Mrts 1342 - Study guides, Class notes & Summaries

What does GAAP stand for? -:- Generally Accepted Accounting Principles What is the formula for statement of owner equity? -:- capital - withdrawals + revenue = equity The right side of the revenue account is -:- Credit What is the balance sheet formula? -:- assets = liabilities + capital - withdrawals On the T-Chart, debits are on the -:- Left What is the expanded accounting equation? 2 0 2 4 / 2 0 2 5 | © copyright | This work may not be copied for profit gain | Excel! 2 | P a...

MRTS 1342 Exam Study Guide with Complete Solutions Accounting - Answer️️ -A language of business employed to communicate financial information based upon analyzing recording, classification, summarization, reporting, and interpretation of financial data. Accounting equation - Answer️️ -Assets equal Liabilities plus Owner's Equity Accounts Payable - Answer️️ -an unwritten promise to pay creditors for property, such as merchandise, 10 supplies, or equipment, purchased on credi...

mrts 1342 Exam Study Guide with Complete Solutions Net Pay - Answer️️ -what you take home after taxes Steps in the Accounting Cycle - Answer️️ -Analyze, Record, classifies, summarizes, reports, interprets common special journals - Answer️️ -1. sales journal 2. cash receipts journal 3. purchase journal 4. cash disbursement journal GAAP - Answer️️ -Generally Accepted Accounting Principles Gross Profit Formula - Answer️️ -net sales - cost of goods sold Sole Proprietor...

MRTS 1342 Final Exam Study Guide with Complete Solutions Balance owed on limo - Answer️️ -Liability Dodge chemical bill for new embalming machine - Answer️️ -Liability Owner's share of Profits - Answer️️ -Owner's Equity Wage Expense - Answer️️ -Owner's Equity Caskets in a selection room - Answer️️ -Asset Cash in the bank - Answer️️ -Asset Personal investments in the business - Answer️️ -Owner's Equity Paying a telephone bill - Answer️️ -Owner's Equit...

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MRTS 1342 Exam 2 Study Guide with Complete Solutions What are endorsements - Answer️️ --where you sign the check (blank, special, qualified, restrictive) define payee - Answer️️ -one to whom the check is payable, a person or company who will receive payment on a promissory note, check, draft or money order Define outstanding check - Answer️️ -check not yet presented to the bank for payment or deducted from the bank balance Deposit in transit - Answer️️ --deposits not yet ...

MRTS 1342 Final Study Guide with 100% Correct Solutions What does GAAP stand for? - Answer️️ -Generally Accepted Accounting Principles What is the formula for statement of owner equity? - Answer️️ -capital - withdrawals + revenue = equity The right side of the revenue account is - Answer️️ -Credit What is the balance sheet formula? - Answer️️ -assets = liabilities + capital - withdrawals On the T-Chart, debits are on the - Answer️️ -Left What is the expanded accounti...

MRTS 1342 Exam 1 Study Guide with Complete Solutions Define Asset - Answer️️ -Property of monetary value owned by a buisness What are the steps of the accounting process? - Answer️️ -Analyze, record, classifies, summarize, reports, interprets Credit on expense account will ____________ it - Answer️️ -Decrease What is the equation for balance sheet - Answer️️ -Assets = liability + capital - withdrawal Chart of Accounts - Answer️️ -A numbering system of accounts that li...