Accrual based accounting - Study guides, Class notes & Summaries
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The Payroll Source CPP Practice Exam 100 Questions with Verified Answers,100% CORRECT
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The Payroll Source CPP Practice Exam 100 Questions with Verified Answers 
 
Which of the following is LEAST likely to be considered when looking at the security of a new payroll system? 
A. regular data back-up and storage 
B. protection against computer viruses 
C. limited system access 
D. system edits - CORRECT ANSWER D. system edits 
 
Company deadlines for payroll data input documents are essential for: 
A. timely processing of the payroll 
B. accurate entry of data 
C. guaranteeing that al...
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CSU ACT 205 Exam 3 Questions and Correct Answers
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CSU ACT 205 Exam 3 Questions and Correct Answers 
Primary Users of Reports: Managerial Accounting - ANSWER Internal Users: Officers and Managers 
 
Types and Frequency of Reports: Managerial Accounting - ANSWER Internal Reports as frequent as needed 
 
Purpose of Reports: Managerial Accounting - ANSWER Special-purpose for specific decisions 
 
Content of Reports: Managerial Accounting - ANSWER Pertains to subunits of the business. Very detailed. Extends beyond accrual...
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WGU C214 Study Guide With Correct Questions & Answers 2023-2024 Update(SCORED A)
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Trading on the NYSE is executed without a specialist (i.e. a market maker). (T/F) - ANSWERSF 
 
Stocks and bonds are two types of financial instruments (T/F) - ANSWERSTrue 
 
The matching principle in accrual accounting requires that: 
a. Revenues be recognized when the earnings process is complete and matches expenses to revenues recognized. 
b. Expenses are matched to the year in which they are incurred 
c. Revenues are matched to the year in which they are booked 
d. Revenues should be large...
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WGU C213 FINAL EXAM(QUESTIONS AND ANSWERS) 2023/2024
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WGU C213 FINAL EXAM(QUESTIONS 
AND ANSWERS) 2023/2024 
Order of assets listed on the balance sheet - CORRECT ANSWER-Assets are listed in 
the order of liquidity. Liquidity is the amount of time it would usually take to covert an 
asset into cash. Obviously, cash would be listed first, followed by marketable 
investments (a company can quickly convert a short-term investment into cash). 
Accounts receivable would be listed next followed by inventory, and long-term 
investments, fixed assets...
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ACCY 200 Exam 1 UIUC; Questions & Answers 100% Verified
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ACCY 200 Exam 1 UIUC; Questions & Answers 
100% Verified 
The balance sheet equation can be represented by: Correct answer-Assets - Liabilities = 
Stockholders' Equity. 
Assets = Liabilities + Stockholders' Equity. 
Net Assets = Stockholders' Equity. 
This accounting method accomplishes much of the matching of revenues and expenses? 
 Correct answer-Accrual accounting 
A fiscal year: Correct answer-is frequently selected based on the firm's operating cycle 
Expenses are: Correct answer-d...
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MRTS 1342 EXAM QUESTIONS AND ANSWERS 100% PASS
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MRTS 1342 EXAM QUESTIONS AND 
ANSWERS 100% PASS 
Accounting - A language of business employed to communicate financial 
information based upon analyzing recording, classification, summarization, reporting, 
and interpretation of financial data. 
Accounting equation - Assets equal Liabilities plus Owner's Equity 
Accounts Payable - an unwritten promise to pay creditors for property, such as 
merchandise, 
10 supplies, or equipment, purchased on credit, or for services received on credit. - 
A...
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A311 Midterm Exam 1 Questions With Already Passed Answers.
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Accrual not Cash basis better - Answer Indicates present and continuing ability to generate favorable cash flows 
 
First step in establishing Financial Accounting Standards - Answer Topic is identified and placed on boards agenda 
 
APB Opinions are - Answer GAAP documents 
 
Statements of Financial Accounting Concepts are - Answer Not considered GAAP Documents 
 
IFRS is more ____ in its approach to standards than GAAP - Answer Principles based (instead of rules based) 
 
Effect...
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AACE CCT Primer exam with complete solutions
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The sum of the practices and processes that an enterprise uses to manage the total life cycle cost investment in its portfolio of strategic assets is called _________ 
Total Cost Management 
 
 
 
______ is the application of scientific principles and techniques to problems of : 
- estimation 
- cost control 
- business planning & management science 
- profitability analysis 
- project management 
- planning & scheduling 
Cost Engineering 
 
 
 
_______ Is the value of an activity or asset. Gene...
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ACCY 200 Exam 1 UIUC Questions and Answers 100% Pass
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ACCY 200 Exam 1 UIUC Questions and 
 
Answers 100% Pass 
 
What is the fundamental equation of the balance sheet? 
 Assets equal liabilities plus stockholders' equity, representing the core equation that defines 
a company's financial position. 
 
Which accounting approach facilitates matching revenues and expenses? 
 Accrual accounting accomplishes much of the alignment between revenues earned and 
expenses incurred during a specific period. 
 
How is a fiscal year typically determined? 
 A f...
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WGU MBA Financial Management C214 Review Questions and Answers
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Accrual Accounting Accounting system based on recording accounts based on historical prices and the matching principle 
 
Matching Principle Accrual accounting principle to match revenues and expenses in the same period 
 
Historical cost principle Accrual accounting principle to recorded assets, liabilities, and equity at historical levels. When an asset is purchased or liability incurred, it is recorded at cost. 
 
Accumulated depreciation The total amount of depreciation claimed against the f...
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