FIU Accounting Entrance Exam Questions with Correct Solutions Latest Version
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Course
FIU Accounting Entrance
Institution
FIU Accounting Entrance
FIU Accounting Entrance Exam Questions with Correct Solutions Latest Version
Assets - Liabilities - Equity = _____ - Answers 0
Original Value of an asset - Answers Cost basis
Business will continue to operate in the near future - Answers Going Concern Principle
we report in the stable moneta...
FIU Accounting Entrance Exam Questions with Correct Solutions Latest Version 2024-2025
Assets - Liabilities - Equity = _____ - Answers 0
Original Value of an asset - Answers Cost basis
Business will continue to operate in the near future - Answers Going Concern Principle
we report in the stable monetary currency of the country - Answers Monetary Unit Assumption
owner's actions are different than the business and kept separate - Answers Economic Entity
Assumption
you can divide the company into periods or quarters - Answers Accounting Period Assumption
U.S. GAAP reports at a ____ basis - Answers cost
DC ADE LER - Answers debits
credits
assets
drawing
expenses
liabilities
equity
revenue
Written document that carries interest - Answers Notes Payable
Record of all accounts in the system - Answers Trial Balance
Transferring from the journal to the ledger - Answers Posting
only the immediate recognition of revenues and expenses
---ignores long term liabilities and payables - Answers Cash Basis
Action before the dollars are paid - Answers Accrual
Dollars are received before the action - Answers Deferral
Money paid in advance
, ---entry for the resident
---recorded as an asset - Answers Prepaid Rent
Money received by an individual for a service yet to be provided
---entry for the tenet
---recorded as a liability - Answers Unearned Revenue
revenue should only be recognized when they are earned, regardless of when payment is received -
Answers Revenue Recognition Principle
we recognize expenses when we consume what we used to help generate revenue - Answers Matching
Principle
a business should report the financial results of it's activities over a standard period of time (monthly,
quarterly, annually) - Answers Time period concept
accounting method of allocating the cost of a tangible or physical asset over its useful life or life
expectancy. - Answers Depreciation
Cost of an Asset - Residual Value/ Useful life of an asset - Answers Straight Line Method
1. Analyze transactions
2. Prepare journal entry
3. Post transaction in general ledger
4. Prepare an unadjusted trial balance (1st)
5. Prepare adjusting entries
6. Prepare an adjusted trial balance (2nd)
7. Prepare financial statements
8. Prepare closing entries
9. Prepare a post closing trial balance (3rd) - Answers Accounting Cycle
revenue dr
income summary cr - Answers 1st closing entry
income summary dr
Expenses cr - Answers 2nd closing entry
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