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ACCT 201 ACCOUNTING EXAM 1 QUESTIONS AND WELL ELABORATED SOLUTION $6.69
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ACCT 201 ACCOUNTING EXAM 1 QUESTIONS AND WELL ELABORATED SOLUTION
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ACCT 201 ACCOUNTING EXAM 1 QUESTIONS AND WELL ELABORATED SOLUTION Accounting Period - ANSWER -Time span covered by the financial statements; normally one year, but may be a quarter, month or some other time interval Accrual - ANSWER -Accounting recognition of revenue or expense in a period...

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  • August 6, 2024
  • 10
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • acct 201 accounting exam 1 questions and
  • acct 201 accounting exam 1 questions and well el

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  • ACCT 201 ACCOUNTING
  • ACCT 201 ACCOUNTING

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ACCT 201 ACCOUNTING
EXAM 1 QUESTIONS AND
WELL ELABORATED
SOLUTION


Accounting Period - ANSWER -Time span covered by the financial statements;
normally one year, but may be a quarter, month or some other time interval



Accrual - ANSWER -Accounting recognition of revenue or expense in a period

before cash is exchanged



Accrual Accounting - ANSWER -Accounting system which recognizes revenues

when earned and expenses when incurred regardless of when the related cash is

exchanged



Adverse Opinion - ANSWER -Opinion issued by a certified public accountant that

means one or more departures from GAAP in a company's financial statements

are so very material the auditors believe the financial statements do not fairly

represent the company's status

, Adjusting Entry - ANSWER -Entry that updates account balances prior to

preparing financial statements; a bookkeeping tool. Adjusting entries never affect

the Cash account



Allocations - ANSWER -Recognizing expenses by systematically assigning the

cost of an asset to periods of use


American Institute of CPA's - ANSWER -National association that serves the

education and professional interests of member of the public accounting

profession; membership is voluntary



Annual Reports - ANSWER -Document companies publish to provide information,

including financial statements, to stockholders



Asset Exchange Transaction - ANSWER -A transaction that decreases one asset

and increases another asset; total asset remain unchanged.



Asset Source Transaction - ANSWER -A transaction that increases both an asset

and a claim on assets ; the three types of asset source transactions are

aquisitions from owners (equity), borrowing from creditors (liabilities), or

earnings from operations (revenues).

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