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Payroll Fundamentals 2 2024/2025 exam with 100% correct answers $15.49
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Payroll Fundamentals 2 2024/2025 exam with 100% correct answers
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  • Payroll Fundamentals 2

The accounting equation states: correct answersAssets = Liabilities + Owners Equity Owner's Equity has two components: correct answersOwner's Equity = Contributed Capital + Retained Earnings Contributed Capital correct answersThe amount of payments in cash or assets that the owners have made ...

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  • September 18, 2024
  • 13
  • 2024/2025
  • Exam (elaborations)
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  • Payroll Fundamentals 2
  • Payroll Fundamentals 2

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Payroll Fundamentals 2

The accounting equation states: correct answersAssets = Liabilities + Owners Equity



Owner's Equity has two components: correct answersOwner's Equity = Contributed Capital + Retained
Earnings



Contributed Capital correct answersThe amount of payments in cash or assets that the owners have
made to the company



The accounting equation can be expanded to: correct answersAssets = Liabilties + Contributed Capital +
Retained Earnings



The 5 different accounts of a typical for-profit organization correct answers- asset accounts

- liability accounts

- revenue accounts

- expense accounts

- owners' equity accounts



Asset accounts correct answersContains the value of items owned by the organization



Liability accounts correct answersIndicates the money that the organization owes to its creditors



Asset accounts include: correct answers- Cash

- Accounts receivable

- prepaid expenses

- inventory



Liability accounts include correct answers- accounts payable

, - salaries and wages payable

- vacation pay payable



Revenue accounts correct answersUsed to record the income earned by the organization during the
accounting cycle



Expense accounts correct answersCosts incurred by an organization in the process of earning revenue
during a designated period of time



Equity accounts correct answersAccounts that show the owners' or shareholders' worth or interest in the
organization



Owners' equity is divided into: correct answersContributed capital & retained earnings



General ledger accounts consists of the following five elements: correct answers- account name

- opening balance

- reference

- debit and credit transactions

- closing balance



Each journal entry must contain the following components: correct answers- A journal entry reference or
number

- the date of the transaction

- the debit and credit amounts to be applied to each account

- a total of the debit entries and of the credit entries

- a brief explanation of the transaction



double-entry accounting correct answersAccounting system in which each transaction affects at least
two accounts and has at least one debit and one credit

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