100% tevredenheidsgarantie Direct beschikbaar na je betaling Lees online óf als PDF Geen vaste maandelijkse kosten
logo-home
Eerder door jou gezocht
Eerder door jou gezocht
logo
Accounting 101 Final Exam Study Guide || All Correct. €11,03
In winkelwagen
Snel navigeren naar
Voorbeeld
  2.  
  3. Accounting 101
  4.  
  5. Accounting 101

Tentamen (uitwerkingen)

Accounting 101 Final Exam Study Guide || All Correct.
 0 keer verkocht
  • Vak
  • Accounting 101
  • Instelling
  • Accounting 101

What is accounting? correct answers the action or process of keeping financial accounts revenues correct answers inflows of assets resulting from the sale of goods and services expenses correct answers outflow of assets resulting from the sale of goods and services internal user correct an...

[Meer zien]

Voorbeeld 2 van de 9  pagina's

Document informatie

  • 9 augustus 2024
  • 9
  • 2024/2025
  • Tentamen (uitwerkingen)
  • Vragen en antwoorden

Onderwerpen

  • what is accounting

Geschreven voor

  • Accounting 101
  • Accounting 101

Verkoper

avatar-seller
FullyFocus

Ontvangen beoordelingen

Voorbeeld van de inhoud

Accounting 101 Final Exam Study Guide || All Correct.
What is accounting? correct answers the action or process of keeping financial accounts

revenues correct answers inflows of assets resulting from the sale of goods and services

expenses correct answers outflow of assets resulting from the sale of goods and services

internal user correct answers managerial accounting

external user correct answers financial accounting

who is responsible for GAAP correct answers FASB

accounting equation correct answers assets = liabilities + owners equity

international accounting standards board (IFRS) is responsible for correct answers developing a
single set of worldwide accounting standards

These standards will help companies to reduce accounting costs, make it easier to acquire foreign
companies, and facilitate comparisons between foreign companies correct answers (IFRS)
international accounting standards board

primary objective of financial reporting correct answers provide economic information to permit
users of the information to make informed decisions

what makes information relevant correct answers it must be able to make a difference in a
decision

assets are recorded at historical/original cost because correct answers it is objective and
verifiable

financial information should be understandable to whom correct answers those willing to spend
the necessary time to understand it

balance sheet correct answers lists assets, liabilities, and owner's equity

income statement correct answers revenues minus expenses equal net income

net income correct answers revenues - expenses

order of statement preparation correct answers income statement, statement of retained earnings,
balance sheet and statement of cash flows

account and types of accounts correct answers a record or statement of financial expenditure or
receipts relating to a particular period or purpose

, real, personal, and nominal

how transactions affect the accounting equation correct answers the balance is maintained
because every business transaction affects at least two of a company's accounts such as:
when a company borrows money from a bank

the company's assets will increase and its liabilities will increase by the same amount

left side correct answers debit

right side correct answers credit

initial recording of transaction is made in a journal/general journal is correct answers journal
entry, journalizing this entry is then posted to ledger/general ledger

purpose of trial balance correct answers lists all accounts with their balances, assets first, then
liabilities and stockholders equity. shows whether total debits equal total credits

accounts receivable correct answers money owed to a business by its clients ( customers or
debtors) and shown on its balance sheet as an asset

accounts payable correct answers money owed by a business to its suppliers shown as a liability
on a company's balance sheet

ending balance correct answers the starting balance is equal to the ending balance

when is revenue recognized with respect to accrual accounting correct answers when earned

when is revenue recognized with respect to cash basis accounting correct answers when cash is
received

when are the adjusting entries required correct answers end of the period

supplies correct answers debit- supplies expense

credit- supplies revenue

to record supplies for the month

unearned revenues/ advance payments correct answers debit- advance payments

receivables- unearned service revenue

credit- advance payment revenues (service revenue)

Dit zijn jouw voordelen als je samenvattingen koopt bij Stuvia:

Bewezen kwaliteit door reviews

Bewezen kwaliteit door reviews

Studenten hebben al meer dan 850.000 samenvattingen beoordeeld. Zo weet jij zeker dat je de beste keuze maakt!

In een paar klikken geregeld

In een paar klikken geregeld

Geen gedoe — betaal gewoon eenmalig met iDeal, creditcard of je Stuvia-tegoed en je bent klaar. Geen abonnement nodig.

Direct to-the-point

Direct to-the-point

Studenten maken samenvattingen voor studenten. Dat betekent: actuele inhoud waar jij écht wat aan hebt. Geen overbodige details!

Veelgestelde vragen

Wat krijg ik als ik dit document koop?

Je krijgt een PDF, die direct beschikbaar is na je aankoop. Het gekochte document is altijd, overal en oneindig toegankelijk via je profiel.

Tevredenheidsgarantie: hoe werkt dat?

Onze tevredenheidsgarantie zorgt ervoor dat je altijd een studiedocument vindt dat goed bij je past. Je vult een formulier in en onze klantenservice regelt de rest.

Van wie koop ik deze samenvatting?

Stuvia is een marktplaats, je koop dit document dus niet van ons, maar van verkoper FullyFocus. Stuvia faciliteert de betaling aan de verkoper.

Zit ik meteen vast aan een abonnement?

Nee, je koopt alleen deze samenvatting voor €11,03. Je zit daarna nergens aan vast.

Is Stuvia te vertrouwen?

4,6 sterren op Google & Trustpilot (+1000 reviews)

Afgelopen 30 dagen zijn er 69411 samenvattingen verkocht

Opgericht in 2010, al 15 jaar dé plek om samenvattingen te kopen

Begin nu gratis
€11,03
  • (0)
In winkelwagen
Toegevoegd