Exam (elaborations)
D102 Financial Accounting Final OA Review Module 7(26 questions with 100- correct answers)
- Course
- Institution
D102 Financial Accounting Final OA Review Module 7(26 questions with 100- correct answers)
[Show more]
Content preview
D102 FinancialAccounting Final
OA Review
Module 7(26
questions with
100% correct
answers)
real accounts - answer These are reported in
the balance sheet: Assets, Liabilities, and
Owners' Equity (Paid-in Capital and Retained
Earnings). Permanent Accounts
nominal accounts - answer Temporary
subcategories of Retained Earnings that are
, maintained throughout the year and are then
closed to Retained Earnings at the end of
each year. These accounts are Revenues,
Expenses, and Dividends.
Real Accounts - answer Accounts that are
not closed to a zero balance at the end of
each accounting period; permanent accounts
appearing on the balance sheet
Nominal Accounts - answer Accounts that
are closed to a zero balance at the end of
each accounting period; temporary accounts
generally appearing on the income statement
Revenues
Expense
Dividends - answer What are the 3
temporary accounts?
Transfer the amounts to permanent home
(Retained Earnings)
Reset the balances to 0 (zero) for a new year
- answer At the end of the year two things
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller GUARANTEEDSUCCESS. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75619 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now