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MRTS 1342 Questions & 100% Correct Answers- Latest Test | Graded A+ | Passed
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Accounting -:- A language of business employed to communicate financial information based upon analyzing recording, classification, summarization, reporting, and interpretation of financial data. Accounting equation -:- Assets equal Liabilities plus Owner's Equity Accounts Payable -:- a...

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  • September 6, 2024
  • 31
  • 2024/2025
  • Exam (elaborations)
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2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!



MRTS 1342 Questions & 100% Correct
Answers- Latest Test | Graded A+ | Passed
Accounting


✓ -:- A language of business employed to communicate financial information based

upon analyzing recording, classification, summarization, reporting, and

interpretation of financial data.




Accounting equation


✓ -:- Assets equal Liabilities plus Owner's Equity




Accounts Payable


✓ -:- an unwritten promise to pay creditors for property, such as merchandise,




10 supplies, or equipment, purchased on credit, or for services received on credit.


✓ -:-




Accounts receivable


✓ -:- an unwritten promise by a customer to pay, at a later date, for goods sold or

services rendered.




1|Page | Grade A+| 2024/2025

,2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!

Accrual accounting


✓ -:- recording in each fiscal period applicable expenses, whether paid or not, and

income earned, whether collected or not.




Accrued expense


✓ -:- an expense incurred in operating a business during an accounting period, but not

yet paid.




Accured income


✓ -:- income actually earned during an accounting period but which will not be

received until a future period.




Acquisition


✓ -:- a company that is inherited or bought.




Advertising


✓ -:- the art of making the public aware of the services or commodities that the

business has for sale.




Age of accounts receivable


2|Page | Grade A+| 2024/2025

,2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!

✓ -:- measures the average time required to collect receivables.




Age Discrimination in Employment Act


✓ -:- federal legislation that requires employer to treat applicants and employees

equally regardless of age.




Age of inventory


✓ -:- measures the average time required to sell inventory.




Amortization


✓ -:- the paying off of a debt in regular installments over a period of time




Americans with Disabilities Act (ADA)


✓ -:- legislation that guarantees disabled people equal access to employment, as well

as access to public places.




Angel investors


✓ -:- private investors who are willing to supply financing for new and/or risky small

venture start-ups.




3|Page | Grade A+| 2024/2025

, 2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!

Assets


✓ -:- property of monetary value owned by a business.




Bad debts


✓ -:- accounts receivable that are uncollectable.




Balance sheet (statement of financial position.; statement financial condition)


✓ -:- a formal financial statement illustrating the assets, liabilities, and owner's equity

of a business as of a specific date.




Bona fide occupational qualification (BFOQ)


✓ -:- a qualification that is absolutely necessary for the job; it is an allowed and

approved reason for discrimination.




Book value


✓ -:- the cost of a fixed asset less its accumulated depreciation.




Branding




4|Page | Grade A+| 2024/2025

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