MRTS 1342 Final Test Questions and Answers All Correct
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Course
MRTS 1342
Institution
MRTS 1342
MRTS 1342 Final Test Questions and Answers All Correct
The Standard Chart of Accounts - Answer-Assets 100's
Liabilities 200's
Owner's Equity 300's
Revenue 400's
Expenses500's
Accounting Cycle Steps - Answer-1. transactions
2. Journalize the transactions
3. Post to ledger accounts
4. ...
MRTS 1342 Final Test Questions
and Answers All Correct
The Standard Chart of Accounts - Answer-Assets 100's
Liabilities 200's
Owner's Equity 300's
Revenue 400's
Expenses500's
Accounting Cycle Steps - Answer-1. transactions
2. Journalize the transactions
3. Post to ledger accounts
4. Prepare a trial balance
5. Journalize and post adjusting entries
6. Prepare an adjusted trial balance
7. Prepare financial statements
8. Journalize and post closing entries
9. Prepare a post-closing trial balance
Accounting Worksheet's Purpose and Sections as Discussed in Class - Answer-is a
spreadsheet that tracks each step of the accounting cycle
-accounting title
- trial balance
- adjustments
- adjusted trail balance
-income statement
-balance sheet
Most Common Adjusted Accounts - Answer-*supplies
*pre-paid rent
* pre-paid insurance
* depreciation
*salaries accrued
The Three Methods Commonly used to Calculate Depreciation - Answer--straight line
method
- unit of production method
- double declining balance method
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