Mrts 1342 - 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 Test Questions and Answers three methods commonly used to calculate depreciation - Answer-1. Straight line method 2. unit of production method 3. double declining balance Statement of Partners' Equity - Answer-financial statement that reveals each partners ownership percentage of the firms capital permanent (real) accounts - Answer-a= l+c liquidation - Answer-occurs when a business closes or terminated and sells its assets to pay creditors and liabilities and partners are ...

MRTS 1342 Final Exam Questions and Answers Which of the following is required on a General Price List: A. Establishment name B. Establishment address C. Establishment's telephone number D. Effective date of the GPL E. All of these - Answer-All of these A separate record of each employee's earning's earnings is called - Answer-Employee Earning Record Depreciation expense is based on estimates of useful lives and salvage value - Answer-True General Price List - Answer-The corners...

MRTS 1342 Final Study Guide with Complete Solutions What are temporary accounts? - Answer-Begin each cycle with a zero balance withdrawals, revenue, expenses Number the accounts as they are in the chart of accounts - Answer-assets - 100s liabilities - 200s owner equity 300s (capital 300s/withdrawals 350s) revenue - 400s expenses - 500s The type of endorsement that prevents the use of the instrument for anything except the stated use is - Answer-Restrictive On the worksheet in the...

MRTS 1342 Final Test Questions and Answers All Correct The Standard Chart of Accounts - Answer-Assets 100's Liabilities 200's Owner's Equity 300's Revenue 400's Expenses500's Accounting Cycle Steps - Answer-1. transactions 2. Journalize the transactions 3. Post to ledger accounts 4. Prepare a trial balance 5. Journalize and post adjusting entries 6. Prepare an adjusted trial balance 7. Prepare financial statements 8. Journalize and post closing entries 9. Prepare a post...

MRTS 1342 SBM Glossary | Questions And Answers Latest {} A+ Graded | 100% Verified

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 ...

Accounting -:- A language of business employed to communicate financial information based upon analyzing recording, classification, summarization, reporting, and interpretation of financial data. Accounting equation -:- Assets equal Liabilities plus Owner's Equity Accounts Payable -:- an unwritten promise to pay creditors for property, such as merchandise, 10 supplies, or equipment, purchased on credit, or for services received on credit. -:- Accounts receivable -:- an unwrit...

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