100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
PACE exam 2023/2024 already graded A+ $9.99   Add to cart

Exam (elaborations)

PACE exam 2023/2024 already graded A+

 4 views  0 purchase
  • Course
  • ASAP
  • Institution
  • ASAP

PACE exam 2023/2024 already graded A+

Preview 2 out of 10  pages

  • December 14, 2023
  • 10
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers
  • asap
  • ASAP
  • ASAP
avatar-seller
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

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Ashley96. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $9.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

72042 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$9.99
  • (0)
  Add to cart