ACG 2022 EXAM QUESTIONS WITH COMPLETE ANSWERS { GUARANTEED A+}
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Course
ACG 2022
Institution
ACG 2022
ACG 2022 EXAM QUESTIONS WITH
COMPLETE ANSWERS { GUARANTEED
A+}
Adjusting journal entries never include? - Cash
Accounting - The information system that identifies, records, and
communicates the economic events of an organization to interested users.
Balance Sheet - a financial statement...
Normal Balance - ✔✔Is what increases the account. Debit or credit
Time Period Assumption also called - ✔✔Periodically Assumption
An assumption that the life of a business can be divided into artificial time periods
and that useful reports covering those periods can be prepared for the business. -
✔✔Time period assumption
Double entry accounting - ✔✔A system that records in appropriate accounts the
dual effect of each transaction
Bookkeeping - ✔✔A part of accounting that involves only the recording of
economic events.
Expenses - ✔✔the cost of assets consumed or services used in the process of
generating revenues
Common Stock - ✔✔Term used to describe the total amount paid in by
stockholders for the shares they purchase.
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