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ACCT101.
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- SAFe 5.1 Questions And Answers 2024
Exam of 9 pages for the course SAFe 5.1 Questions and Answers 2024 at SAFe 5.1 Questions and Answers 2024 (ACCT101.)
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ACCT101Accounting - CORRECT ANSWER-Process of identifying, measuring, and
communicating economic information
Double-entry bookkeeping - CORRECT ANSWER-System where every
transaction is recorded as a debit and credit
Luca Pacioli - CORRECT ANSWER-Father of double-entry bookkeeping
Nicolas Petri - CORRECT ANSWER-First person to group similar transactions in
a separate record
Benjamin Workman - CORRECT ANSWER-Author of The American Accountant,
an early American accounting textbook
Eugen Schmalenbach - CORRECT ANSWER-Published Model Chart of
Accounts, foundational for German accounting
ASEAN - CORRECT ANSWER-Association of Southeast Asian Nations with 10
member countries
Service Business - CORRECT ANSWER-Involves selling other people's time
Trading/Merchandising Business - CORRECT ANSWER-Involves buying and
selling products
Manufacturing Business - CORRECT ANSWER-Involves designing, aggregating
components, and assembling products
Sole Proprietorship - CORRECT ANSWER-Business owned by a single
individual who absorbs all profits and losses
Partnership - CORRECT ANSWER-Business owned by two or more individuals
sharing profits and liabilities
, Corporation - CORRECT ANSWER-Business entity owned by stockholders with
limited liability
Operating Activities - CORRECT ANSWER-Day-to-day activities to generate
revenue in a business
Net Income - CORRECT ANSWER-Profit after all expenses deducted
Current Assets - CORRECT ANSWER-Resources expected to be converted to
cash within a year
Current Liabilities - CORRECT ANSWER-Obligations due within a year
Investing Activities - CORRECT ANSWER-Acquiring resources for production
processes
Phases of Accounting - CORRECT ANSWER-1. Classification 2. Summarization
3. Reporting
Financial Accounting - CORRECT ANSWER-Provides information to entity
owners
Management Accounting - CORRECT ANSWER-Supplies information to entity
managers
Entity Concept - CORRECT ANSWER-Separates transactions of different entities
Periodicity Concept - CORRECT ANSWER-Divides entity's life into equal time
periods
Stable Monetary Unit Concept - CORRECT ANSWER-Uses stable currency for
accounting
Going Concern - CORRECT ANSWER-Entity will continue operations in the
future
GAAP - CORRECT ANSWER-Guidelines defining accepted accounting practices
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