Classified balance sheet - Study guides, Class notes & Summaries
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MGMT 200 || QUESTIONS WITH VERIFIED SOLUTIONS
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To record a long-term asset, you must _____ the general ledger account correct answers Debit 
 
The proper accounting treatment of research and 
development costs to develop a patent is to correct answers expense the cost as incurred 
 
A tractor held by a farm equipment company for 
sale to farmers is classified as a long-term asset. correct answers False 
 
Which of the following would not be considered a 
long-term asset? 
A. the cost of a new piece of 
equipment 
B. a new addition to a build...
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WGU C213 Accounting for Decision Makers Final Exam Questions and Verified Answers 2025
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Which of the following is NOT true of the Financial Accounting 
Standards Board (FASB)? - It is a government agency 
THEY DO: 
It consists of seven full-time members 
It seeks consistency for its proposed standards 
It has no legal power to enforce the standards it sets 
Generally accepted accounting principles are - Developed by accounting 
rule makers 
The initials GAAP stand for - Generally Accepted Accounting Principles 
The current standard-setting board for accounting in the private sector...
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ACG 4101 - Chapter 7 Questions with complete solution
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ACG 4101 - Chapter 7 Questions with complete solution 
 
To be classified as cash equivalents, investments must have a maturity date no longer than ______ months from the date of __________________. - correct answer 3 ; purchase 
 
In what financial statement are cash and cash equivalents reported on? - correct answer balance sheet 
 
What are the four characteristics of internal control? - correct answer 1. encourage adherence to company policies/procedures 
2. promote operational effici...
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ETS Business Exam Study Guide Correctly Answered Questions| UpToDate | Already Graded A+
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Accounting: What costs should be considered when making non-routine decisions? (3) 
: The price of material, Factory overhead costs, and the price of labor 
Accounting: Total product/ units produced and sold equals?? 
: Product Cost per Unit 
Accounting: What is a general explanation of what the contribution margin is? 
: The difference between variable costs subtracted from sales 
Accounting: In a continuous budget plan how many months are generally planned? 
: 12 months 
Accounting: Which of t...
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WGU C213 Accounting for Decision Makers Questions and Verified Answers
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Accounting steps. - 1. Prepare 2. Analyze 3. Gather 4. Make decisions 5. 
Implement 6. Observe. 
Managerial info is inside or outside the business? - Inside, Internal 
True or false, managerial accounting uses BOTH managerial and 
financial accounting? - True. Financial accounting is only outside. 
Managerial accounting can be inside AND outside. 
Financial is inside or outside the business? - Outside, External, includes 
lenders and investors 
The financial statement includes what 3 documents -...
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WGU C213 OA Accounting for Decision Makers Exam Questions and Verified Answers
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Which of the following is NOT true of the Financial Accounting 
Standards Board (FASB)? - It is a government agency 
THEY DO: 
It consists of seven full-time members 
It seeks consistency for its proposed standards 
It has no legal power to enforce the standards it sets 
Generally accepted accounting principles are - Developed by accounting 
rule makers 
The initials GAAP stand for - Generally Accepted Accounting Principles 
The current standard-setting board for accounting in the private sector...
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BUSINESS MAJOR FIELD TEST QUESTIONS AND ANSWERS GRADED A;(FULL TEST BANK)
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BUSINESS MAJOR FIELD TEST QUESTIONS AND ANSWERS GRADED A;(FULL TEST BANK) 
 
 
Accounting: What costs should be considered when making non-routine decisions? (3) 
The price of material, Factory overhead costs, and the price of labor 
Accounting: Total product/ units produced and sold equals?? 
Product Cost per Unit 
Accounting: What is a general explanation of what the contribution margin is? 
The difference between variable costs subtracted from sales 
Accounting: In a continuous budget plan ho...
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ACCT 101 FINAL EXAM Questions and Answers Latest Updated 2024/2025 | Graded.
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ACCT 101 FINAL EXAM Questions and Answers Latest Updated 2024/2025 | Graded. The comparison of a company's financial condition and performance to a base amount is 
known as: 
A. Financial reporting 
B. Vertical analysis 
C. Horizontal ratios 
D. Investment analysis 
3. The three most common tools of financial analysis are: 
A. Ratio analysis, horizontal analysis, financial reporting 
B. Horizontal analysis, vertical analysis, ratio analysis 
C. Trend analysis, financial reporting, ratio analysi...
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Accy 201 final ole miss Questions And Answers Rated A+
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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...
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ACG 4101 Ch. 3 Question and answers verified to pass
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ACG 4101 Ch. 3 Question and answers verified to pass 
 
Describe the purpose of the balance sheet. - correct answer The purpose of the balance sheet, also known as the statement of financial position, is to present the financial position of the company on a particular date. Unlike the income statement, which is a change statement that reports events occurring during a period of time, the balance sheet is a statement that presents an organized array of assets, liabilities, and shareholders' ...
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