Principles of accounting Study guides, Class notes & Summaries

WGU D074 Principles Of Accounting | Questions And Answers Rated A+ WGU D074 Principles Of Accounting | Questions And Answers Rated A+

Principles of Financial and Managerial Accounting - D196 Already Passed Accounting plays a vital role in the decision-making process. Which action is the first step in the decision-making process? Identify the issue The money that a company needs to buy its land, pay its employees, and buy its supplies is called capital. What are the potential sources of capital for a business? Investors, creditors, and retained business earnings Which primary area of accounting generates reports for interna...

Principles of Accounting VYC1 Questions and Answers

Test Bank for Accounting: What the Numbers Mean 13e 13th Edition by David Marshall, Wayne McManus ISBN-13: 6743 Full chapters test bank PDF Chapter 1: Accounting—Present and Past 2 Part 1: Financial Accounting Chapter 2: Financial Statements and Accounting Concepts/Principles Chapter 3: Fundamental Interpretations Made from Financial Statement Data Chapter 4: The Bookkeeping Process and Transaction Analysis Chapter 5: Accounting for and Presentation of Current Assets Chapter 6: Accounting for ...

Principles Of Accounting Final Exam New Update!!

Principles of Accounting Exam Questions With Answers The Accounting Equation - ANSWER- Net assets = proprietor's funds Assets - Liabilities = Capital + Profit [or - Losses] - Drawings Debits and Credits - ANSWER- In a double-entry: Debits represent assets, expenses, or drawings; Credits represent liabilities, income, or capital. Accounting for Closing Stock - ANSWER- The required double-entry is Dr Stock (Balance Sheet); Cr P&L. It now reflects an asset and profits are increas...

Capital budgeting - correct answerThe planning and managing of a corporation's long-term investments Capital structure - correct answerA corporation's mix of long-term debt and equity Fair value - correct answerThe market value, either actual or estimated, of an asset or a liability Sarbanes-Oxley Act of 2002 - correct answerA federal statutory law governing corporate directors in the areas of investor protection, internal controls, and penalties, both civil and criminal. Stakehold...

Principles Of Accounting Test Questions And Answers The following comments all relate to the recording process. Which of these statements is correct? - ANSWER- The general ledger is posted from transactions recorded in the general journal. Of the following account types, which would be increased by a debit? - ANSWER- Assets and expenses The following comments each relate to the recording of journal entries. Which statement is true? - ANSWER- Journalization is the process of converting t...

Principles of Accounting Final exam Questions and Answers

Actual Manufacturing Overhead - ANSWER-Manufacturing costs other than direct materials and direct labor. Break Even - ANSWER-To make just enough income to cover costs without any profit or loss. Budget - ANSWER-A quantitative expression of a plan that shows how a firm or organization will acquire and use resources over some specified period of time. Business Documents - ANSWER-Records of transactions used as the basis for recording accounting entries; include invoices, check stubs, rece...