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AIS Ch 2 Exam 1 Questions & Answers 2024/2025 $7.99   Add to cart

Exam (elaborations)

AIS Ch 2 Exam 1 Questions & Answers 2024/2025

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  • AIS Ch 2

AIS Ch 2 Exam 1 Questions & Answers 2024/2025

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  • August 10, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • AIS Ch 2
  • AIS Ch 2
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AIS Ch 2 Exam 1 Questions & Answers
2024/2025

Accounting - ANSWERSBookkeeping is typically done before accounting, the process of identifying,
measuring, and communicating economic decisions to permit informed judgments



Bookkeeping - ANSWERSA part of accounting that involves only the recording of economic events



Not guaranteed success in the accounting profession



The accounting cycle - ANSWERSthe process by which companies produce their financial statements for
a specific period



10 steps?



External vs internal transactions - ANSWERSExternal transactions are exchanges of goods and services.
Through the use of source documents (paper based or electronic)



Internal transactions are adjusting entires, closing entries, and reversing entries



Expanded Accounting Equation - ANSWERSAssets = Liabilities + Equity + Revenue - Expense



Helps with principles of debit and credit



General-purpose financial statements - ANSWERSIncome statement, Stockholders equity, balance sheet,
and statement of cash flows



Sequential coding - ANSWERSAssigns numbers to objects in chronological sequence, also a method of
internal controls

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