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PACE exam 2023/2024 already graded A+ $9.99   Add to cart

Exam (elaborations)

PACE exam 2023/2024 already graded A+

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PACE exam 2023/2024 already graded A+

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  • December 14, 2023
  • 10
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers
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Ashley96
PACE exam

what are assests - ANSresources controlled by company

basic elements of balance sheet - ANSassests
liabilities
stockholder equity

sole proprietorship - ANS1 person owning company

partnership - ANS2 or more owners

corporation - ANSseparate entityfrom legeal and accounting perspective

accounting equation - ANSA=L+SE

how are debits and credits displayed - ANSDR on left and CR on right

expenses - ANSall cost of doing business that are necessary to earn revenue

purpose of retained earnings - ANSreports the way net income and distribution of dividends
affect financial position

retained earning formula - ANSbeg RE + NI - DIVIDENDS=end RE

headings of financial statements contain - ANSCOMPANY NAME
TYPE OF STATEMENT
DATE

cash flows - ANSFinancing
Investing
Opertating

operating - ANSrunning the business; short term asset
change asset and liabilities

investing - ANSbuying and selling resources; long term asset

financing - ANSborrowing from banks ; long term liability; stocks and bonds

dividends - ANSdistribution of earnings

, revenue - ANSselling goods or services to customers

internal controls purposes - ANSmethods company use to protect against THEFT, enhance
RELIABILITY, promote EFFICIENCY, ensure COMPLIANCE WITH LAWS

separation of duties - ANSeach person assigned to specific job

internal controls - ANSensure accuracy in accounting reports

interest formula - ANS(P*R*T) principal, rate, time

current assests - ANSassests the busniess will use up or turn into cash within 12 months

current liability - ANSdebts and other obligations that will be paid or fulfilled within 12 months

matching principle - ANScost of employee wages is recorded in the same period that the
employees work to generate revenue for the company

adjusting entries are made to... - ANSretained revenue and expenses that have not been
recorded but belong in current period

accured expense - ANSexpense have been incurred but not paid

accured revenue - ANSrevenue that been earned but not collected

permanent accounts - ANSbalance sheet accounts (A, L, SE)
not closed at end of each period

temporary accounts - ANSincome statement accounts (Revenues, Expenses, Dividends
Declared)
are closed at end of each period

general ledger - ANSsummarizes effects of journal entries on each account

general journal - ANSto record the effects of each days transactions

service company - ANSsell services

retail company - ANSsell directly to individual customers

manufacturer - ANSsells goods that it has made itself

merchandiser - ANSsells goods that have been obtained from a supplier

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