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FSE2930 Prof Review Accounting Questions And Answers Rated A+
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FSE2930 Prof Review Accounting Questions And Answers Rated A+ What is the difference between a personal check and a certified check? ANS the certified is guaranteed by the bank Entries at the end of a fiscal period to update the accounts are known as ANS adjusting entries The bank that is ...

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  • November 1, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
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  • fse2930 prof review accounting questions and answe
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  • what is the difference between a personal check an

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FSE2930 Prof Review Accounting Questions And
Answers Rated A+
What is the difference between a personal check and a certified check? ANS the certified is
guaranteed by the bank



Entries at the end of a fiscal period to update the accounts are known as ANS adjusting entries



The bank that is ordered to make a payment for a depositor from their bank is known as the ANS
drawee


An account set up to estimate for budget purposes accounts from families who will not pay their
funeral bill are known as ANS allowance for doubtful accounts or allowance for bad debts


A formal written statement by the management's plans for the future expressed in financial terms is
ANS budget



In the accounting world, where is the blank endorsement found? ANS signature of the payee
found on the back of a check



A source document which is completed when a buyer returns purchases for a refund is ANS
credit memorandum


At Resting Hands Memorial Gardens the average family pays their funeral expenses in 21 days. This
number is known as ANS age of accounts receivable


Another name for the statement of financial position or statement of financial condition of the funeral
home is ANS balance sheet



Net income divided by net sales gives you ANS profit margin

, In computing interest on an overdue account how many days do they assume is in a year? ANS
360 days



Deductions in the quoted price for payment with in a certain time limit are known as ANS cash
discount


Those assets such as the real estate and rolling stock are classified as ANS tangible assets



Any promise to pay creditors for property or services render should be recorded in ANS accounts
payable


An expense, such as unpaid gasoline for rolling stock, for this accounting period, which has not been
paid, is known as a ________________ account. ANS accrued expense



A work paper proving the equality of the debit and credit balances in the ledger is ANS trial
balance


Entries made at the end of each reporting period to transfer the balances of the temporary owner's
equity accounts to the permanent owner's equity account are known as? ANS closing entries



The face of note for a payroll check is? ANS principle sum of the check


When the funeral home manager divides liabilities into assets to determine if they are in the black,
this process is known as ANS acid test or quick ratio


What is the name of the ledger account which is used to keep track of unexplained shortages or
overages of cash? ANS Cash short and over


A book of original entries used for the recording of sales of caskets and merchandise on credit only is
ANS sales journal

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