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Accounting Final Exam Reviewed questions with actual answers.
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Accounting Final Exam Reviewed questions with actual answers.
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Accounting Final Exam Reviewedquestions with actual answers.
accounting ANS - planning,recording,analyzing, and interpreting financial information.
accounting equation ANS - an equation showing the relationship among assets, liabilities, and owner's
equity.
accounts payable ledger ANS - a subsidiary ledger containing only account for vendors from whom
merchandise or other items are purchase on account
accumulated depreciation ANS - the total amount of depreciation expense that has been recorded
since the purchase of a plant asset.
Adjusting entries ANS - journal entries recorded to update general ledger accounts at the end of a fiscal
period
asset ANS - anything of value that is owned.
Balance Sheet ANS - a financial statement that reports assets, liabilities, and owner's equity on a
specific date.
Bank Statement ANS - A report of deposits, withdrawals, and bank balances sent to a depositor by bank
board of directors ANS - a group of persons elected by the stockholders to manage a corporation
business ethics ANS - the use of ethics in making business decisions.
Capital stock ANS - total shares of ownership in a corporation.
, cash payments journal- ANS - a special journal used to record only cash (check) payment transactions
chart of accounts ANS - a list of accounts used by businesses
Check ANS - A business form ordering a bank to pay cash from a bank account
Corporation ANS - an organization with the legal rightsof a person and which many persons may own
Credit ANS - An amount recorded on the right side
Credit Card Sale ANS - A sale in which a credit card used for the total amount of the sale at the time of
the transaction.
Current Liabilities ANS - Liabilities due within a short time, usually within a year
Currents Assets ANS - cash and other assets expected to be exchanged for cash or consumed within a
year
Customer ANS - A person/business to whom merchandise/services are sold.
Debit ANS - An amount recorded on the left side
declaring a dividend ANS - action by a board of directors to distribute corporate earnings to
stockholders
depreciation expense ANS - the portion of a plant asset's cost that is transferred to an expense
accounts in each fiscal period during a plant assets useful life.
dividends ANS - earnings distributed to stockholders
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