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Exam (elaborations)

BUDGETING AND ACCOUNTING EXAM QUESTIONS AND ANSWERS 100% CORRECT

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BUDGETING AND ACCOUNTING EXAM QUESTIONS AND ANSWERS 100% CORRECTBUDGETING AND ACCOUNTING EXAM QUESTIONS AND ANSWERS 100% CORRECTBUDGETING AND ACCOUNTING EXAM QUESTIONS AND ANSWERS 100% CORRECT Assets = Liabilities + Owners Equity - ANSWER-... Net Income - ANSWER-Revenue - Expenses = Net Income Reports Owner's want to see most - ANSWER-Balance Sheet Income Statement Change in Cash Flow Bookkeeping - ANSWER-The process of recording and classifying transactions. Four Accounting Cycles - ANSWER-Revenue Expenditure Capital Conversion

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Budgeting And Accounting
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Budgeting and Accounting








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Institution
Budgeting and Accounting
Course
Budgeting and Accounting

Document information

Uploaded on
April 28, 2025
Number of pages
4
Written in
2024/2025
Type
Exam (elaborations)
Contains
Questions & answers

Subjects

  • budgeting and accounting exam questions and answer
  • budgeting and accounting exam answer
  • assets liabilities owners equity answer
  • net income answer revenue expenses net inco

Content preview

BUDGETING AND ACCOUNTING EXAM
QUESTIONS AND ANSWERS 100%
CORRECT
Assets = Liabilities + Owners Equity - ANSWER-...

Net Income - ANSWER-Revenue - Expenses = Net Income

Reports Owner's want to see most - ANSWER-Balance Sheet
Income Statement
Change in Cash Flow

Bookkeeping - ANSWER-The process of recording and classifying transactions.

Four Accounting Cycles - ANSWER-Revenue
Expenditure
Capital
Conversion

Budgeting & Accounting Reporting Methods - ANSWER-Accrual Basis Accounting
Cash Basis Accounting
Modified Accrual

Assets - ANSWER-Total Liability + Owner's Equity

Asset - ANSWER-On Left/ Debit Balance
Anything of value

Liability - ANSWER-On Right/ Credit Balance
A debt that is owed

Current Asset - ANSWER-anything of value that can be converted to cash within 30-60
days.

Fixed Asset - ANSWER-LAND

Balance Sheet - ANSWER-A statement of the financial position of a business entity at a
particular point in time, reflecting the accounting equation.

Financial Statement - ANSWER-A set of reports that consists of an income statement, a
balance sheet and a cash flow statement.
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