FIU Accounting Entrance Exam2025
LATEST QUESTIONS AND DETAILS
ANSWERS GRADED A+
Assets - Liabilities - Equity = _____ - {ASNWER}->0
Original Value of an asset - {ASNWER}->Cost basis
Business will continue to operate in the near future - {ASNWER}->Going Concern
Principle
we report in the stable monetary currency of the country - {ASNWER}->Monetary
Unit Assumption
Money received by an individual for a service yet to be provided
---entry for the tenet
---recorded as a liability - {ASNWER}->Unearned Revenue
revenue should only be recognized when they are earned, regardless of when
payment is received - {ASNWER}->Revenue Recognition Principle
,we recognize expenses when we consume what we used to help generate revenue
- {ASNWER}->Matching Principle
owner's actions are different than the business and kept separate - {ASNWER}-
>Economic Entity Assumption
you can divide the company into periods or quarters - {ASNWER}->Accounting
Period Assumption
U.S. GAAP reports at a ____ basis - {ASNWER}->cost
DC ADE LER - {ASNWER}->debits
credits
assets
drawing
expenses
liabilities
equity
revenue
Written document that carries interest - {ASNWER}->Notes Payable
Record of all accounts in the system - {ASNWER}->Trial Balance
Transferring from the journal to the ledger - {ASNWER}->Posting
, only the immediate recognition of revenues and expenses
---ignores long term liabilities and payables - {ASNWER}->Cash Basis
Action before the dollars are paid - {ASNWER}->Accrual
Dollars are received before the action - {ASNWER}->Deferral
Money paid in advance
---entry for the resident
---recorded as an asset - {ASNWER}->Prepaid Rent
a business should report the financial results of it's activities over a standard
period of time (monthly, quarterly, annually) - {ASNWER}->Time period concept
accounting method of allocating the cost of a tangible or physical asset over its
useful life or life expectancy. - {ASNWER}->Depreciation
Cost of an Asset - Residual Value/ Useful life of an asset - {ASNWER}->Straight Line
Method
1. Analyze transactions
2. Prepare journal entry
3. Post transaction in general ledger
4. Prepare an unadjusted trial balance (1st)
LATEST QUESTIONS AND DETAILS
ANSWERS GRADED A+
Assets - Liabilities - Equity = _____ - {ASNWER}->0
Original Value of an asset - {ASNWER}->Cost basis
Business will continue to operate in the near future - {ASNWER}->Going Concern
Principle
we report in the stable monetary currency of the country - {ASNWER}->Monetary
Unit Assumption
Money received by an individual for a service yet to be provided
---entry for the tenet
---recorded as a liability - {ASNWER}->Unearned Revenue
revenue should only be recognized when they are earned, regardless of when
payment is received - {ASNWER}->Revenue Recognition Principle
,we recognize expenses when we consume what we used to help generate revenue
- {ASNWER}->Matching Principle
owner's actions are different than the business and kept separate - {ASNWER}-
>Economic Entity Assumption
you can divide the company into periods or quarters - {ASNWER}->Accounting
Period Assumption
U.S. GAAP reports at a ____ basis - {ASNWER}->cost
DC ADE LER - {ASNWER}->debits
credits
assets
drawing
expenses
liabilities
equity
revenue
Written document that carries interest - {ASNWER}->Notes Payable
Record of all accounts in the system - {ASNWER}->Trial Balance
Transferring from the journal to the ledger - {ASNWER}->Posting
, only the immediate recognition of revenues and expenses
---ignores long term liabilities and payables - {ASNWER}->Cash Basis
Action before the dollars are paid - {ASNWER}->Accrual
Dollars are received before the action - {ASNWER}->Deferral
Money paid in advance
---entry for the resident
---recorded as an asset - {ASNWER}->Prepaid Rent
a business should report the financial results of it's activities over a standard
period of time (monthly, quarterly, annually) - {ASNWER}->Time period concept
accounting method of allocating the cost of a tangible or physical asset over its
useful life or life expectancy. - {ASNWER}->Depreciation
Cost of an Asset - Residual Value/ Useful life of an asset - {ASNWER}->Straight Line
Method
1. Analyze transactions
2. Prepare journal entry
3. Post transaction in general ledger
4. Prepare an unadjusted trial balance (1st)
