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FIU Accounting Entrance Exam Questions with Correct Solutions Latest Version $7.99
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FIU Accounting Entrance Exam Questions with Correct Solutions Latest Version

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  • FIU Accounting Entrance

FIU Accounting Entrance Exam Questions with Correct Solutions Latest Version Assets - Liabilities - Equity = _____ - Answers 0 Original Value of an asset - Answers Cost basis Business will continue to operate in the near future - Answers Going Concern Principle we report in the stable moneta...

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  • December 23, 2024
  • 10
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • FIU Accounting Entrance
  • FIU Accounting Entrance
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FIU Accounting Entrance Exam Questions with Correct Solutions Latest Version 2024-2025



Assets - Liabilities - Equity = _____ - Answers 0

Original Value of an asset - Answers Cost basis

Business will continue to operate in the near future - Answers Going Concern Principle

we report in the stable monetary currency of the country - Answers Monetary Unit Assumption

owner's actions are different than the business and kept separate - Answers Economic Entity
Assumption

you can divide the company into periods or quarters - Answers Accounting Period Assumption

U.S. GAAP reports at a ____ basis - Answers cost

DC ADE LER - Answers debits

credits

assets

drawing

expenses

liabilities

equity

revenue

Written document that carries interest - Answers Notes Payable

Record of all accounts in the system - Answers Trial Balance

Transferring from the journal to the ledger - Answers Posting

only the immediate recognition of revenues and expenses

---ignores long term liabilities and payables - Answers Cash Basis

Action before the dollars are paid - Answers Accrual

Dollars are received before the action - Answers Deferral

Money paid in advance

, ---entry for the resident

---recorded as an asset - Answers Prepaid Rent

Money received by an individual for a service yet to be provided

---entry for the tenet

---recorded as a liability - Answers Unearned Revenue

revenue should only be recognized when they are earned, regardless of when payment is received -
Answers Revenue Recognition Principle

we recognize expenses when we consume what we used to help generate revenue - Answers Matching
Principle

a business should report the financial results of it's activities over a standard period of time (monthly,
quarterly, annually) - Answers Time period concept

accounting method of allocating the cost of a tangible or physical asset over its useful life or life
expectancy. - Answers Depreciation

Cost of an Asset - Residual Value/ Useful life of an asset - Answers Straight Line Method

1. Analyze transactions

2. Prepare journal entry

3. Post transaction in general ledger

4. Prepare an unadjusted trial balance (1st)

5. Prepare adjusting entries

6. Prepare an adjusted trial balance (2nd)

7. Prepare financial statements

8. Prepare closing entries

9. Prepare a post closing trial balance (3rd) - Answers Accounting Cycle

revenue dr

income summary cr - Answers 1st closing entry

income summary dr

Expenses cr - Answers 2nd closing entry

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