Accy 201 ole miss - Study guides, Class notes & Summaries

Accy 201 - Test 2 - Ole Miss - Burney Questions And Answers Graded A+ | Complete Solutions

Accy 201 Ole Miss Final Exam Verified Questions And Answers Already Graded A+

account - record of increases/decreases in specific account account balance - difference between total debits and credits including any beginning balance accounting - information and measurement system that identifies and records and communicates relevant reliable and comparable information about organizations business activities. Language of business. accounting cycle - steps in preparing financial statements Accounting Equation - Assets=Liabilities+Equity accrual basis accounting - uses...

Accounting Definition - An information and measurement system that identifies, records, and communicates relevant, reliable, and comparable information. Accounting Equation - Assets= Liability + Equity Accrued Expenses - Costs that are incurred in a period but are both unpaid and unrecorded Advantages of Bonds - 1- No loss of ownership control 2- Interest is tax deductible 3- Can increase return on equity Advantages of Corporations - 1- Separate legal entity 2- Limited liability of stock...

ACCY 201 - test 1 - Ole Miss - Burney

Accy 201 final ole miss

account - record of increases and decreases to a specific asset, liability, equity, revenue, or expense item accounts payable should always have what kind of balance? (debit/credit) - credit accrual basis of accounting - uses the revenue and expense recognition principles to match expenses with related revenues. *requires the use of the adjusting process* adjusted trial balance - trial balance prepared after adjustments are made adjusting process - adjustments to accounts are required at t...

account - a record of increases and decreases in a specific asset, liability, equity, revenue, or expense item. accounting - an information and measurement system that identifies, records, and communicates relevant, reliable, and comparable information about an organization's business activities. accrual basis accounting - type of accounting that uses the adjusting process to recognize revenues when earned and expenses when incurred (matched with revenues). accrued expenses - refers to co...

Accy 201 - Test 2 - Ole Miss - Burney

ACCY 201 - test 1 - Ole Miss - Burney Verified Questions And Answers Already Graded A+