Accounting equation notes - Study guides, Class notes & Summaries

Accounting 2 – AAMI Latest Version 100% Correct Worksheet Form used to complete the net income or net loss and to plan the preparation of financial statements Journalizing Transactions Provide the figures needed to determine the results of operations and the financial position of the business Worksheet Form used to complete the net income or net loss and to plan the preparation of financial statements Journalizing Transactions Provide the figures needed to determine the resul...

WGU C213 Accounting for Decision Makers ABCD Exam Questions and Answers 100% Pass Accounting - ANSWER -the recording of the day-to-day financial activities of a company and the organization of that information into summary reports used to evaluate the company's financial status Bookkeeping - ANSWER -the preservation of a systematic, quantitative record of an activity accounting system - ANSWER -used by a business to handle routine bookkeeping tasks and to structure the information so i...

What is the correct sequence of budgets in a manufacturing business? -Correct Answer Sales, production, direct materials What is the effect of a company's accounting department maintaining high ethical standards? -Correct Answer The company's accounting information will increase in value. Why might employees be interested in their company's financial accounting information? -Correct Answer Financial statement data are often used in determining employee bonuses. Which group esta...

Accounting steps. - 1. Prepare 2. Analyze 3. Gather 4. Make decisions 5. Implement 6. Observe. Managerial info is inside or outside the business? - Inside, Internal True or false, managerial accounting uses BOTH managerial and financial accounting? - True. Financial accounting is only outside. Managerial accounting can be inside AND outside. Financial is inside or outside the business? - Outside, External, includes lenders and investors The financial statement includes what 3 documents -...

MIZZOU ACCOUNTING: Finance Exam Tested Questions With Revised Correct Detailed Answers >Latest Update>> 1. What is the main goal of an accounting system? - ANSWER To capture information about the operating, investing, and financing activities of a company so that it can be reported to decision makers, both inside and outside the business 2. Managerial accounting reports - ANSWER include detailed financial plans and continually updated reports about the o...

SOLUTION MANUAL FOR Financial Accounting 11th Edition Robert Libby, Patricia Libby, Frank Hodge Chapter 1 Financial Statements and Business Decisions ANSWERS TO QUESTIONS 1. Accounting is a system that collects and processes (analyzes, measures, and records) financial information about an organization and reports that information to decision makers. 2. Financial accounting involves preparation of the four basic financial statements and related disclosures for external decis...

Peregrine Exam Study Guide 253 Questions with Complete Solutions What is a general ledger? - Correct Answers A general ledger account is an account or record used to sort, store and summarize a company's transactions. asset accounts such as Cash, Accounts Receivable, Inventory, Investments, Land, and Equipment liability accounts including Notes Payable, Accounts Payable, Accrued Expenses Payable, and Customer Deposits stockholders' equity accounts such as Common Stock, Retained Earning...

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 in...

Accounting - Correct Ans-System that collects and processes (analyzes, measures, and records) financial information about an organization and reports that information to decision makers. Accounting entity - Correct Ans-Is the organization for with financial data are to be collected. The four basic statements: - Correct Ans-1. Balance Sheet 2. Income Statement 3. Statement of Retained Earnings 4. Statement of Cash flows Balance Sheet - Correct Ans-Reports the amount of assets, liabili...

What is the effect of a company's accounting department maintaining high ethical standards? The company can hire fewer accountants to do the same amount of work. The company's accounting information will decrease in value. The company can report more favorable results in its financial statements. The company's accounting information will increase in value. - Answer-The company's accounting information will increase in value. Why might employees be interested in their company's financi...