What is the acct equation - Study guides, Class notes & Summaries

ACCT 3110 Entrance Exam - Questions and Answers On which financial statement would the ending balance of the account "accounts receivable" be found? A. Income statement B. Statement of retained earnings C. Balance sheet D. Statement of cash flows What item flows from the income statement to the statement of retained earnings? A. Net income B. Inventory C. Dividends D. Cash What item flows from the statement of retained earnings to the balance sheet? A. Cash B. Retained earnings C. Net income D...

ACCT Exam 1 Questions & Answers 2023/2024 Which of the following is not an asset account? - ANSWER-Common Stock Which of the following statements describe transactions that would be recorded in the accounting system? - ANSWER-An exchange of an asset for a promise to pay Total assets on a balance sheet prepared on any date must agree with which of the following? - ANSWER-The sum of total liabilities and common stock and retained earnings The duality of effects can best be described ...

Exam Question Master 1 T/F - Real estate professionals provide knowledge of market conditions - ANS True The product that real estate licensees market is - ANS Expert Information Real estate professionals provide expert information in three areas: - ANS Property transfer, market conditions, and how to market real estate and businesses. D.B.P.R (Department of Business and Professional Regulation) main office location - ANS - Located in Tallahassee, FL. DRE (Divisio...

Financial Statements Required by GAAP - correct answer -Balance Sheet -Income Statement -Statement of Cash Flows -Statement of Changes in Stock Equity Who is the audience of Financial Accounting? - correct answer Focuses on the needs of external users -Investors -Creditors -Brokers List of Transactions on Balance Sheet - correct answer -Asset Source (+,+) - borrowing money from a bank -Asset Exchange (- cash, + supplies)-buy equipment for $ -Ass...

Chapter 03 1. Which of the following is/are not true about a proper journal entry? a. An explanation is needed immediately after each debit and immediately after each credit. b. All credits are indented. c. A debit is never indented, even if a liability or owner's equity account is involved. d. All debits are listed before the first credit. e. In a compound entry, the largest amounts are listed first. ANSWER: POINTS: DIFFICULTY: LEARNING OBJECTIVES: NATIONAL STANDARDS: STATE STANDARD...

ACCT 2101 Final Exam Study Guide Chapters 1 – 12 Chapter 1 1. The liability created by a business when it purchases coffee beans and coffee cups on credit from suppliers is termed a(n) a. account payable. b. account receivable. c. revenue. d. expense. 2. The right to receive money in the future is called a(n) a. account payable. b. account receivable. c. liability. d. revenue. 3. Borrowing money is an example of a(n) a. delivering activity. b. financing activity. c. inves...

Financial Resource Management in Healthcare - C428 Costs- monitor for excess on services provided Cash- most important indicator because it determines your ability to keep operating your business/loans; meet obligations Capital- raise $ for facility and equipment Control- use resources wisely - ANS Finance within a healthcare organization can be condensed into the "four Cs": Accrual Basis Accounting - ANS -Accounting basis in which companies record, in the periods in...

UFC1 WGU 2024 ACTUAL EXAM QUESTIONS AND VERIFIED ANSWERS /GET IT 100% ACCURATE|ALREADY GRADED A+ Practice questions for this set Terms in this set (123) Learn 1 / 7 Study with Learn Direct Labor Variances. Rate is pay and Efficiency is hours Or Quantity Managerial Accounting Provides financial and nonfinancial information to an internal decision makers Nonfinancial Info Customer/employee satisfaction data, % of on time deliveries, and product defect rates Planning Process of setting g...

1. Which budget should include all production costs other than those for direct materials and direct labor? A.Sales budget B.Direct materials budget C.Manufacturing overhead budget D. Production budget - answer-c 2. Which account is a common asset account? A.Accounts payables B.Equity C.Accounts receivable D. Utilities Expense - answer-c 3 .On which financial statement would you see the valuation of a company's asset accounts? a.Statement of Cash Flows b.Balance Sheet c.Income ...

ACCT 201A Final Exam Review CSUF Questions with 100% Correct Answers | Already Graded A+ Definition that best describes financial accounting? - Measuring a company's business activities and communicating those measurements to external parties. The primary function(s) of financial accounting is(are) to: - Measure business activities of a company and communicate information about business activities to outside users. Financial accounting provides information primarily to - Investors...