Exam (elaborations)
MRTS 1342 Final Study Guide | Questions And Answers Latest {} A+ Graded | 100% Verified
- Course
- Institution
MRTS 1342 Final Study Guide | Questions And Answers Latest {} A+ Graded | 100% Verified
[Show more]
Content preview
MRTS 1342 Final Study Guide | Questions And Answers Latest {2024- 2025} A+ Graded |100% Verified
What does GAAP stand for? - Generally Accepted Accounting Principles
What is the formula for statement of owner equity? - capital - withdrawals + revenue = equity
The right side of the revenue account is - Credit
What is the balance sheet formula? - assets = liabilities + capital - withdrawals
On the T-Chart, debits are on the - Left
What is the expanded accounting equation? - Assets=liabilities+capital-withdrawals+revenue-expenses
What is a sole proprietorship? - refers to a person who owns the business and is personally responsible
for its debts
What is a partnership? - A legal form of business operation between two or more individuals who share
management and profits
What is the basic accounting equation? - assets = liabilities + owner equity
Which accounts increase on the debits side? - Assets, Withdrawals, expenses (AWE)
Which accounts decrease on the debits side? - liabilities, capital, revenue
Place the accounting cycle in order - transaction
journal
, ledger
trial balance
worksheet
financial statements
adjustments
closing
post-closing
What is the formula for depreciation? - cost of equipment - residual value/estimated years
Where is residual value found? - Tax code
What are permanent accounts? - carry a balance to next accounting cycle
assets, liabilities, capital
What are temporary accounts? - Begin each cycle with a zero balance
withdrawals, revenue, expenses
Number the accounts as they are in the chart of accounts - assets - 100s
liabilities - 200s
owner equity 300s
(capital 300s/withdrawals 350s)
revenue - 400s
expenses - 500s
Place the steps of transaction analysis in order - transaction
which ledger account
what account type
balance
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
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 oneclass. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.48. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75632 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now