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BMGT 220 Chapter 1 Exam 47 Questions with Verified Answers,100% CORRECT $12.99
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BMGT 220 Chapter 1 Exam 47 Questions with Verified Answers,100% CORRECT

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BMGT 220 Chapter 1 Exam 47 Questions with Verified Answers accounts payable - CORRECT ANSWER The liability created by a purchase on account. Accounts Receivable - CORRECT ANSWER A claim against the customer created by selling merchandise or services on credit. Accounting - CORRECT ANSWER i...

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  • 30 de enero de 2025
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BMGT 220 Chapter 1 Exam 47 Questions with Verified
Answers
accounts payable - CORRECT ANSWER The liability created by a purchase on
account.

Accounts Receivable - CORRECT ANSWER A claim against the customer created by
selling merchandise or services on credit.

Accounting - CORRECT ANSWER information system that provides reports to users
about the economic activities and condition of a business.

Accounting Equation - CORRECT ANSWER Assets = Liabilities + Equity

Assets - CORRECT ANSWER resources owned by a business

Balance Sheet - CORRECT ANSWER A list of the assets, liabilities, and owner's
equity as of a specific date, usually at the close of the last day of a month or a
year.

business - CORRECT ANSWER An organization in which basic resources (inputs),
such as materials and labor, are assembled and processed to provide goods or
services (outputs) to customers.

business transaction - CORRECT ANSWER An economic event or condition that
directly changes an entity's financial condition or directly affects its results of
operations.

CPA - CORRECT ANSWER certified public accountant

common stock - CORRECT ANSWER The stock outstanding when a corporation has
issued only one class of stock.

Cost Principle - CORRECT ANSWER A concept of accounting that determines the
amount initially entered into the accounting records for purchases.

, Dividends - CORRECT ANSWER A distribution of a corporation's earnings to
stockholders.

Earnings - CORRECT ANSWER The amount by which revenues exceed expenses.

Ethics - CORRECT ANSWER moral principles that govern a person's or group's
behavior

Expenses - CORRECT ANSWER The cost of assets consumed or services used in the
process of generating revenues.

fees earned - CORRECT ANSWER revenue from providing services

Financial Accounting - CORRECT ANSWER The branch of accounting that is
concerned with recording transactions using generally accepted accounting
principles (GAAP) for a business or other economic unit and with a periodic
preparation of various statements from such records.

Financial Accounting Standards Board (FASB) - CORRECT ANSWER The
authoritative body that has the primary responsibility for developing accounting
principles.

Financial Statements - CORRECT ANSWER Financial reports that summarize the
effects of events on a business.

general-purpose financial statements - CORRECT ANSWER A type of financial
accounting report that is distributed to external users. The term "general
purpose" refers to the wide range of decision-making needs that the reports are
designed to serve.

Generally Accepted Accounting Principles (GAAP) - CORRECT ANSWER Generally
accepted guidelines for the preparation of financial statements.

Income Statement - CORRECT ANSWER A summary of the revenue and expenses
for a specific period of time, such as a month or a year.

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