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MRTS 1342 Exam 1 | Questions And Answers Latest {} A+ Graded | 100% Verified
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MRTS 1342 Exam 1 | Questions And Answers Latest {} A+ Graded | 100% Verified
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MRTS 1342 Exam 1 | Questions And Answers Latest {2024- 2025} A+ Graded | 100%Verified
Define Asset - Property of monetary value owned by a buisness
What are the steps of the accounting process? - Analyze, record, classifies, summarize, reports,
interprets
Credit on expense account will ____________ it - Decrease
What is the equation for balance sheet - Assets = liability + capital - withdrawal
Chart of Accounts - A numbering system of accounts that lists the account titles and account numbers to
be used by a company.
Accounts payable will be shown on ______________ - Balance Sheet
Expanded Accounting Equation - Assets = Liabilities + Capital - Withdrawals + Revenue - Expenses
What is the first step in transactional analysis? - Identify which account it's applied to
Money supplied by the owner of business is an _______________ - Investment
Always expect the closing balance to be ______________ - Positive
Where do balances on trial balance come from? - Individual ledger
T/F: Profit and Loss statement can be prepared at any time - T
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