Exam (elaborations)
MRTS 1342 Exam 1 | Questions And Answers Latest {} A+ Graded | 100% Verified
- Course
- Institution
MRTS 1342 Exam 1 | Questions And Answers Latest {} A+ Graded | 100% Verified
[Show more]
Seller
Follow
oneclass
Reviews received
Content preview
MRTS 1342 Exam 1 | Questions And Answers Latest {2024- 2025} A+ Graded | 100%Verified
Define Asset - Property of monetary value owned by a buisness
What are the steps of the accounting process? - Analyze, record, classifies, summarize, reports,
interprets
Credit on expense account will ____________ it - Decrease
What is the equation for balance sheet - Assets = liability + capital - withdrawal
Chart of Accounts - A numbering system of accounts that lists the account titles and account numbers to
be used by a company.
Accounts payable will be shown on ______________ - Balance Sheet
Expanded Accounting Equation - Assets = Liabilities + Capital - Withdrawals + Revenue - Expenses
What is the first step in transactional analysis? - Identify which account it's applied to
Money supplied by the owner of business is an _______________ - Investment
Always expect the closing balance to be ______________ - Positive
Where do balances on trial balance come from? - Individual ledger
T/F: Profit and Loss statement can be prepared at any time - T
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller oneclass. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for R242,86. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79789 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now