Accrual expense Study guides, Class notes & Summaries
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Major Field Test Business Complete Study Guide_ Guaranteed Success.
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Major Field Test Business Complete Study Guide 
 
Balance Sheet - Attempts to describe the financial condition of the firm at a point in time. 
Includes: Assets, Liabilities, & Equity - "net assets" what remains after deducting liabilities from assets.. 
 
Income Statement - Presents the results of the operations of an entity over a peroid of time. 
Includes: Revenues, Expenses, Income, Gains & Losses 
 
Statement of Equity or Statement of Retained Earnings (Capital) - Bridges the gap between ...
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The Payroll Source CPP Practice Exam 100 Questions with Verified Answers,100% CORRECT
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The Payroll Source CPP Practice Exam 100 Questions with Verified Answers 
 
Which of the following is LEAST likely to be considered when looking at the security of a new payroll system? 
A. regular data back-up and storage 
B. protection against computer viruses 
C. limited system access 
D. system edits - CORRECT ANSWER D. system edits 
 
Company deadlines for payroll data input documents are essential for: 
A. timely processing of the payroll 
B. accurate entry of data 
C. guaranteeing that al...
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TCA 221 EXAM 2 QUESTIONS & ANSWERS (WELL GRADED)2023
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cash 
Petty cash is usually shown on the balance sheet as: 
 
 
 
Owner drawings are not included in this statement 
Which is not correct about the Statement of Owners' Equity? 
 
 
 
Income statement for previous period 
When preparing the Statement of Cash Flows all of the following are needed except 
 
 
 
As many invoices are possible should be paid in cash 
Which is not an internal control for cash? 
 
 
 
Liability 
Accrued Wages is what type of account? 
 
 
 
Depreciation Expense $1,000...
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Accounting 101 Final Exam With 100% Correct Answers 2023
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What is accounting? - Correct answer-the action or process of keeping financial 
accounts 
revenues - Correct answer-inflows of assets resulting from the sale of goods and 
services 
expenses - Correct answer-outflow of assets resulting from the sale of goods and 
services 
internal user - Correct answer-managerial accounting 
external user - Correct answer-financial accounting 
who is responsible for GAAP - Correct answer-FASB 
accounting equation - Correct answer-assets = liabilities + owners ...
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WGU C213 FINAL EXAM(QUESTIONS AND ANSWERS) 2023/2024
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WGU C213 FINAL EXAM(QUESTIONS 
AND ANSWERS) 2023/2024 
Order of assets listed on the balance sheet - CORRECT ANSWER-Assets are listed in 
the order of liquidity. Liquidity is the amount of time it would usually take to covert an 
asset into cash. Obviously, cash would be listed first, followed by marketable 
investments (a company can quickly convert a short-term investment into cash). 
Accounts receivable would be listed next followed by inventory, and long-term 
investments, fixed assets...
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ACCT 2101 Final Exam Study Guide Chapters 1 – 12
- Exam (elaborations) • 20 pages • 2022
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ACCT 2101 Final Exam Study Guide Chapters 1 – 12 
 
Chapter 1 
 
1.	The liability created by a business when it purchases coffee beans and coffee cups on credit from suppliers is termed a(n) a.	account payable. 
b.	account receivable. 
c.	revenue. 
d.	expense. 
 
2.	The right to receive money in the future is called a(n) 
a.	account payable. b.	account receivable. 
c.	liability. 
d.	revenue. 
 
 
3.	Borrowing money is an example of a(n) 
a.	delivering activity. b.	financing activity. 
c.	inves...
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Trading Comps Modeling Wall Street Prep exam
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Trading Comps Modeling Wall Street Prep 
exam 
Assets - CORRECT ANSWER-resources a company uses to operate its 
business 
includes cash, A/R, PP&E 
Liabilities - CORRECT ANSWER-represents the company's contractual 
obligations and includes A/P, debt, accrued expenses 
Shareholder's equity - CORRECT ANSWER-is the residual 
the value of the business available to the owners (shareholders) after 
debts have been paid off 
Income statement - CORRECT ANSWER-illustrates the profitability of 
the comp...
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M100 Exam |Complete Guide with Questions and Verified Answers| New 2023/ 2024 Update
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M100 Exam |Complete Guide with Questions 
and Verified Answers| New 2023/ 2024 
Update 
QUESTION 
Fair debt collection practices act? 
 
 
Answer: 
Protects debit or is from unscrupulous debt collectors 
 
 
 
QUESTION 
Bad debt right off? 
 
 
Answer: 
Uncollectible debts 
 
 
 
QUESTION 
Types of accounting methods? 
 
 
Answer: 
Cash based 
Accrual based 
Modified cash based 
 
 
 
QUESTION 
Cash based? 
 
 
Answer: 
Income - when received 
Expense- when paid 
 
 
 
 
Q...
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WGU C214 OA Q&A Checklist
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WGU C214 OA Q&A Checklist 
Which will be larger: accrual taxes payable or accounting income tax expense - ANSWER-Accounting tax expense will be higher; actual taxes based on IRS rules will be lower
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Adventis Financial Modeling Certification (FMC) Level 1 Exam Review (Latest 2023/ 2024 Update) Questions and Verified Answers| 100% Correct
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Adventis (FMC) Level 1 Exam Review (Latest 2023/ 2024 Update) Questions and Verified Answers| 100% Correct 
 
Q: revenue (sales) amount charged for the delivery of goods or services 
 
 
 
Q: cost of sales (cogs) 
 
 
Answer: 
- direct cost of producing revenue 
- Ex: raw materials, direct wages, etc. 
 
 
 
Q: gross profit 
 
 
Answer: 
- revenue - cogs 
- indicates how efficiently labor and materials are used in the production process 
 
 
 
Q: operating expenses 
 
 
Answer: 
- all other expe...