Accrued revenues Study guides, Class notes & Summaries
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ACCT 229 Exam 1 (Knoop) Latest Update Rated A
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ACCT 229 Exam 1 (Knoop) Latest Update Rated A Statement of Retain Earnings Equation BRE +Net Income -Dividends = ERE 
Order of Financial Statements 1. Income Statement 2. Statement of Retained Earnings 3. Balance Sheet 4. Cash Flows 
Economic Entity business transactions are separate from transactions of owners 
Going concern company will continue to operate in foreseeable future 
Monetary Unit all information will be measure in its national currency 
Time Period Assumption long life of a compan...
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CFI 100 FMVA Study Guide Exam Certification Questions and Answers
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CFI 100 FMVA Study Guide Exam 
Certification Questions and Answers 
Income statement accounting - CORRECT ANSWER-Accrual - revenues & costs 
recorded as a business earns or incurs them, not as it receives and pays money 
It includes them in the relevant period's income statement and matches them as closely 
as possible 
CF makes no difference whatsoever - IS where sale happens 
=> How do you decide when sale happens? RECOGNIZE REV UPON DELIVERY OF 
GOOD/SERVICE PERFORMED 
Why are profits ...
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CFI FMVA Old Hacked Complete Questions And Answers | Verified Solution 2023
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CFI FMVA Old Hacked Complete Questions And Answers | Verified Solution 2023 
 Income statement accounting Accrual - revenues & costs recorded as a business earns or incurs them, not as it receives and pays money 
It includes them in the relevant period's income statement and matches them as closely as possible 
CF makes no difference whatsoever - IS where sale happens 
=> How do you decide when sale happens? RECOGNIZE REV UPON DELIVERY OF GOOD/SERVICE PERFORMED 
 
Why are profits and cash fl...
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WGU C213 Accounting for Decision Makers 2023/ 2024 Exam Version | Questions and Verified Answers | A Grade
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WGU C213 Accounting for Decision Makers 2023/ 2024 Exam Version | Questions and Verified Answers | A Grade 
 
Q: If a company does NOT record accrued wages expense at the end of the year, how does this affect the year-end financial statements? 
 
 
Answer: 
Overstates owner's equity 
 
 
 
Q: Estimates are used in many instances when recording a company's results of operations. Which of the following would NOT require an estimate to be made? 
 
 
Answer: 
Wages earned 
 
 
 
Q: If the total am...
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GOLD COAST 2023 PRACTICE EXAMS QUESTIONS AND ANSWERS
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Which statement provides the basic justification for zoning? 
A. There must be regulations in place to prevent pollution 
B. The government does not want to encourage land development 
C. The inappropriate use of one's property may affect the value of another 
D. Professional planners want to control development - Answer- C. The inappropriate use of one's property may affect the value of another 
 
What is the rationale behind government planning of real estate development? 
A. To manage futu...
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Test Bank For Financial and Managerial Accounting 7th Edition By Wild
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Chapter 3 
Adjusting Accounts For Financial Statements 
 
 
 
True/False Questions 
1.	A company’s fiscal year must correspond with the calendar year. 
Answer: False 
Blooms: Remember 
AACSB: Communication 
AICPA BB: Industry 
AICPA FN: Decision Making 
Difficulty: 1 Easy 
Learning Objective: 03-C1 
Topic: Timing 
 
2.	The time period assumption assumes that an organization’s activities can be divided into specific time periods such as months, quarters, or years. 
Answer: True 
Blooms...
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Accounting Principles Revision questions and answers.
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Accounting 
an information system that measures business activities, processes information, and communicates financial information. 
 
 
 
External Users 
make decisions ABOUT the entity (i.e. investors, bankers). 
 
 
 
Internal Users 
make decisions FOR the entity (i.e. managers). 
 
 
 
Financial Accounting 
focuses on the preparation of Financial Statements (often useful for those external to the firm) 
 
 
 
Management Accounting 
focuses on the preparation of internal reports (e.g. perform...
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Accounting Principles Revision questions and answers(verified for accuracy)
- Exam (elaborations) • 15 pages • 2023
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Accounting 
an information system that measures business activities, processes information, and communicates financial information. 
 
 
 
External Users 
make decisions ABOUT the entity (i.e. investors, bankers). 
 
 
 
Internal Users 
make decisions FOR the entity (i.e. managers). 
 
 
 
Financial Accounting 
focuses on the preparation of Financial Statements (often useful for those external to the firm) 
 
 
 
Management Accounting 
focuses on the preparation of internal reports (e.g. perform...
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2024 Ivy Tech Accounting 101 Final Exam Study Guide Questions and Answers 100% Solved correctly
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What is the primary responsibility of FASB? - Answer-Developing GAAP 
What is the accounting equation? - Answer-Assets=Liability+Equity 
What is the definition of revenue? - Answer-Money earned from providing a product or service 
Is CoGS an expense? - Answer-Yes 
What is the primary objective of financial reporting? - Answer-To provide info for decision making 
What accounts are on the balance sheet? - Answer-Assets, liabilities, equity 
What accounts are on the income statement? - Answer-Reven...
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Practice for CPPM Exam Correct Questions & Answers
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*Efficiency - ANSWER Process & doing things right 
 
*Effectiveness - ANSWER Outcomes & doing the right thing 
 
Accural Accounting - ANSWER Records revenues when they are earned & expenses when they have been accrued. Provides a more accurate reflection of your current financial situation 
 
Cash Based Accounting - ANSWER Recognizes revenue only when cash is collected & expenses when cash is paid. Provides a truer reflection of actual cash on hand & requires less reconciliation 
 
Chart of Acco...
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