Entity assumption - Study guides, Class notes & Summaries
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ACCT 101 Ivy Tech - Midterm (Ch. 1-6) Questions with Complete solutions
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Accounting Correct Answer-Information and measurement system that identifies, records, and communicates information about an organization's business activities 
 
Accounting Equation Correct Answer-Assets = Liabilities + Equity 
 
Assets Correct Answer-Resources of a company owns or controls 
 
Audit Correct Answer-To check the accuracy of financial accounts and records 
 
Auditors Correct Answer-Verify the effectiveness of internal controls 
 
Balance Sheet Correct Answer-describes a company'...
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Accounting 200 Exam 1 Latest Version 100% Verified
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Accounting 200 Exam 1 Latest Version 
 
100% Verified 
 
What defines account payable? 
 A liability representing an amount owed by a business to its suppliers or creditors, based on 
the business's general creditworthiness. 
 
Define accounting. 
 Accounting refers to the system of collecting, recording, summarizing, and communicating 
financial information about business activities to decisionmakers. 
 
What does the accounting equation state? 
 The accounting equation expresses that assets a...
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ETS MFT BUSINESS EXAM | Answered Correctly! Summer 2022-23.
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ETS MFT BUSINESS EXAM 
 
The principal difference between variable costing and absorption costing centers on: 
 
a) whether variable manufacturing costs should be included as product costs 
 
b) whether fixed manufacturing costs should be included as product costs 
 
c) whether fixed manufacturing costs and fixed selling and administrative costs should be included as product costs 
 
d) none of these. 
 
General Bikes is debating which marketing research options to employ. The traditional p...
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Wall Street Prep: Accounting Crash Course(questions and answers)
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What is Accounting? 
Accounting is the language of business; it is a standard set of rules for measuring a company's financial performance. 
Assessing a company's financial performance is important for: 
The firm's officers (managers and employees) 
Investors 
Lenders 
General public 
Standard financial statements serve as a "yardstick" of communicating financial performance to the general public. 
 
 
Why is Accounting Important? 
Enables managers to make corporate decisions 
Enables the g...
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WGU C213 Accounting for Decision Makers PVAC Study Guide 2024
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What does accounting focus on? - The impact a business's activities have on it's overall financial performance 
 
The idea that the activities of the entity are to be separated from those of the individual owner is the 
Money measurement concept 
Going concern assumption 
Separate entity concept 
Arm's-length transaction assumption - Separate entity concept 
 
Going Concern Assumption - the business will remain in operation for the foreseeable future 
 
Separate Entity Concept - The business ...
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USPAP 15-hour course Questions and Answers 100% Pass
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USPAP 15-hour course Questions and Answers 100% Pass The concept of public trust means that an appraiser must act: in the public's interest 
USPAP establishes standards that are applicable in the appraisal of: real property, intangible property, and personal property 
Which statement is TRUE regarding The Appraisal Foundation and USPAP enforcement authority? The Appraisal Foundation does not have the authority to enforce the requirements of USPAP. 
Which entity is responsible for establishing e...
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Intermediate Accounting Exam #1 || With Questions & Solutions (Rated A+)
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Intermediate Accounting Exam #1 || With Questions & Solutions (Rated A+) 
Intermediate Accounting Exam #1 || With Questions & Solutions (Rated A+) 
 
According to Statement of Financial Accounting Concepts No. 2, predictive value is an ingredient of the fundamental quality of: 
 
 Relevance: Faithful Representation: 
a. yes no 
b. yes yes 
c. no no 
d. no yes - ANSWER - a: yes; no 
 
Financial information exhibits the characteristic of consistency when: 
 
a. expenses are reposted as charges a...
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ARE112 midterm 1 Exam Study Questions and Answers Graded A With Verified Solutions 2024
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Which of the following is the primary purpose of accounting? 
 
A. To establish a business. 
B. To identify, record, and communicate business transactions. 
C. To earn a large profit. 
D. To reduce taxes owed for the business. 
E. To establish credit for a company. - B. To identify, record, and communicate business transactions 
 
Technological advancement has 
 
A. Has replaced accounting. 
B.Has not changed the work that accountants do. 
C. Has freed accounting professionals to concentrate mor...
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ACCY 201 Final Exam - Barton Questions And Answers With Verified Tests
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4 accounting assumptions - going-concern assumption, monetary unit assumption, time period 
assumption, business entity assumption 
4 basic cost flow assumptions - specific identification, first-in first-out (FIFO), last-in first-out 
(LIFO), weighted average 
4 general accounting principles - measurement principle, revenue recognition principle, expense 
recognition principle, full disclosure principle 
4 general purposes of financial statements - income statements, statement of retained earnin...
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Webce Insurance test questions and Answers Graded A+
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Agent Thompson received a letter from the Department of Insurance asking her to provide proof of completing the continuing education requirements. Within how many days must Agent Thompson respond to the Department's inquiry? 
 
20 
30 
10 
45 - ANSWER-10 days 
 
Abby lives in Ohio, where she is licensed as an insurance producer. She wants to apply for a nonresident license in Pennsylvania. Which of the following conditions must she satisfy? 
 
 She must move to Pennsylvania. 
 She must surrende...
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