Accounting 101 final Samenvattingen, Notities en Examens
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FAC3701 Assignment 1 (WRITTEN) Semester 1 2024 - 1 DUE 1 April 2024
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FAC3701 Assignment 1 (WRITTEN) Semester 1 2024 - 1 DUE 1 April 2024 ............ 100 % TRUSTED workings, explanations and solutions. For assistance call or W.h.a.t.s.a.p.p us on +/ 2/ 5/ 4 /7 /7 /9 /5 /4 /0 /1 /3 /2 . 
ASSESSMENT 01 (First semester) (30 marks) 
WRITTEN ASSESSMENT 
Ndlovu Jam Ltd is a company specializing in the manufacturing of various types of 
jams and sauces. 
The following is an extract of Ndlovu Jam Ltd’s trial balance for the year 
ended 31 December 2023: 
 Notes D...
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Accounting 101 Final Exam Ivy Tech 2024 Questions With Complete Solutions
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Accounting 101 Final Exam Ivy Tech 2024 Questions With Complete Solutions
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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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Accounting 101 Final Exam Study Guide Questions With Complete Solutions
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Accounting 101 Final Exam Study Guide Questions With Complete Solutions
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Accounting 101 Final Questions With Complete Solutions
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Accounting 101 Final Questions With Complete Solutions
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Accounting 101 Final Exam Study Guide 2022-23 Questions with Correct Answers |100% Verified
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Accounting 101 Final Exam Study Guide 2022-23 
Questions with Correct Answers |100% Verified
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Accounting 101 Final 2019 IVY TECH Questions with Complete Solutions
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What is the definition of revenues? Correct Answer-Assets received from selling goods and services 
 
What is the definition of expenses? Correct Answer-The cost associated with doing business 
 
What does the accounting equation? Correct Answer-Assets = liabilities + stockholders equity 
 
What is FASB? Correct Answer-Financial accounting standards Board, the organization primarily responsible for setting accounting principles (GAAP) 
 
What is the primary objective of financial reporting? Corr...
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Ivy Tech Accounting 101 Final Exam Study Guide Questions With Complete Solutions
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Ivy Tech Accounting 101 Final Exam Study Guide Questions With Complete Solutions
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Accounting 101 Final Exam Ivy Tech Questions with Complete Solutions
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Revenues Correct Answer-assets received from selling good and services 
 
Expenses Correct Answer-the cost associated with doing business 
 
Financial Accounting Standards Board (FASB) Correct Answer-The organization primarily responsible for evaluating, setting, or modifying GAAP. 
 
Accounting Equation Correct Answer-Assets = Liabilities + Equity 
 
Primary objective of financial reporting Correct Answer-Provide information for decision making 
 
Income Statement Correct Answer-A financial sta...
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Ivy Tech Accounting 101 Final Exam Study Guide Questions with Complete Solutions
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What is the primary responsibility of FASB? Correct Answer-Developing GAAP 
 
What is the accounting equation? Correct Answer-Assets=Liability+Equity 
 
What is the definition of revenue? Correct Answer-Money earned from providing a product or service 
 
Is CoGS an expense? Correct Answer-Yes 
 
What is the primary objective of financial reporting? Correct Answer-To provide info for decision making 
 
What accounts are on the balance sheet? Correct Answer-Assets, liabilities, equity 
 
What acco...