Accounting equation notes - Study guides, Class notes & Summaries
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FAC1601 EXAM PACK 2023
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FAC1601-Exam-Pack - Exam pack 
Financial Accounting and Reporting (University of South Africa) 
lOMoARcPSD| 
Financial Accounting 1B 
Study & Exam Pack for FAC1601 © 2014 
This is prepared for UNISA undergraduate students undertaking the module FAC1601. The past exam 
papers used as a way of practicing the concept emphasized in the study guide for this module 
Compiled by Levison Kamanga (check his profile on ), for and on behalf of 
“Inspired to impact with a difference” 
All the que...
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Test Bank For Financial Accounting 3rd Edition By Christopher Burnley.
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Test Bank For Financial Accounting 3rd Edition By Christopher Burnley. 
ACCOUNT CLASSIFICATION AND PRESENTATION 
Normal 
Account Title Classifi cation Financial Statement Balance 
A 
Accounts Payable Current Liability Statement of Financial Position Credit 
Accounts Receivable Current Asset Statement of Financial Position Debit 
Accumulated Depreciation— Plant Asset—Contra Statement of Financial Position Credit 
Buildings 
Accumulated Depreciation— Plant Asset—Contra Statement of Financi...
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WGU D196 Pre- Assessment V2 (Latest 2024/ 2025 Update) Principles of Financial and Managerial Accounting-Questions and Verified Answers| 100% Correct| Grade A
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WGU D196 Pre- Assessment V2 (Latest 2024/ 2025 Update) Principles of Financial and Managerial Accounting-Questions and Verified Answers| 100% Correct| Grade A 
 
Q: Which type of account are accounts payable and notes payable both examples of? 
 
 
Answer: 
Liability 
 
 
 
Q: What is the purpose of the financial accounting cycle? 
 
 
Answer: 
To turn information about transactions into financial statements 
 
 
 
Q: According to the accounting equation, the amount of liabilities and equity mus...
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Wgu d196 preassment questions and answers 2023 with complete solution
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Wgu d196 preassment questions and answers 2023 with complete solution 
1.	What is a transaction?: Two parties exchanging something of value 
2.	What is the effect of a company's accounting department maintaining high ethical standards?: The company's accounting information will increase in value. 
3.	Why might employees be interested in their company's financial account- ing information?: Financial statement data are often used in determining employ- ee bonuses. 
4.	Which group establishes fi...
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WGU D196 Pre- Assessment V1 (Latest 2024/ 2025 Update) Principles of Financial and Managerial Accounting-Questions and Verified Answers| 100% Correct| Grade A
- Exam (elaborations) • 20 pages • 2024
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WGU D196 Pre- Assessment V1 (Latest 2024/ 2025 Update) Principles of Financial and Managerial Accounting-Questions and Verified Answers| 100% Correct| Grade A 
 
Q: Which type of account are accounts payable and notes payable both examples of? 
 
Liability 
Expense 
Asset 
Equity 
 
 
Answer: 
Liability 
 
 
 
Q: What is the purpose of the financial accounting cycle? 
 
To turn information about transactions into financial statements 
To gather information related to the expenses and income gene...
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Solution Manual for Accounting Principles 14th Edition by Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell | Newest Version 2024.
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Solution Manual for Accounting Principles 14th Edition by Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell | Newest Version 2024. Bookkeeping usually involves only the recording of economic events and therefore is 
just one part of the entire accounting process. Accounting, on the other hand, involves the entire 
process of identifying, recording, and communicating economic events. 
LO1 BT: C Difficulty: Easy TOT: 2 min. AACSB: None AICPA FC: Reporting 
6. Benton Travel Agency should report t...
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Accounting 200 - Exam 1 Prep Questions with Verified Solutions
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Accounting 200 - Exam 1 Prep 
Questions with Verified Solutions 
 
1. What characteristic defines a sole proprietorship? 
 The owner assumes personal responsibility for the business's debts, even if they exceed the 
owner's invested capital. 
 
2. Identify the financing activities from the options below. (Choose all that apply.) 
 - Issued Stock 
 
- Issued a Notes Payable 
 
3. What system provides the necessary financial information for managing a company? 
 Accounting system 
 
4. What does...
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Accounting 101 Final Exam With 100% Correct Answers 2023
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What is accounting? - Correct answer-the action or process of keeping financial 
accounts 
revenues - Correct answer-inflows of assets resulting from the sale of goods and 
services 
expenses - Correct answer-outflow of assets resulting from the sale of goods and 
services 
internal user - Correct answer-managerial accounting 
external user - Correct answer-financial accounting 
who is responsible for GAAP - Correct answer-FASB 
accounting equation - Correct answer-assets = liabilities + owners ...
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Solution Manual for Accounting Principles 14th Edition by Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell
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Solution Manual for Accounting Principles 14th Edition by Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell. Explain the building blocks of accounting: ethics, principles, and 
assumptions. 
 3. State the accounting equation, and define its components. 
 4. Analyze the effects of business transactions on the accounting equation. 
 5. Describe the four financial statements and how they are prepared. 
*6. Explain the career opportunities in accounting. 
*Note: All asterisked Questions, Brief Exe...
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D196 WGU Questions and Answers(A+ Solution guide)
- Exam (elaborations) • 13 pages • 2024
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What is the effect of a company's accounting department maintaining high ethical standards? 
The company can hire fewer accountants to do the same amount of work. 
The company's accounting information will decrease in value. 
The company can report more favorable results in its financial statements. 
The company's accounting information will increase in value. - Answer-The company's accounting 
information will increase in value. 
Why might employees be interested in their company's financi...
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