Accrual concept - Study guides, Class notes & Summaries
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![ACA [ICAEW] – ACCOUNTING EXAM QUESTIONS AND ANSWERS](/docpics/4816831/65fe6c65325d0_4816831_121_171.jpeg)
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ACA [ICAEW] – ACCOUNTING EXAM QUESTIONS AND ANSWERS
- Exam (elaborations) • 8 pages • 2024
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ACA [ICAEW] – ACCOUNTING EXAM 
QUESTIONS AND ANSWERS 
Books of Original Entry - Answer- 1. Cash Book 
2. Sales Day Book (Credit Sales) 
3. Purchases Day Book (Credit Purchases) 
4. Petty Cash Book 
5. Journal Book 
6. The Payroll 
Statement of Financial Position - Answer- SOFP 
- Snapshot of assets controlled, liabilities owned and capital at a point in time 
Statement of Profit and Loss - Answer- Income and expenses over a period of time 
The Business entity concept - Answer- Business transac...
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WGU C214 - Financial Management Exam Study Guide 2024
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Trading on the NYSE is executed without a specialist (i.e. a market maker). - False Accruals - are expenses a firm owes but hasn't paid yet. (Like wages - the employee has worked, but his check hasn't been cut yet.) 
Which of the following best describes the guiding principle for revenue recognition within accrual accounting system: - Revenue is reported when the earnings process is complete A high-quality customer just purchased $500,000 worth of product from your company. The contract ca...
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ACC 2213 MGCCC Exam 2 Study Guide Paul Johnson with Complete Solutions
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ACC 2213 MGCCC Exam 2 Study 
Guide Paul Johnson with Complete 
Solutions 
Distinguish between adjusting and correcting entries - ANSWER-Adjusting entries 
are a planned part of the accounting process to update the accounts. Correcting entries 
are not planned but arise only when necessary to correct errors. 
Identify the types of accounts affecting deferrals and accruals, including their 
classification and normal balances. - ANSWER-Prepaid Expenses, Unearned 
Revenues, Accrued Revenues, Accrued...
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Acct1006 Exam Questions With Correct Answers.
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©BRAINBARTER EXAM SOLUTIONS 2024/2025 
ALL RIGHTS RESERVED. 
1 | P a g e 
Acct1006 Exam Questions With Correct 
Answers. 
What is the primary function of accounting? - answerTo provide useful financial information 
for decision making 
Identifying: consider transactions which affect the entity 
Measuring: Quantify in monetary terms 
recording: summarising transactions 
communicating: preparing the accounting reports 
The conceptual framework - answerDescribes the objective and purpose of genera...
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HBX CORe Financial Accounting Exam Questions With Correct Answers 100% Verified.
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TheStar
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©THESTAR 2024/2025 ALL RIGHTS RESERVED 11:32AM. A+ 
1 
HBX CORe Financial Accounting Exam 
Questions With Correct Answers 100% 
Verified. 
Accounting Equation - AnswerAssets = Liabilities + Owner's Equity 
-must always balance 
Accrual Accounting Method - Answertransactions are recorded in the period to which they 
relate, regardless of when cash is exchanged 
Conservatism - AnswerRecord expenses or losses when they are probable, but only record 
gains or revenue when they are realized 
Rele...
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Financial Accounting Terms Exam Questions with Complete Solutions
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lectknancy
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Accounting Equation - Answer-Assets=Liabilities+ Owners' Equity 
Equality of Assets= Claims of Creditors+ Claims of Owners 
 
Reason why we call it a "Balance" Sheet. 
Always equal because they represent two views of the same business. 
Everything a business owns has been supplied to it either by the creditors or the owners 
 
Accrual - Answer-Example-Interest Expense, Wages (or Salaries) Expense, Uncollected Revenue. 
 
To grow or accumulate overtime. 
 
Accrual Accounting - Answer-Calls for...
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WGU C428 Financial Resource Management in Healthcare Questions and Answers Already Graded A
- Exam (elaborations) • 12 pages • 2023
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WGU C428 Financial Resource Management in Healthcare Questions and Answers Already Graded A Finance within a healthcare organization can be condensed into the "four Cs": Costs Cash Capital Control 
The finance department manager who handles capital acquisition, investment management, and risk management activities Treasurer 
The finance department manager who handles accounting, budgeting, and reporting activities. Comptroller 
The head of the finance department holds the title of chief financ...
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ACTG Practice Exam | 100% Correct Answers | Verified | Latest 2024 Version
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A company uses the Allowance method of accounting for Bad Debts. This means that in the period when 
an Account Receivable actually becomes uncollectible, the company will reduce Accounts Receivable 
and: - Decrease the Allowance for Doubtful Accounts account (This is a "write-off". The journal entry 
is a debit to Allowance for Doubtful Accounts and credit to Accounts Receivable.) 
The concept of "accrual" accounting - Recognizes revenues when they are earned, and expenses 
when they are in...
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WGU C213 Final Accounting Exam Questions And Correct Answers
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EWLindy
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WGU C213 Final Accounting Exam 
Questions And Correct Answers 
1. Which of the following activities would internal auditors NOT typically 
perform in a large company?: Detect fraud 
Evaluate internal controls 
*Prepare the primary financial statements 
Assist with increasing the efficiency of operation 
2. Correct Answer: $3,800 
Beginning cash balance: 
x + $309,800 - $118,000 - $190,000 = $5,600 
x = $3,800: The following financial information is available for the year 2012: 
Operating activit...
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ACC 2213 MGCCC Exam 2 Study Guide Paul Johnson Questions and Answers 100% Solved correctly
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ACADEMICMATERIALS
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Temporary and Real Accounts - ️️Temporary accounts are company accounts 
whose balances are not carried over from one accounting period to another, but are 
closed, or transferred, to permanent accounts at the end of an accounting period. 
Identify the types of accounts affecting deferrals and accruals, including their 
classification and normal balances. - ️️Prepaid Expenses, Unearned Revenues, 
Accrued Revenues, Accrued Expenses 
Identify the accounting method required by GAAP - ️️...
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