Debit - Study guides, Class notes & Summaries

Intermediate Accounting 1 Midterm 1 ExamWhich of the following is not a user of financial reports? A. Government Agencies B. Customers C. Unions D. Creditors - correct answer B The information provided by financial reporting pertains to A. individual business enterprises, industries, and an economy as a whole, rather than to members of society as consumers. B. an economy as a whole and to members of society as consumers, rather than to individual enterprises or industries. C. ind...

Form SS-8 - Correct Answer-Determination of Worker Status for Purposes of Federal Employment Taxes and Income Tax Withholding Form W-9 - Correct Answer-First, it is used by third parties to collect identifying information to help file information returns with the IRS. The form is never actually sent to the IRS, but is maintained by the person who files the information return for verification purposes. The information on the Form W-9 and the payment made are reported on a Form 1099. The seco...

A licensee may accept compensation from: - ANSWER-The licensees employing broker only When a licensee uses a licensee buyout addendum you are putting the seller on notice that: - ANSWER-The buyer is a licensee, the buyer may make a profit and the seller may incur a loss. When must a listing broker disclose to a potential buyer the broker's working relationship with the seller? - ANSWER-In writing before receiving or eliciting confidential information Agent Mike is the broker owner of A...

Kentucky Life Insurance Exam Prep| Questions and Verified Answers| 100 % Correct| Grade A (Latest 2024/ 2025 Update) Q: Universal Life Insurance Flexible premium, adjustable death benefits, accumulates cash values: earlier models have front-end load, later models have back end load. Insurance costs are debited and guaranteed and excess interest are credited. Q: Universal Life Death Benefit Option A Answer: Level death benefit throughout life of policy (can be increased with pr...

1. A city levies property taxes in the amount of $4,000,000. Experience shows that about $100,000 of the amount levied will not be collected. Answer: Property taxes receivable 4,000,000 Allowance for refunds and uncollectible taxes 100,000 Revenues – property taxes 3,900,000 Practice Exercise © Cambridge Business Publishers 17 2. A city collects cash of $3,800,000 on the property tax levy. Answer: Cash 3,800,000 Property taxes receivable 3,800,000 Record Property Tax Entries ©...

AQA A-level ACCOUNTING 7127/1 Paper 1 Financial Accounting Version: 1.0 Final *jun* IB/G/Jun23/E14 7127/1 A-level ACCOUNTING Paper 1 Financial Accounting Friday 26 May 2023 Morning Time allowed: 3 hours Materials For this paper you must have: • a calculator. Instructions • Use black ink or black ball-point pen. • Fill in the boxes at the top of this page. • Answer all questions. • You must answer the questions in the spaces provided. Do not write outside the box...

Which key components make up the bookkeeping process? (2) - recording and classifying transactions is known as bookkeeping. Describe the roles filled by a accountant (3) - Accounting is a system of summarizing, interpreting, and communicating financial data. What are the primary functions associated with accounting ? (4) - Accounting is the next step in the process. Accounting is the system of summarizing, interpreting, and communicating financial data. Specify functions incorporated...

Chapter 02 : Review of the Accounting Process True / False Questions 1. Owners' equity can be expressed as assets minus liabilities. True False 2. Debits increase asset accounts and decrease liability accounts. True False 3. Balance sheet accounts are referred to as temporary accounts because their balances are always changing. True False 4. After an unadjusted trial balance is prepared, the next step in the accounting processing cycle is the preparation of financial ...

Hondros Principles & Practices: Final Exam Practice Questions and Answers which of the fiduciary duties owed by a real estate licensee to his or her client survives the termination of the agency relationship? (a) confidentiality (b) disclosure (c) loyalty (d) obedience - Answer️️ -(a) confidentiality James goes on vacation. When he comes back, he finds that his neighbor put up a fence three feet over his property line. The fence is a/an (a) appurtenance. (b) encroachment. (c) nui...

Asset Turnover Ratio - ANSWER-net sales/average total assets Profit Margin Ratio - ANSWER-net income/total sales Rate of return on assets - ANSWER-net income/average total assets Current ratio - ANSWER-current assets/current liabilities acid-test ratio - ANSWER-(cash + short-term investments + net receivables) / current liabilities rate of return on common stock equity - ANSWER-(net income - preferred dividends) / average common stockholders' equity payout ratio - ANSWER-cash ...