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Funeral Accounting Midterm Exam Questions and Answers 100% Solved $9.99   Add to cart

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Funeral Accounting Midterm Exam Questions and Answers 100% Solved

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Funeral Accounting Midterm Exam Questions and Answers 100% Solved The expanded accounting equation is: - assets= liabilities + owner's equity - drawing + revenue - expenses which of the following is true concerning the trial balance? - the trial balance proves only that the total ledger debit ...

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  • September 26, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Funeral Accounting
  • Funeral Accounting
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JOSHCLAY
Funeral Accounting Midterm Exam

Questions and Answers 100% Solved


The expanded accounting equation is: - ✔✔assets= liabilities + owner's

equity - drawing + revenue - expenses

which of the following is true concerning the trial balance? - ✔✔the trial

balance proves only that the total ledger debit balances equal the total

ledger credit balances

the second step in the closing process is to close the __________

account(s) into the ______ account(s) - ✔✔

James received $650 for working 40 hours. What is the hourly rate of pay

for James - ✔✔$16.25

Coffee Co. has a $3,600 balance in Prepaid insurance that represents the

premium paid in advance for a six-month liability insurance policy.

Assuming that 4 months of premium is still remaining, the adjustment would

be recorded in the work sheet as: - ✔✔

Tonka services receives a bill for a three-month liability insurance policy.

The transactions would involve - ✔✔Debit to Prepaid Insurance

, A_________ means that the digits of a number have been switched around

- ✔✔Transposition

The __________ requires the revenue is recorded when earned and

expenses are recorded when incurred - ✔✔accrual basis of accounting

the _______ shows the financial position of a company - ✔✔Balance sheet

The Accounts Receivable T account shows the following

$250, debit

$1,250, debit

$300, credit

$250, credit

What is the balance of the account? - ✔✔$950, Debit

The______ shows how and why the owner's equity account has changed

over a stated period of time - ✔✔Statement of Owner's Equity

Which of the following is the fundamental accounting equation? -

✔✔Assets= Liabilities + Owner's Equity

Sally worked 45 hours during the week at an hourly rate of $10 per hour.

Assume that sally's overtime rate is paid at time and a half over 40 hours.

What is Sally's gross pay for the week? - ✔✔$475

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