vy Tech Accounting 101 Final Exam Study Guide Exam Questions With 100% Correct Answers Guaranteed Pass.
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Course
Accounting 101
Institution
Accounting 101
vy Tech Accounting 101 Final Exam Study
Guide Exam Questions With 100% Correct
Answers Guaranteed Pass.
What is the primary responsibility of FASB? - AnswerDeveloping GAAP
What is the accounting equation? - AnswerAssets=Liability+Equity
What is the definition of revenue? - AnswerMoney earned f...
Ivy Tech Accounting 101 Final Exam Study
Guide Exam Questions With 100% Correct
Answers Guaranteed Pass.
What is the primary responsibility of FASB? - Answer✔Developing GAAP
What is the accounting equation? - Answer✔Assets=Liability+Equity
What is the definition of revenue? - Answer✔Money earned from providing a product or service
Is CoGS an expense? - Answer✔Yes
What is the primary objective of financial reporting? - Answer✔To provide info for decision
making
What accounts are on the balance sheet? - Answer✔Assets, liabilities, equity
What accounts are on the income statement? - Answer✔Revenues, expenses
How does purchasing equipment on credit affect the Accounting Equation? - Answer✔Assets
increase, liabilities increase
What is the normal balance for assets, liabilities, revenues, and expenses? - Answer✔Debit,
credit, credit, credit
What is the definition of journalizing? - Answer✔Recording transactions
What is a trial balance? - Answer✔A statement that lists company's accounts with ending
balances
What is the order of accounts on a trial balance? - Answer✔Assets, liabilities, common stock,
dividends, revenue, expenses
When are revenue and expenses recognized in accrual accounting? - Answer✔When earned and
when incurred
What is the adjusting entry for accrued wages? - Answer✔salaries expense/salaries payable
Closing entries - Answer✔Set to 0 at the end of each year and balances are transferred to
retained earnings
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