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MRTS 1342 exam Prep | Questions And Answers Latest {} A+ Graded | 100% Verified
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MRTS 1342 exam Prep | Questions And Answers Latest {2024- 2025} A+ Graded | 100%Verified
Net Pay - what you take home after taxes
Steps in the Accounting Cycle - Analyze, Record, classifies, summarizes, reports, interprets
common special journals - 1. sales journal
2. cash receipts journal
3. purchase journal
4. cash disbursement journal
GAAP - Generally Accepted Accounting Principles
Gross Profit Formula - net sales - cost of goods sold
Sole Proprietorship - A business owned by one person
Net Sales Formula - Gross sales - sales Discount- SRA
limited partners - investors who invest in venture capital funds
2/10, n/30 - 2% discount if paid within 10 days, otherwise net amount due within 30 days
silent partner - An individual who takes no active part in the management of a partnership, but has
capital invested in the business.
accounting - The process of planning, recording, analyzing, and interpreting financial information.
, n/10 EOM - no discount; full amount is due within 10 days after the end of the month
Accounts Receivable - Amounts to be received in the future due to the sale of goods or services
bookkeeping - the recording of business transactions
Accounts Payable - Amounts to be paid in the future for goods or services already acquired
accountant - A person who plans, summarizes, analyzes, and interprets accounting information.
accounts Receivable is an - asset account
bookkeeper - someone who records the transactions of a business
accounts payable Is an - a liability account
what are the three financial statements - balance sheet, statements of owners equity, income statement
Net Purchases Formula - gross purchases- PRA- purchase discounts
formula for balance sheet - Assets = Liabilities + Owner's Equity
formula for statement of owners equity - C-W+R=E
what does the purchase journal record - records all purchases by the company paid on account
what does the cash payment journal record - records when the company pays cash
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