BUNDLE FOR Accounting Principles Exams All Questions With Correct Answers

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; Cred...

Accounting Principles Exam Questions With All Correct Answers Which of the following expressions is incorrect? Sales revenue - cost of goods sold - Operating expenses = Net income Operating expenses - Cost of goods sold = Gross profit Net income + Operating expenses = Gross profit ...

Principles of Accounting Actual Exam Questions With Complete Solutions Accounting changes - ANSWER- Changes from one method of accounting to another, e.g., straight-line depreciation to a declining balance approach Business Entity Assumption - ANSWER- Means that a business is accounted for sep...

Principles of Accounting 2023 UPDATED EXAM Financial accounting definition - ANSWER- The language of business Financial accountant - ANSWER- A financial accountant makes reports about a company's money coming in and going out in the last few months and year, which go to shareholders and regul...

Principle of Accounts Exam All Questions And Answers Gross Profit - ANSWER- is the excess of sales over the cost of goods sold over a period. (Sales - Cost of goods sold) Accounting - ANSWER- is the process of recording information by identifying,measuring and communicating economic informatio...

Principles of Accounting PJSO Test Questions And Answers What must an accountant record when journalizing a transaction? - ANSWER- Description of the transaction What does double-entry accounting refer to? - ANSWER- Recording equal debits and credits for each transaction What are the ke...

Principles of Accounting Test Questions With 100% Correct Answers Why might employees be interested in their company's financial accounting information? - CORRECT ANSWER- Financial statement data are often used in determining employee bonuses. FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) - COR...

Principles of Accounting Real Exam Questions With All Correct Detailed Answers Who might want to use financial statements? - ANSWER- - Owners of the business - Management - Employees - Creditors - HM Revenue and Customs - Banks and other lenders What are the four main forms of business me...