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MIE 201 NCSU Exam 5 Review Questions With Solutions 100% Solved
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MIE 201 NCSU Exam 5 Review Questions With Solutions 100% Solved Accounting equation Assets = Liabilities + Owner's Equity Double-entry bookkeeping a system of recording and classifying business transactions in separate accounts in order to maintain the balance of the accounting equation. Cer...

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  • October 7, 2024
  • 18
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • mie 201 ncsu exam 5 review
  • questions with solutions 100 solved

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MIE 201 NCSU Exam 5 Review Questions With
Solutions 100% Solved

Accounting equation Assets = Liabilities + Owner's Equity




Double-entry bookkeeping a system of recording and classifying business transactions in

separate accounts in order to maintain the balance of the accounting equation.




Certified Public Accountant (CPA) an individual who has been certified by the state in

which they practice to provide accounting services ranging from the preparation of financial

records and the filing of tax returns to complex audits od corporate financial records




Accounting Cycle In any accounting, financial data typically pass through four step

procedure sometimes called the accounting cycle. The steps include examining source

documents, recording transactions in an accounting journal, posting recorded transactions, and

preparing financial statements




Financial Statements -The income statement, the balance sheet, and the statement of cash

flows are the best-known examples of financial statements

, MIE 201 NCSU Exam 5 Review Questions With
Solutions 100% Solved
-It is important to recognize that not all financial statements follow precisely the same format.

The fact that different organizations generate income in different ways suggests that when it

comes to financial statements, one size definitely does NOT fit all




Generally Accepted Accounting Principles (GAAP) Each country has a different set of

rules that the business within that country are required to use for their accounting process and

financial statements. However, a number of countries have adopted a standard of accounting

principals known as International Financial Reporting Standards




International Financial Reporting Standards (IFRS) Accounting standards, issued by the

IASB, that have been adopted by many countries outside of the United States.




Income statement a financial report that shows an organization's profitability over a period

of time, be that a month, quarter, or year.

It offers one of the clearest possible pictures of the company's overall revenues and the costs

incurred in generating those revenues.

, MIE 201 NCSU Exam 5 Review Questions With
Solutions 100% Solved
Balance sheet -Represents a snapshot of an organization's financial position at a given

moment. The balance sheet indicates what the organization owns or controls and the various

sources of the funds used to pay for these assets such as bank debt or owners' equity.

-Assets MUST equal liabilities plus owners' equity

Balance sheets are presented in two different formats. The traditional balance sheet format

placed the organization's assets on the left side and its liabilities and owners' equity on the right.

Now, a vertical format, with assets on the top followed by liabilities and owners' equity has

gained wide acceptance.




Statement of Cash Flows The third primary financial statement which explains how the

company's cash changed from the beginning of the accounting period to the end. Cash is an asset

shown on the balance sheet




Ratio Analysis calculations that measure an organization's financial health, brings the

complex information from the income statement and balance sheet into sharper focus so that

managers, lenders, owners, and other interested parties can measure and compare the

organization's productivity, profitability, and financing mix with other similar entities

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