The accounting equation - Study guides, Revision notes & Summaries

Econ 104, Goffe, PSU 2024 Exam Graded A+ | Verified & Updated GDP -Answer-the market value of all FINAL goods and services produced in a country during a period of time. GDP equation -Answer-GDP(Y)=C (consumption) + I (investments) +G (gov purchases) +NX (net exports) Consumption -Answer-expenditures made by households (excluding the purchase of a new house) Investment -Answer-Final goods and services purchased by business firms (equipment for production and new buildings), changes in i...

What is the accounting equation? correct answer: Assets = Liabilities + Owner's Equity Adding property Plant or Equipment into a business through an investment by the owner would: a. Increase expenses and increase assets b. Increase one asset and decrease another asset c. Decrease one asset and increase another asset d. Increase O.E. and increase assets correct answer: A. Increase expenses and increase assets Paying off an account payable with Cash would: a. Increase assets and...

Revenues - Answer-Gross increase in equity from a company's business activities that earn income; also called sales. Expenses - Answer-Outflows or using up of assets as part of operations of a business to generate sales. Accounts Receivable - Answer-Amounts to be received in the future due to the sale of goods or services Accounting Equation - Answer-Assets = Liabilities + Equity Income Statement - Answer-describes a company's revenues and expenses along with the resulting net income or ...

Which key components make up the bookkeeping process? (2) - recording and classifying transactions is known as bookkeeping. Describe the roles filled by a accountant (3) - Accounting is a system of summarizing, interpreting, and communicating financial data. What are the primary functions associated with accounting ? (4) - Accounting is the next step in the process. Accounting is the system of summarizing, interpreting, and communicating financial data. Specify functions incorporated...

PACE Exam 2024 Questions and Answers (Graded A)PACE Exam 2024 Questions and Answers (Graded A)PACE Exam 2024 Questions and Answers (Graded A)PACE Exam 2024 Questions and Answers (Graded A) Accounting Equation - ANSWER-Assets = Liabilties + Stockholders Equity Gross Profit Margin/Profit - ANSWER-Sales revenue - cost of goods sold Net Income - ANSWER-Gross Margin - Expenses Retained Earnings - ANSWER-BegRE + NI - Dividends Activities on the Statement of Cash Flows - ANSWER-Operating ...

The Accounting Principle - You can't mix business and personal assets or expenses. Accounting Equation - Assets = Liabilities + Owner's Equity or Assets - Liabilities = Owner's Equity Expanded Accounting Equation - Assets = Liabilities + Equity + Revenue - Expenses - Dividends The Five Account Types - Assets, Liabilities, Equity, Revenue, Expenses Normal balance of the five account types - Assets- Normal Dr balance Expenses- Normal Dr balance Dividends- Normal Dr balance Equity- Nor...

CHAPTER 1 ACCOUNTING IN ACTION CHAPTER LEARNING OBJECTIVES 1. Identify the activities and users associated with accounting. Accounting is an information system that identifies, records, and communicates the economic events of an organization to interested users. The major users and uses of accounting are as follows: (a) Management uses accounting information to plan, organize, and run the business. (b) Investors (owners) decide whether to buy, hold, or sell their financial interests on th...

Payroll Fundamentals 1 Midterm 94 Questions with Verified Answers Commencement package (Ch.1) - CORRECT ANSWER -Organization specific forms (personal information forms) -Government forms (federal and provincial personal tax credits return) -Benefit forms (insurance enrollment forms) Hiring form (ch.1) - CORRECT ANSWER May include information on their position such as department, manager, start date, salary/hourly wage, and benefit entitlement Information that must be provided to empl...

HBS Financial Accounting Module 1: The Accounting Equation Study Guide Test. Basic Accounting Equation - CORRECT ANSWER Assets = Liabilities + Owner's Equity Which FI Doc Can you find the Basic Accounting Equation? - CORRECT ANSWER The Balance Sheet What is an Asset? - CORRECT ANSWER Cash, Equipment, inventory, other sources owned by a business that will generate wealth What are the criteria to be considered an asset? - CORRECT ANSWER - Be purchased at a measurable cost - Produc...

WGU C214 Pre-Assessment Exam Questions and Answers 2024 How can a private firm appropriately maximize shareholder value? -Answer-By making decisions that keep the control of the business with the owners Why are American regulators focused on international investing in a global marketplace? -Answer-Because international investing in a global marketplace is the concern of American investors What is one of the two basic types of financial instruments? -Answer-Bonds If a company outsources ...