Contra revenue - Study guides, Class notes & Summaries
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FIN 6710 Wall Street Prep1 Excel Crash Course : A+ Score Guide
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In 2017, $2 million in wages were earned and no cash wages were paid. 
In 2018, $8 million in wages were earned and $7 million in cash wages were 
paid. 
Cash wages were used to first pay wages earned in 2017 with the remainder 
used to pay wages earned in 2018. 
Any earned but unpaid wages will be paid during the first quarter of 2019. 
Using only the information provided, which of the following statements is most 
accurate? 
 Liabilities increased by $1.0 million in 2018 
 Liabilities increase...
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ACCY 200 Chapter 5 Questions and Answers Graded A+
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ACCY 200 Chapter 5 Questions and 
 
Answers Graded A+ 
 
1. What happens to the allowance for bad debts in relation to accounts receivable? 
It is subtracted from 
It is added to 
 
It is adjusted against 
It is accounted for by 
 Answer: It is subtracted from 
 
2. How is "Net accounts receivable" defined on the balance sheet? 
It's the balance of an asset account minus a liability account 
It's the balance of an asset account plus a revenue account 
It's the balance of an asset account le...
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ACCT EXAM 2 LSU || with 100% Errorless Answers.
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Which additional income statement items do merchandizing businesses use beyond the measures service businesses use? correct answers cost of goods sold and gross profit 
 
A physical count of inventory at the end of the accounting period is required under which inventory system(s)? correct answers Periodic system 
 
Some companies may prefer to use a periodic inventory system because they correct answers prefer not to keep detailed records of inventory on hand. 
 
an enterprise that buys and sell...
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MGT 8803 Accounts (Exam 1) Latest 2023 Rated A+
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MGT 8803 Accounts (Exam 1) Latest 2023 Rated A+ cash Current Asset (BS) 
Deferred Revenue Current Liability (BS) 
Treasury Stock Contra-Equity (BS) 
Cost of Goods Sold Expense (IS) 
Interest Expense Expense (IS) 
Sales Revenue (IS) 
Sales Discounts Contra-Revenue (IS) 
Sales Returns Contra-Revenue (IS) 
Discounts on Bonds Payable Contra - Liability (BS) 
Inventory Current Asset (BS) 
Wages Payable Current Liability (BS) 
Common Stock Equity (IS) 
Accumulated Depreciation Contra - Asset (BS) 
Tax...
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Survey of Accounting Exam 1 Stimulator Questions And Accurate Answers.
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Current Assets - Answer Used w/n a year. When used it becomes an expense. 
E.g. Cash, Accounts Recievable, Supplies, Inventory, Prepaid Insurance 
 
Fixed Assets - Answer More permanent. Each fixed asset (except for land) has an Accumulated Depreciation account which is a Contra-asset. Cash flow going into it, is an Investment. 
E.g. Equipment, land, building 
 
Current Liabilities - Answer Paid w/n a year 
E.g. Accounts payable, Wages payable, unearned revenue. 
 
Long-term Liabilities...
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MGT8803 Accounting Exam Questions with Correct Answers
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MGT8803 Accounting Exam Questions with Correct Answers 
 
Cash - Answer-Current Asset - Balance Sheet 
 
Deferred Revenue - Answer-Current Liability - Balance Sheet 
 
Treasury Stock - Answer-Contra Equity - Balance Sheet 
 
Cost of Goods Sold - Answer-Expense - IS 
 
Interest Expense - Answer-Expense - IS 
 
Sales - Answer-Revenue - IS 
 
Sales Discounts - Answer-Contra-Revenue - IS 
 
Sales Returns - Answer-Contra-Revenue - IS 
 
Discounts on Bonds Payable - Answer-Long Term Contra-Liability ...
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Bus 302L Financial Accounting Questions and Answer | Latest Update 2024/2025
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Comparing actual outcomes with budget outcomes, then following up, is an 
example of a 
 ~~> Controlling activities 
Which of the following is typically a starting point for the budget process? 
 ~~> a sales budget 
Tax accounting is generally most used by: 
 ~~> Internal revenue service (IRS) 
Management accountant place more emphases on which of the following 
 ~~> future activities 
Which of the following organization would be most likely to accept a process 
costing system? 
 ~...
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Wall Street Prep The Premium Package Review Accounting & Financial Statement Analysis Exam
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Question 1 Assume US GAAP to answer this question. In 2017, $2 million in wages were earned and no cash wages were paid. In 2018, $8 million in wages were earned and $7 million in cash wages were paid. Cash wages were used to first pay wages earned in 2017 with the remainder used to pay wages earned in 2018. Any earned but unpaid wages will be paid during the first quarter of 2019. Using only the information provided, which of the following statements is most accurate? • Liabilities increased ...
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Excel Crash Course Exam from Wall Street Prep - Wall Street Prep Questions And Answers Updated 2024
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Excel Crash Course Exam from Wall Street Prep - Wall Street Prep Questions And Answers Updated 2024 
 
Wall Street Prep The Premium Package 
Review: Accounting & Financial Statement Analysis Exam. 
 
 
 
Score: 95%, 38 correct out of 40 
 
Question 1 
 
Assume US GAAP to answer this question. 
 
In 2017, $2 million in wages were earned and no cash wages were paid. In 2018, $8 million in wages were earned and $7 million in cash wages were paid. Cash wages were used to first pay wages earned in 20...
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Wall Street Prep The Premium Package Review: Accounting & Financial Statement Analysis Exam Latest 2023/2024 Questions and Answers (Score: 95%, 38 correct out of 40).
- Exam (elaborations) • 29 pages • 2023
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Wall Street Prep The Premium Package Review: Accounting & Financial Statement Analysis Exam Latest 2023/2024 Questions and Answers (Score: 95%, 38 correct out of 40). 
Score: 95%, 38 correct out of 40 
Question 1 
Assume US GAAP to answer this question. 
In 2017, $2 million in wages were earned and no cash wages were paid. In 2018, $8 
million in wages were earned and $7 million in cash wages were paid. Cash wages 
were used to first pay wages earned in 2017 with the remainder used to pay wages ...
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