Mrts 1342 - Study guides, Class notes & Summaries

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MRTS 1342 Exam Questions with Answers All Correct
  • MRTS 1342 Exam Questions with Answers All Correct

  • Exam (elaborations) • 11 pages • 2024
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  • MRTS 1342 Exam Questions with Answers All Correct Earnings valuation approach - Answer-a business valuation approach which centers on estimating the projected future income of the business typically over a 5-10 year period. Earnings before interest, taxation, depreciation, and amortization (EBITDA) - Answer-a firm's profits after subtracting cost of goods sold and cash operating expenses, but before subtracting interest expense, taxes, depreciation, and amortization. Economic base - Answ...
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MRTS 1342 Test Questions and Answers
  • MRTS 1342 Test Questions and Answers

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  • MRTS 1342 Test Questions and Answers three methods commonly used to calculate depreciation - Answer-1. Straight line method 2. unit of production method 3. double declining balance Statement of Partners' Equity - Answer-financial statement that reveals each partners ownership percentage of the firms capital permanent (real) accounts - Answer-a= l+c liquidation - Answer-occurs when a business closes or terminated and sells its assets to pay creditors and liabilities and partners are ...
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MRTS 1342 Final Exam Questions and Answers
  • MRTS 1342 Final Exam Questions and Answers

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  • MRTS 1342 Final Exam Questions and Answers Which of the following is required on a General Price List: A. Establishment name B. Establishment address C. Establishment's telephone number D. Effective date of the GPL E. All of these - Answer-All of these A separate record of each employee's earning's earnings is called - Answer-Employee Earning Record Depreciation expense is based on estimates of useful lives and salvage value - Answer-True General Price List - Answer-The corners...
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MRTS 1342 Final Study Guide with Complete Solutions
  • MRTS 1342 Final Study Guide with Complete Solutions

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  • MRTS 1342 Final Study Guide with Complete Solutions What are temporary accounts? - Answer-Begin each cycle with a zero balance withdrawals, revenue, expenses Number the accounts as they are in the chart of accounts - Answer-assets - 100s liabilities - 200s owner equity 300s (capital 300s/withdrawals 350s) revenue - 400s expenses - 500s The type of endorsement that prevents the use of the instrument for anything except the stated use is - Answer-Restrictive On the worksheet in the...
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MRTS 1342 Final Test Questions and Answers All Correct
  • MRTS 1342 Final Test Questions and Answers All Correct

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  • MRTS 1342 Final Test Questions and Answers All Correct The Standard Chart of Accounts - Answer-Assets 100's Liabilities 200's Owner's Equity 300's Revenue 400's Expenses500's Accounting Cycle Steps - Answer-1. transactions 2. Journalize the transactions 3. Post to ledger accounts 4. Prepare a trial balance 5. Journalize and post adjusting entries 6. Prepare an adjusted trial balance 7. Prepare financial statements 8. Journalize and post closing entries 9. Prepare a post...
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MRTS 1342 SBM Glossary | Questions And Answers Latest {2024- 2025} A+ Graded | 100% Verified
  • MRTS 1342 SBM Glossary | Questions And Answers Latest {2024- 2025} A+ Graded | 100% Verified

  • Exam (elaborations) • 14 pages • 2024
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  • MRTS 1342 SBM Glossary | Questions And Answers Latest {} A+ Graded | 100% Verified
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MRTS 1342 Exam 1 Questions with Revised Answers
  • MRTS 1342 Exam 1 Questions with Revised Answers

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  • MRTS 1342 Exam 1 Questions with Revised Answers What is net profit? - Answer-When revenue equals more than expenses What is posting? - Answer-the process of transferring the information in the journal to the appropriate ledger accounts What is general journaling? - Answer-List of business transactions in chronological order What does the post closing balance sheet contain? - Answer-Columns for the account number, account description, debit balance, credit balance What is GAAP? -...
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MRTS 1342 Exam 2 Questions with Complete Solutions
  • MRTS 1342 Exam 2 Questions with Complete Solutions

  • Exam (elaborations) • 3 pages • 2024
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  • MRTS 1342 Exam 2 Questions with Complete Solutions What is needed for a promissory note? - Answer--total principal -rate of interest -total interest paid -length of time FOB Shipping and FOB Destination- - Answer--FOB Shipping- buyer pays/responsible -FOB destination- seller pays/responsible Partnership - Answer--The association of two or more persons who act as co-owners of a business corpration - Answer-Business organization that is both a legal and accounting entity Articles ...
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MRTS 1342 Questions & 100% Correct  Answers- Latest Test | Graded A+ | Passed
  • MRTS 1342 Questions & 100% Correct Answers- Latest Test | Graded A+ | Passed

  • Exam (elaborations) • 31 pages • 2024
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  • 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. -:- Accounts receivable -:- an unwrit...
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MRTS 1342 exam Prep | Questions And Answers Latest {2024- 2025} A+ Graded | 100% Verified
  • MRTS 1342 exam Prep | Questions And Answers Latest {2024- 2025} A+ Graded | 100% Verified

  • Exam (elaborations) • 8 pages • 2024
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  • MRTS 1342 exam Prep | Questions And Answers Latest {} A+ Graded | 100% Verified
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