Assetsliabilities - Study guides, Class notes & Summaries
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MBA Accounting Exam 1 Study Guide Questions And Verified Correct Answers.
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Accounting - Answer ID, records, communicates economic events of an org to interested internal/external users 
 
GAAP - Answer Standards accepted/universally practiced that indicate how to report economic events 
 
historical cost principle - Answer companies record assets at their cost 
 
fair value principle - Answer assets/liabilities should be reported at fair value (the price received to sell an asset/settle a liability) 
 
monetary unit assumption - Answer companies include ...
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Financial Accounting Terms Exam Questions with Complete Solutions
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Accounting Equation - Answer-Assets=Liabilities+ Owners' Equity 
Equality of Assets= Claims of Creditors+ Claims of Owners 
 
Reason why we call it a "Balance" Sheet. 
Always equal because they represent two views of the same business. 
Everything a business owns has been supplied to it either by the creditors or the owners 
 
Accrual - Answer-Example-Interest Expense, Wages (or Salaries) Expense, Uncollected Revenue. 
 
To grow or accumulate overtime. 
 
Accrual Accounting - Answer-Calls for...
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MORTUARY MANAGEMENT QUESTIONS AND ANSWERS
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MORTUARY MANAGEMENT 
 
A business that buys finished products and resells them to customers - Answer- Merchandising Business 
 
The Major forms of business organizations - Answer- Sole proprietorship 
Partnership 
Corporation 
Limited Liability Company 
 
The language of business that gives evidence for the decision maker - Answer- Accounting 
 
_________________ is a part of accounting - Answer- Bookkeeping 
 
A group of accounts that records data from business transactions - Answer- Ledger 
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