Eng m 401 - Study guides, Class notes & Summaries

ENG M 401 Practice Speed Questions and Answers to be expected in final exam 2024 with complete solution

ENG M 401 | Questions and answers | Latest 2024/25

How much did we make, and how much do we keep? (in a given time period) - Income statements How much do we have, and where did it come from? (at a given point in time)? - Balance sheets Where did our money go? (in a given time period) - Cash flow statements What is Bookkeeping? - Process of collecting, classifying, and recording raw information that arises from those transactions, in order to prepare financial statements What are the books of original entry? - Journals, the first level...

Proprietorship - A business owned by one person Partnership - a business owned by two or more people Corporation - legal entity created under law, separate from its owners and managers Economic Principles - Time, Difference, Increment, Risk Accounting Equation - Assets=Liabilities+Owners' Equity Assets - Current: Cash, Short Term Notes, Accounts Receivables, Inventory, Prepaid

Proprietorship - A business owned by one person Partnership - a business owned by two or more people Corporation - legal entity created under law, separate from its owners and managers Economic Principles - Time, Difference, Increment, Risk Accounting Equation - Assets=Liabilities+Owners' Equity Assets - Current: Cash, Short Term Notes, Accounts Receivables, Inventory, Prepaid Expenses

How much did we make, and how much do we keep? (in a given time period) - Income statements How much do we have, and where did it come from? (at a given point in time)? - Balance sheets Where did our money go? (in a given time period) - Cash flow statements What is Bookkeeping? - Process of collecting, classifying, and recording raw information that arises from those transactions, in order to prepare financial statements What are the books of original entry? - Journals, the first level...