Accounting equation Study guides, Class notes & Summaries
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![ACCA Financial Accounting Equations](/docpics/3346579/64f0f3db94158_3346579_121_171.jpeg)
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ACCA Financial Accounting Equations
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Asset Equation - Assets = Capital + Liabilities 
 
Capital (Equity) Equation - Capital = Assets - Liabilities 
 
Assets Equation (Long) - Assets = Capital + Liabilities + Profit - Drawings 
 
Profit Equation - Profit = Total Revenue - Total Cost 
 
Gross Profit Equation - Gross Profit = Sales Revenue - Cost of Sales 
 
Tax To Pay Equation - Tax to Pay = Output Tax (Sales) - Input Tax (Purchases) 
 
Cost of Sales Equation - Opening Inventory + Purchases - Closing Inventory 
 
Straight Line Deprec...
![Grade 9_Economics and Management Science [EMS] Part 2 : Accounting Summaries](/docpics/2750043/6461ea131de2b_2750043_121_171.jpeg)
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Grade 9_Economics and Management Science [EMS] Part 2 : Accounting Summaries
- Summary • 30 pages • 2023
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A complete summary of the content of Economic and Management Science Grade 9 [accounting which is therefore part 2], which meets the requirements as set out in the CAPS / CAPS curriculum. Colorful side notes have been added to enhance the learning experience.
![BOMI- Budgeting and Accounting Final Exam 2023 Actual Questions and Answers Solved Correctly](/docpics/2904954/648b14407aee0_2904954_121_171.jpeg)
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BOMI- Budgeting and Accounting Final Exam 2023 Actual Questions and Answers Solved Correctly
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BOMI- Budgeting and Accounting Final Exam 2023 Actual Questions and Answers Solved Correctly 
 
Which key components make up the bookkeeping process? (2) 
recording and classifying transactions is known as bookkeeping. 
Describe the roles filled by a accountant (3) 
Accounting is a system of summarizing, interpreting, and communicating financial data. 
What are the primary functions associated with accounting ? (4) 
Accounting is the next step in the process. Accounting is the system of summariz...
![AFM 101 Final exam 2023 with 100% correct answers](/docpics/63b9ad4fd8f02_2232459.jpg)
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AFM 101 Final exam 2023 with 100% correct answers
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Four financial statements in order 
income statement, retained earnings statement, balance sheet, statement of cash flows 
 
 
 
Financial Accounting 
For internal and external use 
 
 
 
Management Accounting 
Only used internally 
 
 
 
General Accepted Accounting Principles (GAAP) 
the common set of standards and procedures by which audited financial statements are prepared 
 
 
 
International Financial Reporting Standards (IFRS) 
Used by public enterprise 
 
 
 
Proprietorship 
A business o...
![BOMI- Budgeting and Accounting Final Exam 2023 Actual Questions and Answers Solved Correctly](/docpics/2879134/648442dc7fdb6_2879134_121_171.jpeg)
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BOMI- Budgeting and Accounting Final Exam 2023 Actual Questions and Answers Solved Correctly
- Exam (elaborations) • 48 pages • 2023
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BOMI- Budgeting and Accounting Final Exam 2023 Actual Questions and Answers Solved Correctly 
 
Which key components make up the bookkeeping process? (2) 
recording and classifying transactions is known as bookkeeping. 
Describe the roles filled by a accountant (3) 
Accounting is a system of summarizing, interpreting, and communicating financial data. 
What are the primary functions associated with accounting ? (4) 
Accounting is the next step in the process. Accounting is the system of summariz...
![WGU C214 Pre-Assessment Exam Questions and Answers 2024](/docpics/4501440/65cca0717a4f1_4501440_121_171.jpeg)
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WGU C214 Pre-Assessment Exam Questions and Answers 2024
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WGU C214 Pre-Assessment Exam 
Questions and Answers 2024 
How can a private firm appropriately maximize shareholder value? -Answer-By making 
decisions that keep the control of the business with the owners 
Why are American regulators focused on international investing in a global 
marketplace? -Answer-Because international investing in a global marketplace is the 
concern of 
American investors 
What is one of the two basic types of financial instruments? -Answer-Bonds 
If a company outsources ...
![ICAEW 2 - The accounting equation correctly answered](/docpics/4696311/65eaedde62f40_4696311_121_171.jpeg)
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ICAEW 2 - The accounting equation correctly answered
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ICAEW 2 - The accounting equationAsset - correct answer A resource controlled by the entity as a results of past events from which future economic benefits are expected to flow to the entity 
 
Liability - correct answer Is a present obligation arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits. 
 
Business Entity Concept - correct answer A business is a separate entity from its owner 
 
Capital - cor...
![COB 242 - Exam 1 Already Passed](/docpics/3767759/654690909e922_3767759_121_171.jpeg)
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COB 242 - Exam 1 Already Passed
- Exam (elaborations) • 19 pages • 2023
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COB 242 - Exam 1 Already Passed Gross Margin % (Revenue - COGS) ÷ Revenue 
indicates how much of each sales dollar is left after deducting the cost of goods sold to cover expenses and provide a profit. 
Units: % 
Earnings Per Share (Net Income - Dividends on Preferred Stock) ÷ Average Outstanding Shares 
This measure indicates how much income was earned for each share of common stock outstanding. 
Units: $ 
Working Capital Current Assets - Current Liabilities 
measure of both a company's effi...
![ETS MFT BUSINESS EXAM | Answered Correctly! Summer 2022-23.](/docpics/640cddc9db891_2461943.jpg)
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ETS MFT BUSINESS EXAM | Answered Correctly! Summer 2022-23.
- Exam (elaborations) • 37 pages • 2023
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ETS MFT BUSINESS EXAM 
 
The principal difference between variable costing and absorption costing centers on: 
 
a) whether variable manufacturing costs should be included as product costs 
 
b) whether fixed manufacturing costs should be included as product costs 
 
c) whether fixed manufacturing costs and fixed selling and administrative costs should be included as product costs 
 
d) none of these. 
 
General Bikes is debating which marketing research options to employ. The traditional p...
![Module 1- Problem Set- Financial Accounting](/docpics/3769706/654736eb8a408_3769706_121_171.jpeg)
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Module 1- Problem Set- Financial Accounting
- Other • 12 pages • 2023
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Question and Answers to Module 1- Problem set- Financial Accounting- ACC201. Cengage Learning. Cengage Book Assignment. topics covered are: Accounting Equation, Balance Sheet, Income Statement, Statement of stockholders' equity, net income, journal entries, transactions, dividends, debit and credit, and chart of accounts.
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