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Accounting 101 Basics Exam Questions and Answers

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Accounting 101 Basics Exam Questions and Answers

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Accounting 101 Basics Exam Questions
and Answers

What is journalizing? - Answer- Recording transactions

What is the adjusting process? - Answer- Updating accounts at end of period

What are adjusting entries? - Answer- Entries that update accounts before financial
statements

What are accruals? - Answer- Revenue/expenses recorded before cash

What are deferrals? - Answer- Cash recorded before revenue/expenses

What question helps identify accruals? - Answer- Was revenue earned or expense
incurred but not recorded?

What question helps identify deferrals? - Answer- Was cash received or paid before
earning/incurring?

What is the interest formula? - Answer- Interest = Principal × Rate × Time

What are fixed assets? - Answer- Long-term assets used in business

Which asset does NOT depreciate? - Answer- Land

What is accumulated depreciation? - Answer- Total depreciation over time

What is net book value? - Answer- Cost − accumulated depreciation
What is the main goal of a business? - Answer- To earn profit

What is accounting? - Answer- An information system that collects and reports financial
data to decision-makers

Who are external users of accounting information? - Answer- Investors and creditors

Who are internal users of accounting information? - Answer- Managers

What does financial accounting focus on? - Answer- Financial statements for external
users

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