Praxis 5101 exam 2023 - Study guides, Class notes & Summaries

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PRAXIS 5101 Exam 2023
  • PRAXIS 5101 Exam 2023

  • Exam (elaborations) • 13 pages • 2023
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  • PRAXIS 5101 Exam 2023 Assets - ANS-Something valuable that an entity owns, benefits from, or has use of, in generating income. Different types of assets - ANS-Fixed, variable, intangible, tangible examples of fixed assets - ANS-Tangible assets used to generate profit and will not be turned into cash within the year: "plant," land, computer equipment, furniture, cars, buildings, and equipment used to make products What are variable assets - ANS-May be transformed to cash sooner; inve...
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Praxis 2 Business Education Content  Knowledge 5101- Accounting Exam 2023
  • Praxis 2 Business Education Content Knowledge 5101- Accounting Exam 2023

  • Exam (elaborations) • 10 pages • 2023
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  • Praxis 2 Business Education Content Knowledge 5101- Accounting Exam 2023 Fundamental Accounting Equation - ANS-States that all assets= liabilities + owners' equity. It is used in double entry accounting and shown in the balance sheet, in which all assets can be added up as the equivalent of the liabilities and shareholders equality. Accounting Cycle - ANS-Describes the steps taken in the accounting process. A sixstep procedure that results in the preparation and analysis of the major ...
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