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MRTS 1342 Final Study Guide | Questions And Answers Latest {} A+ Graded | 100% Verified
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MRTS 1342 Final Study Guide | Questions And Answers Latest {2024- 2025} A+ Graded |100% Verified
What does GAAP stand for? - Generally Accepted Accounting Principles
What is the formula for statement of owner equity? - capital - withdrawals + revenue = equity
The right side of the revenue account is - Credit
What is the balance sheet formula? - assets = liabilities + capital - withdrawals
On the T-Chart, debits are on the - Left
What is the expanded accounting equation? - Assets=liabilities+capital-withdrawals+revenue-expenses
What is a sole proprietorship? - refers to a person who owns the business and is personally responsible
for its debts
What is a partnership? - A legal form of business operation between two or more individuals who share
management and profits
What is the basic accounting equation? - assets = liabilities + owner equity
Which accounts increase on the debits side? - Assets, Withdrawals, expenses (AWE)
Which accounts decrease on the debits side? - liabilities, capital, revenue
Place the accounting cycle in order - transaction
journal
, ledger
trial balance
worksheet
financial statements
adjustments
closing
post-closing
What is the formula for depreciation? - cost of equipment - residual value/estimated years
Where is residual value found? - Tax code
What are permanent accounts? - carry a balance to next accounting cycle
assets, liabilities, capital
What are temporary accounts? - Begin each cycle with a zero balance
withdrawals, revenue, expenses
Number the accounts as they are in the chart of accounts - assets - 100s
liabilities - 200s
owner equity 300s
(capital 300s/withdrawals 350s)
revenue - 400s
expenses - 500s
Place the steps of transaction analysis in order - transaction
which ledger account
what account type
balance
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