ACCY EXAM PACKAGE DEAL WITH COMPLETE SOLUTIONS GRADED A+

4 accounting assumptions - going-concern assumption, monetary unit assumption, time period assumption, business entity assumption 4 basic cost flow assumptions - specific identification, first-in first-out (FIFO), last-in first-out (LIFO), weighted average 4 general accounting principles - measu...

Accounting Definition - An information and measurement system that identifies, records, and communicates relevant, reliable, and comparable information. Accounting Equation - Assets= Liability + Equity Accrued Expenses - Costs that are incurred in a period but are both unpaid and unrecorded Adva...

bank reconciliation - a report explaining any differences between the checking account balance according to the depositor's records and the balance reported on the bank statement. cash - currency and coins along with the amounts on deposit in bank accounts, checking accounts, and many savings ac...

Accounting - An information system that provides reports to users about the economic activities & condition of a business Accounts payable - What account is credited in a normal accrual expense journal entry? Accounts Receivable - Type of journal account where revenue is earned although no cash h...

Assets - resources owned by a business Calculate gross margin when given net sales, cost of goods sold and net income. Example: A company has sales of $718,800 and cost of goods sold of $287,800. Its gross profit equals: - Gross profit/margin = sales - Cost of goods sold Example answer: $431,000 ...

account - record of increases/decreases in specific account account balance - difference between total debits and credits including any beginning balance accounting - information and measurement system that identifies and records and communicates relevant reliable and comparable information about...

Accounting - An information system that provides reports to users about the economic activities and condition of a business. Accounts Payable - liability created by a purchase on account - reduces the amount owed on a liability Accounts Receivable - claim against the customer in which you had pr...

% of receivables method - A/R x %= Target (of Allow T-chart) % of sales method - Sales x %= Bad debt expense 3 types of current liabilities - 1. accounts payable 2. current portion of long term debt 3. short term notes payable accounting - information system that provides reports to users about...

How are bonds payable reported on the balance sheet? - How are business transactions recorded in the accounting cycle? - first in the journal, then transferred to the ledger How do we determine what items to count in inventory? - determining cost of inventory requires cost of expenditures necess...

account - record of increases and decreases to a specific asset, liability, equity, revenue, or expense item accounts payable should always have what kind of balance? (debit/credit) - credit accrual basis of accounting - uses the revenue and expense recognition principles to match expenses with ...

account - a record of increases and decreases in a specific asset, liability, equity, revenue, or expense item. accounting - an information and measurement system that identifies, records, and communicates relevant, reliable, and comparable information about an organization's business activities...

account - a summary of the effects of all the transactions related to a particular item over a period of time accounting - a system of maintaining records of a company's operations and communicating that information to decision makers accounting cycle - full set of procedures used to accomplish...