Bookkeeping Final Exam review UPDATED ACTUAL Exam Questions and CORRECT Answers
3 vistas 0 veces vendidas
Grado
Bookkeeping
Institución
Bookkeeping
Bookkeeping Final Exam review UPDATED
ACTUAL Exam Questions and CORRECT
Answers
Balance Statement - CORRECT ANSWER - (Records)
This shows what you own
Assets + Liabilities
Owner's Equity is the difference between these two
Bookkeeping Final Exam review UPDATED
ACTUAL Exam Questions and CORRECT
Answers
Balance Statement - CORRECT ANSWER - (Records)
This shows what you own
Assets + Liabilities
Owner's Equity is the difference between these two
Income Statement - CORRECT ANSWER - This shows the revenue (income) earned and
the operating cost incurred. Net Income is the difference between revenue & cost
Assets - CORRECT ANSWER - Things of value
Ex. cash, buildings, equipment, merchandise for sale
Increased with a debit and decreases with a credit
Liabilities - CORRECT ANSWER - Debts owing to others
Ex. Credit cards, bank loans, and mortgages
Increases with a credit & decreases with a debit
Owners Equity - CORRECT ANSWER - The value of assets that remains after all debts
have been paid off
Increases with a credit and decreases with a debit
Revenues - CORRECT ANSWER - Earnings from the sales of goods and services to
customers
A business can have more than one kind of revenue
Increases with a credit and decreases with a debit
, Expenses - CORRECT ANSWER - Cost of operating the business
Ex. Rent, Salaries, Electricity, Water, Advertising
Increases with a debit and decreases with a credit
Business Entity Concept - CORRECT ANSWER - All accounts must be kept separate
from personal expenses
Conservatism Principle - CORRECT ANSWER - Information must be fair and reasonable
Values must not be overstated or understated
The way an accountant can choose to report things with the business
Objectivity Principle - CORRECT ANSWER - Transactions must be based on objective
evidence
Each transaction must have a verifiable source document to prove when it happened, what it was
for, and how much (ex. receipts)
Time Period Principle - CORRECT ANSWER - Each transaction will relate to a specific
financial period (a specific month or a specific operating year)
Recognition Principle - CORRECT ANSWER - Revenue is recognized when it has been
earned, whether the money has been received or not
Los beneficios de comprar resúmenes en Stuvia estan en línea:
Garantiza la calidad de los comentarios
Compradores de Stuvia evaluaron más de 700.000 resúmenes. Así estas seguro que compras los mejores documentos!
Compra fácil y rápido
Puedes pagar rápidamente y en una vez con iDeal, tarjeta de crédito o con tu crédito de Stuvia. Sin tener que hacerte miembro.
Enfócate en lo más importante
Tus compañeros escriben los resúmenes. Por eso tienes la seguridad que tienes un resumen actual y confiable.
Así llegas a la conclusión rapidamente!
Preguntas frecuentes
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.
100% de satisfacción garantizada: ¿Cómo funciona?
Nuestra garantía de satisfacción le asegura que siempre encontrará un documento de estudio a tu medida. Tu rellenas un formulario y nuestro equipo de atención al cliente se encarga del resto.
Who am I buying this summary from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller MGRADES. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy this summary for $10.49. You're not tied to anything after your purchase.
