Acc final exam review questions & answers 2024/2025
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Course
Acc
Institution
Acc
Acc final exam review questions & answers 2024/2025
Credit fee - ANSWERSsales made on credit by a service business (not yet made the sale)
Income Statement - ANSWERSA financial statement that reports a company's revenues and expenses and resulting net income or net loss for a specific perio...
Acc final exam review questions &
answers 2024/2025
Credit fee - ANSWERSsales made on credit by a service business (not yet made the sale)
Income Statement - ANSWERSA financial statement that reports a company's revenues and expenses
and resulting net income or net loss for a specific period of time.
revenue - ANSWERSan inflow in assets or reduction of liabilities that then leads to an increase in owner's
equities excluding capital contribution
expenses - ANSWERSa decrease in assets or an increase in liabilities that leads to a decrease in owner's
equity excluding drawings
net profit - ANSWERSThe amount left after operating expenses are subtracted from the gross profit
source document used to record credit transactions - ANSWERSinvoice
Purchases Journal - ANSWERSan Accounting record that summarises all transactions involving the
purchase of materials or supplies on credit
Sales Journal - ANSWERSaccounting record that summarises all transactions of sales on credit of
performing of services during that period of time
Bank statement - ANSWERSshows all cash transactions in and out of a particular bank account for a
specified period
Cheque butt - ANSWERSform of evidence to support writing of the cheque and payment of an account
, cash receipt - ANSWERSa cash register receipt, which can include electronic funds transfer (EFT) details
or credit card payment details
Period Assumption - ANSWERSreports are prepared for a particular period of time such as a month or a
year, in order to obtain comparability of results
Entity Assumption - ANSWERSthe record of assets, liabilities and business activities of the entity are kept
completely separate from those of the owner of the entity as well as of other entities
Accrual Basis Assumption - ANSWERSrevenues are recognised when earned and expenses are recognised
when incurred so profit is calculated as revenue earned in a particular period less expenses incurred in
that period
Going concern assumption - ANSWERSthe business will continue to operate in the future and its records
are kept on that basis
Verifiability - ANSWERSfinancial information should be verifiable through retaining source documents
and checking with them to allow for different knowledgeable and independent observers to reach a
consensus that information is faithfully represented.
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